NEW YORK CITY—Madison Realty Capital has acquired a 41,400-square-foot retail condominium property in the Fort Greene neighborhood of Brooklyn. Located within the landmarked One Hanson Place building, the property was sold for just over $20 million to Madison and joint venture partner Siguler Guff, a private equity investment firm.
The property sits at the base of the iconic 41-story, 512-foot tall One Hanson Place, built in 1927 and the one-time headquarters for Williamsburg Savings Bank. MRC will lead the effort to reposition and modernize the currently vacant property into a premium retail asset before leasing the space either to a single tenant or several long-term tenants.
Following a renovation program in 2008, the top 33 floors were converted to residential condominiums with the lower floors designated towards commercial use. The retail property contains roughly 17,000 square feet of ground floor space with a 63-foot vaulted mosaic ceiling. It also includes 16,000 square feet of both usable and storage cellar space with ceiling heights of up to 17 feet, and 8,400 square feet of mezzanine space that includes two private office suites.
“One Hanson Place is a Brooklyn architectural treasure and we are pleased to be involved in the next chapter of such an iconic property,” says Joshua Zegen, co-founder and managing member of MRC. “MRC also is excited to expand its footprint within Downtown Brooklyn given the strength of existing fundamentals and further growth potential. We believe that retail demand in the area will continue to strengthen, given the current and historic performance of neighboring retailors.”
He continues, “Atlantic Center Mall, which is adjacent to the property, is home to some of the highest grossing retailors in the country, with tenancy estimated to generate sales between $500 per square foot to above $1,000 per square foot. There are also over 3,300 residential units currently under construction in the area with another 9,000 units and an estimated 850,000 square feet of new retail space in the development pipeline.”
One Hanson Place is within the heart of Fort Greene at the intersection of Flatbush, Ashland and Fourth Avenues. The property sits above Atlantic Terminal, one of the three largest transportation hubs in New York City, and is located one block north of the Barclays Center. It's also adjacent to the BAM South development, a mixed-use project slated for completion by 2016.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
