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.
Charney Construction and Development
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.
The existing building has been completely demolished at 11-51 47th Avenue on the southern tip of Long Island City, clearing the way for the 11-story condominium tower that will house 56 units and rise 125 feet.
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.
YIMBY sat down with developer Sam Charney, who recently departed from Two Trees to pursue his own slate of projects in Long Island City, heading Charney Construction and Development. Drawing from his positive working relationship with…