When a business leaves a well-located retail property on Long Island, it usually doesn’t take long before another business comes to take its place.
However, the same can’t be said when bank branches close.
Often, the freestanding buildings that were specifically constructed to house a bank branch remain vacant for a while and it could be years before those properties become home to a different commercial tenant.
KENNETH SCHUCKMAN: ‘You have investors who bought these bank branches and now they’re left with a vacant branch.’
There are myriad challenges when it comes to repurposing former bank branches, not the least of which are local zoning requirements, cumbersome vaults, building size and traffic management.
Because most bank branches are designed with drive-thru windows, they have been targets for quick-service restaurants (QSRs) that seek drive-thru-ready locations. But the number of vehicles that can fit in the…
