Dime Community Bancshares in New York has agreed to sell its headquarter building in Brooklyn for $12.3 million.
The deal is the latest move by the $5 billion-asset Dime to sell property in Brooklyn as the market’s
Dime’s latest agreement involves the sale of its traditional limestone-clad building, which dates to 1908, at the corner of Havemeyer and South 5th streets, near the approach to the Williamsburg Bridge. The building, which houses Dime’s headquarters and a branch, is next to the back-office site that was sold last year.
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Dime Community Bancshares in Brooklyn, N.Y., has agreed to sell a number of real estate properties for $80 million.
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Dime Community and Flushing Financial are selling real estate in the borough, taking advantage of rising real estate prices. The banks are using process to reinvest in branches and technology.
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Several banks have recently purchased highly visible properties in strategically important markets, investing in real estate at a time when the industry is closing branches at a record pace. Low rates may be a factor, but many bankers are also trying to send a message to clients and prospects.
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Dime expects the sale of the building to Havemeyer Owner BB to generate an after-tax gain of $5 million to $6 million. The transaction is expected to close in the second quarter, though Dime may continue to occupy the space for up to 18 months after closing.
Separately, Dime's chief retail officer, Terence Mitchell, said on Friday that he plans to retire on June 30. Mitchell has held that position since he joined the company in 2010. Dime did not announce plans for a successor for Mitchell, who previously worked at Sovereign Bank.
