Leases  ·  Retail

Dominican Republic Bank BanReservas Opening First NYC Outpost at Radio Tower & Hotel

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Dominican Republic-based bank BanReservas is putting down retail roots in Washington Heights, Commercial Observer has learned.

BanReservas signed a lease for 2,237 square feet at 500 181st Street, also known as the Radio Tower & Hotel, to open its New York City bank, according to landlord broker Newmark (NMRK). Asking rents were around $175 per square foot, but Nermark declined to disclose the length of the lease.

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The bank has been expanding across North America and Europe recently with $900 million under management and 10,000 employees in the Dominican Republic, according to Newmark. Its first office outside of the island nation was in Spain, and it plans to serve the Dominican diaspora internationally.

Its New York outpost will be in the base of YoungWoo & Associates’ newly developed 23-story, mixed-use tower that was completed in late 2022, according to Newmark. The 305,000-square-foot building has a 221-room hotel, 167,000 square feet of office space and a restaurant called Jalao NYC, operated by Dominican firm Sandoval Hospitality Group.

The retail location will open by the third quarter of 2023.

“The Radio Tower & Hotel is a celebration of the diverse population and culture that can be experienced in Washington Heights, the neighborhood where it resides,” Newmark’s Christopher Ventura, who represented the landlord alongside Justin DiMare, said in a statement. “Knowing this, we recognized an inherent cultural alignment between the property, BanReservas, and the surrounding vibrant environment — factors that made this an ideal first outpost for the tenant.”

Manhattan Property Group’s Roberto Guilbet negotiated on behalf of the BanReservas, and did not immediately respond to a request for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com.