Real Estate
Home›Real Estate›Commercial›Local buyers purchase Williamsburg Dime’s office and r…
Local buyers purchase Williamsburg Dime’s office and retail for $28.5M
The deal was completed in two transactions, with the 95,000-square-foot office space sold for $20.5 million and the 55,000-square-foot retail portion for $8.0 million.
Commercial Observer reports that a group of local buyers has acquired the office and retail components of The Dime in Williamsburg, Brooklyn, including the landmarked Dime Savings Bank of Williamsburg.
According to a source with knowledge of the deal and city records made public Friday, the buyers purchased the long-vacant bank building at 209 Havemeyer Street and the commercial base of the 23-story, 177-unit Dime building at 277 South Fifth Street from Mitsubishi Corporation’s Diamond Realty Investments for a total of $28.5 million.
The transaction closed through two separate deals: the 95,000-square-foot office portion at the base of The Dime was purchased for $20.5 million, while the 55,000-square-foot retail space in the restored banking hall was acquired for $8 million, records show.
The buyers are Joel Teitelbaum and Shimon Brach, who used Dime Commercial Holdings and Dime Retail Holdings for the purchases and financed the acquisition with a $20 million loan from Levon Capital, Commercial Observer reported. CBRE brokered the transaction for the seller, and CBRE declined to comment, while Diamond Realty and Ripco Real Estate did not respond to requests for comment.