A Historic Former Bank in Philadelphia Is Now a Massive Residence With a Recording Studio for $1.1M

An enormous luxury residence that once served as the Tacony Saving Fund Safe Deposit & Title Company in Philadelphia is now available for $1.1 million.

The brick structure originally contained the bank on the first floor, a community library on the second floor, and a lodge room on the third floor. The sellers purchased the 9,300-square-foot building in 2016 for $412,000 and converted it for residential living.

“This is a really cool home,” says listing agent Kristin McFeely, of Compass. “It’s a huge building with over 9,000 square feet of space that was formerly a bank. It was built in 1893 and is owned by two individuals who live on the first floor. There is an apartment on the second floor, and the third floor is a big recording studio. The scale of it is just so impressive.”

A name plaque above the door, a vault, and a freight elevator are evidence of the building’s former life as a bank.

“The sellers managed to update the interior but keep the character of its history,” McFeely says. “There are tin ceilings, patinaed hardwood floors, columns, exposed ductwork, vaulted tongue-and-groove ceilings, and steel beams.”

The building sits along the Delaware River and is listed on the National Register of Historic Places. Opportunities exist to transform the property for a different use, but there are some restrictions.

“I did a feasibility study looking at potential uses,” McFeely says. “It’s located within the Disston Estate, which prohibits alcohol sales or manufacturing. So you could do a BYOB restaurant on the first floor, but no liquor license. It’s only a couple block radius that prohibits some uses and this building is located within it. You could also do commercial space on the first floor and convert the upper levels to condos. The second floor used to be rented out to a boxing studio and a gymnastics studio. It could also be someone’s primary residence with a live-work space. That’s the ideal use because it’s such a big space, but there are a lot of different uses—and a lot of potential.”

A wide-open first floor boasts a loft-inspired living room, a cozy reading nook with a gas fireplace, a kitchen with a painted black floor, an office, a full bathroom, and a bedroom with a gold tin ceiling.

The former Jack Costello Boxing Club located on the second floor is outfitted with columns, a high ceiling, and a guest suite.

On the third floor, a professional recording studio with a vaulted ceiling boasts a control room, monitoring station, and soundproof isolation booth. The guest suite on this level has a kitchenette, office, and full bathroom.

“The sellers also put in central air on the third floor,” she adds. “The property is located along the 95 corridor, so it offers easy access for musicians visiting from New York and Boston.”