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Financial Crisis May Mean Fewer Banks for Manhattan
By
John Del Signore
Published Sep 25, 2008
Modified Sep 25, 2008
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By
John Del Signore
Published Sep 25, 2008
Modified Sep 25, 2008
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After years of massive expansion, real estate brokers are bracing themselves for a reversal of bank oversaturation. There are as many retail bank branches in Manhattan as there are Starbucks and Dunkin' Donuts combined. Now Washington Mutual has postponed opening new branches (understandably), and other banks are consolidating their branches. One broker predicts that "we might have empty corners without a lot of takers out there chasing the space." But Mitchell Moss, NYU professor of urban planning, tells the Sun, "You will see a new kind of retail venture taking over the space, but it is difficult to predict what that will be — but it won't be clothing. It will have to be something that addresses a necessity." Gazing into the crystal ball, one can just about see the pawn shop where Chase Bank once pushed out the Second Avenue Deli.
Tagged
banks
closing
crisis
manhattan
new york
nyc
retail
shutdown
wall street
John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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