The (former) Capital One on Washington at Lincoln - Brooklynian
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The (former) Capital One on Washington at Lincoln

whynot_31whynot_31
edited November 2014 in Crown Heights/Prospect Lefferts Gardens

So, as I walked down Washington Ave today, I could not help but look at the Capital One branch located near Lincoln:

I thought to myself, Capital One is about to have two branches very close together. This one, and the one that is going in the building being constructed at the corner of Eastern Parkway and Franklin Ave:

http://www.brooklynian.com/discussion/35888/the-curious-case-of-341-eastern-parkway-aka-the-hole-/p1

I wonder if they are going to need both branches. With its high ceilings and excellent location, this location would be excellent for a very upscale restaurant; One which competed with the likes of Bar Corvo and the fancy place presently setting up shop in the Brooklyn Museum, Sauls.

...and then I wondered if someone at Capital One had a similar plan.

After all, one can only make so much money from ATM fees, low balance fees, and loans.

One could likely get a few million from a major investor looking for a trophy restaurant site....  856 Washington

Comments

  • hatemailhatemail

    Kind of reminds me of the space Walgreens moved in to on Nostrand and Fulton.

  • whynot_31whynot_31
    edited October 2014
    Confirmed: When the one on Franklin and EP opens in Fall 2014, this one will close.

    Building will be sold. Building is not land marked, and is reportedly in bad shape.

    I now predict tear down for condos.

    856 Washington Avenue
  • laddhalseyladdhalsey
    It would be beyond depressing if this was torn down!  

    Not only because the only direct sunlight in my apartment is dependent upon it staying there but because it's such a lovely and characterful building and such a nice compliment to the Museum, coming off Lincoln Place.  "Cipriani Brooklyn"...  "Capitale East" anyone?
  • whynot_31whynot_31
    edited November 2014
    There is a very similar bank building in Park Slope, that now is home to a gym.   (located near Union and 5th?)   

    I did some digging.   The DOB site lists no significant work permits yet in play for 856 Washington:



  • dmiami2dmiami2
    Crains has some more details on the new lease


  • whynot_31whynot_31
    edited April 2014
    Thanks. I am going to add that article to the thread going about 341 EP as well.

    http://www.brooklynian.com/discussion/35888/the-curious-case-of-341-eastern-parkway-aka-the-hole-/p1

    I am told the new location will open in May; I expect the Washington Ave location to close quickly afterward.
  • whynot_31whynot_31
    edited April 2014
    A friend talked to the branch manager, who confirmed that the branch on Washington will close once the location at 341 Eastern Parkway opens.   

    "should be in June or July"
  • maxwellimusmaxwellimus
    edited April 2014
    I hope Chase comes in and takes over that spot. I really really dislike walking over to Flatbush
  • epiclylaterdepiclylaterd
    edited April 2014
    There's a Chase on Bedford & Eastern Parkway

    Edit: Nvm i see you're talking about Washington
  • whynot_31whynot_31
    edited October 2014
    Rumors re: what this site will become have begun: Trader Joes.

    http://www.brooklynian.com/discussion/comment/551550#Comment_551550

    (said rumor was researched and found not to be credible)
  • whynot_31whynot_31
    A similar bank building in bed stuy will become apartments. Really nice sounding apartments.

    http://www.brownstoner.com/blog/2014/08/bed-stuys-roosevelt-savings-bank-on-way-to-becoming-apartments/
  • pragmaticguypragmaticguy
    Roughly seven apartments per floor in that bank building figuring on six floors plus a ground floor. Doesn't sound like they could be too big. And then there has to be an elevator too. Should surely be an interesting layout.
  • homeownerhomeowner
    The Capital One is a lot smaller. I can't see more than 2-3 units per floor if you keep the current exterior. And right now there are also a limited number of windows as well.
  • whynot_31whynot_31
    In addition to a high end restaurant, it could make a lovely gym.
  • notsayinnotsayin
    Only tangentially related: according to a teller, the Chase branch on Flatbush near 7th Ave is about to close and consolidate with the branch at Flatbush and 8th Avenue.

    Are we finally seeing some contraction after ten years of furious brick-and-mortar bank branch building?

    I recall back in the early 2000's there was talk of bank branches going extinct as folks switched to online banking. Then with profitability suddenly linked to all the ancillary financial services (investment advice, sub-prime mortgages, etc.), the big US banks decided they needed a physical presence to sell those services to customers.

    I predict a period of branch consolidations, replacing full retail bank locations with more ATM-only lobbies, retail partnerships (ie Chase/Duane Reade), and full-service automated kiosks (like the Bank of America setup at Flatbush and Bergen).
  • whynot_31whynot_31
    edited August 2014
    I would agree, and add we are also leaving a period in which banks were effectively forced to open branches in less than ideal neighborhoods as a result of court settlements which stemmed from red lining which denied loans based on race and class.

    The pendulum has now swung the other way, and banks have been sued/accused of similar race/class effects for doing the opposite: Issuing excessive debt.

    All of which is to say: yup. People can come to a few branches, it is not profitable to locate branches near them. Small businesses are one of the few reasons branches remain.
  • MasTacosMasTacos
    I believe one of those branches was from the WaMu merger, I'm surprised they both lasted this long considering how close they are. I for one would be in favor of chase taking over the capital one space.
  • bkchickiebkchickie
    Oh, I think for sure that the building where the Chase is at Flatbush & 8th will be demolished for a larger building.  Not a big loss.
  • whynot_31whynot_31
    edited September 2014
    Yes, I suspect that Chase earns most of its profits from property appreciation.

    There is a Chase at Bedford and Franklin; it would surprise me if Capital One at Washington and Lincoln becomes any kind of bank.   It would REALLY surprise me if it became a Chase.

  • ehgeeehgee
    Banks don't really need the same kind of impressive, solid structure they once built now that the FDIC exists, which is probably why CapitalOne is moving to a storefront.

    Also, I never even realized there's a Chase at 8th and Flatbush, which is kinda silly when there's also a Chase and 7th and Flatbush.

    As an under-30, I've personally moved all my banking to online accounts- physical banks seem to love shenanigans with account minimums and fees and infinitesimal interest rates. Online banks pay you some interest (though not what they once did) and many offer full ATM fee refunds, so you can use any ATM. It's only a problem when you have a stack of cash (e.g. from a Craigslist sale) or when you need a stack of cash, but neither of those things happen terribly often. And landlords take money orders in addition to certified checks.
  • bkchickiebkchickie
    edited August 2014
    As an under-30, I've personally moved all my banking to online accounts- physical banks seem to love shenanigans with account minimums and fees and infinitesimal interest rates. Online banks pay you some interest (though not what they once did) and many offer full ATM fee refunds, so you can use any ATM.
    Yeah, I'm sure I'm dating myself by saying that I'm not quite there yet with the total online banking, although my husband and I have a couple of online-only bank accounts for accounts that we use for longer-term savings.
  • whynot_31whynot_31
    edited December 2014
    The new Capital One branch at 341 EP is scheduled to open soon.

    I have yet to see any real estate advertisements for this building, making me believe the transfer is being handled behind closed doors.

    ...That's ok with me, I don't have the money to buy it.

    Discussion re: the building continued here: http://www.brooklynian.com/discussion/45033/what-will-actually-happen-to-the-former-capital-one-building-at-856-washington#Item_6
  • notsayinnotsayin
    edited November 2014
    The Washington Ave branch is gone baby, gone. Took their sign and bagged their ATM.

    They left a note with directions to the EP/Franklin branch that only makes sense to drivers (via Bedford!) and reads like someone at corporate Googled it (does anyone in the neighborhood ever say to "North Service Road" when referring to Eastern Parkway?).

    I'm assuming the new branch is now open.

    image
    image

    Mod Note: For more info on what business may replace Capital One click here: http://www.brooklynian.com/discussion/44889/rumors-of-trader-joes-coming-to-the-old-capital-one-bank-building-on-washington

This discussion has been closed.