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May 19, 2005
Taking a shot on Brooklyn landmark
Investment group led by hoops legend Magic Johnson teams up to convert 34-story building into condos
NY Newsday
by Pradnya Joshi
The managing partner for the venture fund that bought the Williamsburg Savings Bank tower makes a public statement of support for Ratner's proposal.
The [Williamsburg Savings Bank] tower is the first purchase for a new venture fund started by the Canyon-Johnson Urban Funds, which has raised $600 million to be invested in urban developments. The Beverly Hills-based fund is joint venture between Canyon Capital Realty Advisors and Johnson. Real estate developer Dermot Co. also is among the group purchasing the building.
The Fort Greene building, which dates from 1927, was originally owned by the Williamsburgh Savings Bank and stands out among the Brooklyn skyline. The building is near the Atlantic Yards, the city's third-largest mass transit hub and where developer Bruce Ratner wants to build a new arena for the New Jersey Nets basketball team.
"Here's an opportunity to take an underutilized asset and really vitalize it," Bobby Turner, managing partner of the Canyon-Johnson Urban Fund said in an interview. "We are excited about the prospects of Bruce increasing the available amenities to the community."
Posted by lumi at May 19, 2005 8:39 AM