Bank of the Metropolis
| Company type | Financial institution |
|---|---|
| Industry | Banking |
| Founded | 1871 |
| Defunct | 1918 |
| Fate | Merged with Bank of Manhattan |
| Headquarters | New York City , United States |
The Bank of the Metropolis was a financial institution based in New York City that operated from 1871 until 1918. Originally situated near Union Square in Manhattan, it eventually established its headquarters at 31 Union Square West within a 16-story Renaissance Revival edifice designed by Bruce Price and erected between 1902 and 1903.
This building is distinguished by its tripartite facade incorporating neoclassical design motifs. Following its merger with the Bank of Manhattan in 1918, the structure continued to function as an office building. In 1976, the upper stories were converted into residential units, while the ground floor was later adapted for restaurant use. The building received New York City landmark status in 1988 and was subsequently listed on the National Register of Historic Places in 2003.
Founding of the Bank
During the 1870s, the area surrounding Union Square Park evolved into a bustling commercial district. The Bank of the Metropolis was established on June 1, 1871, with the goal of serving merchants in the neighborhood. Businessman William Steinway of Steinway & Sons was among its original board members. The bank initially operated out of 31 Union Square West and relocated twice within the vicinity throughout the late 19th century.
Its early years included several incidents involving attempted fraud and security breaches reported by The New York Times. By the mid-1890s, deposits had grown to $6 million, reflecting substantial expansion amid nearby developments such as the Decker Building and the Century Building.
Entering the 20th century, notable individuals like Louis Comfort Tiffany and businessman Charles Scribner II joined its board. In 1900, National City Bank purchased a controlling stake, representing a strategic move that reshaped its corporate governance and market influence.
Construction of New Headquarters
The bank acquired land at the corner of 16th Street and Union Square West, formerly occupied by a Brentano's bookstore. They engaged Bruce Price to design a 16-story structure on this narrow L-shaped parcel next to the Decker Building at 33 Union Square West. The adjacent Decker Building had unsuccessfully attempted to sell this narrow corner lot measuring just 32.5 feet wide.
In November 1901, stone materials were ordered for construction, and Price submitted architectural plans to the New York City Department of Buildings in December. The George A. Fuller Company was hired as general contractor. During construction, underpinning was necessary to support the Decker Building’s foundation since it was not anchored on bedrock. In August 1902, an accident occurred when a derrick collapsed, injuring four workers.
Finished in 1903 at an expense of $500,000, early tenants included Pitman's Journal of Commercial Education, which praised the building’s modern features and its proximity to the soon-to-open 14th Street–Union Square subway station.
Subsequent Usage
Over time, the building accommodated various office tenants such as architectural firms Jackson, Rosencrans & Caufield and Charles B. Meyers; the Employing Lithographers' Association; W. L. Fleischer & Co.; and Jewish community organizations. After merging with the Bank of Manhattan in 1918, the Union Square West property remained operational as a banking location. In 1920, Dora Kuch purchased the building for $2 million.
The structure stayed mostly intact until 1975 when developer David Teitelbaum secured a zoning variance permitting conversion of upper-floor offices into 145 residential units. Although financing delays slowed progress on this $3.3 million project, by 1979 most units were completed as artists’ lofts, with four floors allocated as dormitories for Parsons School of Design students.
In 1980, Lynn Barclay transformed the former banking hall into Zippers nightclub. By the mid-1980s, it evolved into Metropolis—a stylish yet relaxed restaurant popular among younger patrons—and soon added a basement dance club. Ownership changed hands in 1996 when it reopened as Blue Water Grill, which remained in operation until closing in 2019 due to increasing rental costs.
Architecture
The Bank of the Metropolis edifice exemplifies a Renaissance Revival style, characterized by its limestone exterior, and was crafted by Bruce Price, an architect known for designing skyscrapers that mimic the classical column structure of base, shaft, and capital. This three-part composition, incorporating neoclassical motifs, aligns with Price’s previous projects such as the American Surety Building (1896) and the now-demolished International Bank and Trust Company Building (1899).
Form
Positioned on a narrow L-shaped lot, the structure boasts 32.5 feet of frontage along Union Square West and stretches 175 feet on 16th Street. Extending 92 feet deep along 16th Street is a wing that connects to the Hartford Building at Broadway and 17th Street. The building’s irregular configuration arose because the neighboring Decker Building owner was unable to sell a corner parcel. The primary entrance on Union Square West was deliberately located to capitalize on the prestigious address, highlighting the banking hall with balanced design features—such as a window on one flank and an entrance to upper floors on the opposite side.
Facade
The 16-story exterior presents as a vertical slab segmented into three horizontal layers: a rusticated two-story base, a nine-story central tower, and a three-story top section, each separated by transitional stories. This tripartite division is largely aesthetic in nature. The north and west elevations remain plain brick surfaces.
Dominating the eastern facade are three vertical bays featuring a curved portico supported by Ionic columns and adorned with a carved plaque reading "Bank of the Metropolis." Along 16th Street’s southern side, 18 bays are arranged in sections of varying widths, with broad arched windows at street level—these were later added when that space was transformed into a restaurant.
Third-floor windows are square-framed with projecting courses; floors four through twelve form a relatively flat tower embellished with spandrels decorated by lions. The thirteenth floor is marked by scrolled corbels and string courses; floors fourteen and fifteen display vertical panels adorned with palmettes and lion’s heads. A copper cornice crowns the sixteenth floor. Limestone balconies accentuate both facades, including a prominent projecting balcony on the tenth floor within the nine-bay section of the southern facade.
Interior
Upon its inauguration in 1903, the building was equipped with steam heating, electric lighting, mail chutes, telephone lines, and elevators.
Originally serving as the banking hall, the ground floor has since been repurposed into a neoclassical-style restaurant. The eastern quarter of this space is narrower than other areas. The north wall combines white marble with plaster finishes and features architraves spanning across the coffered ceiling. Above the restaurant’s western portion lies a mezzanine level. A marble-lined staircase near the main entrance provides access to the basement. Adjacent to the restaurant’s northern boundary is an office lobby containing a sweeping staircase and elevators situated within a three-arched arcade. The southern wall of this lobby is faced with veined marble, and its ceiling coffers are smaller compared to those in the restaurant area.
Former office floors above were converted into residential apartments, retaining few original architectural elements aside from a staircase with wooden railings.
Critical review
Architectural commentator Paul Goldberger commended Price's design, describing it as "an elegant and diverse composition," with particular emphasis on its Ionic portico, graceful column shaft, and intricate cornice detailing.