Modern French in1898

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Close-up on details

I thought this was built as a fancy mansion

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This was actually built as a bank, the Jamaica Savings Bank

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Balcony up front

Below the balcony

The Jamaica Savings Bank, the oldest and most prestigious banking institution in Jamaica, Queens was incorporated on April 20, 1866, and operated out of the basement of the county clerk office. It came about in the period following the Civil War. Initial deposits were from 14 customers for a total $2,675.00. By 1874 the business of the Jamaica Savings Bank had grown significantly, with 630 accounts on the books and $177,465.00 in deposits. In that year the bank purchased for $12,000 a two-and-one-half story building and on this site the current building, was built in 1897-98.  The cost of construction was $60,000.14, yes they actually quoted the 14 cents, it is a bank after all.

On Jamaica Avenue this was the third building that  peaked my curiosity, and as I dig the same names keep popping up was John Alsop King (1788-1867). He is the eldest son of Rufus King (King Museum fame) one of the signers of the Declaration of Independence.  Unfortunately, he died a year after the bank was started and did not live to see this building erected. That family was the money and influence of the day. King was one of 19 charter trustees.

Now it is for sale for $12, 000,000. Talk about appreciation!!!

PR

11/24/2013

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