An Active Bank? TD Hopes to Score

You probably haven’t heard of TD Bank, unless you were a customer of Commerce Bank, in which case you are now a customer of TD Bank (TD bought Commerce in one of the myriad bank consolidations of our fine new era).

At any rate, your ignorance of “America’s Most Convenient Bank” won’t last for long. TD has surreptitiously been replacing all of Commerce’s red signs with its own green ones, and it’s actively searching for space in New York City.

Indeed, the bank recently signed a lease for retail space at the Argonaut Building on Broadway at 57th Street, part of the Bermuda Trapezoid of retail The Observer documented last year (the Argonaut has, till now, shared a four-sided vortex of retail emptiness with the Hearst Tower, 250 West 57th Street, and 3 Columbus Circle).

Neither Cushman & Wakefield broker Joanne Podell, who represents the tenant, nor Williams, First Service broker Edward Brock, who represents the building’s leaseholder, would comment for this article. But this TD Bank deal is likely the first of many to come.

“We will be growing in New York City in the future,” said TD spokesman David Flaherty. “We have another store under construction at Canal and Lafayette in Chinatown opening at the end of March.”

The bank is said to be searching for storefronts of between 4,000 and 5,000 square feet, and they may well check out some of the storefronts soon to be abandoned by Washington Mutual.

Talk about going against the grain!

As one retail broker put it, “They’re the only bank active in the market.”