Repositioning Underway at Iconic Landmarked Property; Former Headquarters for Williamsburgh Savings Bank Undergoing Transformation into a Premier NYC Retail Asset
Madison Realty Capital (MRC), an institutionally backed real estate investment firm focused on real estate equity and debt investments in the middle markets, announced the appointment of Chris DeCrostaas the exclusive leasing agent for the landmarked One Hanson Place retail property, a more than 40,000-square-foot condominium located in the heart of the Brooklyn Cultural District withinthe Fort Greene neighborhood of Brooklyn.The retail propertysits at the base of the iconic 37-story, 512-foot-tall One Hanson Place property, one of the most widely recognized buildings in New York City.
One Hanson Place was originally built as the headquarters for the Williamsburgh Savings Bank and is part of the historic legacy of New York City. MRC purchased the property in a joint venture with private equity investment firm Siguler Guff in 2015, and embarked on a capital improvement plan to modernize the grand banking hall and bank vaultinto a premium retail asset.
The partnershipreceived approval from the Landmarks Preservation Commission to implement interior alterationsconsistent with the original design of the building, which included improving the floor circulation, extending the bank vault ceiling height and restoring the building’s historic metal and stonework.With the capital improvement plan nearing completion, retail leasing at the property is now underway.The surrounding Downtown Brooklyn and Fort Greene retail market is experiencing a recent surge in activity with the announcements of the new Apple Store and Whole Foods 365 at 300 Ashland Place, directly across the street from One Hanson Place.
The property’s 40,000 square foot retail spaceis ideal for a single brand looking to establish itself in this vibrant market. The stunning groundfloor banking hall features a63-foot vaulted ceiling and floors inlaid with 22 varieties of marble. Upstairs a series of mezzanines overlook the banking hall, and the lower level is anchored by three 64-ton doors that open to the historic bank vault.
“This celebrated Brooklyn property has a storied history and we are proud to reintroduce it to the market as a premier retail asset,” said Zegen. “Retailin the area has continued to strengthenand we are pleased to fulfill this demand with the newly renovated space at One Hanson Place.We look forward to working with Chris and his teamin marketing this unparalleled leasing opportunity.”
“One Hanson Place will offer retail tenants the unique opportunity to secure space in one of the most iconic properties in the entire city,” notes DeCrosta. “The capitalimprovement program has opened up the space for modern use and restoredthe historic detailsof One Hanson Place and we’re anticipating strong interest with a number of retail tenants.”
About One Hanson Place
Originally built in 1927, One Hanson Place served as the headquarters for Williamsburg Savings Bank for several decades. Following a renovation program completed in 2008, the top 33 floors were converted to residential condominiums with the lower floors dedicated to commercial use.Designated as a landmark for its architecture and interiors,this iconic building is a mix of Art Deco, Byzantineand Romanesque styles, with an ideal locationwithin the heart of Fort Greene at the intersection of Flatbush Avenue, Ashland Avenue, and 4th Avenue. The property sits above Atlantic Terminaland is located one block north of the Barclays Center.
About Chris DeCrosta
Chris DeCrosta has over 15 years of experience in retail real estate and has completed transactions for Vans, Tesla, Bottega Veneta, Saint Laurent, Isaia, Supreme, J. Crew, Madewell, Tiffany and Stumptown Coffee Roasters. These locations have included both neighborhood stores and high-profile flagships in Manhattan, Brooklyn and Paris.
Mr. DeCrosta is a licensed Real Estate Brokerin New York and an active member of the International Council of Shopping Centers. He is a graduateof Kenyon College.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested more than $6.8 billion in transactions in the multifamily, retail, office, industrial and hotel sectors.