Real Estate Record & Guide Supplement, June 25, 1898 (copyright expired)
Founded in 1859, the Union Dime Savings Institute started out in unassuming offices at Canal and Varick Streets. Eight years later, it moved to larger quarters at Canal and Laight Street. Then, in October 1874, despite the country's being mired in the crippling Financial Panic of 1873, the trustees laid bold plans--to move the bank northward to the trapezoidal plot facing the small park that would be named Greeley Square in 1892.
Thirty-six-year-old Stephen Decatur Hatch was given the commission to design the new building. The architect had designed the elaborate, Second Empire style Gilsey House Hotel three blocks to the south on Broadway in 1868. He turned to the popular style again for the Union Dime Savings Bank building.
On September 30, 1876, The New York Times reported on the progress of construction, saying the "large and commodious building at the junction of Broadway, Sixth-ave., and Thirty-second-st...when completed, will be an ornament to the upper part of the city." The article predicted the cost of construction to be $250,000, and said the figure would have been much higher had the economic conditions not drastically cut labor costs. The Sun chimed in, saying the cost of the land was $275,000, "making the total outlay $525,000." That figure would translate to about $15.4 million in 2024.
Five floors tall above a basement level, the building was clad in Westchester marble. "There are also seventeen large pillars of polished Nova-Scotia stone placed on the three sides of the building, which lend a grace and beauty to the whole exterior," said the article. A three-story, six-sided clock tower wore crown-like, cast iron cresting. Upon its completion, The Sun described the Union Dime Savings Bank building on January 22, 1877 as "by far the finest structure of the kind in the city."
Nine months after opening in its new home, rumors began circulating that the bank's costly marble palace had overstretched its resources. On October 24, 1877, the New York Herald said, "The story that the new building was 'too heavy to carry' was repeated with certain additions." The rumors turned to panic and the New York Herald headlined the article, "Panic-Stricken Depositors Make a 'Run' on a Savings Bank." The article said that long before opening, "a large crowd of anxious depositors had congregated in the vicinity of the bank and lined the sidewalk opposite, skirting the little garden park at the junction of Sixth avenue and Broadway at Thirty-second street." Police had to be called in to control the near-riot.
The Sixth Avenue Elevated had opened by 1889 when this photo was taken. King's Handbook of New York City (copyright expired)
The following day, the New York Herald ran a one-line article, saying, "The run on the Union Dime Savings Bank showed no signed of abatement, and will probably be renewed this morning, notwithstanding the confident assurances of its officers." Eventually, reason ruled and on November 30 the newspaper concluded an article saying, "The Union Dime's directors are in a pretty safe condition, but there is no margin for wild investment."
Just under three decades after opening its doors, on August 7, 1906 The New York Times reported that the Union Dime Savings Bank had sold the property for $1 million (equal to nearly $35 million today). The trustees had purchased a plot at 40th Street and Sixth Avenue as its new home. The article said, "The bank will continued to occupy its property at Broadway and Thirty-second Street until May, 1908."
The majestic structure was worthy of its own stereoscope slide. from the collection of the New York Public Library.
In fact, the bank did not move out until February 1910 when its new structure was completed. In the meantime, the property had been resold. On February 27, 1910, The New York Times reported, "The new English owners will not take title to the old Union Dime building until May 1. Rumors that the edifice was to be torn down were set at rest yesterday when a representative of the company stated that it was not the intention of the owners to make any improvement for five years at least."
The majestic marble structure survived until 1928. On November 4, The New York Times published an article on the flurry of construction going on in the district. It said in part that a project that "will probably not be long delayed, will be the demolition of the old Union Dime Savings Bank Building." The article commented, "This has long been one of the interesting landmarks of the city."
The article had predicted correctly. The Union Dime Savings Bank Building was demolished to be replaced by a seven-story, Art Deco commercial building designed by Starrett & Van Vleck which survives.
photo by acronson
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