Charney Construction & Development and Tavros Capital Partners, and 1 Oak Contracting have begun foundation work on The Dime, the residential conversion of the iconic Dime Savings Bank of Williamsburg. The new residential tower, located at 263 South 5th Street is being designed by Fogarty Finger Architecture and will rise 22 stories, 248'. Renovation of the historic Dime Savings Bank structure has not yet started but excavation and foundation work at the adjacent site is moving along swiftly. Charney Construction & Development and Tavros Capital Partners purchased the site for $80 million in March 2016 and acquired a $150 million construction loan in December 2017. The Fogarty Finger Architects design will match the neoclassical Dime Savings Bank with the art deco tower with over 350,000 SF of total development. The Dime will feature 178 rental apartments, 100,000 SF of office space, 55,000 SF of ground floor retail and 340 parking spaces. Amenities will include a fitness center with basketball court and yoga room and a top floor residents' lounge with panoramic views of the Manhattan skyline. Completion is expected in Spring 2019.