Diamond Realty Investments, a subsidiary of Mitsubishi Corporation, has sold the retail and office space of 'The Dime' in Williamsburg, Brooklyn, for a total of US$28.5 million. The buyers are local investors, Joel Teitelbaum and Shimon Brach, who acted through the entities Dime Commercial Holdings and Dime Retail Holdings.
The sale includes the entire landmarked Dime Savings Bank building at 209 Havemeyer Street as well as the commercial components at the base of 'The Dime', a 23-storey residential building with 177 units at 277 South Fifth Street. The transaction was concluded in two separate deals: the 95,000 square foot office component in the base of 'The Dime' was acquired for US$20.5 million, while the 55,000 square foot retail space in the restored bank hall changed hands for US$8 million.
Transaction and Financing Details
Joel Teitelbaum and Shimon Brach are known owners of various commercial and residential properties in New York City. The acquisition was financed by a US$20 million loan from Levon Capital. For the seller, Diamond Realty, the transaction was brokered by a CBRE team led by Daniel Kaplan. The buyer's side completed the transaction without broker representation.
Anthony Strauser, Executive Vice President for Residential Properties at Diamond Realty, signed the contract on behalf of the seller. The parties, including CBRE, Diamond Realty and Levon Capital, declined to comment on the transaction.
Background and Future Use
'The Dime' building was completed in 2020 by developers Tavros Capital and Charney Companies as part of a larger project. The aim was to preserve the adjacent Dime Savings Bank and create a new mixed-use development around it. Built in 1908, the bank ceased active operations in 2016 when Dime Community Bank sold the property — along with two adjacent parcels and the air rights above the bank — to Tavros and Charney for US$80 million. The historic building largely stood vacant while the developers constructed the Fogarty Finger-designed residential building behind and above it with a US$150 million construction loan.
The new owners Teitelbaum and Brach's plans for the retail spaces in the former bank hall are not yet known. A source suggested that entertainment or hospitality tenants are likely to occupy the currently vacant spaces. Electric vehicle company Revel is already an office tenant in the base of 'The Dime'. It remains unclear when Diamond Realty gained control of the office and retail units.
