Former Bank Building in W’burg Asks $35M
Lauren Elkies Schram Aug. 11, 2014, 4:24 p.m.
The owner of the former Lincoln Savings Bank branch in Williamsburg has put the property on the market for $35 million, Commercial Observer has learned.
The building, at 525 Broadway on the northeast corner of Boerum Street and Broadway, is comprised of a 60,300-square-foot office building with an additional 13,000 square feet of parking. It can accommodate approximately 189,150 buildable square feet. The private owner purchased the building, which has 400 square feet of frontage wrapping around Broadway and Boerum Street, for $13.4 million in 2007, property records indicate.
“It’s an opportunity for developers to have a substantial site to work on,” said Michael Amirkhanian of Massey Knakal Realty Services who is exclusively marketing the property with colleagues Mark L. Lively and Brendan T. Maddigan. “They did not buy it to flip it. The property certainly appreciated in value.” Plus, Mr. Amirkhanian, added: “They’re happy to take some chips off the table.”
Mr. Lively added: “They realize they have an underutilized asset.”