DO WE REALLY NEED ANOTHER BANK BRANCH IN MANHATTAN?| MJF Weekly Newsletter

DO WE REALLY NEED ANOTHER BANK BRANCH IN MANHATTAN?

The answer is yes — if you’re asking Wells Fargo. If you’re a New Yorker and see an empty storefront, you might think, “I wonder if it will become a bank branch or a nail salon.” I’m quick to notice openings and closures of commercial spaces in Manhattan, especially in neighborhoods I frequent on foot.

One such empty space is the four-story corner spot at 66th Street and Broadway, which seems (at least to me) like it has been vacant forever. It was occupied by Century 21 — the discount “designer” department store — from 2011 until 2020, when it closed. And if you’ve been in the neighborhood long enough, you’ll recall that Barnes & Noble was there prior to that, up until 2011.

I made regular trips to the very affordable Century 21 my first ten years in New York to style myself for work and nightlife. The last time I visited (still many years ago), I believe I had a mini panic attack from the overcrowded men’s sock department, so I quickly departed, vowing never to return (and didn’t). I was not so sad to see it go like I am with other New York institutions.

I was hopeful for something interesting in this large space, but alas, Wells Fargo is opening a branch — not so interesting. There are already three other Wells Fargo branches on the Upper West Side and 26 in total across New York City, which sits among the 516 bank branches sprinkled all over the city (Chase leads the pack with 113 branches).

Incidentally, there are approximately 3,666 nail salons polished across NYC. Nail service, along with laundry service, is one of the most relatively affordable luxuries in New York. Therefore, no one has an excuse for dirty clothes or a bad mani-pedi. And fun fact, the very first ATM appeared on September 2, 1969, in Rockville Centre, New York.

Bank branches can be loss leaders in Manhattan, where commercial leases are expensive. Of course, there’s strategy behind opening new branches, including the acquisition of new customers and higher-value relationships, especially for more complex transactions like mortgages and investment advisory. In this digital banking age, some still prefer face-to-face interactions for those types of dealings. The same holds true for real estate transactions! The pandemic taught us that no one was buying properties without meeting someone in person and seeing the property firsthand.

Branches also serve as physical brand billboards that build community trust. A large portion of new account openings still occur at branches — and banks can collect deposits and use that money to make more money elsewhere!

Speaking of the best use of commercial space, we are experiencing the first wave of office-to-residential conversions across NYC. There’s hope that this will help ease our housing shortage. Just as the factory-to-loft conversions of the 1960s and ’70s transformed downtown neighborhoods, we’re now seeing similar changes with office buildings. The same elevators that once carried bankers and lawyers to morning meetings will soon be ferrying residents to their abodes and residential amenities. City planners, architects, and developers are now turning one of the most promising ideas into an urban reality — all driven by life and work changes brought on by the pandemic. It’s the perfect solution for diminished office demand and increased housing needs.

One example is the redevelopment of the large office tower at 5 Times Square in Midtown. This 38-story building, with approximately 917,745 square feet of vacant office space, will be transformed into 1,250 rental units — 313 of which will be permanently affordable homes. And it isn’t just old buildings being converted: 5 Times Square is relatively new, built in 2002 as the Ernst & Young headquarters, but largely vacant since 2022.

I’m in full support of this conversion trend! It will have a ripple effect like past NYC transformations. As more people move into these converted spaces, we’ll see new energy return to areas that feel dormant after business hours. This will drive new services — restaurants, cafés, and all sorts of shopping. Streets that once felt purely transactional will start to feel like neighborhoods.

It’s another reminder that New York City isn’t static — it’s constantly reinventing itself, block by block, decade by decade!

Treat yourself to a mani-pedi this weekend or enjoy some of the many fall goings-on around the city!

Best, Michael

Question of the Day

Have you ever heard about the restaurant Deum in London?

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Local News

Find 20 hand-painted spheres around

Hudson Square as part of a beautiful new

art installation

If you’ve wandered around Hudson Square lately and noticed bursts of color blooming at your feet, you’re not imagining things. Twenty hand-painted fiberglass spheres have quietly appeared throughout the neighborhood as part of Walk to the Water 2.0: Hudson Square Storyline, a new public art installation unveiled this week by the Hudson Square Business Improvement District.

Created in collaboration with illustrator and data-visualization designer Jenny Goldstick, the project transforms more than 100 stories collected from locals—residents, office workers, and business owners—into swirling, data-driven artworks. Each sphere represents shared experiences and emotions mapped across the community, turning anonymous anecdotes into something tactile and delightfully unexpected.

🎨 There’s more behind the color—see how Hudson Square turned local stories into vibrant public art. 🌈 Dive deeper into the art and stories in the link below!

More Info: CLICK HERE

NYC’s Iconic Wollman Rink Reopens This Sunday: Free Skating For Two Days To Celebrate 75 Years

Central Park’s beloved Wollman Rink is officially reopening this Sunday, October 26, marking the start of its 75th anniversary ice skating season — and the celebration begins with two free community days and a Guinness World Record attempt later this season.

After months of anticipation, the rink is bringing back all the festive magic that makes winter in New York so special—think: skyline views, live entertainment, and the return of one of the city’s most iconic holiday traditions.

📍 Location: Central Park, NYC

🎟️ Tickets: Available now at wollmanrinknyc.com

📅 Opening Day: Sunday, October 26, 2025

❄️ There’s more to this icy celebration—glide into the full story below! ⛸️

More Info: CLICK HERE

Embrace Flavor With A Decadent ‘Dining In

The Dark’s Experience In NYC

Dining in the Dark NYC invites epicures and gourmands to immerse themselves in a three-course meal shrouded in mystery. Dare to be brave and don a blindfold for an evening at a top-tier restaurant. Between nervous grabs for cutlery and lots of laughter, you’ll find yourself tasting normally undetectable flavors and surprising textures.

This tantalizing, culinary experience allows you to put your taste buds to the test—open now at Leuca and The Wilson for a limited time. Become part of the mysterious plan that will have you talking long after dinner is over.

Book your seat in the dark here.

The mystery doesn’t end here—there’s a whole world of flavor waiting 🍷. Discover every delicious detail in the link below 🔗

More Info: CLICK HERE

Featured Listing

15 West 81st Street, Apt.11H

2 Bed | 2 Bath | Sophisticated 4.5 -Room Residence | Co-op

Upper West Side | Maint.:$4,286/mo.

Offered at: $2,195,000

A renovated, high-floor 4.5 room residence at 15 West 81st Street, one of the top white-glove pre-war cooperatives on the Upper West Side, Apartment 11H is a truly rare find. With multiple exposures and stunning natural light from every room, the home is bathed in brightness throughout the day. The owners have artfully blended a stylish, sophisticated mid-century modern design with high-end finishes, all perfectly integrated with period details.

Upon entering the home, you’re welcomed by a gracious foyer that flows seamlessly from the grand-scale living room to the dining room. Modern wall-to-wall carpeting was intentionally chosen to evoke an authentic mid-century aesthetic, while perfectly restored hardwood floors lie beneath, should the next owner prefer a different finish.

The foyer leads into a grandly proportioned 16' x 24' living room featuring three oversized windows that highlight beautiful northern exposures and iconic, open Upper West Side views. This space easily accommodates both formal dining and generous entertaining.

The newly renovated, windowed kitchen is outfitted with custom lacquered cabinetry, frosted glass fronts, Silestone countertops, and a handsome tile backsplash. The new appliance package includes a Fisher & Paykel side-by-side refrigerator, a Bosch oven and cooktop, a Bosch dishwasher, and a Bosch convection microwave.

The corner primary suite boasts three large windows with sunny open views to the north and west — even offering a peek of the Hudson River. The wall-to-wall carpeting continues into the sleeping quarters and a generously sized dressing room lined with a walk-in cedar closet, additional custom closets, and an in-unit washer/dryer. The en-suite, windowed bath is richly appointed with floor-to-ceiling marble, a striking checkerboard marble ceiling inlay, a deep soaking tub, a classic pedestal sink, and top-tier fixtures and finishes.

The second bedroom is equally generous, offering an oversized window with sunny southern courtyard views and a large walk-in closet. Its en-suite bath features beautifully preserved original tiles laid by Emery Roth — a hallmark of only a select few Upper West Side buildings.

Additional features include stunning Venetian plaster walls in the living room, new windows, through-the-wall air conditioning, recessed lighting in the kitchen, custom closets throughout, and a built-in audio-visual system.

15 West 81st Street is a distinguished white-glove cooperative known for exceptional service. Situated on one of the most desirable blocks in Manhattan, just off Central Park West and across from the Museum of Natural History and the Rose Planetarium, the building offers unmatched convenience and prestige.

Modern amenities include a state-of-the-art fitness center, bike room, playroom, and separate storage rooms for shareholders. 50% financing permitted. A 2% flip tax is payable by the purchaser.

See the listing website: CLICK HERE

More Listings

Virtual Tour

Michael J. Franco

Lic. Assoc. R.E. Broker

M: 917.817.4122

mfranco@compass.com

Office: 646-982-0353

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.