Fleet Bank to open 1,300-SF ATM center on West 55th St

Real Estate Weekly, May 14, 2003

Fleet National Bank will open a 1,300-SF ATM center at Avenue of the Americas and West 55"' Street, across from the Hilton Hotel, reports W&M Properties, the managing and leasing agent for the retail property.

The bank will occupy the facility, at 77 West 55th St., this spring under a long-term lease, according to Fred C. Posniak, vice president of W&M Properties, who negotiated for the property owners.

"Competition for well located space to accommodate automated banking centers is intensifying, and Fleet has taken one of the choicest sites in midtown," says Posniak. "It's a location that offers access to huge customer volume on a seven-day-a-week basis from residential, office and hotel properties, all of which are in direct proximity."

The space is part of a retail condominium owned by a limited partnership led by Peter L. Malkin and Anthony E. Malkin.

Posniak says a trend toward ATM--only facilities is growing among larger banks and will play an "increasingly significant role in the local retail property market in. coming- years. It's a most cost-efficient way for the banks to do business, and enables them to compete more aggressively. for the best locations," he observes.

The W&M executive notes that several banks and national retailers, including Starbucks, had expressed interest in the space at 77 West 55th St David LaPierre of Insignia/ESG represented Fleet in the transaction.