TD Bank Branch Deal Completed in Mt. Sinai
MOUNT SINAI, NY - TD Bank signed a 20-year ground lease for a new branch at the corner of Route 25A and Mt. Sinai-Coram Road. The banking company built the branch itself, which had its grand opening May 19th. The land belongs to Island Estates, a residential builder active in Mount Sinai for many years. Andy Dorman, Senior Vice President at Coldwell Banker Commercial represented Island Estates in the transaction. “TD Bank was anxious to put a branch in Mount Sinai, mainly because the large contingent of Grumman retirees in the area is an attractive market segment, along with other residents, whom the bank felt were under served,” observed Dorman.
The bank branch was the third and final building structure in a commercial subdivision called “The Commons at Mount Sinai.” The compound also contains a large day-care center and a two-story office building. “Thanks to a mild winter,” said Len Axinn, president of Island Estates, “TD Bank was able to put up the building quickly and smoothly.” Because of Mr. Axinn’s successful track record in the community as a residential developer, he received critical support for the proposed bank branch early in the approval process from the town board and civic groups.
Founded in 1852, TD (Toronto-Dominion) Bank is Canadian in origin. It has total deposits of approximately $155 Billion, making it the ninth largest bank in the world. The newest branch in Mount Sinai is the company’s 52nd branch on Long Island.
Dorman represented the Landlord. Ripco represented TD Bank.