Dubbed “The Dime,” 277 South Fifth Street will be a new 264-foot tall residential tower in Williamsburg, Brooklyn. The reinforced concrete building is close to topping off behind the Dime Savings Bank landmark. The project sits on a 50,000 square foot site, almost an acre in size, and will span just over 350,000 square feet.
263 South 5th Street
The redevelopment of the Dime Savings Bank in Williamsburg, Brooklyn, will result in one of the neighborhood’s tallest buildings, and today YIMBY has fresh renderings for the project, designed by Fogarty Finger Architects. Yesterday, The Real Deal reported that Charney Construction & Development and Tavros Capital Partners have acquired a $150 million loan to fund construction and renovation work on the historic bank and new 22-story tower. The developers purchased the site in March of 2016 for $80 million.
In March, Charney Construction and Development paid $80 million for one of the largest remaining residential development sites in Williamsburg. The one-acre site had belonged to the Dime Savings Bank of Williamsburgh, which unloaded all of its property except for the iconic Neo-Classical bank at the foot of the Williamsburg Bridge.
Back in October of 2015, news broke that Tavros Development Partners, Charney Construction & Development, and 1 Oak Development were in contract to acquire the Dime Savings Bank assemblage in Williamsburg, located two blocks north of the Marcy Avenue stop on the J/M/Z trains. The $80 million sale has closed, according to Commercial Observer. The development site includes the properties at 263-277 South 5th Street, 262-272 South 4th Street, and 205 Havemeyer Street, and some site are currently occupied by low-rise commercial structures. The Dime Savings Bank of Williamsburg building, the existing two-story bank at 209 Havemeyer Street, was not part of the deal. The 50,000-square-foot site could accommodate a new 230,500-square-foot mixed-use building, although plans for the site have not been disclosed.
Back in May, YIMBY brought you news that the Dime Savings Bank development assemblage — located around but not including the two-story commercial building at 209 Havemeyer Street, in central Williamsburg — was hitting the market, and now it appears Tavros Capital and Charney Construction & Development are in contract to purchase the site. According to Commercial Observer, Dime is selling the 50,000 square-foot assemblage for $80 million, which could accommodate a mixed-use development of 230,500 square feet. The developers are expected to close on the purchase in early 2016.