Leasing & tenant law · Deals & development · 11/02/2026
Banks Return as Big Retail Tenants in Manhattan
Banks signed some of Manhattan's largest retail leases last quarter, reversing years of branch closures, according to JLL. Most deals are renewals and relocations by banks already in Manhattan, made early because available space is tight. Brokers say banks again want corner spots, and Wells Fargo opened a new branch at Broadway and 109th Street.
Reported by Bisnow New YorkRead the original ↗
What happened
Banks are signing some of the largest retail leases in Manhattan, Bisnow New York reported on 11/03/2026. Two of the city's biggest retail leases in the third quarter went to bank branches, according to a report from the brokerage JLL. This reverses years of branch closings.
Bank of America signed for 16,000 square feet at 19 Union Square West. Citibank took 14,000 square feet at 170 West 72nd Street on the Upper West Side. JLL also listed OceanFirst Bank's 4,000 square feet at 36 Union Square East as one of the largest deals in the Union Square-Flatiron submarket. Wells Fargo recently opened a new branch at Broadway and 109th Street, with an expanded consultation space.
Matt Ogle of JLL told Bisnow his team was working on five or six bank branch deals, which he called abnormally high. A JLL analyst said most bank deals are renewals and relocations, not expansions. Banks are renewing early because space is scarce. Across the nine prime retail corridors JLL tracks, availabilities hit a record low of 157 spaces in the third quarter.
Nationally, the trend has gone the other way. The Wall Street Journal reported that as many as 6,000 bank branches closed between 2019 and the end of 2025, including about 1,354 in 2024. Brokers told Bisnow that banks in Manhattan want visible locations, often corners, and spots near grocery stores or in areas where high net worth people live or work.
Key facts
- Outlet and date
- Bisnow New York, 11/03/2026
- Bank of America lease
- 16,000 sq ft at 19 Union Square West
- Citibank lease
- 14,000 sq ft at 170 West 72nd Street
- OceanFirst Bank lease
- 4,000 sq ft at 36 Union Square East
- New Wells Fargo branch
- Broadway and 109th Street, Upper West Side
- Retail availability
- Record-low 157 spaces across nine prime Manhattan corridors in the third quarter, per JLL
- National branch closures
- As many as 6,000 from 2019 through the end of 2025, about 1,354 in 2024, per The Wall Street Journal
- Source of lease data
- JLL third-quarter retail report
What it means
Landlords
Small owners with ground-floor retail, especially corner spaces, may see banks among interested tenants. The reported demand is concentrated in prime Manhattan corridors, so it may not reflect conditions in other boroughs.
Buyers and owners
Brokers describe a tight Manhattan retail market where tenants renew early to keep space. Owners of mixed-use buildings in those corridors may have more leverage in lease talks, but the article gives no rent figures.
Tenants and voucher holders
Some banks are adding in-person services in residential areas, such as the Wells Fargo branch at Broadway and 109th Street. The article does not say whether these branches target lower-income customers.
The highlights
- Bank of America leased 16K SF at 19 Union Square W. in Q3.
- Citibank took 14K SF at 170 W. 72nd St. on the Upper West Side.
- JLL counted a record-low 157 available spaces in nine prime corridors in Q3.
Why it matters Landlords
Owners with ground-floor retail, especially corners, may see banks competing for space and renewing early in a tight Manhattan market.
What to do: Review upcoming retail lease expirations, since bank tenants are renewing early.
Not known yet
- The rents or lease terms for any of the bank deals
- Whether this demand extends outside Manhattan's prime corridors
- Which banks are in the five or six deals JLL is working on
- How long the new leases run
Background
Commercial leases in New York City, including storefront leases, are not covered by rent stabilization. Rent, length and renewal terms are negotiated between the landlord and the business tenant, usually through brokers. When available space is scarce, tenants often renew well before a lease ends to avoid losing their location.
Buildings in this story
- 170 W. 72nd St · building facts and open city records
Summary written by Bulwark from Bisnow New York’s reporting. The original story is at bisnow.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0