'Banksteria' Still Not Over in New York


The Real Deal is once again quoting brokers who foresee an end to the city’s seemingly never-ending bank boom.

Not that us layfolk would notice, what with all the new branches popping up all the time.

“[T]he wave has crested,” according to the trade mag, “though it may not look that way at street level.”

Brokers note two signs that the trend is maturing: One is that the better-known chains aren’t opening as many branches in developed areas, and the other is that banks have turned their attention to pioneering in developing neighborhoods.

Of course, brokers have been pointing to indicators of a banking slowdown for some time now. Back in December 2005, The Real Deal quoted bank-leasing expert Cory Zelnik as saying, “Where can they go? Because you get the feeling they are everywhere at this point.”

It can’t be long now before we read another rant from the Post‘s Steve Cuozzo about the ever-annoying endurance of the city’s sprawling financial centers.

When will the mind-boggling bank-leasing madness end?

Stay tuned.

– Chris Shott 'Banksteria' Still Not Over in New York