Bank planning to open 50 New York retail branches
By Holly Dutton
One of the nation’s fastest growing banks is elbowing its way into the top ranks of New York City institutions.
TD Bank last week opened its newest city branch in Gramercy Park. “We have ambitious goals,” said Alan Nossen, SVP of Retail for TD Bank. “We plan to open over 50 new stores in the next four years and our goal is to become New York’s third largest retail bank.”
The newest addition on 19th Street and 1st Avenue in Gramercy Park marks the 94th TD Bank branch in New York City and the 7th new branch since January. Branches are scattered throughout the five boroughs, most of which are located in Manhattan. A recent Greenpoint branch opening is the first TD bank in the popular neighborhood, and another rapidly expanding neighborhood, Long Island City, will have its first TD branch grand opening on Sept. 28.
Banks are ideal tenants for brokers, said Joanne Podell, executive vice president in retail with Cushman & Wakefield, who represents TD Bank in Manhattan.“For a landlord, what could be better than to have the security of knowing you’ll have a tenant that will pay rent every month?” said Podell. “As the market heats up and rents go higher, the strength of the tenant is important.”
And looking at the numbers, TD’s strength is good. The bank currently ranks 5th in market share in retail banking in NYC with $11.1 billion in deposits.Podell also noted the economic impact banks such TD have on a city.
“Banks serve the community,” Podell said. “They serve the customer, they work for the landlord and they create jobs. There are a number of trades that are included in the process of building a bank — architecture, design, product, store finishing — this helps the economy.”
The Portland, Maine-based bank, which first opened in 1852, came to New York City 10 years ago. Since then, it has grown to nearly 100 branches, and credits its consumer-based model as a reason for its success.“It’s our model,” said Nossen. “We believe in convenience, not just our hours, but our model. We have great products for businesses and consumers and at the end of the day it’s about the customer and customer reaction more than any other bank.”
The bank’s motto is “America’s Most Convenient Bank,” and for many New Yorkers, convenience is everything. “When we decide to be in a community, we want to be a partner and match up the location to what the community needs,” said Nossen “There’s a definite need in a lot of neighborhoods.”The bank is also making many of its branches green. More than 70 TD Bank branches nationwide are LEED-certified.
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