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Banks are Branching Out All Over NYC

NEW YORK CITY-Banks ranging from 1,500 to 9,000 sf are sprouting up all over the five boroughs. Some real estate experts are calling banks the "new Gap.

By Barbara Jarvie | Updated on May 12, 2003

NEW YORK CITY-Banks searching for homes are keeping many real estate brokers hopping.

“I’ve never been busier,” says Proctor Wong, director of Newmark New Spectrum’s Bank Services Group, which represents a number of banking concerns. “The banking industry has kept retail real estate afloat single-handedly.”

Wong explains that customers want an alternative to banking “behemoths” Chase and Citibank. “People want to bring their check in and get a face-to-face meeting.” He adds that there is a variety in the size and location of properties the banks are interested in leasing.”They range from Washington Mutual’s Occasio centers that can be from 1,500 to 2,000 sf to Commerce Bank which is interested in 8,000 to 9,000 sf.” He notes that it’s not just a Manhattan trend, that banks are interested in Brooklyn and Queens, which he labeled, “underbanked historically.”

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