Here is the side of the LotW building this afternoon. If there was an alley, you can see that the rear of the Newmac building (Empire) terminates it. It sure seems like quite an extra expense to put such effort into the brickwork along a short alley. Perhaps because the funny angle of the Bank of Commerce exposed so much of the east facade?
In any case, it makes it one of the finest little buildings in the Exchange District.