Dime Savings Bank Conversion Brings Downtown Brooklyn’s Development to New Heights

Written By Serena Horrigan | August 11, 2015 | Published in Elegran Insider, Neighborhood News
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Brooklyn’s historic Dime Savings Bank was recently acquired for $90 million by buzzworthy and controversial 111 West 57th Street developer Michael Stern. He split the acquisition with developer Joseph Chetrit, and together they’re planning a residential skyscraper in Downtown Brooklyn that could rival the Empire State building in height.

The landmarked American neoclassical bank on DeKalb Avenue in Downtown Brooklyn has 300,000 square feet of development rights along with the existing air rights that Chetrit and Stern purchased for $43 million. Rumors are circulating that they’re planning a tower anywhere from 1,000–1,200 feet and as much as 600,000 square feet.

While this sort of supertall glass tower is de rigueur in Manhattan by now, it’s completely new territory for the outer boroughs, and is sparking as much controversy as the 1,400-foot slender skyscraper in the works at 111 West 57th Street. The 150 year old, landmarked Dime Savings Bank will likely be integrated into the luxury residential tower by converting it into a lavish lobby entrance.

Though The Dime Savings Bank project would be the first development of this magnitude, it is by no means the only luxury residential construction going on in the area. Downtown Brooklyn has seen tremendous growth in the luxury market of late, and a slew of other luxury condos have already changed the face of a neighborhood that is currently undergoing a cultural renaissance.

Toren- With strikingly unique architecture and a hypermodern design by Skidmore, Owings, and Merrill, Toren at 150 Myrtle Avenue is the gold standard of new luxury living in Downtown Brooklyn.

Residences at Toren are available from studios to penthouses, and offer spacious, high-concept design, top-of-the-line appliances, custom cabinetry, tiled spa baths with walk-in showers, and sleek, modern kitchens.

Residents are provided an impressive amenities package that includes a full-time doorman, indoor swimming pool, state-of-the-art fitness center, sauna, library with wet bar, and a roof deck offering impressive city views.

388 Bridge St- This sleek, 53-story residential tower by SLCE Architects offers studios to four-bedrooms and feature high ceilings, oversized windows, top-of-the-line designer hardware, and are flooded with natural light. Sleek, integrated chef’s kitchens feature top-of-the-line appliances. Washer/dryers are conveniently, yet discretely, contained within the ample closets.

An impressive amenities package features a full-time doorman, media room, fitness center, children’s playroom, and rooftop terrace with a stunning sky lounge.

Brooklyn Gold- This modern, glassy residential building offers the finest in affordable luxury.

Located at 257-277 Gold Street in the heart of Downtown Brooklyn, the residences feature

floor-to-ceiling windows, state-of-the-art kitchens, and sleek baths with oversized mirrors and marble countertops.

The luxurious amenities package at Brooklyn Gold include sky-lit pool, bike storage, lounge and billiards hall, screening room, and 6,000 square foot private health club.  

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