Germania Bank Building Sold to RFR Holdings
RFR Holdings, one of the city’s largest and most active real estate developers, just purchased the Germania Bank Building for $55,000,000. Long-time owner Jay Maisel finally decided to pack it in and put the building up for sale about a month ago. He originally purchased the 37,000 sq ft property in 1966 for $102,000.
The building itself, seen here in a photo taken in 1905, was in disrepair for decades and its exterior was a graffitied mess. There is no heat or running water in most of the building, except in the small area where Mr. Maisel lived. Aby Rosen, a principal at RFR Holdings, said the property will be converted into luxury condos and have retail on the ground floor.