The installation of the outside envelope on all levels of “The Dime” in Williamsburg, Brooklyn is nearing the finishing mark. The topped-out, 23-story mixed-use complex is located at 209 Havemeyer Street and stands close to the elevated Marcy Avenue subway station. Fogarty Finger Architecture is in charge of designing the new building, which rises behind the 111-year-old, landmarked Dime Savings Bank, while Charney Construction & Development and Tavros Holdings are developing the 350,000-square-foot complex. Douglas Elliman is handling leasing, JLL is the commercial broker, and Ripco is handling the retail component.
Charney Construction and Development
In April 2014 we interviewed developer Sam Charney of Charney Construction and Development. Among other things, he spoke about Long Island City’s 11-51 47th Avenue, now known as the Jackson. Since then, we have followed the building’s progress, starting when the site was cleared at the end of 2015 up until its recent topping-out. Today we revisit the project with Charney and the building’s architect, Chris Fogarty of Fogarty Finger.
In YIMBY’s recent rundown of Long Island City development, we tallied seventeen structures of eight stories and above that have topped-out in the Court Square area within the past twelve months. It appears that The Jackson, which is taking shape at 11-51 47th Avenue, will be the next to join the list. The structure doubled in size between August 15th and the start of October, growing from five to ten floors, so we expect to see the remaining penthouse floor and the service bulkhead rise in the coming weeks. The 53-unit condo project is being developed by Charney Construction and Development, in conjunction with Ascent Development and Tavros Capital, while the industrial-inspired design was crafted by Chris Fogarty of Fogarty Finger.
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.
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.