Carver Bank Relocates Manhattan HQ

Following the sale of its previous location, the bank has signed a 20,000-square-foot lease in a recently refurbished historic building in Harlem, maintaining its 70-year presence in the neighborhood.

Lee Building, New York City
Lee Building, New York City

Savanna has signed a 20,000-square-foot lease with the nation’s largest African and Caribbean-owned bank, Carver Federal Savings Bank. The tenant will relocate to Lee Building in Harlem, occupying the asset’s top floor, as well as part of the seventh floor. The lease follows the recent, record-breaking $20 million sale of Carver’s historic headquarters on 125th Street in Harlem. The bank plans to keep its 70-year presence in the building by retaining its ground-floor branch.

Built in 1901, the 12-story, 138,156-square-foot asset features high ceilings and 11,500-square-foot floor plates. Following NADAP’s 8,000-square-foot recent lease, Lee Building offers a 30,000-square-foot vacancy. The asset sits at 1825 Park Ave., in the vicinity of a wide array of transportation options.

Renovations on the horizon

The landlord recently completed a series of renovations at the property, including façade and sidewalk repair, replacement of the sidewalk vault and retail storefront, a newly designed lobby and entrance, refurbished bathrooms, new windows, as well as HVAC and electrical upgrades. As a result of the upgrades, the asset became the first Wired Gold-certified building in Harlem. Additionally, Savanna will complete tenant improvements in order to meet Carver’s needs.

Madison Square Realty Founder & CEO Eric Yarbro represented Carver in the lease transaction. Cushman & Wakefield’s Mitch Arkin and JRT Realty’s Ellen Israel acted on behalf of the owner. Arkin recently brokered two lease renewals in Manhattan on behalf of Ivanhoe Cambridge-Callahan Capital Properties.

Image courtesy of Savanna