J
oe Tsai's BSE Global has acquired the retail portion of the Williamsburg Savings Bank Tower, a historic landmark in Brooklyn, for $10.3 million through a foreclosure sale. The property, located just a block from Barclays Center and home to the New York Liberty, was previously owned by a joint venture between Madison Realty Capital and private equity firm Siguler Guff.

    The joint venture had purchased the 41,400-square-foot retail condo in 2015 for $18 million, anticipating a surge of high-end retailers in Downtown Brooklyn. However, they struggled to find a tenant due to the building's landmarked status, which restricts exterior and interior changes. The Covid pandemic further exacerbated the issue, leading Madison and Siguler Guff to default on their loan in 2020.

    BSE Global, which also owns the Brooklyn Nets and Barclays Center, is currently undergoing renovations as part of a five-year plan to enhance the fan experience. While a spokesperson confirmed the purchase, they declined to comment on plans for the new property. The Williamsburg Savings Bank Tower, built between 1927 and 1929, was once the tallest building in Brooklyn at 512 feet and features a distinctive clock tower and dome top.