Dime Completes $80M Williamsburg Portfolio Sale
Liam La Guerre March 18, 2016, 5:25 p.m.
Dime Community Bancshares, the parent company of Dime Savings Bank of Williamsburgh, has completed the $80 million sale of its Williamsburg portfolio, Cushman & Wakefield announced in a release today.
Tavros Development Partners, Charney Construction & Development and 1 Oak Development purchased the properties, 263-277 South 5th Street, 262-272 South 4th Street and 205 Havemeyer Street. The site allows for 230,000 buildable square feet, according to C&W.
A C&W team of James Nelson, Brendan Maddigan and Matt Nickerson represented Dime in the transaction, while the buyers did not have a broker.
Sam Charney, the principle of Charney Construction & Development, declined to comment on the transaction. It was not immediately clear what the developers have planned for the site.
“The site is one of the most visible and will be a game-changer for the area offering a mix of retail, residential and office, which is greatly needed in the area,” Mr. Nelson said in a prepared statement.
The buildings are currently used as the primary back office operations center for Dime, according to the firm. The company will relocate its employees from the properties in 2017, as CO previously reported.
Dime did not shed its headquarters at 209 Havemeyer Street between South 4th and South 5th Streets at the foot of the Williamsburgh Bridge in the transaction.