Dime in N.Y. Sells Brooklyn Properties for $80 Million

Dime Community Bancshares in Brooklyn, N.Y., has agreed to sell a number of real estate properties for $80 million.

The $4.6 billion-asset company said in a press release Thursday that it would sell property in the Williamsburg section of Brooklyn to Tavros Holdings and Charney Construction and Development. Dime currently uses the properties to house back office operations. The sale is expected to close in the first quarter.

Dime will retain post-closing occupancy for 12 months, allowing it to move its back office operations to other facilities.

The company said that, in conjunction with the sale, it is exploring ways to reinvest the proceeds under a 1031 exchange. The company said its capital levels will increase with the sale, though it did not disclose how much its ratios would change.

Dime announced in May that it would sell property near its Brooklyn headquarters, including administrative offices and a parking lot. The company's traditional limestone-clad main office, which dates back to 1908, was not part of the sale.