Colliers International, MBE Firm Madison Square Realty Arranges Sale-Leaseback of Carver Federal Savings Bank Crown Heights Branch
— Country’s largest African- and Caribbean-American managed bank signs new, ten-year lease to remain at its long-standing Crown Heights Location in Brooklyn –
NEW YORK, NY – January 26, 2016 – Colliers International and its MBE (“Minority Business Enterprise”) alliance partner Madison Square Realty have jointly arranged the sale-leaseback of 1009 Nostrand Avenue, with Carver Federal Savings Bank (“Carver”) selling its 3,500-square-foot retail bank branch property in Crown Heights, Brooklyn, to 3M Management for $2.4 million.
As part of its ongoing commitment to the neighborhood and a key element of the transaction, Carver also signed a ten-year, approximately 1,800-square-foot lease to remain at the standalone property where it has served its customers and operated for more than 30 years.
Carver plans to upgrade its Crown Heights branch space to the highest, most efficient, and modern standards. There will be no business disruption during renovation, scheduled for a summer 2016 completion. 3M Management plans to market the remaining retail space for lease thereafter.
Further demonstrating their shared commitment to the neighborhood, Carver and 3M Management have set aside $50,000 for local economic development and education in the Crown Heights community of Brooklyn.
The Colliers International team of Executive Managing Director Eric Yarbro, Executive Director Peter DeCheser, and Associate Director Christopher Turner represented Carver in the sale-leaseback. Madison Square Realty was the co-broker on the transaction.
“Carver will continue to be a valued resource and staple of the community,” said Eric Yarbro, noting that the sale price was above asking due to intense market demand. “Both the buyer and the seller were highly committed to keeping Carver in its current location and worked diligently and with the utmost professionalism to complete this win-win transaction.”
“Carver Federal Savings Bank remains fully committed to the Crown Heights community,” said Michael T. Pugh, President and CEO of Carver Federal Savings Bank. “This sale-leaseback provides us with additional capital to modernize our Crown Heights branch so that we are better positioned to serve our customers in this market and we are delighted to have signed a longterm, ten-year lease at this location with the new property owner 3M Management. We appreciate the efforts of the Colliers team in putting this transaction together.”
Added Yarbro, who is also Founder and CEO of Madison Square Realty: “Unlike many investors who purchase stand-alone retail properties in the outer boroughs for their redevelopment rights to either build or package for resale, 3M Management intends to be a long-term holder with no immediate plans to redevelop the property for a different use.”
DeCheser further noted that the quality and location of the asset set the stage for a successful transaction. “We went directly to owners and buyers in a specific geographic ‘hot zone’ within the neighborhood and helped them see the incredible value this opportunity provided,” he said. “Smaller assets such as these tend to go overlooked at first glance, but we put our full weight behind it.”
Located at the northeast corner between Empire Boulevard and Sterling Street, 1009 Nostrand Avenue has long been a pillar of the community, with easy, convenient access to the 2 and 5 subways lines and Eastern Parkway, and a short walk from Prospect Park and the Brooklyn Botanic Gardens.
“This transaction is another demonstration of Colliers’ ongoing commitment to partnering with MBE firms throughout the New York metro region and the United States,” said Kim Brennan, COO of Colliers International’s Tri-State Region. “Minority-owned and run firms are an integral and growing part of our economy and communities. We continually seek out partners with a diverse range of backgrounds, skills, and experiences that will not only open up new business avenues, but those who will also enhance the quality of services that our clients demand and deserve.”
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About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
About Madison Square Realty LLC
Madison Square Realty LLC (“MSR”) serves to deliver best in class services to its clients, who are institutional, corporate, owners, developers, City, State and Federal organizations who have determined that minority procurement in the real estate sector is important to the strategic initiatives of their organization. MSR is uniquely positioned to provide innovative real estate solutions for its customers using diversity of thought in its approach. Additional information about Madison Square Realty can be found at www.madisonsqrealty.com.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (Nasdaq: CARV), is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African American communities whose residents, businesses, and institutions had limited access to mainstream financial services. As part of Carver’s mission to promote economic development and revitalize underserved communities, the Bank has been designated by the U.S. Department of the Treasury as a Community Development Financial Institution. Carver is the largest African- and Caribbean-American managed bank in the United States, with nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company’s website at www.carverbank.com.
For Colliers International:
Russ Colchamiro; Nicole Chin-Lyn
The Marino Organization
Email: Russ@themarino.org; Nicole@themarino.org
For Carver Federal Savings Bank:
Michael Herley/Ruth Pachman
For Madison Square Realty