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New York's Carver Federal Savings sells branch for $19.5M

New York-based Carver Federal Savings Bank executed a sale-and-leaseback agreement for its branch at 75 W. 125th Street.

It sold the property Feb. 22 to CHOMPOL LLC, a Gatsby Enterprises Inc. subsidiary, which is a real estate firm. The total purchase price was approximately $19.5 million. The bank is now leasing the space and maintaining its branch presence, but back-office operations are being relocated to an office on Harlem's 125th Street.

Madison Square Realty LLC and Colliers International acted on Carver Federal's behalf in the transaction.