Printer Friendly

Commercial Bank opens new 5th Ave. branch.

Commercial Bank opens new 5th Ave. branch

At a time of consolidation in the banking industry, Commercial Bank of New York, a Safdie bank, is bucking the trend and expanding by opening a new full-service branch at 404 Fifth Avenue at 37th Street in Manhattan.

Commercial Bank acquired the location from Anchor Savings Bank, which will consolidate its deposits and other business based at the branch with another Anchor office.

Commercial Bank said that the new branch is intended to take advantage of the area's status as a retail hub and its location in the heart of Manhattan's middle-market commercial, service and import-export district.

"This area of Manhattan and its mix of businesses is of particular interest to Commercial Bank as we expand and make our long-term commitment to the New York market," said Jacob Berman, president of Commercial Bank. "We already have a significant customer base in the industries centered in this neighborhood and believe our presence here will substantially improve our ability to serve our current customers and gain new ones."

The 6,500-square-foot retail space, which will be completely renovated, will serve as the headquarters of the bank's domestic and lending operations.

Commercial Bank's international headquarters will remain in the Waldorf Astoria and its operations will continue to be housed at 560 Lexington Avenue.

The fully occupied building is owned by Murray Hill Properties, the partners of which are Norman Sturner, Neil H. Siderow, Arthur Stern and Michael Green. Jeffrey Gold served as the broker in arranging the 20-year lease.
COPYRIGHT 1991 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Nov 20, 1991
Previous Article:Price of Manhattan office space drops to $31.46.
Next Article:Incentives to end: then what?

Related Articles
Changes in the distribution of banking offices.
Lots of color, strong heads and short, targeted articles give Small Business Edge the edge.
Orders issued under Bank Merger Act. (Legal Developments).
NorCrown Bank breaks ground for Hillside, N.J. branch.
Union State opens Eastchester branch.
City & Suburban expands in Yonkers with 13,000 s/f of headquarter space.
Bank's city opening heralds metro invasion.
Sunset Park is fast becoming New York's next hot neighborhood.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters