Greenpoint Savings Bank (807 Manhattan Ave), a historic building now most frequently used as a graffiti canvas, faces the threat of foreclosure as its owner fails to make loan payments.
Real estate developer Jack Terzi purchased the neoclassical bank building for $10 million in 2018. Capital One, the building’s only tenant, vacated in 2020, claiming “that Terzi never lived up to its obligations, causing it to spend $200,000 on heating during the winter of 2018-2019,” The Real Deal reports (Capital One has been sued by Terzi’s team, and the lawsuit is ongoing). Terzi apparently stopped making payments on his loan in February 2021.
The bank is only the latest of foreclosures for the beleaguered developer, who has run into issues with his Soho and Midtown properties.
Greenpoint locals have long accused Terzi of letting the building fall into disrepair.
Last year, when Greenpointers published an unrelated story with an image of the bank visible, several locals called out how disheveled the once-grand building now looked. City Councilmember Lincoln Restler replied in a Facebook comment:
“I have been trying hard to get this done. We have gotten the Landmarks Preservation Commission to impose multiple rounds of fines on the developer and I have personally called the developer myself multiple times – but he has refused to take action. I will call him and the head of LPC again this week to try to get the graffiti removed. If the developer continues to ignore us, we will request a third party remove graffiti and charge the developer.”
In January, the building finally received a long-awaited clean up.