Alibaba co-founder and Brooklyn Nets owner Joe Tsai is adding a new property to his roster.
Tsai’s BSE Global — the holding company for the Brooklyn Nets, Barclays Center and the New York Liberty — paid $10.3 million in a foreclosure sale for the retail portion of the Williamsburg Savings Bank Tower, a block from the arena.
It’s unclear what he plans to do with the 41,400-square-foot property in the former bank building also known as One Hanson Place, which for decades was its tallest structure. BSE is in the midst of a five-year plan to “enhance the fan experience” at Barclays with multiple renovation projects, according to its website.
A BSE spokesperson confirmed the purchase but declined to comment on its plans.
The sale of the 41,400-square-foot retail condo, first reported by PincusCo, comes three years after lender Amherst Capital brought a foreclosure action against its owner, a joint venture between Madison Realty Capital and private equity firm Siguler Guff.
Madison and Siguler Guff bought the property in 2015 for $18 million, betting on a new wave of high-end retailers coming to Downtown Brooklyn. A year later, the joint venture secured three loans totaling $22.2 million from an Amherst fund.
But finding a tenant proved difficult. The tower is landmarked, making changes to the exterior or interior nearly impossible. Then came Covid and, still without a retail tenant, Madison and Siguler Guff defaulted on the loan in the summer of 2020.
A judge finalized the foreclosure judgment in January, calculating the amount owed on the loan at $23.8 million along with default interest.
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One Hanson Place was built between 1927 and 1929 and served as a headquarters for the Williamsburgh Savings Bank. Until 2009, it was the tallest building in Brooklyn at 512 feet and was known for its four-faced clock and dome top, which mimics a cathedral.
Dermot Company converted the aging office building, which was known for its preponderance of dentists, into nearly 200 condo apartments in the mid 2000s.