Carver Bancorp, Strengthens Its Harlem 125th Street Presence With Sale And Leaseback Transaction

Yesterday, we reported that Carver Bank on 125th Street was selling its headquarters. Today, Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, announced today that the Bank has entered into a sale and leaseback property arrangement.

This sale and leaseback property arrangement will allow the Bank to maintain its branch presence at its 75 W. 125th Street location, while relocating its back-office operations to a more modern facility on Harlem’s 125th Street where it can more efficiently serve its growing customer base.

The Bank closed yesterday on the sale of the 75 W. 125th Street property to CHOMPOL, LLC, a subsidiary of Gatsby Enterprises Inc., a New York real estate company. The total purchase price was $19.45 million, which is one of the highest reported prices per square footage for a real estate transaction with office and retail space in Harlem.  Madison Square Realty LLC and Colliers International acted on behalf of the Bank in the transaction.

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“We are pleased to have entered into a transaction that further strengthens our capital position and solidifies our commitment to serving Harlem and the Greater New York City area,” said Michael T. Pugh, the Company’s President and Chief Executive Officer.  “We are maintaining our current branch location at 75 W. 125th Street and moving our administrative operations to a more modern facility nearby, which will allow us to make a number of IT infrastructure improvements to more efficiently serve our customers.  This transaction and the move of our administrative offices will have no impact on our retail and business customers at any of our nine branches across ManhattanQueens, and Brooklyn. It’s business as usual at all of our branches.”

Mr. Pugh added: “Carver continually strives to identify new and innovative ways to improve our branch locations and operations, increase our product and service offerings, and expand access points for our customers. As a community bank that strives to achieve a balance between fulfilling its core mission and generating a fair profit, we believe this sale and leaseback arrangement will mutually benefit Carver and the communities it serves. The proceeds from the sale will be utilized to continue supporting small business development, including Minority and Women Business Entrepreneurs—the economic engines of growth that provide local jobs in Greater New York City.”

For further information, please visit the Company’s website at www.carverbank.com.

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