Photo of the Day: The Bank of Coney Island, Now & Then

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Photo of the Day: The Bank of Coney Island, Now & Then

October 14, 2010 by Tricia

Doomed Bank of Coney Island with Demolition Scaffolding. October 13, 2010. Photo © Eric Kowalsky

On Wednesday, demolition scaffolding was erected around Thor Equities-owned Bank of Coney Island on 12th Street at Surf Avenue. In Eric Kowalsky’s stunning photo, the long, black boards resemble a coffin for the doomed bank. A demolition permit has been issued and the work is expected to be finished within 40 days.

ATZ has already spent–some would say wasted–considerable time advocating for the preservation of this building. “A Rare Peek Inside Endangered Old Bank of Coney Island” was posted over a year ago on October 9, 2009. Nothing whatsoever has changed since then. A few weeks ago, Save Coney Island’s splendid rendering of the building re-imagined as the “Banker’s Ballroom” was a hit in the blogosphere. But it was a quixotic effort because real estate speculator Joe Sitt never gave it the time of day. Shame on Thor Equities for not even responding to the written pleas of individuals and organizations to re-purpose the building or at least save the facade. Shame on the City of New York for sacrificing the building by rezoning the parcel for a 30-story high rise in July 2009.

In the lovely archival photo below sent to us by historian Charles Denson, the Bank of Coney Island is a branch of Banker’s Trust (1928-1950). The bank was later sold to Manufacturer’s Hanover. In December 1987, the branch closed and the property was offered for sale, with a minimum acceptable bid of $225,000, all cash. The building has remained vacant since real estate speculator Joe Sitt bought the Bank of Coney Island building in 2005 for $3 million.