Photos by Steven
The official BoA signage arrived yesterday at 119 Second Ave. at Seventh Street...
Read alllll the background about the first retail tenant for the building in this post.
Come see us at our new location. We have ATMs, banking, lending and small business associates, as well as financial advisory specialists, ready to help you with your banking needs. Opening date: 03/11/2024.
Come see us at our new location. We have ATMs, banking, lending and small business associates, as well as financial advisory specialists, ready to help you with your banking needs. Opening date: 03/11/2024.
The new building at the corner of Second Avenue and East 4th Street was completed in 1929 — just before the onslaught of the Great Depression. The architects had produced a startlingly different structure. While the base reflected the solid architectural elements expected in a bank — Corinthian pilasters separating rows of arched openings and a substantial bronze entrance surmounted by a clock — the upper floors exploded in color and fancy.While the overall style was vaguely Renaissance Revival, the green and beige terra cotta spandrel tiles and the rope-twist engaged columns added an exotic air. The arcade-like topmost windows, surmounted by a hefty balustrade at the roof, added to the Mediterranean feel.
According to the U.S. Federal Deposit Insurance Bureau (FDIC), large commercial U.S. banking locations have fallen from 8,000 in 2000 to 4,236 by 2021 and 4,194 by 2022. The spider web of U.S. branch bank offices tied to big banks has slid significantly, as well.
The number of branches in the U.S. shrank by more than 1,700 in the 12 months ended in June 2017, the biggest decline on record, according to a Wall Street Journal analysis of federal data.
Branch numbers fell again in the second half of 2017, according to related data submitted to bank regulators and reviewed by the Journal. That would add to the thousands of locations closed following the financial crisis, and is the longest stretch of closures since the Great Depression.
Many of the closings were in big cities and surrounding suburbs, where branches were consolidated largely because of falling foot traffic.
Banks say they carefully consider which branches to close, examining deposit levels at each branch and commute time to the nearest location. “We continue to evolve and optimize our branch network to ensure that we’re operating as efficiently and effectively as possible,” a Capital One spokeswoman said.
For decades, banks needed to add new locations to grow, pushing the number of U.S. branches to a peak in 2009. But in the aftermath of the financial crisis, some started closing branches to save money — and then kept closing them to contend with low interest rates and higher regulatory costs.
Along the way, lenders realized they could maintain their deposit levels with fewer locations in a digital world where customers often prefer banks’ mobile apps and ATMs.
SPACE
Ground Floor — 3,000 SF
POSSESSION
Immediate
TERM
Sublease through December 31, 2025
FRONTAGE
40 feet on Third Avenue
85 feet on East 14th Street
NEIGHBORS
5 Napkin Burger, Duane Reade, Dunkin’ Donuts, New York Sports Club, P.C. Richard & Son, Raymour & Flanigan, Sleepy’s, Trader Joe’s, Westside Market
COMMENTS
Immediately adjacent to the Third Avenue subway station serving the L train with annual ridership of 2,386,533 (Ed note: Hopefully it will be a business that can stay afloat for 18 months starting in 2019 when the L train shuts down.) Located at the base of a 19-story luxury condominium building