Flip this Building! 205 Montague on the Block Again

Maybe the economy is getting better — it looks like “the flip” is back. The Real Deal reported last week that 205 Montague Street, the former Brooklyn Savings Bank Building (nee 215 Montague Street) and the site of the Brooklyn Dodgers’ signing of Jackie Robinson, is on the market again. It sold last year for $33 million. It’s current asking price is $49 million.

The Real Deal: Joseph Cayre’s Midtown Equities has put the Downtown Brooklyn building that is home to brokerage Massey Knakal Realty Services on the market for $49 million, only six months after Cayre bought the building for $33 million.

Brooklyn has seen a 21 percent increase in total investment sales in 2010, rising to $962.5 million, compared to a year earlier when it was $796.8 million, figures from Massey Knakal show. However, those figures are still far below the market’s peak in 2007 when $3.8 billion in properties traded hands in the borough.

The 77,250-square-foot Class A office and retail building at 205 Montague Street is being marketed by Eastern Consolidated brokers David Schechtman, a senior director, and Lipa Lieberman and Marion Jones Pavone, both directors.

Massey Knakal rents 18,750 square feet on the third floor, on a lease that runs until 2016. Sources have said the rent is about $30 per square foot.

The increase in asking price compared to the purchase price for the five-story office and retail building indicates greater optimism in the investment sales market, which is seeing a return of the flip. Cayre wasn’t immediately available for comment.

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  • Andrew Porter

    These people keep claiming it’s the former Brooklyn Savings Bank Building, but that’s not true. That building was torn down and replaced by the current structure, which is actually smaller than the original building. The plaque on the building which mentions Jackie Robinson shows the original building on it, a stone structure.

  • Stop Fascism

    Wow, what’s really going on here? What justifies a $13 million dollar increase from last year to this year? Am I missing something?

    Now I see why so many people speculate in real estate!

  • David on Middagh

    ^ El spammarino?