110 East 42nd Street

Bowery Savings Bank Building

Industry	Commercial real estate
Predecessor	Bowery Savings Bank original premises at 130 Bowery
Founded	1923 (1923) in New York City, United States
Founder	Bowery Savings Bank
Headquarters	New York City , United States
Area served	Midtown Manhattan, New York City
Products	Office space, banking facilities, event space
Owner	SL Green (since 1998), Gotham Realty (2007–2011), Meadow Partners (since 2021)

110 East 42nd Street, commonly referred to as the Bowery Savings Bank Building, is an 18-story commercial structure situated in Midtown Manhattan, New York City. Conceived in the Italian Romanesque Revival style by the architectural firm York and Sawyer alongside partner William Louis Ayres, it occupies a site on 42nd Street directly across from Grand Central Terminal, nestled between the Pershing Square Building and the Chanin Building. The edifice was commissioned by the Bowery Savings Bank to complement its original premises at 130 Bowery. It forms part of the "Terminal City" development and takes advantage of air rights above the rail yards of Grand Central. The building is positioned immediately above the New York City Subway's Grand Central–42nd Street station.

Departing from the conventional standalone bank design, 110 East 42nd Street was primarily envisioned as an office tower incorporating a banking facility. Its sandstone exterior is segmented into three vertical components: a base, a central tower, and upper levels. The four-story base along 42nd Street includes a modest office entry on the west side, a prominent semicircular main entrance at center, and a smaller arcade on the eastern end. Vertical piers separate the remaining facade into multiple bays. Behind the arched entrance on the ground floor lies a rectangular banking hall with a ceiling reaching significant height. Adjacent to this space on the east is an annex known as the "Chapel," while to the west are an elevator lobby and subway access. The floors above accommodate office tenants.

Constructed between 1921 and 1923 on land formerly occupied by the Grand Union Hotel, adjacent to the Pershing Square Building, an expansion was completed from 1931 to 1933. In 1996, both its facade and banking hall received designation as New York City landmarks. SL Green purchased the property in 1998 and transformed the original banking hall into an event space managed by Cipriani S.A.. The upper stories continue to function as office spaces; these were owned by Gotham Realty from 2007 until 2011 before being acquired by Meadow Partners in December 2021.

Site

Situated in Midtown Manhattan, New York City, 110 East 42nd Street occupies a parcel bordered by 42nd Street to the north and 41st Street to the south, lying between Park Avenue and Lexington Avenue. The L-shaped lot encompasses , featuring a frontage measuring along 42nd Street and extending to a depth of . Surrounding landmarks include the Pershing Square Building immediately to its west, the Chanin Building to its east, with the Grand Hyatt New York hotel located just northward, the Chrysler Building positioned northeast, the Socony–Mobil Building to the east, and 101 Park Avenue situated south of it.

The completion of Grand Central Terminal’s subterranean facilities in 1913 catalyzed swift growth within Terminal City and led to rising property values. This development wave included significant constructions such as the New York Central Building at Park Avenue and 47th Street, as well as the Grand Central Palace opposite 110 East 42nd Street across 42nd Street. By 1920, this district had firmly established itself as a prominent commercial center.

Architecture

Conceived in the Italian Romanesque Revival manner by York & Sawyer, the structure exhibits design characteristics akin to those of the neighboring Pershing Square Building, also crafted by the same architects. The George A. Fuller Company acted as the principal contractor, overseeing a range of specialized subcontractors responsible for plastering, marble installation, electrical wiring, lighting design, mosaic and terrazzo work, stone masonry, glass ceiling fabrication, vault construction, plumbing systems, and window fitting.

The publication Architecture and Building identified Byzantine stylistic influences within the design, while architect Robert A. M. Stern characterized the building as a fusion of Byzantine and Romanesque architectural elements.

Form

The initial blueprint by York & Sawyer for 110 East 42nd Street included a four-story banking hall surmounted by thirteen floors dedicated to office use, with a hip-roofed penthouse completing an 18-story total. The edifice stretches along 42nd Street and extends back to 41st Street.

Departing from the conventional freestanding bank edifices typified by the original Bowery Savings Bank headquarters and its "modified Greek temple" style, 110 East 42nd Street embraced the Italian Romanesque Revival aesthetic, consistent with the adjacent Pershing Square Building. York & Sawyer prioritized stacking office floors above the banking hall to accommodate site limitations while effectively combining banking and commercial functionalities.

Facade

The exterior is segmented vertically into three parts: a base, a tower section, and upper stories, all adorned with arcades and corbelled cornices. The facade employs a variety of materials and hues and is embellished with sculptural representations of birds, animals, mythological figures, and human forms.

On the 42nd Street side, Ohio sandstone predominates, accented by pink granite columns and colonettes, tiled copings, and green marble spandrels that separate windows framed in metal. The 41st Street elevation features sandstone on its first story with buff-colored bonded brick above. Both facades rest on a granite water table that ascends on the eastern end due to terrain slope. Additional allegorical ornamentation by Ricci and Zari contributes to the building’s dignified commercial architectural identity.

Base

The four-story base along 42nd Street is highlighted by a commanding round-arched main entrance that dominates this facade, framed by intricately carved archivolts beneath the arch. This arch spans wide and rises high, providing access to the expansive banking hall within. A short staircase leads up to doors surmounted by a large window filling the arch’s opening. Decorative voussoirs line the arch’s crown; every other voussoir bears carved decorative motifs. Two small circular rose windows flank the arch apex on the fourth floor, while an arcade with arched openings runs across the fifth-floor facade. Above the arch are sculpted animals symbolizing various aspects of savings industry values—including a squirrel, rooster, dog, lion, owl, eagle—as well as a human figure holding keys and a farmer.

To the west of this principal arch (right side when viewed from 42nd Street) is a smaller arched entrance granting access to the office tower’s vestibule, elevator lobby, and nearby subway station. This doorway features a semicircular tympanum adorned with geometric designs and raised borders. The inscription "The Bowery Savings Bank Building" crowns this tympanum with the full street address displayed beneath it. Above this entrance are two pairs of windows on both third and fourth floors; rectangular windows appear on the third floor while arched grilles replace openings on the fourth.

On the east side stands the six-story "Chapel" annex completed in 1933. Its lower two stories present a three-arched arcade supported by granite columns. The third floor includes rectangular windows while arched windows occupy the fourth floor—mirroring those found on the west facade. Positioned above this arcade on floors one and two are four carved emblems accompanied by an inscription reading "A Mutual Institution Chartered 1834 To Serve Those Who Save." Additionally, an arcade extends across the fifth-floor facade.

The base facade facing 41st Street similarly showcases a large archivolted arch containing doors beneath an expansive window; however, here these doors are set within a slightly projecting three-sided structure. This arch matches in dimensions those on 42nd Street. Flanking it are three bays—two to the west and one to the east—each bay featuring two rectangular second-floor windows, two arched third-floor windows, and a rose window on the fourth floor. An underground parking garage driveway is situated on the first floor beneath the westernmost bay.

Tower

The upper stories are clad in limestone with marble spandrels and windows framed in metal. Along the 42nd Street elevation, above the four-story base, floors five through thirteen are defined by vertical piers and window spandrels, segmenting the facade into five bays—four positioned over the main banking entrance and one above the office entry. Each bay contains a pair of windows on every floor. Horizontal cornices featuring corbel detailing are situated above the 14th and 17th levels. Arcades extend across the facade on the fifth floor as well as the 15th and 16th floors. The 17th floor is distinguished by round-arched windows, while the 18th floor includes four sets of triple-paned windows. Tiled coping crowns the tower at the 17th floor level. A flagpole rises from the tower’s center on the fifth floor, positioned just above the archway.

On the side facing 41st Street, the facade ascends nine stories capped by a cornice, followed by a setback measuring 22 feet. The tower continues behind this recess up to the 17th floor. This elevation also features vertical piers and window spandrels arranged across five bays, each bay containing two windows per level.

Ground floor

The ground level is organized into three distinct areas: an elevator vestibule to the west, a central banking hall, and a smaller "Chapel" section located on the eastern side. The annex and banking spaces showcase a variety of wall and column materials such as ashlar, marble, limestone, sandstone, artificial stone, and plaster. The basement houses a secure bank vault measuring 9 feet 8 inches in width by 36 feet in depth, protected by a rectangular steel door that is 36 inches thick, produced by York Safe and Lock Company.

Banking room

The New York Times characterized this room as among the largest banking halls within New York City banks. Its dimensions differ depending on sources: according to the New York City Landmarks Preservation Commission, it measures approximately by with a ceiling height of , whereas architectural historian Robert A. M. Stern and Architecture and Building magazine cite roughly with a ceiling of .

The banking hall combines marble, limestone, sandstone, and bronze screens to evoke a basilica-like atmosphere. Entrances include arches on both 41st and 42nd Streets, alongside access from the office vestibule and elevator lobbies. The floor gently rises from the higher elevation at 41st Street toward both the south and eastward into the "Chapel" annex. This design consolidated waiting and banking functions into a single room, enhancing operational efficiency by minimizing clerks’ movement between desks and counters.

The polychrome marble flooring is bordered with Traneville marble and laid out in multicolored patterns reminiscent of decorative rugs, alternating motifs such as lozenges with stars, squares, and hexagons. A wooden staircase located at the northeast corner leads down to the basement; its walls are clad in Levanto marble with a parapet topped by wooden handrails. The central tellers’ counter is constructed of marble standing high with Rosso Levanto marble wainscoting and bronze screens adorned with ornamental elements described as "21 squat immortal penny-savers." Reflectors positioned behind these screens illuminated teller work areas.

On both east and west walls, there are five arches supported by six polished marble columns in various hues—Rouge Jaspe, Alps Green, Campan Melange, Rouge Royal, Tinos Green, and Levanto—each approximately high and wide in diameter. Bases and capitals crafted from Indiana limestone feature intricate high-relief carvings. Most arches contain mosaic decorations; stone grilles conceal heating vents within these openings. Wall finishes combine Indiana limestone, Briar Hill sandstone, Buff Mountain sandstone, marble, artificial stone, and plaster; Alps Green marble forms a socle beneath limestone and sandstone walls topped by a deep-red frieze embellished with white figures.

The ceiling incorporates six steel trusses cleverly disguised as beams resting on imitation-stone corbels that conceal steel supports. It is coated with six layers of paint to simulate coffers and wooden beams and illuminated by six three-tiered cast-bronze chandeliers; notably, the central fixture draws inspiration from the Hagia Sophia. Originally, a skylight composed of twelve pale amber glass panels provided natural light to the center of the ceiling.

Annex and office lobby

Positioned to the east of the banking room's northern segment, the "Chapel" annex is accessible via two expansive rectangular openings in the eastern party wall. Its interior design reflects that of the banking hall, featuring walls clad in limestone and sandstone. Overlooking the northern portion of the annex’s ground floor, a second-floor loggia includes double doors that open onto the central archway of the 42nd Street arcade. The ceiling is flat and decorated with a painted rhombus motif, enhanced by two chandeliers and a decorative frieze running near the upper wall edges.

To the west of the principal banking room lies an area measuring wide by long, which houses an entrance vestibule alongside a lobby containing passenger and freight elevators. The vestibule facing north onto 42nd Street boasts a ceiling with three vaults and includes stairs leading down to the Grand Central–42nd Street station of the New York City Subway. The elevator lobby to the south is distinguished by ornamental floor tiles and six painted vaulted ceilings. Six substantial trusses, supported by twelve corbels, span perpendicular to the walls, while smaller diagonal trusses connect alternating corbels. At points where these diagonal trusses intersect, six chandeliers are suspended. The elevator doors are decorated with bronze panels embossed with various intricate designs.

History

The Dual Contracts signed in 1913 between the Interborough Rapid Transit Company (IRT) and Brooklyn–Manhattan Transit Corporation (BMT) included plans for platforms beneath this location as part of the IRT Lexington Avenue Line, positioned diagonally under the site. At that time, the Grand Union Hotel occupied this land but was condemned through eminent domain in February 1914 at a cost of $3.5 million (equivalent to $ million in ). To fund construction of the station, authorities approved erecting a 25-story structure above it. Excavation commenced by May 1915. Although the 1916 Zoning Resolution introduced setback requirements for natural light access, designs adhered to older regulations without such provisions.

Despite opening in 1918, development atop the Lexington Avenue Line's 42nd Street station was delayed. In May 1920, an auction attempt by the Transit Commission set a minimum price of $2.8 million (approximately $ million), but no offers were made. By July, a real estate syndicate led by investor Henry Mandel proposed $2.9 million (around $ million), which was accepted. By 1923, East 42nd Street between Park and Fifth Avenues had earned the nickname "Little Wall Street" due to its elevated land values.

Planning and construction

Seeking an uptown presence from their original location at 130 Bowery in lower Manhattan, the Bowery Savings Bank selected a site on 42nd Street in September 1920. Although initially cautious because of its proximity to the elevated Grand Central station, the bank’s president noted that their initial building was also near an elevated line; moreover, this new site offered close access to Grand Central Terminal and subway lines. To mitigate high expenses, plans included office spaces within the building. The trustees acquired the property in November 1920 and established a committee to oversee design development, reflecting commercial migration northward in Manhattan and suburban influences on urban growth.

At that period, New York savings banks were generally restricted to operating only one location until legislation changed in 1923. In November 1920, Bowery Savings Bank purchased Universal Savings Bank, which moved its branch to 42nd Street by utilizing a state law permitting two branches through mergers. This acquisition allowed Bowery Savings Bank to open a temporary branch near Grand Central Terminal by January 1921. That same month, Mandel sold half of the Grand Union Hotel site on its eastern side to Bowery Savings Bank for development at 110 East 42nd Street. The deal included plans for interconnected buildings featuring what was then considered New York City's tallest party wall.

The architectural firm York and Sawyer, renowned for designing banks across the eastern United States, was engaged with William Louis Ayres as lead architect. Plans were submitted to the New York City Department of Buildings in April 1921. Excavation began earlier in February that year, with construction recommended to commence immediately by June. Groundbreaking took place in July 1921. Upon opening in 1923, Bowery Savings Bank reported having 155,000 accounts and recorded deposits totaling $1.5 million on a single day—far exceeding the $2,020 deposited on opening day at its original branch in 1834. Management preferred referring to this facility as the "42nd Street Office," deliberately avoiding use of "branch."

Banking operations and office utilization

The branch located on 42nd Street commenced operations on June 25, 1923, beginning with 5,600 accounts, more than half of which were transferred from the Universal Savings location. Just prior to its opening, deposits totaling $202 million (equivalent to over $3 billion today) were relocated from the original branch using a convoy of 14 armored vehicles escorted by 100 armed officers. Despite this transition, the bank maintained its original Bowery premises. At launch, the 42nd Street branch held deposits amounting to $177 million (over $2.5 billion in current value). On opening day alone, 2,500 new accounts were created; within nine months, the number of new accounts reached 33,803, and deposits increased by $25 million (approximately $375 million today). This branch contributed significantly to establishing 42nd Street as a burgeoning financial district often dubbed "Little Wall Street" for brokerage firms.

Enhancements to the main building occurred in 1927, including the installation of a clock, bronze display cases, and revolving doors at the entrance on 42nd Street. In March 1929, a safe-deposit department was inaugurated with 2,924 boxes; high demand led to an additional 860 boxes being added by year-end. Between 1931 and 1933, a six-story eastern annex known as "The Chapel," designed by Louis Ayres and constructed by Marc Eidlitz & Son, was completed. This annex accommodated administrative offices, mortgage services, the controller’s department, and various service rooms.

Modifications in 1951 saw marble colonnettes on the fifth-floor facade replaced with granite; further alterations to the annex’s windows and entrance were carried out in 1956. A plaque recognizing the building as an unofficial landmark was installed in 1957. In 1962, the screen above the archway on 42nd Street was substituted with glass. The New York City Landmarks Preservation Commission (LPC) first reviewed landmark designation for this branch in 1966.

Following Bowery Savings Bank's acquisition by H. F. Ahmanson & Co. in 1991, ownership of the property shifted to a joint arrangement between Ahmanson and a limited partnership structured as a condominium. LPC hearings in 1993 evaluated landmark status for this branch as well as for the interior of the Grand Street branch. Greenpoint Bank assumed control of banking areas at 110 East 42nd Street in 1995 after acquiring numerous branches from Ahmanson. The building’s facade and interior received official city landmark designation in 1996.

Subsequent proprietorship

In March 1998, SL Green purchased the building and undertook renovations of the lobby and elevator systems. The ground-level banking hall was transformed into a Cipriani restaurant and upscale event venue; Cipriani finalized their lease agreement by January 1999. Following Grand Central’s resurgence in the late 1990s, major tenants began occupying office spaces within 110 East 42nd Street. Gotham Realty Holdings acquired the property in 2007 for $111.5 million, securing financing through a $124 million loan from Carlton Advisory Services. By 2011, Gotham defaulted on $90 million of this loan; unsuccessful restructuring efforts led to SL Green reacquiring the building for $85.5 million that same year. SL Green also purchased the adjacent garage facility in 2013.

By 2014, tenants included The Princeton Review, Metro-North Railroad, and Morgan, Lewis & Bockius, alongside improvements made to restrooms and corridors. The vicinity surrounding Grand Central Terminal—including this building—held significant air rights, some of which were transferred to One Vanderbilt, a nearby skyscraper.

In May 2020, during financial strains caused by the COVID-19 pandemic in New York City, Cipriani defaulted on mortgage obligations secured by its event spaces at both 110 East 42nd Street and 55 Wall Street. A special servicer assumed control in 2021 amid growing foreclosure concerns toward year-end. In December of that year, SL Green sold floors six through eighteen along with the garage to Meadow Partners for $117 million; this transaction was financed with a $58.5 million loan from Apollo Global Management. By mid-2022, King Street Capital Management explored refinancing options amounting to $150 million for Cipriani’s debt across both properties. In September, W. P. Carey extended Cipriani a $52.1 million commercial mortgage-backed securities loan accompanied by a $28 million mezzanine loan, enabling foreclosure avoidance.

Critical reception

Soon after its completion, Charles G. Loring of Architectural Forum in 1928 characterized the structure as "a castle in the clouds brought to earth," emphasizing that with 200,000 account holders, each individual could perceive the banking hall as designed specifically for them. Historian George Harold Edgell acknowledged its aesthetic appeal but questioned its financial practicality.

The fifth edition of the AIA Guide to New York City described 110 East 42nd Street as "one of New York’s most remarkable spaces." A 1986 feature in The Globe and Mail drew attention to its extravagant Art Deco details, such as the refined banking counters. Robert A. M. Stern referred to it as "the most lavish bank of its period," comparing its decorative richness to that of the original Bowery branch. Although the building’s architectural style was not extensively imitated, its eclectic design elements left a lasting impact on other banking institutions throughout New York City.

See also

• List of New York City Designated Landmarks in Manhattan from 14th to 59th Streets

Sources

• Bowery Savings Bank, New York City Landmarks Preservation Commission, September 17, 1996
• Bowery Savings Bank Interior, New York City Landmarks Preservation Commission, September 17, 1996
• "Bowery Savings Bank, New York City," Architecture and Building, August 1923
• Pershing Square Building, New York City Landmarks Preservation Commission, November 25, 2016
• Charles G. Loring, "Bowery Savings Bank, New York," Architectural Forum, June 1928
• "The New Home of the Bowery Savings Bank," Bankers' Magazine, September 1923
• William Dana Orcutt, The Miracle of Mutual Savings: One Hundred Years of the Bowery Savings Bank, 1934
• Additional archival sources

External links

• Images of the building in The Architect (1923–24)