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]

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