Sale of Brooklyn's tallest building is magic.A partnership between the Canyon-Johnson Urban Funds and The Dermot Company has purchased the Williamsburg Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Building and plans to renovate and convert the landmark 35-story tower into condominiums and ground-floor retail space.
The project, called One Hanson Place, will continue the ongoing revitalization of Downtown Brooklyn into a 24-hour urban community.
Purchased from HSBC HSBC Hongkong and Shanghai Banking Corporation
HSBC Humane Society of Broward County (Florida)
HSBC Humane Society of Bay County (Bay County, Michigan) , Brooklyn's tallest building has been a feature of the borough's skyline and the Fort Greene neighborhood since 1927.
It is adjacent to Atlantic Terminal, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's third-largest mass transportation hub, and near such amenities as MetroTech Center, the Brooklyn Museum of Art Brooklyn Museum of Art, museum in the borough of Brooklyn, N.Y. Its predecessors were the Brooklyn Apprentices' Library (1823), the Brooklyn Institute (1843), and the Brooklyn Institute of Arts and Sciences (1890). , the Brooklyn Academy of Music Brooklyn Academy of Music, performing arts center located in the borough of Brooklyn, N.Y. and popularly known as BAM. Founded in 1859 and opened in 1861, it is the oldest such institution still in operation in the United States. and the proposed arena for the NBA's New Jersey Nets.
A copper dome and one of the world's largest four-sided clock towers adorn the historical landmark building, which offers unobstructed views of Manhattan and all of Brooklyn.
One Hanson Place is the first investment for Canyon-Johnson Urban Fund II, a $600 million closed-end real estate fund managed by a partnership between Canyon Capital Realty Advisors LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control and Earvin "Magic" Johnson's Johnson Development Corporation, both based in the Los Angeles area. One Hanson Place is Canyon-Johnson's second Brooklyn project; CJUF CJUF Canyon-Johnson Urban Fund I is an investor in Park Place, a mixed-use development of condos, retail and parking currently under construction in the borough's Park Slope neighborhood.
"We couldn't have found a better project or partner to launch Canyon-Johnson's second urban fund," said CJUF Managing Partner Bobby Turner.
"One Hanson Place will help meet the tremendous demand for market-rate housing and community-serving retail while maintaining the historical integrity of this celebrated landmark building. Moreover, Dermot's extensive track record and commitment to urban development will ensure the success of this great project."
Earvin "Magic" Johnson added, "We are believers in Brooklyn as a place that is economically growing, healthy, entertaining and the place to be. By bringing high-quality residential and retail components together, One Hanson will bring about even further revitalization to the already vibrant Brooklyn community."
Canyon-Johnson's partner, The Dermot Company, has developed more than 4,000 multi-family units over the past 13 years.
"One Hanson is a prime example of the type of urban infill development that The Dermot Company is trying to promote," said William Dickey, President of Dermot.
"We are proud to unite with the Canyon-Johnson Urban Fund in this exciting venture, and we are excited to find a capital partner that shares our vision and commitment: that our project can contribute greatly to the neighborhood growth and business development in downtown Brooklyn. The people and process at Canyon truly define a value added Value Added
The enhancement a company gives its product or service before offering the product to customers.
This can either increase the products price or value. partnership."
The New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Employee Retirement Funds are among the investors in Canyon-Johnson Urban Fund II and, thus, One Hanson Place. New York City Comptroller The Office of Comptroller of New York City is the chief fiscal officer and chief auditing officer of the city. The comptroller is elected, citywide, to a four-year term and can hold office for two consecutive terms. William C. Thompson, Jr. said, "One Hanson epitomizes the double-bottom-line agenda we have set forth for the City's retirement funds: to do good for the people of New York and to do well financially for the City's pension plans.""
Financing for the project was provided by Citibank's Community Development Group. "We are pleased to be both an equity investor in Canyon-Johnson Urban Funds and the construction lender for One Hanson Place. Dermot Company and Canyon-Johnson are terrific partners with strong track records of successful large-scale urban developments," said Andrew Ditton, Director of Citibank Community Development.
The architect for the renovation is H. Thomas O'Hara, a New York-based firm specializing in high-rise residential/mixed-use buildings and conversions of existing buildings. Kajima Construction Services Inc., the fourth largest contractor in the world, is managing preconstruction work.
The transaction closed May 16.
Cushman & Wakefield was the seller's broker, and equity financing Equity Financing
The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. was arranged by Pantheon Financial. Corcoran Realty will serve as the residential sales team, with units projected to become available for purchase in Summer 2006.