Wachovia banking on big business

Real Estate Weekly, Dec 15, 2004

When Wachovia Bank, N.A. opens its new branch in the Meatpacking District, it won't just be dispensing automatic teller cash to hordes of well dressed nighttime visitors in the busy entertainment district. It will also be offering full banking services to the companies and workers in the approximately three million square-feet of office space located within three blocks of the new location, at 66 Ninth Avenue on the southeast corner of 15th Street.

Bruce Sinder, President, and Christopher Owles, Managing Director, of Sinvin Realty, represented the landlord in the Wachovia lease transaction. Jonathan Krivine, managing director of Garrick-Aug Associates, represented the bank.

Wachovia looks to benefit from a 30-year-old banking vacuum in the Meatpacking District. The nation's fifth largest bank looked past conventional high-traffic locations and found an untapped market of potential banking clients in the high-fashion neighborhood.

"The last bank in this area, Chase, shut down in the 70s, when the meatpacking business was in decline," said Sinder.

"Because of the area's resurgence, today it is home to an even larger pool of potential banking customers," added Owles.

Wachovia's space includes 3,600 square-feet of ground floor space plus basement, and 135 feet of corner frontage.