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It’s being used to combat the high crime in that and your area. Note it’s pointed down.

How is that light at the top of a tall building going to combat crime in the neighborhood? Homeless people are living in cars and tents in the area. They're using drugs on the streets there's graffiti everywhere; a light on the top of a building that is pointing in neighbor's backyards and bedrooms at night is not going to stop crime.

It is a similar approach that some cities are using to decrease crime by providing light in dark areas. A few months, may years back there was a rape in the parking lot and it was noted to be to dark. I doubt that is the reason for the light, but there area lot of activity in that area. The light is similar that is being used in Austin, TX called moonlight towers. Just hope that the old bank building becomes something positive with the new owners. The area really needs it.