Commercial Real Estate & Advisory

Wachovia Banks on Big Business in the Meatpacking District

January 15, 2005

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. Johathan 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 nations’ fifth largest bank looked past conventional high-traffic locations and found an untapped market of potential baking clients in the high-fashion neighborhood.

“The last bank in this area, chase, shut down in the 70’s, 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,” said Owles.

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

66 Ninth Avenue is also known at The Porter House. It is a new residential building built in and above and existing warehouse structure. The Porter House was developed by Jeffrey M. Brown Associates, Inc. and offers a stunning cantilevered design, an illuminated façade and original architectural detail.. Neighboring tenants include Vitra, Chelsea Market, Design Within Reach, Alexander McQueen, Stella McCartney, Soho House and Maritime Hotel.