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Landmark Williamsburg Bank Building Sold to Hostel Owner

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Put on the market in August without an asking price and with all sorts of possible conversion ideas in play, the Williamsburgh Savings Bank building at 175 Broadway touched off a press frenzy. Did that translate to buyer interest? You bet your overdraft fee! The 135-year-old landmark next to the Williamsburg Bridge, which was shopped around by HSBC due to the bank relocating its 'Burg branch to Bedford Avenue, just sold for $4.5 million. The buyer is 175 Broadway Hospitality LLC, which leads back to Juan Figueroa, the owner of the cheapo New York Loft Hostel in East Williamsburg/Bushwick.

All signs point to some sort of hotel conversion of the building (hopefully something a little more upscale than an $18-per-night bunk bed), but we couldn't reach Figueroa at his hostel, and Massey Knakal director of sales Brendan Maddigan told us that, for now, Figueroa is keeping things quiet. A press release announcing some details has been prepared, and should go out in the next couple days, pending approval.

Maddigan said the unique circumstances?landmark property, no listed price, etc.?didn't deter a pool of buyers from making their pitches. Some proposed traditional retail uses, while others came up with more "creative" ideas, though he couldn't divulge specifics. We're guessing the 28,500-square-foot building's adjacent 6,400-square-foot parking lot, and its juicy development rights, also helped draw interest. The future of the Williamsburgh Savings Bank might be uncertain at the moment, but we're guessing the building's long history of cashing checks and collecting change are coming to a quick end.
· One of Brooklyn's Most Beautiful Banks Up for Grabs [Curbed]
· Listing: 151-175 Broadway [Massey Knakal]

Williamsburgh Savings Bank

175 Broadway, Brooklyn, NY 11211