Historic Lower East Side Bank Hits Market For $20M

LOWER EAST SIDE, NY — The Provident Loan bank building is back on the market despite recent city approval for a controversial 12-story extension above the historic building.

Cushman and Wakefield listed the Lower East Side property for $20 million just seven months after the city approved a 12-story residential development above the bank. Blog Bowery Boogie first reported the sales listing.

Longtime owners Elsa and Dunnie Lai of the 225 East Houston Street building waged a years-long battle with the community over the project. Advocates who opposed stacking a dozen stories over the century old bank fought to landmark the building, but to no avail.

The city's Landmarks and Preservation Commission rejected locals' bid to preserve the Classical Revival-stylebank built in 1912, and the building's owners were able to move forward with their plans, which were approved by the Department of Buildings in January, city records show.

In the real estate listing, the property is called "a prime development opportunity" and touts the lot's "approved rental plans and as-of-right zoning." Building plans call for 38 apartments and aim to restore the bank building, outfitting it to house retail space at the development's base.

The building's owners did not immediately respond to a request for comment.

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