NH Investment & Securities Under Contract to Buy The Dime for $158M: Sources
Deal will mark second purchase of a New York multifamily asset by a Korean investor in past two weeks
By Cathy Cunningham May 6, 2022 9:14 am
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Korean investment firm NH Investment & Securities is under contract to buy The Dime Residences in Williamsburg, Brooklyn, for $157.5 million, according to sources familiar with the transaction.
The Real Deal first reported that the rental tower’s current owners, Tavros Capital Partners and Charney Companies, had put the 23-story asset on the market in January, with Cushman & Wakefield (CWK)’s Adam Spies, Adam Doneger, Marcella Fasulo and Daniel OBrien negotiating the sale.
Blending historic architecture with modern design, the Fogarty Finger-designed structure incorporates the 1908 landmarked Dime Savings Bank of Williamsburg, which once sat at its base. The 340,000-square-foot property was converted to multifamily and retail use in 2020, but the sale to NH Investment doesn’t include the retail component.
The property at 275 South 5th Street, in the heart of Williamsburg, is within walking distance to retail corridors along Broadway, Bedford and North 6th Street.
It was developed under the Affordable NY tax-abatement program, and benefits from abated taxes through 2055. Today, it features 177 apartments, 30 percent of which are designated as affordable. Every floor boasts views of the Manhattan skyline and Williamsburg Bridge, and some units feature private terraces.
The Dime’s 23,000-square-foot amenities package includes a fitness center, a basketball court, a penthouse lounge and an outdoor terrace featuring multiple dining areas, grills and a community garden.
The transaction, which is expected to close in 30 to 60 days, marks the second significant purchase of a New York City multifamily asset by a Korean investor within only a couple of weeks. In late April, Eugene Asset Management purchased The Lyric luxury apartment building on the Upper West Side from Related Companies, paying $266 million. The Cushman & Wakefield team also arranged that sale and financing.
NH Investment & Securities officials couldn’t be reached for comment. Tavros officials didn’t immediately return a request for comment. Officials at Cushman & Wakefield declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
