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JLL has been retained on an exclusive basis to arrange for the sale of 58 Bowery (the “Property”), a corner-lot bank building and adjoining two-story Annex building situated on the southwest corner of Bowery and Canal Street on the Lower East Side of Manhattan.
Closely proximate to the historic Manhattan Bridge, the Clarence W. Brazer-designed 58 Bowery was constructed in 1924, and the bronze-domed, Beaux Arts-style building remains one of the neighborhoods most distinctive landmarks. Initially constructed for the Citizens Savings Bank, the property is situated on the prominent and highly trafficked corner of Canal Street and Bowery, where it serves as a strong visual anchor for pedestrians and passengers alike. The Property’s street facades feature enormous arched windows, pilasters, keystones, and rusticated bases complemented by an iconic cornice decorated with an eagle, seated Native American figures, a sailor, and beehives, all of which are motifs from the original Citizens Savings Bank’s seal. The main façade facing the Manhattan Bridge also features a roman-numeral clock enhanced by the aforementioned components of the banks seal. The Property received
Landmark’s designation in 2011.
As it is currently configured, the Property consists of a 7-story domed “main building”, and a secondary attached 2-story “Annex.” Ownership is offering for sale both the “main building” and the two-story “Annex”. HSBC plans on leasing back the two-story “Annex” space for a 5-year lease with four 5-year extension options. Please see the following page for a prospective lease abstract for the “Annex” space. As the bank currently and historically operates as one continuous entity within the two buildings, many aspects of the branches function are interdependent. A purchaser will be required to undertake the necessary separation of systems and utilities.
Ownership is offering for sale both the “main building” and the two-story “Annex”.
- Historical Landmarked Building
- Tremendous Exposure to Traffic on the Manhattan Bridge
- HSBC Will Continue Operations out of the Annex Building
- Multiple Conversion Opportunities