Two Banks in One Building? Yes, of Course. TD Bank Opens on Grand Street
New York has gone bank branch crazy in the past few years. For evidence you need to look no further than Grand Street, where a single building now features two finance conglomerates. In the historic property at 314 Grand St. (Allen Street) best known as the longtime home of Zarin Fabrics, TD Bank opened last week, right next to the already established Bank of America branch.
People lined up on Friday for free coffee and other goodies. There was even a Chinese lion dance inside, just in case there was any doubt about the bank’s target audience on the border between the Lower East Side and Chinatown. Toronto-Dominion Bank, TD Bank’s parent company, is pushing to become one of the top three financial institutions in New York in terms of branches. There are already three locations on Canal Street and several branches in the East Village, including one on the corner that once featured the beloved Mars Bar.
Last winter, the Malachite Group purchased the Grand Street building for $25.6 million. Zarin Fabrics previously consolidated its ground floor space to make room for TD Bank. Last month, The Cast leather store lost its lease for a tiny storefront on the orchard Street side of the building. In the past few days, owners Chuck Guarino and Elisa Maldonado announced via Facebook that a temporary shop at the back of the Great Frog (72 Orchard St.) would become their new permanent home in the fall.