BNB Bank Relocates and Consolidates Branch and Offices
By Rebecca Baird-Remba June 7, 2019 12:42 pm
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Long Island-based BNB Bank has leased a new branch and offices across two floors on East 51st Street in Midtown.
The community bank, which is headquartered in Bridgehampton, N.Y., is moving its Manhattan retail branch two blocks from 12 East 52nd Street to 34 East 51st Street, between Madison and Park Avenues, according to information from Lee & Associates NYC. Its sales team will occupy the upper floor of the space in a relocation from 1450 Broadway.
BNB inked a 10-year, 5,660-square-foot lease for the new location, which includes 900 square feet of retail on the ground floor and 4,760 square feet of office space on the second floor of the 21-story building. The ground floor will be the bank branch, and the second floor will host the bank’s New York City sales team. Asking rent in the transaction was $225 a square foot for the ground floor and $95 a square foot for the second floor, per a Lee & Associates spokeswoman. The bank plans to move in during the fourth quarter of this year.
Lee & Associates’ Peter Braus, Kenneth Salzman and Seth Rosen represented BNB in the transaction, and Davie Berke, Howard Hersch, and Sam Seiler of JLL (JLL) handled the transaction for the landlord, Sedesco. The JLL brokers didn’t immediately return a request for comment via their spokespeople.
“Considering that the office will now be positioned directly above the branch, BNB Bank will enjoy much greater efficiency than they have previously when these functions were in different parts of Manhattan,” Braus said in a statement.
