Bowery Savings Bank

Posted on: June 11th, 2009 at 8:03 am by

Last week, we found ourselves in the sterile stem of Midtown East. While walking near Grand Central Station, we realized that amidst all the enormous skyscrapers, passing suits, and heavy traffic, the Bowery charm is visible this far north. Indeed, like a fish out of water, this Bowery Savings Bank cornerstone sits quietly beside the archway of its namesake building on 110 East Forty-Second Street; the relic is fading away and seemingly forgotten.

The bank opened its doors at the now-landmarked 130 Bowery back in 1834. Thanks to the subsequent waves of immigration to the Lower East Side, the institution prospered for nearly 150 years, eventually establishing 35 branches in the tri-state area. However, by the mid-1980s, deregulation caused mass instability, and their fortune began to unravel. Consequently, the bank was sold five times over the next two decades, and would now be considered a part of Capital One Bank.

Today, both of these classic architectural behemoths are upscale event halls – Capitale at 130 Bowery and Cipriani S.A. in the ground level of 110 East Forty-Second Street.

Related Reading:
The Bowery Savings Bank [Wikipedia]
Bowery Savings bank is Sold for $200 Million [NY Times]
Broke Bank Palace [Bowery Boogie]

Recent Stories

‘Caribea’ Grill Readies Space Left Vacant by Domino’s on Allen Street

Ever since Domino’s ditched its decades-old Allen Street location three years ago, the commercial space has been a vacancy consistently peddled on the market. Now, a new concept is a-knockin. Caribea is as it sounds – a fast casual pan-Caribbean grill. The restaurant at 203 Allen will seat fourteen tables and a stand-up bar, for […]

The Projects Jockeying for the $20M Chinatown Revitalization Funds

Several months ago, Governor Hochul announced a $20 million grant in the form of the Downtown Revitalization initiative (DRI).  Some forty sites around Chinatown were identified during the DRI process, which is led by a Local Planning Committee of community representatives and supported by State agency staff and a consultant team. That list was ultimately […]

Displaced Chinatown Business Returns Months After Devastating Fire

Four months after a deadly fire knocked out 78 Mulberry Street, one of its businesses returned to the scene. Ewa Trading Company reopened in its former Chinatown home earlier this week. The store had spent some of the interim displacement period selling from a shuttered Vietnamese restaurant a few paces north. The two-alarm fire broke […]

EDC Sues Essex Restaurant for Back Rent over Former Essex Market Lease

Three years removed from its relocation across Rivington Street, the city filed suit against the Essex restaurant for alleged unpaid rent. The Economic Development Corporation (EDC) sued Essex for nearly $60,000 in unpaid back rent on the former Essex Market building it previously occupied, according to the lawsuit filed Monday. The city entity claims that […]

Exile on Orchard Street: Tenement Museum Recreates Exhibits During Renovations

The Tenement Museum is amidst a preservation project at 97 Orchard Street, but will continue its programming with replicas not too far away. The 1863-era tenement this past Sunday embarked on “vital” restoration work to preserve its walls, floors, roof, as well as the installation of a new HVAC system that will provide improved climate […]