Transition Acquisitions to convert former Bushwick bank into offices

58K sf property on Broadway once slated for apartments

New York /
Mar.March 22, 2016 02:18 PM

Looking to tap into a strong Brooklyn office market, Transition Acquisitions plans to convert the former Globe Exchange Bank in Bushwick into offices.

Transition, a property owner and manager, bought the five-story, 57,800-square-foot building at 815 Broadway for $15.1 million from Douglas Steiner’s Steiner NYC in July 2015, according to city property records. Steiner had planned to turn the building, which used to house a Conway store, into 40 residential units.

The Commercial Observer reported the building, once renovated, will feature floors with windows on all four sides with views of Brooklyn, exposed brick and vaulted ceilings.The conversion, which is expected to cost $5 million, is slated to be finished by spring next year.

There will be 15,600 square feet of retail space on the ground floor, YIMBY reported. Medical offices are planned for the cellar level. BMG Design Build is serving as the architect on the project.

Newmark Grubb Knight Frank’s Ross Perlman and Ryan Gessin are marketing the building. A source told the Observer they are in the $40s per square foot.

Kings County has 48 million square feet of office space, and the fight for tenants is fierce in some parts of the borough. [CO and NY YIMBY]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
Silverstein Properties' Larry Silverstein and Phase I of the Denizen Bushwick at 54 Noll Street (Getty, Google Maps/Illustration by Kevin Rebong for The Real Deal)
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein offers to buy half of All Year’s Bushwick rental complex
The bankruptcy filing was made to protect the value of the Denizen. (The Denizen)
All Year LLC opts for bankruptcy to stop Bushwick foreclosure
All Year LLC opts for bankruptcy to stop Bushwick foreclosure
The Denizen in Bushwick with Mack Real Estate CEO Richard Mack (Illustration by Kevin Rebong for The Real Deal)
All Year files last-minute lawsuit to block Bushwick mezz foreclosure
All Year files last-minute lawsuit to block Bushwick mezz foreclosure
Clockwise from left: 248 McKibbin Street, 586 Hart Street and 345 Eldert Street (Google Maps)
Carnegie Management sued for damaging non-paying tenants’ credit
Carnegie Management sued for damaging non-paying tenants’ credit
Denizen Bushwick at 54 Noll Street (Photo via Google Maps)
All Year Management in default on $170 million Brooklyn mortgage
All Year Management in default on $170 million Brooklyn mortgage
The Denizen in Bushwick with Mack Real Estate CEO Richard Mack (Google Maps; Getty)
All Year faces foreclosure on part of Bushwick apartment complex
All Year faces foreclosure on part of Bushwick apartment complex
375 Johnson Ave (Google Maps)
Netflix landlord in Bushwick snaps up property across street
Netflix landlord in Bushwick snaps up property across street
Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)
All Year nears $650M financing for Bushwick luxury rentals
All Year nears $650M financing for Bushwick luxury rentals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...