The fashion designer Alexander Wang is the new owner of one of the most conspicuous buildings in Chinatown: the former Citizens Savings Bank, a city landmark, at 58 Bowery (at Canal Street). As Crain’s first reported, two family trusts controlled by Wang, his mother and sister purchased the building for $9.5 million from HSBC bank, which has owned the property since 1999.
Wang hinted at the acquisition on his personal Instagram account about three weeks ago. He didn’t reveal any plans for the century-old Beaux Arts building, alluding only to the words inscribed between the building’s four grand arches: ““Wisdom,” “Safety,” “Thrift,” “Success.” Wang’s company has its headquarters in the Seaport District and he has a flagship store in Soho.
The city’s Landmarks Preservation Commission (LPC) voted to protect the exterior of 58 Bowery back in 2011. You can read the LPC’s designation report here. HSBC sold its retail branches to Citizens Bank in 2021. A notice from Con Edison posted outside the bank building warns that gas service will be cut off on or after August 14 (that’s today).
