Carver Bancorp, Inc. announced Friday that they have entered into a sale and leaseback property arrangement for its 125th Street corporate office building.
The company said in a press release that it will relocate its back-office operations to a more modern facility on 125th Street. The corporate office building, located at 75 West 125th Street, will still house the current Carver Bank branch.
The four-story building constructed in 1994 was sold to CHOMPOL, LLC, a subsidiary of Gatsby Enterprises Inc., a New York real estate company for $19.4 million.
"We are pleased to have entered into a transaction that further strengthens our capital position and solidifies our commitment to serving Harlem and the Greater New York City area," said Michael T. Pugh, the Company's President and Chief Executive Officer. "We are maintaining our current branch location at 75 W. 125th Street and moving our administrative operations to a more modern facility nearby, which will allow us to make a number of IT infrastructure improvements to more efficiently serve our customers. This transaction and the move of our administrative offices will have no impact on our retail and business customers at any of our nine branches across Manhattan, Queens, and Brooklyn. It's business as usual at all of our branches."
Founded in 1948, Carver Federal Savings Bank is the largest African- and Caribbean-American managed bank in the United States.