Over a year ago, Blesso Properties shelled out $33 million for the former Lincoln Savings Bank site at 525 Broadway, next to the elevated subway tracks in Williamsburg. Now they’ve filed plans for a 27-story, mixed-use building that will be nearly evenly divided between apartments and office space.
Back in August, Blesso Properties purchased the Lincoln Savings Bank building at 525-545 Broadway, in southern Williamsburg, and now the developer has filed applications to expand the 60,300 square-foot building by six stories and 38,000 square feet. The expanded building will have 53,403 square feet of commercial space, which will comprise both office and retail, in addition to a 6,212 square-foot day care on the ground floor. The project also includes 36 residential units, beginning on the fifth floor and averaging 1,075 square feet apiece. Garrison Architects is the architect of record.
Blesso Properties has acquired the former Lincoln Savings Bank building and the 13,000 square-foot parking lot at 525-545 Broadway, in southern Williamsburg, for $32.8 million; the site was placed on the market a year ago. According to Curbed, the assemblage includes 190,000 square feet of development rights, and a mixed-use building, with 100 rental units and a 15,000 square-foot roof deck is planned for the vacant lot. The existing 60,300 square-foot bank building will also be redeveloped, and the project is located right beneath the J and M trains’ Lorimer Street stop.
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