The bank intends to redevelop the former Toys R Us premises and sell it on to either Irish or British investors. It emerged that Anglo Irish bought the 5,060sq m (54,500sq ft) premises last month, but a purchase price was not revealed at the time.

The acquisition is the bank's second in the city in the past year. In 2005 it paid $47.3m to acquire a flagship outlet occupied by clothing retailing chain Gap for a private investor.

Anglo chief executive David Drumm said in December that the US offers "limitless" potential for growth. The bank's US loan growth was up 81% in 2004, to 2.47bn, comprising 7% of the institution's total lending, he added.

Anglo is attempting to grow its North American loan portfolio to $4bn ( 3.4bn) by the end of its financial year this September.

The bank has also helped other private clients with the acquisition of separate US properties. Last year JP McManus, John Magnier and Aidan Brooks stumped up 62m to purchase a landmark Manhattan building, housing a major Ralph Lauren store.