Misplaced Pages

#172827

75-529: The company was founded in 1863 as the Haarlem Savings Bank by a group of local merchants as a community-based mutual savings bank . Harlem at the time was a suburban village - it was not part of New York City until 1873 - and the bank's first location on 3rd Avenue between 125th and 126th Streets was surrounded by farms and undeveloped lots. In 1869, the bank moved to a building of its own construction on 3rd Avenue and 124th Street. In 1907,

150-671: A Republican Assembly Seat. The political landscape began to change with population shifts over the 1990s and early 2000s, when the multigenerational white ethnic population began to die or move from the area. The community supported the Democratic Party during many presidential elections. In the 2010s, the neighborhood increasingly supported Democrats, such as City Councilmember Justin Brannan (elected in 2017). and state senator Andrew Gounardes (elected in 2018, defeating longtime Republican Marty Golden ). The neighborhood

225-694: A branch in Manhasset, New York , on Long Island as the population growth shifted to the suburbs. In 1968, the bank moved its headquarters from Harlem to 42nd Street. In 1981, in a deal organized by the Federal Deposit Insurance Corporation that included a $ 160 million grant from the agency, the bank acquired the troubled Central Savings Bank. Created as the German Savings Bank in 1858, Central Savings Bank counted Daniel F. Tiemann , then Mayor of New York, as

300-727: A charter member and operated out of the Cooper Union building before moving to a location at 14th Street and 4th Avenue in 1864. The acquisition gave the bank an additional seven branches including the Apple Bank Building at 2112 Broadway between West 73rd and West 74th Streets , a designated historic landmark designed by York and Sawyer in the Palazzo style of Renaissance Revival architecture , as well as two branches in Nassau County on Long Island. In

375-477: A high population of residents who are uninsured , or who receive healthcare through Medicaid . In 2018, this population of uninsured residents was estimated to be 15%, which is higher than the citywide rate of 12%. The concentration of fine particulate matter , the deadliest type of air pollutant , in Bay Ridge and Dyker Heights is 0.0074 milligrams per cubic metre (7.4 × 10  oz/cu ft), lower than

450-409: A large elderly population. It has been called a naturally occurring retirement community (NORC) as many of its families have grown up in the neighborhood while their children moved away. In 2006, it was reported that 20% of the population of Bay Ridge was 60 years of age or more. Local newspapers include The Home Reporter, Sunset News , The Bay Ridge Courier , and Bay Ridge News . The neighborhood

525-434: A liquor store and resided in the district. The community is also considered a Republican stronghold. An exception was Democrat Sal Albanese , who was elected to the neighborhood's City Council seat in 1983, defeating the 21-year incumbent Republican-Conservative Minority Leader Angelo G. Arculeo, and went on to represent the district for 15 years. After the 1990 census, the area was split into two Assembly districts to eliminate

600-474: A range of credit conditions, particularly financing "Critical Use" equipment, which served as a solid asset class within C&;I lending. Apple Bank's executive team selected Walters. The new platform at Apple Bank served the equipment financing market well, and it complemented the bank's range of secured lending and conservative portfolio. In September 2022, the bank expanded its branch network to 84 locations with

675-653: A ratio of college-educated residents similar to the rest of the city's as of 2018 . Forty-six percent of Bay Ridge and Dyker Heights residents age 25 and older have a college education or higher, 19% have less than a high school education, and 35% are high school graduates or have some college education. By contrast, 40% of Brooklynites and 38% of city residents have a college education or higher. The percentage of Bay Ridge and Dyker Heights students excelling in reading and math has been increasing, with reading achievement rising from 51 percent in 2000 to 52 percent in 2011, and math achievement rising from 49 percent to 71 percent within

750-582: A residential neighborhood. Bay Ridge is known for its Norwegian community but it also has small Irish, Italian, Arab and Greek communities. Bay Ridge is part of Brooklyn Community District 10 , and its primary ZIP Codes are 11209 and 11220. It is patrolled by the 68th Precinct of the New York City Police Department . Politically, it is represented by the New York City Council 's 43rd District. South Brooklyn

825-461: Is 38, while 20% are between the ages of 0–17, 34% between 25 and 44, and 25% between 45 and 64. The ratio of college-aged and elderly residents was lower, at 7% and 15% respectively. As of 2020, the median household income was $ 105,177. In 2018, an estimated 19% of Bay Ridge and Dyker Heights residents lived in poverty, compared to 21% in all of Brooklyn and 20% in all of New York City. One in twelve residents (8%) were unemployed, compared to 9% in

SECTION 10

#1732772623173

900-533: Is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions are shared among the members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages , loans , stocks , bonds and other securities and to share in any profits or losses that result. The institution most frequently identified as

975-550: Is also often covered by The Brooklyn Daily Eagle . These newspapers publish other local offshoots: The Home Reporter also publishes The Spectator ; the Courier ' s parent company also publishes The Brooklyn Paper ; and the Eagle publishes a weekly digest called Bay Ridge Life . In the 1990s and 2000s, many decades-old two-family houses were demolished and replaced by condominiums known colloquially as "Fedder Homes", after

1050-644: Is covered mostly by ZIP Code 11209, though the small portion north of 65th Street is covered by ZIP Code 11220. The United States Post Office operates the Ovington Station at 6803 4th Avenue and the Fort Hamilton Station at 8801 5th Avenue. For many years, Bay Ridge has been a relatively conservative enclave of Brooklyn. Mike Long , who served as chairman of the Conservative Party of New York from 1988 to 2019, owned

1125-428: Is crowned near the statue of Leif Ericson. The statue was donated by Crown Prince Olav , Prince of Norway , on behalf of the nation of Norway in 1939. Nordic Delicacies, a Norwegian gifts-and-groceries store, operated until 2015. As of 2023 , Bay Ridge still maintains a sizable Norwegian population at around 30,000 individuals. Later in the 20th century, like other areas in southern and southwestern Brooklyn, there

1200-559: Is less than that of the city as a whole. The incarceration rate of 168 per 100,000 people is lower than that of the city as a whole. The 68th Precinct has a lower crime rate than in the 1990s, with crimes across all categories having decreased by 88.6% between 1990 and 2018. The precinct reported 2 murders, 16 rapes, 59 robberies , 129 felony assaults, 96 burglaries , 387 grand larcenies , and 86 grand larcenies auto in 2018. The New York City Fire Department (FDNY) contains two fire stations in Bay Ridge. Engine Co. 241/Ladder Co. 109

1275-502: Is located at 6630 3rd Avenue. Engine Co. 242, serving primarily Fort Hamilton, is located at 9219 5th Avenue. As of 2018 , preterm births and births to teenage mothers are less common in Bay Ridge and Dyker Heights than in other places citywide. In Bay Ridge and Dyker Heights, there were 71 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 11.4 births to teenage mothers per 1,000 live births (compared to 19.3 per 1,000 citywide). Bay Ridge and Dyker Heights has

1350-507: Is now Sunset Park. However, after the land was purchased in the 1640s by Dutch settlers who laid out their farms along the waterfront, the Canarsee were soon displaced, and had left Brooklyn by the 18th century. Present-day Bay Ridge was the westernmost portion of New Utrecht , founded in 1657 by the Dutch. The area consisted of two sister villages: Yellow Hook to the north, named for

1425-692: Is one of several posts that are part of the region which is headquartered by the Military District of Washington. Its mission is to provide the New York metropolitan area with military installation support for the Army National Guard and the United States Army Reserve. The base is considered to be part of Bay Ridge. The children stationed at the base are zoned into Bay Ridge schools. Fort Hamilton houses one of

1500-409: Is part of New York's 11th congressional district , represented by Republican Nicole Malliotakis as of 2021 . It is also part of the 26th State Senate district, represented by Gounardes, and the 46th, 51st and 64th State Assembly districts, represented respectively by Republican Alec Brook-Krasny , Democrat Marcela Mitaynes and Republican Michael Tannousis . Bay Ridge and Dyker Heights have

1575-671: Is well known for its Norwegian community. By 1971, the 55,000-strong Norwegian community of Bay Ridge boasted that it was the fourth-largest Norwegian "city" in the world. Residents also compared Eighth Avenue's string of Norwegian businesses to Oslo's Karl Johans gate . The community continues to host the annual Norwegian Constitution Day Parade, also known as the Syttende Mai Parade, in which hundreds of people in folk dress proceed down Third Avenue. The celebration ends in Leif Ericson Park, where "Miss Norway"

SECTION 20

#1732772623173

1650-599: Is what allowed mutual savings banks to remain stable throughout the turbulent period of the Great Depression , despite the failing of commercial banks and savings and loan associations . Bay Ridge, Brooklyn Bay Ridge is a neighborhood in the southwest corner of the New York City borough of Brooklyn . It is bounded by Sunset Park to the north, Dyker Heights to the east, the Narrows and

1725-549: The Belt Parkway to the west, and Fort Hamilton Army Base and the Verrazzano-Narrows Bridge to the south. The section of Bay Ridge south of 86th Street is sometimes considered part of a sub-neighborhood called Fort Hamilton. Bay Ridge was formerly the westernmost portion of the town of New Utrecht , comprising two smaller villages: Yellow Hook to the north and Fort Hamilton to the south. Yellow Hook

1800-612: The Jackson Heights section of Queens . In June 2015, the bank opened a second branch in the Bay Ridge section of Brooklyn , at 426 86th Street. In October 2015, the bank opened a branch in Monsey, New York . In April 2016, Steven C. Bush became chairman, president, and chief executive officer of the bank. In February 2021, Apple Bank was fined $ 12.5 million by the Federal Deposit Insurance Corporation for violations of

1875-566: The New York City Landmarks Preservation Commission made Doctors' Row an official city-designated historic district, making it the first such district in the neighborhood. The NYPD 's 68th Precinct is located at 333 65th Street. The 68th Precinct ranked 7th safest out of 69 patrol areas for per-capita crime in 2010. As of 2018 , with a non-fatal assault rate of 23 per 100,000 people, Bay Ridge and Dyker Heights' rate of violent crimes per capita

1950-545: The salted Norwegian beef stew , is the nickname of Eighth Avenue in this area. There had been plans to build the Staten Island Tunnel , a railroad or subway tunnel, from Bay Ridge to Staten Island as early as 1890. By the 1910s, there were two proposals to build a tunnel splitting from the Fourth Avenue subway in Bay Ridge, either at Fort Hamilton or at between 65th and 67th Streets. The plan for

2025-573: The "Nyack Tract", after the Native American tribe that lived there. Fort Hamilton began to develop in the 1830s as a resort destination when the corresponding military fortification was created. The mostly-immigrant laborers in the area started to create a community to the fort's north and west, which included stores, houses, churches, and a school. The community was linked by stagecoach to New Utrecht, Gowanus , and downtown Brooklyn , as well as by ferry to Staten Island and Manhattan . In

2100-484: The 1970s and early 1980s, the bank continued to expand into the suburbs outside New York City. To reflect its geographic expansion, the bank changed its name to Apple Bank in May 1983. In 1985, the bank converted from a mutual savings bank to a public company , selling 4.6 million shares for $ 53.5 million in an initial public offering . On December 31, 1986, the bank acquired Eastern Savings Bank, obtaining three branches in

2175-676: The 1980s, several building societies in Australia converted to banks, but were required to demutualize when doing so. These included Advance Bank (formerly NSW Building Society), St. George , Suncorp , Metway Bank, Challenge Bank, Bank of Melbourne and Bendigo Bank . A change in regulation meant that building societies and credit unions were no longer required to demutualize upon converting to banks, and several, including Heritage Bank , have converted since 2011 while retaining their status and structure as mutual organizations. Mutual savings banks were designed to stimulate savings by individuals;

2250-522: The 2020 census data from New York City Department of City Planning , Bay Ridge had 40,000 or more White residents, while its Asian and Hispanic populations each had between 10,000 and 19,999 residents. Bay Ridge, Brooklyn falls under different climate types depending on the climate classification system used. However, the Köppen climate classification system is the most widely used climate classification scheme. See or edit raw graph data . Bay Ridge

2325-486: The Bank Secrecy Act related to anti-money laundering controls. In May 2022, Apple Bank established an Equipment Finance Group, led by Ken Walters and a team of seven. The group was created to diversify Apple Bank's lending base and was part of its growing Commercial and Industrial lending practice. The move aimed to take advantage of the strong performance and protection that secured loans and leases offer across

Apple Bank - Misplaced Pages Continue

2400-480: The Board of Estimate did not approve contracts for the line until October 1909. By then, a non-partisan political body, with the backing of 25,000 South Brooklyn residents, was created that would only support candidates in the municipal election that pledged support for the Fourth Avenue subway. Groundbreaking for the first section of the subway, between DeKalb Avenue and 43rd Street took place in 1909. Not long after

2475-568: The Bronx , two in Westchester , and two on Long Island . In 1989, the bank acquired Sag Harbor Savings Bank and its 5 branches for $ 29.5 million. Sag Harbor Savings Bank was chartered in 1860 in Sag Harbor, New York to provide financial services for the whaling industry. In 1990, Stanley Stahl , the developer of 277 Park Avenue , acquired the bank for $ 174 million. The purchase price

2550-555: The Liberty Bridge, and proposals for vehicular and rail tunnels were both considered. The bridge was disapproved by the United States Department of War in 1934, and plans for a bridge were revived in 1936. By the time the bridge was approved by the city's Board of Estimate in 1943, residents of Bay Ridge had turned against it, citing a detrimental impact to the neighborhood's character. Robert Moses ,

2625-647: The Narrows Bridge by way of Seventh Avenue, which would require cutting through the middle of Bay Ridge. This proposal drew opposition from the community, who wanted the approach to follow the Belt Parkway along the Brooklyn shore. After holding a hearing for concerned Bay Ridge residents, the Board of Estimate affirmed the Narrows Bridge plan in October 1958, though this angered Bay Ridge residents since

2700-684: The Sunset Park neighborhood. Bay Ridge is one of the largest Arab-American communities in the United States, and the largest in New York City. In addition to the large Norwegian, Irish, Italian, and Arab American communities, there are sizable numbers of Puerto Ricans , Mexicans , and—to a lesser extent—Central Americans and Dominicans in Bay Ridge. Bay Ridge has many ethnic restaurants, especially along Third and Fifth Avenues, its main commercial strips. Sentiments against residents and workers of Asian descent rose in 2020. Bay Ridge has

2775-830: The Victory Memorial Hospital was closed and converted to a nursing home by Joel Landau in 2010 (now known as the Hamilton Park Nursing and Rehabilitation Center). However, the Coney Island Hospital , NYU Langone Hospital – Brooklyn , and Maimonides Medical Center are located in nearby neighborhoods. Additionally, the BRAVO Volunteer Ambulance is run by the Bay Ridge Ambulance Volunteer Organization. Bay Ridge

2850-510: The area from Manhattan and from other places. The first definite plans for a Fourth Avenue subway (today's R train) were proposed by Rapid Transit Commission engineer William Barclay Parsons in 1903, and two years later, a citizens' committee was created to aid the creation of the subway line. The announcement of the subway line resulted in the immediate development of row houses in Bay Ridge. In 1905 and 1906 realty values increased by about 100 percent, and land values increased due to

2925-469: The bank moved its headquarters to 124 E. 125th St. In 1932, just after the Great Depression , the bank acquired Commonwealth Savings Bank and its 2 branches. The branches were on 157th Street and 180th Street in Washington Heights, Manhattan . In 1933, the bank dropped the double 'a' from its name to match the now-standard spelling of the neighborhood's name: Harlem. In 1966, the bank opened

3000-467: The branded air conditioners poking out from the buildings' facades. In 2005, local community leaders and community activists from across the political spectrum united to issue rezoning laws. The six-story apartment complexes lining Shore Road are among the tallest buildings in the neighborhood. Historic Fort Hamilton Army Base is located in the southwestern corner of the New York City borough of Brooklyn, with gates in Bay Ridge and Dyker Heights, and

3075-566: The chairman of the Triborough Bridge and Tunnel Authority (TBTA), announced the revival of plans for what would become the Verrazzano-Narrows Bridge in 1947. U.S. Representative Donald Lawrence O'Toole , whose constituency included Bay Ridge, opposed the proposal for the bridge in part because he believed it would damage the character of Bay Ridge. The U.S. military approved the proposal anyway, and in 1957, Moses proposed expanding Brooklyn's Gowanus Expressway and extending it to

Apple Bank - Misplaced Pages Continue

3150-463: The chief executive officer of the bank. In August 1999, Stahl died and ownership of the bank passed to trusts. On April 20, 2013, Apple Bank acquired 29 branches and the related deposit accounts and services from Emigrant Savings Bank . This acquisition gave Apple a total of 77 branches in the New York metropolitan area and close to $ 13 billion in assets. In May 2015, the bank opened a branch in

3225-420: The citywide and boroughwide averages. Twelve percent of Bay Ridge and Dyker Heights residents are smokers , which is lower the city average of 14% of residents being smokers. In Bay Ridge and Dyker Heights, 28% of residents are obese , 15% are diabetic , and 31% have high blood pressure —compared to the citywide averages of 24%, 11%, and 28% respectively. In addition, 16% of children are obese, compared to

3300-453: The citywide average of 20%. Ninety-two percent of residents eat some fruits and vegetables every day, which is slightly higher than the city's average of 87%. In 2018, 74% of residents described their health as "good", "very good", or "excellent", lower than the city's average of 78%. For every supermarket in Bay Ridge and Dyker Heights, there are 20 bodegas . The Bay Ridge/Dyker Heights/Bensonhurst area does not have any hospitals after

3375-1211: The citywide average of 75% of students. The New York City Department of Education operates area public schools. Educational institutions in Bay Ridge include PS 102, PS 170, PS 127, PS 185 (Walter Kassenbrock Elementary School), PS 104 (called the Fort Hamilton School), PS 264 (Bay Ridge Elementary School for the Arts), Lutheran Elementary School, Bay Ridge Catholic Academy (formerly St. Anselm's Roman Catholic School), PS/IS 30 (also known as Mary White Ovington), PS 413 Joanne Seminara School of Law and Medicine, IS 259 (also known as William McKinley Junior High School), Fort Hamilton High School , and High School of Telecommunications (originally all-girls Bay Ridge High School ). There are also parochial or private schools in Bay Ridge. These include Angels Catholic Academy, Bay Ridge Preparatory School, Poly Prep Country Day School , Visitation Academy, Adelphi Academy, Fontbonne Hall Academy , St. Patrick Elementary School, D., G. Kaloidis Parochial School, and Xaverian High School . Fort Hamilton High School, between 83rd and 85th streets,

3450-403: The color of the soil, with "Hook" from the Dutch hoek , meaning "corner" and Fort Hamilton to the south, named for the military installation at its center. Yellow Hook was mostly farmland until the late 1840s. In 1848, Third Avenue within the area was widened. Two years later, a group of artists moved to the area and founded a colony called Ovington Village, named after the family who owned

3525-583: The construction of the approach would displace 7,500 people. Also destroyed was Fort Lafayette , part of New York City's defense system along with Fort Hamilton and Fort Wadsworth in Staten Island ; it was replaced by the base of the bridge's east tower. The Verrazzano-Narrows Bridge opened in 1964. The 2007 Brooklyn tornado hit this area, specifically 68th Street and Bay Ridge Avenue between Third and Fourth Avenues. Eleven houses had to be vacated after they suffered significant damage, and many of

3600-751: The contracts were awarded, the PSC started negotiating with the Brooklyn Rapid Transit Company and the Interborough Rapid Transit Company in the execution of the Dual Contracts , which were signed in 1913. During the Dual System negotiations, the construction of an extension of the Fourth Avenue subway was recommended as part of the Dual System, which was approved in 1912. Construction began on

3675-613: The descendants of the area's original settlers. Development in Bay Ridge continued through the 1890s. One of the most prominent organizations in Bay Ridge was the Crescent Athletic Club, a football club built in 1884, which contained a summer clubhouse, boathouse, and playing fields. By the late 19th century, it was anticipated that a series of parkways would be built across Brooklyn, connecting Bay Ridge to Eastern Parkway , Ocean Parkway , and Prospect Park . As such, several wide, tree-lined streets were laid through

3750-461: The exclusive function of these banks is to protect deposits, make limited, secure investments, and to provide depositors with interest. Unlike commercial banks , savings banks have no stockholders; the entirety of profits beyond the upkeep of the bank belongs to the depositors of the mutual savings bank. Mutual savings banks prioritize security, and as a result, have historically been characteristically conservative in their investments. This conservatism

3825-453: The farmland in the area. Around 1853, Yellow Hook changed the community's name to avoid association with yellow fever . "Bay Ridge" was suggested by local horticulturist James Weir after the area's most prominent geographic features: the high ridge that offered views of New York Bay . The natural beauty attracted the wealthy, who built country homes along Shore Road, overlooking the water. The first settlers referred to Fort Hamilton as

SECTION 50

#1732772623173

3900-588: The first modern savings bank was the " Savings and Friendly Society " organized in 1810 by Rev. Henry Duncan of the Ruthwell Presbyterian Church in Dumfriesshire , Scotland . Duncan established a friendly society to create a cooperative depository institution in order to enable his poorest parishioners to hold savings accounts accruing interest for sickness and old-age . Another precursor of modern savings banks were

3975-414: The ideas of Friedrich Wilhelm Raiffeisen that led to rural credit unions and cooperative banks . European voluntary organizations and " friendly societies " provided the inspiration for their state-incorporated American counterparts. These first savings banks were envisioned as philanthropic endeavors, designed to uplift the poor and working classes. The banks were started by philanthropists who took on

4050-591: The mid-19th century, a large number of country houses were built in Bay Ridge, especially along Shore Road, which faced the New York Harbor to the west. The advent of the telephone allowed estate owners to communicate with their businesses in Manhattan while enjoying their stays at the elegant estates of Bay Ridge. Through this period Greek Revival , Italianate , and Gothic Revival villas were built on Shore Road; many of these villas were constructed by

4125-460: The neighborhood was 60.1% White (55,976), 19.9% Hispanic (25,413), 15.4% (23,509) Asian , 2.3% Black (2,015), 1.9% (3,358) from two or more races, and 0.5% (335) as other races . The entirety of Community Board 10 had 142,075 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 83.1 years. This is higher than the median life expectancy of 81.2 for all New York City neighborhoods. The median age

4200-636: The neighborhood's few cultural attractions, the Harbor Defense Museum. Doctors' Row is a series of rowhouses located on Bay Ridge Parkway between 4th and 5th Avenues, built in the 1900s and 1910s prior to the opening of the Fourth Avenue subway line. The 54 houses that comprise Doctors' Row, include elements of the Renaissance Revival architectural style, with some elements in the Colonial Revival style. In 2019

4275-477: The neighborhood, including 75th Street (now Bay Ridge Parkway); Fort Hamilton Parkway ; and Shore Road. Until the late 19th century, Bay Ridge would remain a relatively isolated rural area, reached primarily by stagecoaches, then by steam trolleys after 1878. In 1892, the first electric trolley line was built in Brooklyn, starting at a ferry terminal at 39th Street and running via Second Avenue to 65th Street, and then via Third Avenue. The Fifth Avenue Elevated

4350-946: The oldest (and largest) mutual bank in the U.S. was Eastern Bank of Boston, with approximately $ 10 billion in assets. It was chartered in 1818 in Salem, Massachusetts, as the Salem Savings Bank. In 2020, Eastern Bank demutualized and listed its stock on the New York Stock Exchange . Since the 1970s, when the industry was deregulated, thousands of mutual savings banks have been converted into stock ownership companies , raising more than $ 40 billion. In 2010, only about 600 remained. These conversions have often resulted in large financial rewards for top bank executives. Current mutual saving banks include Dollar Bank , Ridgewood Savings Bank , Middlesex Savings Bank , Liberty Bank , and Marquette Savings Bank . Beginning in

4425-529: The opening of a new retail branch in Englewood, New Jersey , which allows it to better serve New Jersey residents. The bank has remained profitable for 30 consecutive years. Steven C. Bush is the chairman, president, and CEO of Apple Bank, and James Matera is the executive vice president and chief retail banking officer. As of December, 2021, Apple Bank had $ 16.1 billion of assets and $ 14.0 billion of deposits. Mutual savings bank A mutual savings bank

4500-419: The population of Bay Ridge was 111,952, an increase of 32,581 from the 79,371 counted in the 2010 Census , representing an increase of (41.04%) and an increase of 31,413 (39%) from the 80,539 counted in 2000 . Covering an area of 1,571.96 acres (636.15 ha), the neighborhood had a population density of 50.5 inhabitants per acre (32,300/sq mi; 12,500/km ). As of the 2010 US Census, the racial makeup of

4575-528: The positions of savings bank trustees, managers, and directors as opportunities to teach the working class the virtues of thrift and self-reliance by allowing them the security to save their money. The first incorporated US mutual savings bank was the Provident Institution for Savings in Boston. Its 1816 charter was the first government legislation in the world to safeguard savings banks. In 2015,

SECTION 60

#1732772623173

4650-533: The promise of improved transportation access. Such was the rate of development, houses were being sold before they were even completed, and land prices could rise significantly just within several hours. The subway itself faced delays. In 1905, the Rapid Transit Commission adopted the Fourth Avenue route to Fort Hamilton; following approval by the Board of Estimate and mayor of New York City ,

4725-416: The rest of both Brooklyn and New York City. Rent burden, or the percentage of residents who have difficulty paying their rent, is 49% in Bay Ridge and Dyker Heights, slightly lower than the citywide and boroughwide rates of 52% and 51% respectively. Based on this calculation, as of 2018 , Bay Ridge and Dyker Heights are considered to be high-income neighborhoods relative to the rest of the city. According to

4800-704: The route was approved by the Appellate Division of the Supreme Court . Bids for construction and operation were let, but in 1907, the Rapid Transit Commission was succeeded by the Public Service Commission (PSC). For much of 1908, there were legal disagreements about whether the project could be funded while remaining within the city's debt limit . The PSC voted unanimously for the Fourth Avenue subway line in March 1908, but

4875-413: The same time period. Bay Ridge and Dyker Heights' rate of elementary school student absenteeism is lower than the rest of New York City's. In Bay Ridge and Dyker Heights, 8% of elementary school students missed twenty or more days per school year , compared to the citywide average of 20% of students. Additionally, 82% of high school students in Bay Ridge and Dyker Heights graduate on time, higher than

4950-404: The sections between 61st–89th Streets and between 43rd–61st Streets in 1913, and was completed two years later. The line opened to 59th Street on June 21, 1915, and was extended to 86th Street on January 15, 1916, at which time development started to accelerate. At the time, Bay Ridge extended northward to what is now present-day Sunset Park . Industrial developments were constructed along

5025-482: The trees on the two blocks toppled, landing on cars and stoops. The 4th Avenue Presbyterian Church had its very large stained glass window blown out. As the tornado lifted, it peeled the roof of a nearby Nissan dealership and deforested 40% of Leif Ericson Park. The tornado has been rated EF2 on the Enhanced Fujita scale , with winds between 111 and 135 MPH. Based on data from the 2020 United States Census ,

5100-474: The tunnel from 65th-67th Streets was ultimately selected and work started in 1923, though the project was halted two years later. In 1927, two years after the cancellation of the Staten Island Tunnel, engineer David B. Steinman brought up the possibility of constructing a vehicular bridge, the "Liberty Bridge", across the Narrows. The tunnel proposal was also revived with the announcement of

5175-405: The waterfront north of present-day 65th Street, such as Bush Terminal (now Industry City ), and those were considered to be within Bay Ridge. By the 1920s, the number of apartment buildings had increased fivefold, replacing old farms, homesteads and houses. Schools, churches, stores, movie theaters, and other structures were also created to serve the growing population. The Fourth Avenue subway

5250-491: Was an increase in the number of Irish , Italian , Greek , Russian , Polish , Jordanians , Lebanese , Syrian , Egyptian and to a lesser extent Chinese , people living in Bay Ridge. In the late 20th and early 21st centuries, Middle Eastern, North African, and Arab Americans moved to Bay Ridge, with The New York Times referring to it as "the heart of Brooklyn's Arab community". The neighborhood also has many Muslim residents , particularly in its northern area bordering

5325-450: Was below the book value of the bank, and the bank initially rejected the bid and adopted a poison pill to prevent the takeover. Stahl fought the poison pill. Shareholders supported the merger after the stock price fell during the early 1990s recession . In 1991, William J. Laraia became chairman and chief executive officer of the bank. Laraia reduced the commercial loan portfolio and cut costs significantly. In 1994, Alan Shamoon became

5400-423: Was extended further to Bay Ridge–95th Street in 1925, by which point Bay Ridge's population had more than doubled since 1900. By World War II, almost all of these large houses had been replaced with apartment buildings. In the nineteenth and early twentieth centuries, many Norwegian and Danish sailors emigrated to Brooklyn, including Bay Ridge and neighboring Sunset Park ; Lapskaus Boulevard, referring to

5475-540: Was named for the color of the soil and was renamed Bay Ridge in December 1853 to avoid negative connotations with yellow fever at the time; the name Bay Ridge was chosen based on the local geography. Bay Ridge became developed as a rural summer resort during the mid-19th century. The arrival of the New York City Subway 's Fourth Avenue Line (present-day R train) in 1916 led to its development as

5550-757: Was originally settled by the Canarsee Indians , one of several indigenous Lenape peoples who farmed and hunted on the land. The Canarsee Indians had several routes that crossed Brooklyn, including a path from Fulton Ferry along the East River that extended southward to Gowanus Creek , Sunset Park, and Bay Ridge. The Canarsee traded with other indigenous peoples, and by the early 17th century, also with Dutch and English settlers. The first European settlement at Bay Ridge occurred in 1636 when Willem Adriaenszen Bennett and Jacques Bentyn purchased 936 acres (379 ha) between 28th and 60th Streets, in what

5625-604: Was then extended to Third Avenue and 65th Street . This had the effect of raising land prices: one entity, the Bay Ridge Improvement Company, was able to buy land for $ 1,000 per acre ($ 2,500/ha) in 1890, and then sell land off for $ 1,000 per lot several years later. Real estate speculation commenced at the beginning of the 20th century. A building boom in South Brooklyn started in about 1902 and 1903, and thousands of people started coming to

#172827