162-556: 70 Pine Street (formerly known as the 60 Wall Tower , Cities Service Building , and American International Building ) is a 67-story, 952-foot (290 m) residential building in the Financial District of Lower Manhattan in New York City . Built from 1930 to 1932 by energy conglomerate Cities Service Company (later Citgo ), the building was designed by the firm of Clinton & Russell, Holton & George in
324-612: A Con Edison plant. With mass transit in New York City already suspended as a precaution even before the storm hit, the New York Stock Exchange and other financial exchanges were closed for two days, re-opening on October 31. From 2013 to 2021, nearly two hundred buildings in the Financial District were converted to residential use. Furthermore, between 2001 and 2021, the proportion of companies in
486-407: A Lindy's franchise. Doherty's company could not reach a lease agreement with Coutroulas prior to the start of work. Coutrolas's building was demolished anyway and he sued Doherty for damages, eventually receiving a $ 5,000 compensation. Construction was funded using a then-unconventional method of public offering . Henry L. Doherty & Co. sold $ 15.7 million of interest -free shares, described at
648-409: A checkerboard . The ceiling is made of plaster and is supported by large jagged corbels . It is mostly painted white, except for colored bands of relief, which emanate from elements such as the lighting fixtures. Cliff Parkhurst furnished the elaborate metalwork in the lobby. A writer for The New York Times compared the building's lobby to "something Bernini would have designed if he'd lived to see
810-487: A mortgage loan . The project involved large amounts of materials, including 10 million bricks, 23.5 million pounds (10.7 kt) of cement, and 24,000 short tons (21,000 long tons; 22,000 t) of steel. The steel structure was built at an average rate of three floors per week. The New York Times reported in April 1931 that the steel had been erected to the 27th floor. By mid-1931, steel frame construction had reached
972-601: A powerful bomb exploded . It killed 38 and seriously injured 143 people. The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion". During most of the 20th century, the Financial District was a business community with practically only offices which emptied out at night. Writing in The Death and Life of Great American Cities in 1961, urbanist Jane Jacobs described
1134-479: A startup company funded by Airbnb . Retail tenants include a gourmet market and a high-end restaurant in the lobby. The building also contains a fitness and recreation center, including a screening room, bowling alley , indoor golf facility, and a game room in the former bank vault in the basement. The top three floors were originally slated to contain Doherty's private penthouse apartment . The suite contained
1296-403: A water table of Minnesota granite. Red-and-black Morton gneiss wraps the ground floor. The upper stories are clad with four shades of buff -colored brick , which darken toward the building's peak. Each setback is surrounded by a parapet with a limestone coping . An extensive lighting system highlighted the building's features at night, consisting of 400-watt lamps. The presence of the lamps
1458-582: A "U" shape, wrapping around the mechanical core on the north, east, and south. The northern and southern elevations of the facade are staggered because of the setbacks, maximizing natural light in each office. The first-floor lobby is designed in the Art Deco style and are arranged into six hallways. Two of the hallways are 110 feet (34 m) long, traveling north to south between the pairs of entrances on Pine and Cedar Streets, while three other hallways are 140 feet (43 m) long and travel west to east; there
1620-581: A "deathlike stillness that settles on the district after 5:30 and all day Saturday and Sunday". But there has been a change towards greater residential use of the area, pushed forwards by technological changes and shifting market conditions. The general pattern is for several hundred thousand workers to commute into the area during the day, sometimes by sharing a taxicab from other parts of the city as well as from New Jersey and Long Island , and then leave at night. In 1970 only 833 people lived "south of Chambers Street"; by 1990, 13,782 people were residents with
1782-440: A 50-percent discount. It was served by a five-passenger elevator that rose through the floor slab and then retracted. The glass solarium contained doors at each of the corners, which were chamfered , as well as on the north and south sides; these doors led to one of six terraces with slate tiles. Decorations from France, Italy, and Spain were used in the observation deck. The deck charged 40 cents for admission in 1939; by comparison,
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#17327717810051944-428: A beacon, which was described as being "visible for 200 miles at sea and inland", though in reality the beacon could only be seen from 20 miles (32 km) away. W. Parker Chase, writing in 1932, characterized the spire as being "almost sensational in its 'differentness'". The entrance portals and lower-story windows are lavishly decorated. The lower stories of the facade are covered with Indiana Limestone , placed above
2106-644: A chain of forty-eight offices in many different sections of New York City, with resources of $ 300,000,000. It also absorbed, in succession, the Bank of Long Island, the Bank of the Metropolis, and the Merchants' National Bank of New York on March 1, 1920, effective March 27, 1920. Merchants' then president, Raymond E. Jones, became vice president and second in command of the combined institutions. Coincidentally, Merchants' National had been chartered in 1804 through
2268-606: A combined hotel/apartment complex with about 1,000 total units. MetroLoft sold 70 Pine Street to Rose Associates later that year. Rose and DTH Capital transformed 70 Pine Street into a mixed-use building featuring luxury rental apartments and a variety of retail and restaurants starting in 2015. Leasing of the residential units started in December 2015. The renovation was completed the next year, with leasing beginning in February 2016. DTH and Rose obtained $ 375 million in financing from
2430-479: A downturn with a sizable drop in year-end bonuses of $ 6.5 billion, according to one estimate from a state comptroller's office. To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $ 5000 to $ 8000 apiece on bollards . Several streets in the neighborhood, including Wall and Broad Streets, were blocked off by specially designed bollards: Rogers Marvel designed
2592-424: A fifth of buildings and warehouses were empty, and many were converted to living areas. Some conversions met with problems, such as aging gargoyles on building exteriors having to be expensively restored to meet with current building codes. Residents in the area have sought to have a supermarket, a movie theater, a pharmacy, more schools, and a "good diner". The discount retailer named Job Lot used to be located at
2754-503: A gym and a squash court. Doherty's bed was designed on a motorized platform that could slide out onto the terrace. Doherty ultimately never lived in the space. In July 1932, the private suite opened to the public as an observation deck, which comprised an open-air platform with a 23-by-33-foot (7.0 by 10.1 m) enclosed glass solarium on the 66th floor. The deck operated from 10 a.m. to 6 p.m. each day and charged 50 cents for admission, although tenants and Cities Services employees received
2916-484: A little severe". 70 Pine Street was one of the first buildings to use aluminum extensively on its facade. Cliff Parkhurst of the Parkhurst Organization designed the aluminum ornamentation of 70 Pine Street. These ornamental features include reliefs above each set of entrance doors; spandrels with sharp arrises above the lower-story windows; and a ventilation grille on Cedar Street. The reliefs above
3078-744: A lower crime rate than in the 1990s, with crimes across all categories having decreased by 86.3% between 1990 and 2018. The precinct reported 1 murder, 23 rapes, 80 robberies, 61 felony assaults, 85 burglaries, 1,085 grand larcenies, and 21 grand larcenies auto in 2018. The Financial District is served by three New York City Fire Department (FDNY) fire stations: As of 2018 , preterm births and births to teenage mothers are less common in Financial District and Lower Manhattan than in other places citywide. In Financial District and Lower Manhattan, there were 77 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 2.2 teenage births per 1,000 live births (compared to 19.3 per 1,000 citywide), though
3240-519: A museum visit and discussion of various financiers "who were adept at finding ways around finance laws or loopholes through them". Occasionally artists make impromptu performances; for example, in 2010, a troupe of 22 dancers "contort their bodies and cram themselves into the nooks and crannies of the Financial District in Bodies in Urban Spaces " choreographed by Willi Donner. One chief attraction,
3402-473: A neighborhood, a community." During the past two decades there has been a shift towards greater residential living areas in the Financial District, with incentives from city authorities in some instances. Many empty office buildings have been converted to lofts and apartments; for example, the Liberty Tower , the office building of oil magnate Harry Sinclair , was converted to a co-op in 1979. In 1996,
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#17327717810053564-566: A new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable. The bollard, which is called the Nogo, looks a bit like one of Frank Gehry's unorthodox culture palaces, but it is hardly insensitive to its surroundings. Its bronze surfaces actually echo the grand doorways of Wall Street's temples of commerce. Pedestrians easily slip through groups of them as they make their way onto Wall Street from
3726-490: A plot bounded by Pine Street to the south, Pearl Street to the east, and Cedar Street to the north. The roughly trapezoidal site covers 32,000 square feet (3,000 m), measuring 247 feet (75 m) on Pine and Cedar Streets by 116 feet (35 m) on Pearl Street. The terrain slopes downward to the east, toward Pearl Street, so that there is an upper lobby (accessed from Pine Street) and a lower lobby (accessed from Pearl Street). Neighboring buildings include 56 Pine Street and
3888-566: A provincial extension of the Dutch Republic and was designated as the capital of the province of New Netherland in 1625. By 1655, the population of New Netherland had grown to 2,000 people, with 1,500 living in New Amsterdam. By 1664, the population of New Netherland had skyrocketed to almost 9,000 people, 2,500 of whom lived in New Amsterdam, 1,000 lived near Fort Orange , and the remainder in other towns and villages. In 1664
4050-653: A second estimate (based on the 2000 census based on a different map) places the residential population in 2000 at 12,042. By 2001 there were several grocery stores, dry cleaners, and two grade schools and a top high school. In 2001, the Big Board , as some termed the NYSE, was described as the world's "largest and most prestigious stock market". When the World Trade Center was destroyed on September 11, 2001 , it left an architectural void as new developments since
4212-443: A six-year hiatus from the position due to health problems. It included a luncheon attended by 200 businessmen; the dedication of Doherty's bronze bust ; the spire's floodlighting; and a radio announcement that Doherty made from the spire using then-new "moonbeam" technology. Cities Service also issued a pamphlet to advertise its new building. Tenants had started moving into 70 Pine Street prior to its official dedication. Upon opening,
4374-523: A syndicate led by Brookfield Properties in May 2017. This was replaced in 2019 with a $ 386 million mortgage loan from Goldman Sachs . Unlike the top floors of other converted residential buildings, which were generally turned into penthouse apartments, Rose decided to add amenities to the top floors of 70 Pine Street. Space in 70 Pine Street's lobby and upper floors was originally set to contain restaurants by April Bloomfield and Ken Friedman, who withdrew from
4536-708: A visual landmark for drivers and pedestrians. In some respects, the nexus of the Financial District moved physically from Wall Street to the World Trade Center complex and surrounding buildings such as the Deutsche Bank Building , 90 West Street , and One Liberty Plaza . Real estate growth during the latter part of the 1990s was significant, with deals and new projects happening in the Financial District and elsewhere in Manhattan; one firm invested more than $ 24 billion in various projects, many in
4698-564: Is NewYork-Presbyterian Lower Manhattan Hospital in the Civic Center area. Manhattan Company The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank . It is the oldest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co . The Manhattan Company
4860-406: Is 0.0096 mg/m (9.6 × 10 oz/cu ft), more than the city average. Sixteen percent of Financial District and Lower Manhattan residents are smokers , which is more than the city average of 14% of residents being smokers. In Financial District and Lower Manhattan, 4% of residents are obese , 3% are diabetic , and 15% have high blood pressure , the lowest rates in the city—compared to
5022-614: Is a neighborhood located on the southern tip of Manhattan in New York City . It is bounded by the West Side Highway on the west, Chambers Street and City Hall Park on the north, Brooklyn Bridge on the northeast, the East River to the southeast, and South Ferry and the Battery on the south. The City of New York was created in the modern-day Financial District in 1624, and the neighborhood roughly overlaps with
70 Pine Street - Misplaced Pages Continue
5184-584: Is a major location of tourism in New York City . One report described Lower Manhattan as "swarming with camera-carrying tourists". Tour guides highlight places such as Trinity Church , the Federal Reserve Bank of New York Building gold vaults 80 feet below street level (worth $ 100 billion), and the New York Stock Exchange Building . A Scoundrels of Wall Street Tour is a walking historical tour which includes
5346-426: Is also a wide central hall. The passages are 10 to 20 feet (3.0 to 6.1 m) wide, with the widest section of the lobby near Pine Street, where there is an information booth. The lobby is oriented slightly west, away from the elevated lines that formerly overshadowed Pearl Street, so that the westerly entrances could be located at ground level and so that the sky bridge to 60 Wall Street would be possible. The layout of
5508-485: Is decorated with marble walls, plaster ceilings, and aluminum grilles. Despite Doherty's desire for "dignity with beauty", the lobby is highly ornamented with multicolored marbles from Europe, including Roman and golden travertine, Belgian Black, Belgian Grand Antique, Champville, Levanto, and Tinos marbles. Most of the wall area is composed of yellow marble, divided by vertical piers of dark-red marble. The floors are composed of panels of white and pink marble, arranged as in
5670-468: Is generally rooted in the Gilded Age , though there are also some art deco influences in the neighborhood. The area is distinguished by narrow streets, a steep topography, and high-rises Construction in such narrow steep areas has resulted in occasional accidents such as a crane collapse. One report divided lower Manhattan into three basic districts: Federal Hall National Memorial , on the site of
5832-691: Is now a 1,776 ft (541 m) tall structure, opened in 2014 as the One World Trade Center . Fulton Center , a new transit complex intended to improve access to the area, opened in 2014, followed by the World Trade Center Transportation Hub in 2016. Additionally, in 2007, the Maharishi Global Financial Capital of New York opened headquarters at 70 Broad Street near the NYSE, in an effort to seek investors. By
5994-625: Is patrolled by the 1st Precinct of the New York City Police Department . The Financial District encompasses roughly the area south of City Hall Park in Lower Manhattan but excludes Battery Park and Battery Park City . The former World Trade Center complex was located in the neighborhood until the September 11, 2001, attacks ; the neighborhood includes the successor One World Trade Center . The heart of
6156-938: Is the locus for a large amount of technology and data. For example, to accommodate the three thousand persons who work directly on the Exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on the trading floor alone, and 200 miles of fiber-optic cable below ground. Buildings in the Financial District can have one of several types of official landmark designations: The following landmarks are situated south of Morris Street and west of Whitehall Street/Broadway: The following landmarks are located west of Broadway between Morris and Barclay Streets: The following landmarks are located south of Wall Street and east of Broadway/Whitehall Street: The following landmarks are located east of Broadway between Wall Street and Maiden Lane: The following landmarks are located east of Broadway and Park Row between Maiden Lane and
6318-456: Is well-suited for tall buildings, with a solid mass of bedrock underneath Manhattan providing a firm foundation for tall buildings. Skyscrapers are expensive to build, but the scarcity of land in the Financial District made it suitable for the construction of skyscrapers. Business writer John Brooks in his book Once in Golconda considered the start of the 20th century period to have been
6480-497: The 1916 Zoning Resolution in order to allow light and air to reach the streets below, they later became a defining feature of the Art Deco style. To maximize rentable space while also complying with the 1916 Zoning Resolution, the setbacks are placed at regular intervals, forming a diagonal line. The setbacks on the northern and southern elevations, and those on the western and eastern elevations, alternate with each other. The building's 11th through 31st floors gradually step back from
6642-614: The American International Group (AIG), which wanted to double the amount of space available for its 500 New York City employees. 70 Pine Street was renamed the American International Building, and AIG workers moved into the structure over the next two years. AIG occupied the lowest 26 stories and leased out 250,000 square feet (23,000 m) to other companies, such as law firms, securities firms, and brokerages. Under AIG's ownership,
70 Pine Street - Misplaced Pages Continue
6804-604: The Art Deco style . It was Lower Manhattan's tallest building and the world's third-tallest building upon its completion. 70 Pine Street occupies a trapezoidal lot on Pearl Street between Pine and Cedar Streets. It features a brick, limestone, and gneiss facade with numerous setbacks . The building contains an extensive program of ornamentation, including the Cities Service Company's triangular logo and solar motifs. The interior features included escalators at
6966-468: The Art Deco style ; the structure was the last large commission by these architects. Of that firm's principals, Thomas J. George was likely the most involved with the design. James Stewart & Company was the general contractor, Taylor Fichter Steel Construction was the structural engineer, and John M. Parrish was the project's general superintendent. The building was constructed as part of an ongoing skyscraper race in New York City, which resulted in
7128-570: The Down Town Association building to the northwest; 90–94 Maiden Lane to the north; 48 Wall Street to the southwest; and 60 Wall Street to the south. 70 Pine Street is a 67-story building rising 952 feet (290 m). The roof is 850 feet (260 m) tall while the top story is 800 feet (240 m) high. Like its contemporaries, 70 Pine Street has a Gothic -like spire-topped appearance. The architectural firm Clinton & Russell, Holton & George designed 70 Pine Street in
7290-556: The Empire State Building had also included escalators between its lobby and mezzanine, 70 Pine Street was modeled on the layout of a department store , the first office building in New York City to be designed in this manner. These escalators were hidden behind a false marble wall. 70 Pine Street also included a hot-water heating system, which replaced the standard boiler systems used in many contemporary skyscrapers. High-velocity pumps propelled water to radiators beneath
7452-422: The 16th floor, a sky bridge connected 70 Pine Street with 60 Wall Street. There was another connection, a tunnel, between the two buildings. The connections enabled 70 Pine Street to initially claim a Wall Street address, which was perceived as more distinguished than a regular address in the Financial District. The bridge was destroyed in 1975 when the original 60 Wall Street building was demolished to make way for
7614-411: The 1970s had played off the complex aesthetically. The attacks "crippled" the communications network. One estimate was that 45% of the neighborhood's "best office space" had been lost. The physical destruction was immense: Debris littered some streets of the financial district. National Guard members in camouflage uniforms manned checkpoints. Abandoned coffee carts, glazed with dust from the collapse of
7776-478: The 20,088 counted in 2000 . Covering an area of 479.77 acres (194.16 ha), the neighborhood had a population density of 82.7/acre (52,900/sq mi; 20,400/km ). The racial makeup of the neighborhood was 65.4% (25,965) White , 3.2% (1,288) African American , 0.1% (35) Native American , 20.2% (8,016) Asian , 0.0% (17) Pacific Islander , 0.4% (153) from other races , and 3.0% (1,170) from two or more races. Hispanic or Latino of any race were 7.7% (3,055) of
7938-561: The 2010s, the Financial District had become established as a residential and commercial neighborhood. Several new skyscrapers such as 125 Greenwich Street and 130 William were being developed, while other structures such as 1 Wall Street , the Equitable Building , and the Woolworth Building were extensively renovated. Additionally, there were more signs of dogwalkers at night and a 24-hour neighborhood, although
8100-632: The 500,000 square feet (46,000 m) of vacant office space at 70 Pine Street. Furthermore, a decline in demand for luxury condominiums in Manhattan, spurred by the late-2000s recession, prompted Youngwoo to cancel its condo-conversion plan. Kumho Investment Bank then hired Sciame Development to take over the project in 2011. That June, Kumho agreed to sell the building to MetroLoft Management. This prompted Sciame to sue Kumho for breach of contract. MetroLoft finalized its acquisition in January 2012, with plans to turn 70 Pine Street into an apartment building or
8262-462: The 59th floor, while the facade had been built up to the 50th floor. At the time, 70 Pine Street's construction employed 600 workers, and the structure had no official name. To date, workers had been on the project for 119,000 hours without any major accidents. The spire was installed in October 1931. The sky bridge between 70 Pine Street and 60 Wall Street was completed in February 1932, at which point
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#17327717810058424-409: The 67th-floor observation deck is the building's spire , composed of a glass lantern rising 27 feet (8.2 m), topped by a stainless steel pinnacle extending another 97 feet (30 m). The spire rises 124 feet (38 m) and weighs 8 short tons (7.1 long tons; 7.3 t). The author Dirk Stichweh characterized the spire as giving the impression of a mountain peak covered with snow. The spire had
8586-504: The 927-foot (283 m) 40 Wall Street to become the tallest building in Manhattan south of 34th Street . August H. Fromm oversaw the building's planning and construction. Construction started in May 1930 and continued for 24 months. Demolition of existing buildings and site excavation began almost immediately after the building plans were submitted. The western portion of the site was the first to be cleared. Some 100,000 short tons (89,000 long tons; 91,000 t) of soil were removed from
8748-684: The American Indian , Trinity Church , St. Paul's Chapel , and the famous bull . Bowling Green is the starting point of traditional ticker-tape parades on Broadway , where here it is also known as the Canyon of Heroes . The Museum of Jewish Heritage and the Skyscraper Museum are both in adjacent Battery Park City which is also home to the Brookfield Place (formerly World Financial Center). Another key anchor for
8910-667: The Bank of Manhattan Trust Company, the International Acceptance Bank, and the International Manhattan Company. At that time, Baker also became president of the Bank of Manhattan Trust Company, which he later relinquished to Goodhue on December 10, 1931, to enable Baker to devote more time to the affairs of the Manhattan Company. In February 1932, following the death of Paul Warburg on January 24, 1932, J. Stewart Baker
9072-462: The Bank of the Manhattan Company reported total deposits of $ 505,477,944 and total assets of $ 612,951,711, compared, respectively, with $ 504,800,925 and $ 566,271,489 on December 31, 1937. In December 1948, Goodhue retired as president of the combined bank and was succeeded by Lawrence C. Marshall , who served as president of the bank until 1955. The bank merged with Chase National Bank in 1955 to become Chase Manhattan . In 1996, Chase Manhattan
9234-418: The Battery. The Bowling Green area was described as "Wall Street's back yard " with poor people, high infant mortality rates, and the "worst housing conditions in the city". As a result of the construction, looking at New York City from the east, one can see two distinct clumps of tall buildings—the Financial District on the left, and the taller Midtown neighborhood on the right. The geology of Manhattan
9396-610: The Brooklyn Bridge: The following landmarks apply to multiple distinct areas: What is now the Financial District was once part of New Amsterdam , situated on the strategic southern tip of the island of Manhattan. New Amsterdam was derived from Fort Amsterdam , meant to defend the fur trade operations of the Dutch West India Company in the North River ( Hudson River ). In 1624, it became
9558-643: The Cities Service Company was in negotiations to acquire the Down Town Association building as well. At the time, the company planned to build between 25 and 50 stories. Two more lots were leased in July 1930. In total, the Pine Street Realty Company acquired 23 lots, which all contained low-rise three- to five-story masonry buildings, at a total cost of $ 2 million, relatively cheap for the time. The economist W. C. Clark investigated
9720-652: The English took over New Amsterdam and renamed it New York City. In the late 19th and early 20th centuries, the corporate culture of New York was a primary center for the construction of early skyscrapers , and was rivaled only by Chicago on the American continent. There were also residential sections, such as the Bowling Green section between Broadway and the Hudson River , and between Vesey Street and
9882-599: The Federal Reserve, paid $ 750,000 to open a visitors' gallery in 1997. The New York Stock Exchange and the American Stock Exchange also spent money in the late 1990s to upgrade facilities for visitors. Attractions include the gold vault beneath the Federal Reserve and that "staring down at the trading floor was as exciting as going to the Statue of Liberty ". The Financial District's architecture
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#173277178100510044-513: The Financial District is often considered to be the corner of Wall Street and Broad Street , both of which are contained entirely within the district. The northeastern part of the Financial District (along Fulton Street and John Street) was known in the early 20th century as the Insurance District, due to the large number of insurance companies that were either headquartered there, or maintained their New York offices there. Although
10206-519: The Financial District to more affordable locations. The recession of 1990–91 was marked by office vacancy rates downtown which were "persistently high" and with some buildings "standing empty". In 1995, city authorities offered the Lower Manhattan Revitalization Plan which offered incentives to convert commercial properties to residential use. According to one description in 1996, "The area dies at night ... It needs
10368-539: The Jazz Age". The basement contained a bank vault with the most advanced security systems available during that era. The basement also included a 400-seat eatery known as the Tower Restaurant, as well as other businesses such as a barber shop, beautician, chiropodist, florist, manicurist, hat cleaner–shoe shiner, sandwich shop, and photostat store. The fourth floor contained a clinic for people who worked in
10530-895: The Manhattan Company appointed a committee "to consider the most proper means of employing the capital of the Company" and elected to open an office of discount and deposit. The "Bank" of the Manhattan Company began business on September 1, 1799, in a house at 40 Wall Street . Its first board of directors members were Daniel Ludlow, John Watts , John Barker Church , Brockholst Livingston , William Edgar, William Laight, Paschal N. Smith, Samuel Osgood , John Stevens , John Broome , John B. Coles, and Aaron Burr. Among its original stockholders were such men as Nicholas Fish , John Delafield , John Jacob Astor , Richard Varick , Stephen Van Rensselaer , Rev. John Rodgers , Joshua Sands , Peter Stuyvesant , George Clinton , Israel Disosway , John Slidell , Henry Rutgers , and Daniel Phoenix . In July 1800,
10692-407: The Manhattan Company shareholders own the stock of the International Acceptance Bank, leading its owners to receive shares of the Bank of the Manhattan Company "in an amount that will make it one of the most important factors in that organization." In March 1929, the shareholders of the Bank of the Manhattan Company approved its plan to increase capital from $ 16,000,000 to $ 22,500,000 to acquire all
10854-585: The Manhattan Company. The business of the International Acceptance Trust Company was taken over by the Bank of the Manhattan Company. At the same time, the two banks created the International Manhattan Company, Inc. with Warburg's son, James Warburg , as president of the new company which succeeded to the foreign securities business of the International Acceptance Bank, Inc. All of the stock of
11016-640: The Wall Street area. In 1998, the NYSE and the city struck a $ 900 million deal which kept the NYSE from moving across the river to Jersey City ; the deal was described as the "largest in city history to prevent a corporation from leaving town". A competitor to the NYSE, NASDAQ , moved its headquarters from Washington to New York. In 1987, the stock market plunged and, in the relatively brief recession following, lower Manhattan lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from
11178-420: The World Trade Center but moved to Church Street; merchants bought extra unsold items at steep prices and sold them as a discount to consumers, and shoppers included "thrifty homemakers and browsing retirees" who "rubbed elbows with City Hall workers and Wall Street executives"; but the firm went bust in 1993. There were reports that the number of residents increased by 60% during the 1990s to about 25,000 although
11340-402: The World Trade Center, lay on their sides across sidewalks. Most subway stations were closed, most lights were still off, most telephones did not work, and only a handful of people walked in the narrow canyons of Wall Street yesterday morning. Still, the NYSE was determined to re-open on September 17, almost a week after the attack. After September 11, the financial services industry went through
11502-531: The addition of areas such as Battery Park City and Southbridge Towers . Battery Park City was built on 92 acres of landfill, and 3,000 people moved there beginning about 1982, but by 1986 there was evidence of more shops and stores and a park, along with plans for more residential development. Construction of the World Trade Center began in 1966, but the World Trade Center had trouble attracting tenants when completed. Nonetheless, some substantial firms purchased space there. Its impressive height helped make it
11664-399: The afternoon. The escalators reportedly enabled everyone on the basement through sixth floors to evacuate within 10 minutes. At the time of 70 Pine Street's completion, these stories housed Cities Service's clerical staff, and studies had shown that escalators occupied less space than elevators between these stories. This was one of the first uses of escalators in a major office building. Though
11826-646: The ages of 25–44, while 14% are between 0–17, and 18% between 45–64. The ratio of college-aged and elderly residents was lower, at 11% and 7% respectively. As of 2017, the median household income in Community Districts 1 and 2 (including Greenwich Village and SoHo ) was $ 144,878. In 2018, an estimated 9% of Financial District and Lower Manhattan residents lived in poverty, compared to 14% in all of Manhattan and 20% in all of New York City. One in twenty-five residents (4%) were unemployed, compared to 7% in Manhattan and 9% in New York City. Rent burden, or
11988-417: The air; and distributed the warm air throughout each office using ceiling ducts. This eliminated the need for fan rooms, which typically occupied large amounts of space, and also allowed tenants to close their windows during the summer, particularly before air conditioning became popular. Cities Service installed the unit-ventilating system on the lower part of the building above the fifth floor, and tenants on
12150-406: The area around historic Trinity Church. Cars, however, cannot pass. The destruction of the World Trade Center spurred development on a scale that had not been seen in decades. Tax incentives provided by federal, state and local governments encouraged development. A new World Trade Center complex centered on Daniel Libeskind 's Memory Foundations was after the 9/11 attacks. The centerpiece, which
12312-535: The area is the New York Stock Exchange . City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in 1998 offered substantial tax incentives to try to keep it in the Financial District. Plans to rebuild it were delayed by the September 11, 2001, attacks. The Exchange still occupies the same site. The Exchange
12474-420: The area that were in the finance and insurance industries declined from 55 to 30 percent. For census purposes, the New York City government classifies the Financial District as part of a larger neighborhood tabulation area called Battery Park City-Lower Manhattan. Based on data from the 2010 United States Census , the population of Battery Park City-Lower Manhattan was 39,699, an increase of 19,611 (97.6%) from
12636-663: The area were laid out as part of the Castello Plan prior to the Commissioners' Plan of 1811 , a grid plan that dictates the placement of most of Manhattan's streets north of Houston Street . Thus, it has small streets "barely wide enough for a single lane of traffic are bordered on both sides by some of the tallest buildings in the city", according to one description, which creates "breathtaking artificial canyons". Some streets have been designated as pedestrian-only with vehicular traffic prohibited. The Financial District
12798-466: The area's heyday. The address of 23 Wall Street , the headquarters of J. P. Morgan & Company , known as The Corner , was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world". On September 16, 1920, close to the corner of Wall and Broad Street , the busiest corner of the Financial District and across the offices of the Morgan Bank ,
12960-399: The bank as the "first teller" in 1840, served as president until ill health forced him to resign in the latter part of 1879. Morrison was succeeded by John S. Harberger , who had begun working for the bank in 1857 as assistant cashier. Harberger died of malarial fever a year later in October 1880. In October 1880, William Henry Smith of the dry goods house of William H. Smith & Co.
13122-502: The bank having sixty-one offices throughout New York City. In December 1928, the 129-year-old Bank of the Manhattan Company announced a joint affiliation with the International Acceptance Bank (and its subsidiary, the International Acceptance Trust Company), which had been organized in 1921 by Paul Warburg . The plan was for each institution to retain their present identities, but have the Bank of
13284-465: The bank started paying dividends, and in 1808, the company sold its waterworks to the city, pocketing $ 1.9 million and turning completely to banking. Even so, it identified as a water company as late as 1899. The company maintained a Water Committee which yearly assured, quite truthfully, that no requests for water service had been denied, and moreover conducted its meetings with a pitcher of the water at hand to ensure quality. In 1825, John Gerard Coster
13446-526: The base and double-deck elevators linking the tower's floors. A three-story penthouse, intended for Cities Service's founder Henry Latham Doherty , was instead used as a public observatory. 70 Pine Street's construction was funded through a public offering of stock , rather than a mortgage loan . Despite having been built during the Great Depression , the building was profitable enough that it broke even by 1936, and 90 percent of its space
13608-425: The base. The building's shaft begins above the 32nd floor and rises to the 54th or 56th floor, where the corners of the shaft taper off. The intermediate levels contain smaller setbacks, which were used as private terraces for the offices on the respective floors. There were multiple setbacks on each side, so the upper floors contained up to 20 sides. The top stories are one-fourth the size of the lowest stories. Above
13770-487: The boundaries of the New Amsterdam settlement in the late 17th century. The district comprises the offices and headquarters of many of the city's major financial institutions , including the New York Stock Exchange and the Federal Reserve Bank of New York . Anchored on Wall Street in the Financial District, New York City has been called both the leading financial center and the most economically powerful city of
13932-482: The building at 70 Pine Street became known as the 60 Wall Tower. By early 1932, the 60 Wall Tower was completed. The city's Department of Buildings gave the building a temporary occupancy certificate in March 1932, followed by a permanent certificate that August. The building was dedicated on May 13, 1932, Doherty's 62nd birthday. The event celebrated Doherty's reinstatement as executive of Cities Service after he had taken
14094-518: The building before the 2000s financial crisis, according to Crain's New York Business . Youngwoo initially planned to renovate 70 Pine Street's upper stories into condominiums, which would be sold for $ 2,000 per square foot ($ 22,000/m). The lower floors were to be rented to office tenants for $ 33 to $ 35 per square foot ($ 360 to $ 380/m), a 25 to 30 percent decline from asking rates before the late-2000s recession. Because of an oversupply of office space in Lower Manhattan, few companies were willing to lease
14256-456: The building retained the "Cities Service Building" name. Citgo announced in November 1973 that it would move its executive headquarters to Tulsa, Oklahoma , and sell off 70 Pine Street and several other buildings in Manhattan. The move would affect about 250 personnel at 70 Pine Street. Citgo subsequently moved to Tulsa in 1975. The following year, the building was purchased for $ 15 million by
14418-423: The building with $ 395 million from Goldman Sachs. The completed building attracted attention from figures such as the photographer Weegee , who in 1946 took many photographs of the building's tenants and services. According to author Daniel Abramson, Weegee "was fascinated by this city within a city, its swift transportation, its towering height and subterranean depth, its busy thousands of tenants and visitors, and
14580-423: The building with a $ 5.3 million, 20-year mortgage loan in March 1950. One portion of 70 Pine Street was separately owned from the rest of the building and could be physically separated if necessary. This section, covering 10,000 square feet (930 m), was owned by the estate of aviator Cortlandt F. Bishop and leased to a wholly owned subsidiary of the Cities Service Company, Sixty Wall Tower Inc. In June 1950,
14742-424: The building's elevators in the late 1990s. Restoration architect HLW International used blueprints from Otis, the original elevators' manufacturer, to redesign the single-deck elevator cabs in the style of the original double-deck cabs. 70 Pine Street continued as AIG's world headquarters until the financial crisis of 2007–08 , when the company went bankrupt and received a bailout from the U.S. government. To repay
14904-403: The building. One tenant, boxer Artie McGovern , operated an athletic club on the seventh floor, which was reportedly visited by over a thousand men daily and included a gymnasium, handball and squash courts, ping-pong tables, and golf facilities. On the 29th floor, there was a library filled with law books and documents, which was made available only to tenants. This library had 16,000 volumes and
15066-655: The city having the world's tallest building from 1908 to 1974. When completed, 70 Pine Street was the third-tallest building in the world, after the Empire State Building and the Chrysler Building in Midtown Manhattan . The building exceeded 40 Wall Street , the Manhattan Company 's building, by 25 feet (7.6 m) to be Lower Manhattan's tallest building. It was the last skyscraper to be built in Lower Manhattan prior to World War II, and
15228-421: The city. By 2010 the residential population had increased to 24,400 residents. and the area was growing with luxury high-end apartments and upscale retailers. On October 29, 2012, New York and New Jersey were inundated by Hurricane Sandy . Its 14-foot-high storm surge, a local record, caused massive street flooding in many parts of Lower Manhattan. Power to the area was knocked out by a transformer explosion at
15390-538: The citywide averages of 24%, 11%, and 28% respectively. In addition, 5% of children are obese, the lowest rate in the city, compared to the citywide average of 20%. Ninety-six percent of residents eat some fruits and vegetables every day, which is more than the city's average of 87%. In 2018, 88% of residents described their health as "good", "very good", or "excellent", more than the city's average of 78%. For every supermarket in Financial District and Lower Manhattan, there are 6 bodegas . The nearest major hospital
15552-444: The crowds of workers as a carved Madonna would bless the pilgrims of a Gothic cathedral." There were three metal doors to either side of the pillars. Above the doors were four tiers of sash windows; the lowest such tier was originally composed of glass louvers, which reduced wind pressure when the doors were being opened, but these were later replaced with glass panes. Along the interior reveals of both portal arches are reliefs containing
15714-428: The current, larger building. At the time, it was one of a few sky bridges in the city. In 1979, a replacement bridge was built, connecting the sixth and seventh floors of 70 Pine Street to the seventh and eighth floors of 72 Wall Street. When it opened, 70 Pine Street featured escalators between its first through sixth floors; the escalators operated in the peak direction, running upstairs in the morning and downstairs in
15876-416: The deck at the Empire State Building cost $ 1.10 to enter. During World War II , the attraction was closed to the public because it overlooked the nearby Brooklyn Navy Yard , an active military installation. Until the 1973 construction of the World Trade Center , it was the highest observation deck of any building in Lower Manhattan. The deck was permanently closed to the public before 1975. Afterward, it
16038-540: The doors are designed with motifs of butterflies and sunflowers, which appear as an abstract pattern from a distance. In addition, there were 6,000 windows, ten million bricks, 9,000 cubic feet (250 m) of marble, and 24,000 short tons (21,000 long tons; 22,000 t) of steel used in 70 Pine Street's construction. The black and pink marble in the building was transported from Minnesota and Tennessee. The building has five entrances in total. Four primary entrances, two on Pine Street and two on Cedar Street, which all lead to
16200-466: The eastern portion near Pearl Street; these stairs ascend to the second floor and descend to the basement lobby. There were also escalators between every level from the basement to the sixth floor, near the western entrance on Pine Street. The basement lobby is a simpler version of the first-floor lobby, serving mainly as a boarding area for the lower decks of 70 Pine Street's former double-deck elevators . The upper decks of these elevators were served from
16362-610: The efforts of Alexander Hamilton as a rival to the Manhattan Company, launched by Aaron Burr. In 1923, it moved its headquarters briefly to the Prudence Building and then in May 1929, construction began on what was briefly the tallest building in the world, at 40 Wall Street (known as the Bank of Manhattan Trust Building ) on the site of the Gallatin Bank Building , from April 1930 until May 1930 when it
16524-473: The elevators, along with the escalators serving the lower floors, would be able to clear the building in 35 minutes. The elevator doors in the main lobby are ornately designed, resembling those at the Fred F. French Building , 608 Fifth Avenue , and the Chrysler Building . Each elevator door is a double-leaf door made of aluminum, with diamond and trefoil patterns, which were cast in one piece. The elevator doors in
16686-497: The entire 64th floor and had leather paneling and high ceilings. As of 2020, the skyscraper has several amenities, including an Elite fitness center by New York Sports Club on the lower level, a food market, and several lounges. Since its 2015–2016 conversion, 70 Pine Street includes 612 residential apartments. The residences are arranged as studio apartments or one- or two-bedroom units, and are generally outfitted with wooden floors. Another 132 units are run as hotel rooms by Lyric,
16848-591: The federal government, AIG decided to sell its buildings and other assets in March 2009. AIG announced in June 2009 that it had reached an agreement to sell the building and to relocate. The building was acquired by developer Youngwoo & Associates and the Kumho Investment Bank, which spent a combined $ 150 million on 70 Pine Street and 72 Wall Street. This amounted to $ 100 per square foot ($ 1,100/m), about 80 percent less than what AIG could have received for
17010-767: The first U.S. capitol and the first inauguration of George Washington as the first President of the United States , is located at the corner of Wall Street and Nassau Street . The Financial District has a number of tourist attractions such as the South Street Seaport Historic District, newly renovated Pier 17, the New York City Police Museum , the Museum of American Finance , the National Museum of
17172-459: The first-floor lobby contained elevator banks that only served the building's lower floors, while the Pine Street portion contained elevators that served higher floors. During off-peak hours, only the upper deck of each double-deck elevator was used. The Real Estate Record and Guide stated that the double-deck elevators, long anticipated by developers, were "permitted by special provision in
17334-409: The first-floor lobby. There were eight double-deck elevators , which served alternating floors; six "express" elevators, which ran nonstop from the lobby to serve the upper floors; eight "local" elevators, which served the lower floors; and two freight elevators, which served all floors. All of the elevators were able to serve approximately 10,000 people every hour. In an emergency, it was estimated that
17496-474: The general pattern of crowds during the working hours and emptiness at night was still apparent. There were also ten hotels and thirteen museums in 2010. In 2007 the French fashion retailer Hermès opened a store in the Financial District to sell items such as a "$ 4,700 custom-made leather dressage saddle or a $ 47,000 limited edition alligator briefcase". However, there are reports of panhandlers like elsewhere in
17658-494: The land under the building was placed for auction by the New York Trust Company on behalf of Bishop's estate. After World War II , Cities Service downsized its Manhattan staff and leased out several lower floors. Merrill was one such tenant, leasing ten floors in a 1957 transaction, and ultimately moving 3,400 of its 8,600 employees to 70 Pine Street by 1965. Though Cities Service became known as Citgo in 1965,
17820-453: The lobbies contain octagonal relief panels sculpted by Chambellan. These reliefs alternately show a woman with an oil lamp and a man with an electric turbine. Because of 70 Pine Street's small lot size, and the setbacks that make the upper floors even smaller, it would have been unprofitable under normal building practices if it were taller than 48 stories. Engineers from Otis Elevator Company told Doherty that double-deck elevators could solve
17982-433: The lobby allowed visitors to pass from Pine to Cedar Street. Inside each entrance were retail spaces that faced the first-floor lobby. Four storefronts were located on the southern portion of the lobby. Until the early 2000s, these retail spaces contained such stores as "a drugstore , a bookstore , a tobacconist and a telegraph office ". There are stairs on the southern portion of the lobby near Pine Street, as well as at
18144-544: The lobby was renovated, as was the observation deck, which became a private office. The sky bridge to Wall Street was demolished in 1975 when the previous building at 60 Wall Street was razed. By the 1990s, the building's tenants also included the Starr Foundation , which had been established by AIG founder Cornelius Vander Starr and paid no rent for its offices. AIG bought the nearby 175 Water Street in 1995 but kept its headquarters at 70 Pine Street. AIG refurbished
18306-543: The main lobby. Another entrance on Pearl Street, which was formerly located under the Third Avenue elevated line , is more simply designed and leads to a lobby in the lower level. All of these streets are narrower than the typical street in Manhattan: Pine Street is 25 feet (7.6 m) wide while Cedar Street is 35 feet (11 m) wide. Because of the slope of the terrain, the western entrances are at
18468-421: The main lobby; the elevators are arranged along the central hall and the northernmost west–east corridor. The elevator doors are designed with Native American motifs, such as zigzags and sunbursts, as well as Cities Service's logo. The elevator frames themselves contain stepped arches. One critic said the use of separate elevator lobbies would "cut the possibility of elevator flirtations exactly in half". The lobby
18630-466: The nearest neighbors", referring to the floor numbers. The double-deck elevators were removed in 1972 and replaced with single-story cabs. The double-deck elevators had reportedly been unpopular because the lower lobby entrance was not completed, and a proposed subway entrance was not opened. The Citigroup Center adopted the same idea in the 1970s, becoming possibly the first building in New York City after 70 Pine Street to have double-deck elevators. At
18792-594: The neighborhood is in the 61st, 65th, and 66th districts, represented respectively by Charles Fall , Grace Lee , and Deborah Glick . Politically, the Financial District in New York's 10th congressional district ; as of 2022 , it is represented by Dan Goldman . Financial District and Lower Manhattan are patrolled by the 1st Precinct of the NYPD , located at 16 Ericsson Place. The 1st Precinct ranked 63rd safest out of 69 patrol areas for per-capita crime in 2010. Though
18954-510: The new building in the Art Deco style. This contrasted with the firm's earlier works, which were largely designed in the classical style; the original partners had died before 70 Pine Street was constructed. Doherty submitted the building's architectural plans to the Department of Buildings in May 1930. The structure was slated to have 63 stories, including double-decker elevators due to the lot's small size, and it would cost $ 7 million. It
19116-402: The new corporation was held by International Acceptance and the Bank of the Manhattan Company. In December 1929, the name Bank of the Manhattan Company was abandoned and the firm was transformed into a holding corporation under the name Manhattan Company while also increasing its capital to $ 40,000,000 to allow for further acquisitions. The new holding company owned the entire capital stock of
19278-531: The new elevator code". Compared to 11 or 14 standard elevators, the double-deck elevators reportedly saved $ 200,000 in construction costs and made available an additional 40,000 square feet (3,700 m), at a time when office space could be rented at an average rate of $ 3.50 per square foot ($ 37.7/m) per year. Columnist Sam Love disagreed, saying that "the odds and the evens in the Cities Service Building will never see each other although they are
19440-414: The number of crimes is low compared to other NYPD precincts, the residential population is also much lower. As of 2018 , with a non-fatal assault rate of 24 per 100,000 people, Financial District and Lower Manhattan's rate of violent crimes per capita is less than that of the city as a whole. The incarceration rate of 152 per 100,000 people is lower than that of the city as a whole. The 1st Precinct has
19602-428: The opposition of Hamilton to the establishment of a bank," and following an epidemic of yellow fever in the city, Aaron Burr founded the company and successfully gained banking privileges through a clause in its charter granted to it by the state that allowed it to use surplus capital for banking transactions. The company raised $ 2 million, used one hundred thousand dollars for building a water supply system, and used
19764-496: The percentage of residents who have difficulty paying their rent, is 38% in Financial District and Lower Manhattan, compared to the boroughwide and citywide rates of 45% and 51% respectively. Based on this calculation, as of 2018 , Financial District and Lower Manhattan are considered high-income relative to the rest of the city and not gentrifying . The population of the Financial District has grown to an estimated 61,000 residents as of 2018, up from 43,000 as of 2014, which in turn
19926-495: The planned Cities Service Building's design and, in October 1929, spoke about his findings at the Engineers' Club . He found that taller buildings on small lots could be profitable, provided that these included double-deck elevators due to the lot's small size. As a result, the proposed Cities Service Building was most economically viable as a 63-story building. Clinton & Russell, under the leadership of Thomas George, designed
20088-446: The plans, which now called for a 60-story structure shaped like a turret. Doherty formed the Pine Street Realty Company in January 1929, having failed to develop "a great business centre" near Battery Park . The firm of Clinton & Russell were retained as architects and proposed two plans for the site: a simple slab rising from the ground and a Gothic Revival design rising 60 floors. The New York City Department of Buildings rejected
20250-428: The population. The entirety of Community District 1, which comprises the Financial District and other Lower Manhattan neighborhoods, had 63,383 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 85.8 years. This is higher than the median life expectancy of 81.2 for all New York City neighborhoods. Most inhabitants are young to middle-aged adults: half (50%) are between
20412-436: The problem. As such, the company manufactured eight double-deck elevators, marking the first installation of Otis double-deck elevators. The double-deck elevators operated as express elevators, serving the 29th through 60th floors; another separate, single-deck elevator served the top six floors. The lower deck of each elevator served odd-numbered floors, while the upper deck served even-numbered floors. The Cedar Street portion of
20574-520: The project in July 2016. Ultimately, the upper-floor restaurant spaces hosted James Kent and Jeff Katz's restaurant Crown Shy , which opened in 2019. Mint House opened a 132-unit hotel for business travelers inside the building in November 2020. The Overstory bar opened on the 64th floor in August 2021, and the Saga restaurant opened atop the building later that year. In February 2024, DTH and Rose refinanced
20736-421: The proposed structure on Wall Street. The Pine Street Realty Company then started buying land across Pine Street. The site was in the core of the Financial District, near the Third Avenue elevated line , and was surrounded by shorter buildings. The company bought twelve buildings in January 1929, forming a plot with 17,000 square feet (1,600 m). Another five plots were acquired via lease in November 1929, and
20898-469: The ranks of unemployed showgirls". The building was reportedly two-thirds rented by 1933, but it did not reach 90 percent occupancy until 1941. Later tenants included the Federal Reserve Bank of New York , which took space in 70 Pine Street in 1941. The radio station WGYN also established its studios and transmitter at 70 Pine Street when it was founded in December 1941, and WGYN continued to broadcast from there until May 1950. Cities Service refinanced
21060-466: The rest to start the bank. The company apparently did a poor job of supplying water, using hollowed out tree trunks for pipes and digging wells in congested areas where there was the danger of raw sewage mixing with the water. After a multitude of cholera epidemics, a water system was finally established with the construction between 1837 and 1842 of the Croton Aqueduct . On April 17, 1799,
21222-434: The same capital, $ 56,816,466. For some time the officers and directors of the Manhattan Company group have recognized that public opinion no longer favors the affiliation of a banking institution with other companies, and that conditions have so changed since 1929 that many of the advantages which at that time were inherent in the affiliation of various companies through a holding company have disappeared. By March 31, 1938,
21384-663: The same level at the street, and the eastern entrances are accessed by short flights of steps rising from the street. All four entrances are designed with Art Deco patterns. The eastern entrances on Pine and Cedar Streets are near the centers of these elevations; they consist of large four-story portals with stepped arches. Both arches are divided by a limestone pillar that contains a freestanding limestone relief of 70 Pine Street. These pillars, each 14 feet (4.3 m), may have been designed by Rene Paul Chambellan and were fairly accurate in their detailing. Architectural critic Robert A. M. Stern wrote that 70 Pine Street's reliefs "surveyed
21546-509: The second through seventeenth floors were occupied by about 3,000 employees of Cities Service. The remaining floors were leased to a large range of tenants, including manufacturers, lawyers, accountants, and the Western Union Telegraph Company. At the time of the building's opening, its tenants included 31 law firms, 21 investment firms, eight insurance companies, and 18 companies in other industries. Most tenants on
21708-407: The site, which was excavated to as deep as 60 feet (18 m). The foundation took 245,000 worker-hours to complete; it is composed of 49 piers , which are arranged in four rows and descend 24 feet (7.3 m) to the underlying bedrock. Work was complicated by the presence of a holdout tenant, Nik Coutroulas, a cafeteria operator who held a lease on one of the existing buildings and also operated
21870-407: The stock of the International Acceptance Bank, Inc. After completion, J. Stewart Baker remained president of the Bank of the Manhattan Company and became vice chairman of the board of International Acceptance. Warburg became associate chairman of the board of the Bank of Manhattan and F. Abott Goodhue remained as president of International Acceptance and became a member of the board of the Bank of
22032-439: The teenage birth rate is based on a small sample size. Financial District and Lower Manhattan have a low population of residents who are uninsured . In 2018, this population of uninsured residents was estimated to be 4%, less than the citywide rate of 12%, though this was based on a small sample size. The concentration of fine particulate matter , the deadliest type of air pollutant , in Financial District and Lower Manhattan
22194-471: The term is sometimes used as a synonym for Wall Street , the latter term is often applied metonymously to the financial markets as a whole (and is also a street in the district), whereas "the Financial District" implies an actual geographical location. The Financial District is part of Manhattan Community Board 1 , which also includes five other neighborhoods ( Battery Park City , Civic Center , Greenwich South , Seaport , and Tribeca ). The streets in
22356-484: The time as "financially unique among large New York office buildings". The company operated local branch offices in several cities, each of which had to raise a certain amount of money before October 1930. Each office had to meet a different quota: the Spokane, Washington , office had to raise $ 91,500, while the New York City office was required to raise $ 3 million. This avoided the need for the building's owners to take out
22518-435: The triangular logo of Cities Service. Inside each entrance were staircases leading to the upper and lower lobbies. The western entrances on Pine and Cedar Streets are located near the western end of the building and are two stories tall. Each portal contains two sets of revolving doors. At the time of 70 Pine Street's construction, developers had to consider skyscrapers' profitability in conjunction with height. 70 Pine Street
22680-496: The unobtrusive, night-and-day efficiency of its service staff". The skyscraper was featured in pictures of Lower Manhattan, such as A New York Canyon , a 1932 image by W. K. Oltar-Jevsky. Other photographs, depicting seaplanes and blimps flying over 70 Pine Street, reinforced the building's association with the Jazz Age . Financial District, Manhattan The Financial District of Lower Manhattan , also known as FiDi ,
22842-507: The upper floors were lawyers, who took advantage of the 29th-floor law library. The second and third floors were also occupied by the Emergency Unemployment Relief Committee. Additionally, more than 200 people worked for the building itself under the supervision of building manager Edgar J. Smith. These included an all-female staff of elevator operators , most of whom were redheads "recruited largely from
23004-528: The upper stories could also install the system in their own office. Henry Latham Doherty became successful by operating numerous companies in the manufactured-gas and electric utility sectors in the late 19th and early 20th centuries. He formed the Cities Service Company as a "light, heat, and power" firm in 1910, and Doherty's business interests grew extensively in subsequent years. At the time, his main offices were located at 60 Wall Street (built 1905 and demolished 1975), which he had occupied since 1906, and
23166-407: The various banking institutions which it controlled. The New York Title and Mortgage Company was distributed to shareholders through a holding company, and the International Acceptance Bank, Inc. was merged into the Bank of Manhattan Trust Company, with that entity then being absorbed by the Manhattan Company. The banking business was then continued under the name Bank of the Manhattan Company and had
23328-458: The windows in each office. Each radiator contained movable louvers that could control the heat in each office. During the winter, a system of chilled water pipes cooled the lowest six stories. The building also had a "unit ventilating system", which occupied spaces over the radiators and inside the walls, providing ventilation without any dust or noise. Above each radiator were fans, which drew in air from either indoors or outdoors; filtered and warmed
23490-621: The world, and the New York Stock Exchange is the world's largest stock exchange by total market capitalization . Several other major exchanges have or had headquarters in the Financial District, including the New York Mercantile Exchange , NASDAQ , the New York Board of Trade , and the former American Stock Exchange . The Financial District is part of Manhattan Community District 1 , and its primary ZIP Codes are 10004, 10005, 10006, 10007, and 10038. It
23652-812: Was again succeeded by his son. In 1928, the Company increased its capital from $ 12,500,000 to $ 15,000,000 in connection with its acquisition of the Flushing National Bank , the Bayside National Bank , the Queens-Bellaire Bank , and the First National Bank of Whitestone . Later that year, it again increased its capital to $ 16,000,000 when it acquired the Bronx Borough Bank , and the First National Bank of Brooklyn . The acquisitions led to
23814-561: Was appointed president of the company. He was succeeded by Maltby Gelston in 1829. Gelston, a former member of the New York State Assembly , was the son of Collector David Gelston and the father of Mary Gelston, who married Henry Rogers Winthrop (father of Buchanan Winthrop ). In 1847, Caleb O. Halsted , a cloth merchant from Elizabeth, New Jersey , was made president of the bank. Halsted succeeded Jonathan Thompson , who had been made president in 1840. Before he
23976-445: Was designed to accommodate between 7,000 and 8,000 employees, more than nearly every other skyscraper at the time. The interior spaces were thus designed with high capacity in mind. The building contains 864,988 sq ft (80,360.0 m) of interior space. When it opened, there was 1,045,000 square feet (97,100 m) of gross floor area, of which 680,000 square feet (63,000 m) was available for lease. Offices were arranged in
24138-518: Was elected successor chairman of the board of the Manhattan Company, Warburg's son James succeeded to Baker's vice chairman role (after recently becoming president of the International Acceptance Bank) and Goodhue was elected successor chairman of the International Acceptance Bank. In October 1932, the directors of the Manhattan Company restored the company to its old status as a bank, absorbing or distributing to shareholders
24300-519: Was elected to succeed Harberger as president of the Bank of the Manhattan Company. By 1885, Smith had retired from the company but remained interested in the affairs of the LaFarge Decorative Arts Company . In 1891, the board of directors of the Bank of Manhattan Trust Company elected Stephen Baker vice president. Baker, a son of former U.S. Representative Stephen Baker and protégé of financier John Stewart Kennedy ,
24462-527: Was formed in 1799 with the ostensible purpose of providing clean water to Lower Manhattan . However, the main interest of the company was not in the supply of water, but rather in becoming a part of the banking industry in New York. At that time, the banking industry was monopolized by Alexander Hamilton's Bank of New York and the New York branch of the First Bank of the United States . "To circumvent
24624-410: Was influenced by Cities Service's role as an energy provider. An early publicist for 70 Pine Street said that Cities Service founder Henry Latham Doherty was personally involved in the structure's design, and that "he insisted on dignity with beauty, to the absolute avoidance of the garish, the flamboyant, and the over colorful." Doherty wanted the building to appear "exclusive, rich, yet simple and even
24786-470: Was located just south of the present building site. This structure measured 15 stories high at its front, on Wall Street, and 27 stories high at its rear, on Pine Street. Doherty, who already owned several Lower Manhattan properties, purchased 60 Wall Street in December 1924 with the aim of expanding the structure. Thomas J. George of Clinton & Russell presented plans in March 1927 for a modern slab-like structure on Wall Street. That October, George modified
24948-586: Was nearly double the 23,000 recorded at the 2000 Census. In the New York City Council , the Financial District is part of District 1 , represented by Democrat Christopher Marte . List of aldermen /councilmen who have represented the Financial District The Financial District is part of New York's 27th State Senate district , represented by Brian P. Kavanagh . In the New York State Assembly ,
25110-413: Was occupied five years later. The American International Group (AIG) bought the building in 1976, and it was acquired by another firm in 2009 after AIG went bankrupt. The building and its first floor interior were designated as official New York City landmarks in June 2011. In 2016, the building became a luxury rental residential property. 70 Pine Street is in the Financial District of Manhattan , on
25272-410: Was one of several buildings that Doherty planned to erect in Lower Manhattan, though none of the other projects were realized because of a lack of funding following the Great Depression . After the building plans were submitted, the height was increased to 66 stories, and a spire was added, increasing the total height to 950 feet (290 m) or 952 feet (290 m). The Cities Service Building thus beat
25434-638: Was president, Thompson had served nine years as the Collector of the Port of New York having been appointed by President James Monroe and also serving under John Quincy Adams . In 1853, the Manhattan Company became one of the original 52 members of the New York Clearing House Association. In 1860, the board of directors promoted James M. Morrison as president of the bank to succeed Halsted. Morrison, who had begun working for
25596-458: Was staffed by a librarian with a bar certification. Just below the observatory was a conference room with leather paneling. The 62nd through 64th floors contained Cities Service's executive offices, which also had exterior terraces. Doherty's office on the 61st floor was decorated in light colors and was designed to resemble a living room, with couches, chairs, small tables, and other furniture. Cities Service's oval-shaped boardroom occupied almost
25758-438: Was surpassed by the Chrysler Building . In 1927, after thirty-four years as president, and an increase from one branch to a network with forty-eight branches and an increase in deposits to $ 300,000,000, Baker turned the presidency and a considerable stock ownership over to his son, J. Stewart Baker , who had just turned thirty-four. The elder Baker served as chairman of the board until 1932 when he became honorary chairman and
25920-470: Was the grandson of Stephen Baker , a prominent New York merchant who was one of the original stockholders of the Manhattan Company. Two years later, in 1893, Baker was elected president at the age of only 34, succeeding John Stewart Kennedy who served as president pro tem for a few months following the resignation of D. C. Hays. During his tenure as president, the bank expanded from its single original office at 40 Wall Street, opened in September 1799, to
26082-436: Was the tallest building in Lower Manhattan until the 1970s, when the World Trade Center was completed. With the collapse of the World Trade Center in the September 11 attacks , it regained the status of the tallest Lower Manhattan building until the completion of the new One World Trade Center in 2014. 70 Pine Street contains numerous setbacks on its exterior. Though setbacks in New York City skyscrapers were mandated by
26244-429: Was used as a private office for AIG's employees. In 2019, as part of the building's 2010s conversion into residential apartments, James Kent and Jeff Katz turned the top four stories into the fine-dining restaurant SAGA, and on the ground floor Crown Shy, a 120-seat eatery. Crown Shy is an à la carte eatery, where dishes are ordered individually. There are 24 elevators in total, with six banks of four elevators each in
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