Carver Federal Savings To Stay In Harlem, Report Says

HARLEM, NY — Harlem's last black-owned bank, Carver Federal Savings, won't be leaving the neighborhood after the sale of its West 125th Street building, according to new reports.

The bank, which reported a net loss of $2.2 million last year, will move its headquarters into a building on East 125th Street while retaining its last remaining branch at 75 W. 125th St., Crain's New York first reported.

"A critical component of this entire deal was that they keep the current bank branch," said Eric Yarbro, a leasing broker who represented the bank in finding a new location and keeping its branch, told Crain's. "It has been such an important location for connecting with its customers."

Carver Federal Savings' new headquarters will occupy 20,000 square feet on the 12th and seventh floors of 1825 Park Ave., which is located on the corner of East 125th Street, Crain's reported. The small bank has a good reputation for investing in Harlem's local businesses, but has run into some financial struggles in recent years.

Carver Federal Savings sold 75 W. 125th St. in February for $19.4 million, according to public real estate records. The building was purchased by an entity named Chompol LLC, which is based in New York City, according to the sales records.

Read the full Crain's report here.

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