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A more than 100-year-old Upper West Side building and site of a former First Republic Bank will soon be demolished, according to reports by Crains New York Business and Commercial Observer.
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The building formerly housed a First Republic Bank location. The branch closed in September 2023 a few months after the California-based financial institution’s assets were seized by the FDIC.
Before its sale, the property’s marketing materials touted ‘wraparound Broadway frontage’ including 84 feet of sidewalk space on West 76th Street and 26 feet on Broadway. Unused air rights of between 13,280 and 17,700 square feet were also advertised. The existing structure stands 68 feet tall. Just a few hundred feet from the Beacon Theater and with easy access to the 72nd and 79th Street subway stations, the space was originally listed at an asking price of $12 million.
Crains reports the building was originally constructed in 1920 and was renovated in 1989. Finkelshteyn’s plans for the site have not yet been reported. According to Pincus Co, most of Finkelshteyn’s recent activity has centered around the acquisition of commercial space in Brooklyn. The developer reportedly borrowed $5.1 million to acquire the century-old Broadway structure.
Future news of a residential development at Finkelshteyn’s new UWS address won’t surprise locals, at least based on recent activity. Old commercial buildings from garages to former corporate headquarters are being razed to make way for new residences.
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It’s an interesting building but as is, but if you told me it was built 20 years ago, I wouldn’t doubt it.
According to DOB filings the demolition plans are currently subject to objections. To give a full picture of the situation, the article should report on those objections too. As drafted it is misleading as it implies that the demolition is a given while it’s not (at least for now).
@Jane – Thank you!