The Bowery Savings Bank, then located at 130 Bowery in lower Manhattan, was among the parties which were seeking to add an uptown location. In September 1920, its trustees unanimously agreed to look for an uptown site. The trustees soon found a site on 42nd Street. The bank's management were initially unenthusiastic about the 42nd Street site, because it was right next to the elevated Grand Central spur. However, the bank's president pointed out that the original Bowery Savings Bank Building was itself next to an elevated line and that the 42nd Street location was very close to Grand Central Terminal and its attached subway station. Another issue was that a standalone bank building at 42nd Street was too expensive, so the building would also have to contain offices. The trustees bought the lot in November 1920 and established a committee the next month to draw up plans. The Bowery Savings Bank's decision reflected the northward movement of commerce in Manhattan, as well as the influence of suburbs on new development in New York City's core.