One Hanson Place - Williamsburg Savings Bank - Condo - by McCormack & Helmer

June 6, 2004

BIG DEAL

An Icon on the Block

By WILLIAM NEUMAN

Brooklyn's tallest building could soon become its hottest address.

The 512-foot, 34-story Williamsburgh Savings Bank building, a Brooklyn icon whose gold-capped clock tower is visible for miles, is on the block, and bids are due Thursday.

The winning bidder is likely to convert the landmarked building at 1 Hanson Place, near the corner of Flatbush and Atlantic Avenues, to luxury condos.

Cushman & Wakefield's New York capital markets team is handling the sale for the tower's owner, HSBC Bank USA, according to Pamela Plehn, a vice president at the bank.

Copyright 2004 The New York Times Company

http://www.pbase.com/image/29873545.jpg

From Fort Greene Park:
http://www.pbase.com/image/29873661.jpg

I used to wonder why it wasn't condos already.

I'd rather it remain an office building, just for the status (think of ESB if it were converted to a residential). But condos make much more sense with the floorplates. And the proximity to transportation, and Atlantic Yards. One thing (at least) must be preserved for the public: the banking hall.

Maybe top 1/2 condos, bottom offices. I heard that this building has the most dentists of anywhere in the world. Am I imagining that?

This is great news that this building is not being negleted by developers anymore. It is such a landmark. A residential transformation will give it a new rebirth. I am so happy for it. :P

38 LAFAYETTE AVENUE is also to be turned into condos.
there will be 26(2 bedroom apartments) and 2(3 bedroom penthouses)
At the moment the building is used as a day care center. It is 7 stories 28,000 square foot building with a 1,700 square foot lot next to it wich is also going to be developed.

Thanks.

The View

Quote:

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Originally Posted by Kris

The View

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wow.

The New York Post
HIGH LIFE IN B'KLYN TOWER

By PATRICK GALLAHUE

November 15, 2004 -- EXCLUSIVE

Brooklyn's tallest building is set to become a luxury residential tower, The Post has learned.

The Williamsburg Bank Building, whose gold-topped clock tower crowns the borough's skyline, is in contract to be sold to the Dermot Co., sources said.

The 512-foot, 34-story structure is likely to undergo an expensive conversion into more than 180 residential units. They are expected to go on the market in 2006.

The 75-year-old landmark was one of the most sought-after Brooklyn properties since the sale of Board of Education building last year, but its price and likely exorbitant conversion costs caused many potential developers to back off.

The sale was handled by Cushman & Wakefield for HSBC, which has owned the building in recent years. It was unclear how much it sold for, but one source described it as "massively expensive."

"It's the hub of the borough," said Howard Pitsch, a 22-year resident of Fort Greene and the former chair of the Fort Greene Association, which was founded in the 1970s as a historical preservation group. "What's amazing is that it was started during the Depression, when hopes were so high for Brooklyn to be a major city. And with Brooklyn coming back, there are those hopes again."

Since 1929, the building has towered over every other in the borough, but now finds itself at a crossroads, with massive development plans under way all around it.

The most significant of those plans is a $2.5 billion commercial and residential development across the street, including an NBA arena for the New Jersey Nets.

That some of these plans threaten to dwarf the bank building has been a particular sticking point for some activists.

"One of the interesting things about the tower is that it's been the tallest building in Brooklyn for over three generations," Pitsch said. "Now, as we face the prospect of taller buildings, people object. But if that tower was not there today, would they object to it being built?"

Wat this building empty for a while or was it offices before they announced the convertion?

It will be a good convertion... but they can only get 180 apartments from this tall building? I would it though more than that!

The upper floors are really narrow. Not more than 2 units each.

Re: first question, the building is offices, specifically lots of dentists.

This is the reason why the firm that I work for isn't relocating to One Hanson Place.

Here is a picture of the lobby before getting banned from taking pictures of the interior. Spring 04.

Sublime. The developers would have to be off their rockers if they didn't preserve it. But what could it be converted to? Any ideas?

Does anyone know where I can get more info on this project?

Thanks