Misplaced Pages

#379620

147-717: The Governor Nelson A. Rockefeller Empire State Plaza (known commonly as the Empire State Plaza , and also as the South Mall ) is a complex of several state government buildings in downtown Albany , New York. The complex was built between 1965 and 1976 at an estimated total cost of $ 2 billion. It houses several departments of the New York State administration and is integrated with the New York State Capitol , completed in 1899, which houses

294-740: A Chabad-Lubavitch synagogue, an Orthodox synagogue, and two Reform synagogues. Albany is also home to one of the few Karaite synagogues outside Israel. As of 2008, the total membership in Albany's synagogues was estimated at 12,000-13,000, with half the members residing outside the city. Since the early 2000s, there has been an increase in Orthodox Jews moving to Albany from the New York Metro area, largely due to cheaper housing prices and closer walking proximity to synagogues. The Islamic community in Albany and its surrounding suburbs

441-408: A Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. A number of bond indices exist for

588-558: A fur-trading post and was the first documented European structure in present-day Albany. Commencement of the fur trade provoked hostility from the French colony in Canada and among the natives, all of whom vied to control the trade. In 1618, a flood ruined Fort Nassau, but the Dutch replaced it with Fort Orange on the mainland in 1624. Both forts were named in honor of the leading family of

735-458: A tap issue or bond tap . Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made,

882-418: A 14-year-old girl enslaved by Volkert P. Douw ; and Bet, a 12-year-old girl enslaved by Philip S. Van Rensselaer . On January 6, 1794, the three were sentenced to death. Governor George Clinton issued a temporary stay of execution, but Dinah and Bet were executed by hanging on March 14, and Pompey on April 11, 1794. In 1797, the state capital was moved permanently to Albany. From statehood to this date,

1029-537: A 360-degree view because it has no windows on the west side. The Main Platform of the plaza itself is one of the largest buildings in the world. The complex incorporates 240,000,000 cubic feet (6,800,000 m) of concrete, clad with 600,000 cubic feet (17,000 m) of stone imported from many locations on three continents. A detailed walking tour guide can be downloaded, describing the many varieties of stone and concrete used in construction. The Swan Street Building

1176-497: A bond will immediately affect mutual funds that hold these bonds. If the value of the bonds in their trading portfolio falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately " marked to market " or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", interest rate risk could become

1323-404: A centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to

1470-466: A city the size of Albany. One report from 2000 offers religious affiliations for Albany County. According to the data, 59.2% of Albany County residents identified as Christian : 47% are Roman Catholic , 8.4% are mainline Protestants , 2.7% are Evangelical Protestants , and 1.1% are Eastern or Oriental Orthodox Christians. Residents who practice Judaism make up 4.2% of the population and Muslims represent 0.2%. As of April 1, 2020, Albany's population

1617-481: A company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors , in the event of bankruptcy. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception

SECTION 10

#1732765265380

1764-678: A few blocks west, at the corner of Madison and Eagle stands the Catholic Cathedral of the Immaculate Conception. The predominantly black Wilborn Temple was growing along with the African American population of the area. In 1957 it relocated from 79 Hamilton Street, within the area seized by the State in 1962, to the former Beth Emeth synagogue on S. Swan between Lancaster and Jay. Paying for the construction of

1911-426: A few days' sail from New York City. Albany reported a population of 3,498 in the first national census in 1790, an increase of almost 700% since its chartering. On November 17, 1793, fire broke out at a stable belonging to Leonard Gansevoort , destroying 26 homes on Broadway, Maiden Lane, James Street, and State Street. Three were arrested and charged with arson : Pompey, a man enslaved by Matthew Visscher; Dinah,

2058-505: A plan to have the county pay for the construction and have the state sign a lease-ownership agreement. The state paid off the bonds until 2004. It was Rockefeller's only viable option, and he agreed. Due to the clout Corning gained from the situation, he gained inclusion of the State Museum, a convention center, and a restaurant, back in the plans—ideas which Rockefeller had originally vetoed. The county gained $ 35 million in fees and

2205-532: A polo field on Loudon Road, it moved to Westerlo Island in 1909 and remained there until 1928. The Albany Municipal Airport—jointly owned by the city and county—was moved to its current location in Colonie in 1928. By 1916 Albany's northern and southern borders reached their modern courses; Westerlo Island , to the south, became the second-to-last annexation, which occurred in 1926. Erastus Corning 2nd , arguably Albany's most notable mayor (and great-grandson of

2352-405: A post office, a CDTA bus station , a visitor's center, and several retailers. The Concourse connects all buildings of the state plaza, and many state workers spend their lunch hour there. The Concourse also features various works of art and sculptures, part of the State collection of modern abstract art. The Governor Nelson A. Rockefeller Empire State Plaza Art Collection is located throughout

2499-429: A price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond. This is referred to as " pull to par ". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates,

2646-500: A price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury bill , are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. Although bonds are not necessarily issued at par (100% of face value, corresponding to

2793-419: A real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and

2940-505: A total cost exceeding $ 1.7 billion. As of 2014, more than 11,000 state employees work at the complex. In May 2017, New York Governor Andrew Cuomo 's administration announced the state would later in the year begin construction on a new microgrid that would provide power to the Empire State Plaza. The new microgrid project is expected to produce 90% of the complex's yearly electric energy needs. The Cuomo administration said

3087-707: A year and a fixed lump sum at maturity is attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes bankrupt , its bondholders will often receive some money back (the recovery amount ), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks: Bonds are also subject to various other risks such as call and prepayment risk, credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again, some of these will only affect certain classes of investors. Price changes in

SECTION 20

#1732765265380

3234-553: Is a New York state public-benefit corporation that was created in 1979 to manage the performing arts facility in the plaza. The plaza was the idea of Governor Nelson Rockefeller , who was inspired to create the new government complex after Queen Juliana of the Netherlands visited Albany for a celebration of the area's Dutch history . Riding with the queen through a section of the city known colloquially as "the Gut", Rockefeller

3381-446: Is a 12-digit alphanumeric code that uniquely identifies debt securities. In English , the word " bond " relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least the 1590s. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets . The most common process for issuing bonds

3528-469: Is an eerie feeling of detachment. The Mall buildings loom menacingly, like aliens from another galaxy set down on this marble landing strip." Albany, New York Albany ( / ˈ ɔː l b ə n i / AWL -bə-nee ) is the capital and oldest city in the U.S. state of New York , and the seat of and most populous city in Albany County . It is located on the west bank of

3675-399: Is an irredeemable bond, which is a perpetuity , that is, a bond with no maturity. Certificates of deposit (CDs) or short-term commercial paper are classified as money market instruments and not bonds: the main difference is the length of the term of the instrument. The most common forms include municipal , corporate , and government bonds . Very often the bond is negotiable, that is,

3822-408: Is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in the bond market . Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called

3969-780: Is connected to the MVP Arena (a covered sports arena , known formerly as the Pepsi Arena, and originally named the Knickerbocker Arena) by a pedestrian bridge and to the New York State Capitol by a tunnel. Additionally a tunnel that runs under the West Capitol Park connects the Capitol building with the Alfred E. Smith Building at 80 South Swan Street. The entire complex is wheelchair-accessible, except

4116-437: Is credited for an "unparalleled cycle of commercial investment and development" in Albany due to his "aggressive business development programs". Prior to the recession of the 1990s , downtown Albany was home to four Fortune 500 companies. After the death of Corning and the retirement of Congressman Sam Stratton , the political environment changed. Long-term office holders became rare in the 1980s. Local media began following

4263-703: Is home to the oldest Christian congregation in Upstate New York and the Mother Churches of two Christian dioceses . As of June 2010 , eight churches or religious buildings in the city were listed on the National Register of Historic Places , one of which— St. Peter's Episcopal Church on State Street—is a National Historic Landmark . Established in 1642, the congregation of the First Church in Albany (Reformed) , also known as

4410-440: Is more than a quarter of a mile long (400 meters), and modeled partly on Pharaoh Hatshepsut 's Temple at Deir el-Bahri , Egypt. Originally, hundreds of Norway maples were planted; today, they have been classified as invasive plant species by the State of New York. The plaza also features an outdoor ice skating rink during the winter on one of the plaza's reflecting pools. Wallace Harrison served as supervising architect for

4557-645: Is not a museum". The Collection represents a significant attempt to "integrate the fine arts into the lives of those who ordinarily might not be exposed to them". The pieces in the Collection were selected by a commission appointed by Governor Nelson A. Rockefeller in 1965. The commission included Wallace K. Harrison ; Robert M. Doty ; René d'Harnoncourt ; Seymour H. Knox, II ; and (after 1968) Dorothy Miller . Governor Rockefeller reviewed and approved each artwork. The Collection features modern artists who worked in New York State. In Rockefeller's words: "New York

Empire State Plaza - Misplaced Pages Continue

4704-699: Is now the SUNY System Administration Building . In 1853, Erastus Corning , a noted industrialist and Albany's mayor from 1834 to 1837, consolidated ten railroads stretching from Albany to Buffalo into the New York Central Railroad (NYCRR), headquartered in Albany until Cornelius Vanderbilt moved it to New York City in 1867. One of the ten companies that formed the NYCRR was the Mohawk and Hudson Railroad , which

4851-427: Is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of dividend payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice

4998-732: Is represented by at least four major mosques in the region. The Muslim population increased substantially starting in the late 2000s, with the arrival of many refugees from countries such as Iraq , Syria , and Afghanistan . Exact numbers on religious denominations in Albany are not readily available. Demographic statistics in the United States depend heavily on the United States Census Bureau , which cannot ask about religious affiliation as part of its decennial census . It does compile some national and statewide religious statistics, but these are not representative of

5145-1019: Is significant, totaling 59.4 inches (151 cm) per season, but with less accumulation than the lake effect areas to the north and west, as it is farther from Lake Ontario . However, Albany is close enough to the Atlantic coast to receive heavy snow from Nor'easters and the city occasionally receives Alberta clippers . Winters can be very cold with fluctuating conditions; temperatures drop to 0 °F (−18 °C) or below on nine nights per annum. Summers in Albany can contain stretches of excessive heat and humidity, with temperatures of 90 °F (32 °C) or hotter on nine days per year. Record temperature extremes range from −28 °F (−33 °C), on January 19, 1971, to 104 °F (40 °C) on July 4, 1911. The neighborhoods of Albany include Arbor Hill ; Center Square, "[an] eclectic mix of residential and commercial [buildings], including bars, night clubs, restaurants, and stores"; Pine Hills ; and

5292-510: Is the center of the contemporary movement in the (international) art world. ... [T]hese great artists should be represented in the state complex." Significantly, Rockefeller preferred modern art with no explicit social or political content: "I like strong, simple painting without a message". There are 92 works created between 1952 and 1973 by 63 artists. Of these, 16 pieces are site-specific commissions. Artistic styles range from Abstract Expressionism to Minimalism , Pop Art , and Op Art . Thus,

5439-429: Is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be arbitrage opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see Bond valuation . The bond's market price

5586-434: Is the rate of return received from investing in the bond. It usually refers to one of the following: The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by

5733-421: Is through underwriting . When a bond issue is underwritten, one or more securities firms or banks, forming a syndicate , buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to

5880-453: Is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. The market price of a bond may be quoted including the accrued interest since the last coupon date. (Some bond markets include accrued interest in

6027-421: The 1830 and 1840 censuses, Albany was ranked as the ninth-largest urban place in the nation; it dropped back to tenth in 1850 . This was the last time the city was one of the top ten largest urban places in the nation. Albany also has significant history with rail transport , as the location of two major regional railroad headquarters. The Delaware and Hudson Railway was headquartered in Albany at what

Empire State Plaza - Misplaced Pages Continue

6174-645: The Albany Pine Bush , an area of pitch pine and scrub oak , and has arid, sandy soil that is a remnant of the ancient Lake Albany . Due to development, the Pine Bush has shrunk from an original 25,000 to 6,000 acres (10,100 to 2,400 ha) today. A preserve was set up by the State Legislature in 1988 and is on the city's western edge, spilling into Guilderland and Colonie; it is the only sizable inland pine barrens sand dune ecosystem in

6321-539: The All-America City Award in both 1991 and 2009. Albany is about 150 miles (240 km) north of New York City on the Hudson River . It has a total area of 21.8 square miles (56 km ), of which 21.4 square miles (55 km ) is land and 0.4 square miles (1.0 km ) (1.8%) is water. The city is bordered on the north by the town of Colonie (along with the village of Menands ), on

6468-457: The Duke of Albany . The city was officially chartered in 1686 under English rule. It became the capital of New York in 1797 after the formation of the United States. Albany is the oldest surviving settlement of the original British thirteen colonies north of Virginia. In the late 18th century and throughout most of the 19th, Albany was a center of trade and transportation. The city lies toward

6615-752: The Gaelic name for Scotland. The Dutch briefly regained Albany in August 1673 and renamed the city Willemstadt ; the English took permanent possession in 1674 with the Treaty of Westminster . On November 1, 1683, the Province of New York was split into counties, with Albany County being the largest: it included all of present New York State north of Dutchess and Ulster Counties in addition to present-day Bennington County , Vermont, theoretically stretching west to

6762-560: The Hudson River , about 10 miles (16 km) south of its confluence with the Mohawk River . The city is the economic and cultural core of New York State's Capital District , a metropolitan area including the nearby cities and suburbs of Colonie , Troy , Schenectady , and Saratoga Springs . With an estimated population of 1.1 million in 2013, the Capital District is the third most populous metropolitan region in

6909-555: The International Style . The Egg is built in the Brutalist style. The scale of the buildings in the plaza is imposing, and the complex is the most easily recognizable aspect of the Albany skyline. The 44-story Corning Tower is the tallest building in New York State outside of New York City, and features an observation deck on its 42nd floor. It is free and open to the public on weekdays. However, it does not feature

7056-472: The Legislature had frequently moved the state capital between Albany, Kingston , Poughkeepsie , and the city of New York . Albany is the tenth-oldest state capital in the United States and the second-oldest city that is a state capital, after Santa Fe , New Mexico. Albany has been a center of transportation for much of its history. In the late 18th and early 19th centuries, Albany saw development of

7203-660: The Port of Albany-Rensselaer opened in 1932. In 1829, while working as a professor at the Albany Academy , Joseph Henry , widely regarded as "the foremost American scientist of the 19th century", built the first electric motor . Three years later, he discovered electromagnetic self-induction (the SI unit for which is now the henry ). He went on to be the first Secretary of the Smithsonian Institution . In

7350-734: The Stadt Huys became home to the Albany Committee of Correspondence (the political arm of the local revolutionary movement), which took over operation of Albany's government and eventually expanded its power to control all of Albany County . Tories and prisoners of war were often jailed in the Stadt Huys alongside common criminals. In 1776, Albany native Philip Livingston signed the Declaration of Independence at Independence Hall in Philadelphia . During and after

7497-529: The State Capitol and the Hudson River . The plaza has also been criticized for the cost of its lavish architecture ( marble and other imported stone are used throughout), its sheer size, and its period architecture. In a sharply critical 1976 The New York Times article, architectural reviewer Paul Goldberger described the complex as "a compendium of clichés of modern architecture ". He further commented that "Ultimately, of course, one realizes that

SECTION 50

#1732765265380

7644-468: The W. Averell Harriman State Office Building Campus . Albany County Republican Chairman Joseph C. Frangella once quipped, "Governor Rockefeller was the best mayor Albany ever had." Corning, although opposed to the project, was responsible for negotiating the payment plan for the Empire State Plaza . Rockefeller did not want to be limited by the Legislature's power of the purse , so Corning devised

7791-446: The credit rating agencies . As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds . The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in

7938-632: The state legislature . Among the offices at the plaza are the Department of Health and the Biggs Laboratory of the Wadsworth Center . The Empire State Art Collection, a major public collection of 1960s and 1970s monumental abstract artworks, is on permanent display throughout the site. The New York State Office of General Services maintains the plaza. The Nelson A. Rockefeller Empire State Plaza Performing Arts Center Corporation

8085-523: The turnpike and by 1815, Albany was the turnpike center of the state. The development of Simeon De Witt 's gridded block system in 1794—which renamed streets that had originally named after the British royal family with names of birds and mammals instead —was intersected by these major arterials coming out of Albany, cutting through the city at unexpected angles. The construction of the turnpike, in conjunction with canal and railroad systems, made Albany

8232-735: The "People of the Waters That Are Never Still". The Mohawks, one of the Five Nations of the Iroquois Confederacy , were based in the Mohawk valley and noted for their fur trading and their access to trade between the Iroquois and other nations. The Mohawk became strong trading partners with the Dutch and English. It is likely that the area was visited by European fur traders perhaps as early as 1540, but

8379-702: The 18th and 19th centuries were furs, wheat, meat, and lumber. By 1865, there were almost 4,000 saw mills in the Albany area and the Albany Lumber District was the largest lumber market in the nation. The city was also home to a number of banks. The Bank of Albany (1792–1861) was the second chartered bank in New York. The city was the original home of the Albank (founded in 1820 as the Albany Savings Bank), KeyBank (founded in 1825 as

8526-682: The 1920s. During the 1990s, the State Legislature approved the $ 234 million "Albany Plan", "a building and renovation project [that] was the most ambitious building project to affect the area since the Rockefeller era." Under the Albany Plan, renovation and new building projects were initiated around the downtown area. Many state workers were relocated from the Harriman State Office Campus to downtown, helping its retail businesses and vitality. The first decade of

8673-513: The 1990s, the New York State Legislature approved for the city a US$ 234 million building and renovation plan, which spurred redevelopment downtown. In the early 21st century, Albany's high-technology industry grew, with great strides in nanotechnology . The Hudson River area was originally inhabited by Algonquian -speaking Mohican (Mahican), who called it Pempotowwuthut-Muhhcanneuw , meaning "the fireplace of

8820-595: The 21st century saw a real possibility for a long-discussed and controversial Albany Convention Center; it opened in 2017 with the goal of making Albany a viable location for large events hosted by statewide organizations. Albany remains an important location for business presence, given its role as de facto seat of Tech Valley and being home to the state capitol. Fortune 500 companies with offices in Albany include American Express , J.P. Morgan and Chase , Merrill Lynch , General Electric , Verizon , Goldman Sachs , International Paper , and Key Bank . Albany won

8967-619: The 42nd floor. On the south end is the Cultural Education Center , set on a higher platform; and on the north end is the New York State Capitol . While the Capitol predates the plaza, it is connected to the Concourse by an escalator which allows underground access to the rest of the plaza, most notably (to the New York State Legislature , at least), the Legislative Office Building. The plaza

SECTION 60

#1732765265380

9114-461: The 98.5-acre site on March 27, 1962, through eminent domain . Demolition of the 1,200 structures began in the fall of 1962 and continued through the end of 1964. The official groundbreaking was on June 21, 1965, with an initial cost estimate of $ 250 million. The project was plagued by delays. Unrealistic schedules set by the state forced contractors for various parts to interfere with each other during work. The difficult working conditions caused some of

9261-511: The Collection is "an encyclopedia of abstraction as practiced in the sixties". Free guided tours for groups or individuals are available by appointment, and self-guided Acoustiguide tours are also available. The Empire State Plaza has at least 15 memorials of various types, built by the New York State Office of General Services. An illustrated and annotated self-guided tour brochure is available for download. The memorials on

9408-586: The Commercial Bank of Albany), and Norstar Bank (founded as the State Bank of Albany in 1803). American Express was founded in Albany in 1850 as an express mail business. In 1871, the northwestern portion of Albany—west from Magazine Street—was annexed to the neighboring town of Guilderland after the town of Watervliet refused annexation of the territory. In return for this loss, portions of Bethlehem and Watervliet were added to Albany. Part of

9555-584: The Corning years, as people moved to newer housing in the suburbs, followed by most of the downtown businesses moving there as well . While cities across the country grappled with similar issues, the problems were magnified in Albany: interference from the Democratic political machine hindered progress considerably. In 1960, the mayor sold the city's stake in the airport to the county, citing budget issues. It

9702-553: The Dutch Revolt, members of the House of Orange-Nassau . Fort Orange and the surrounding area were incorporated as the village of Beverwijck (English: Beaverwick or Beaver District ) in 1652, and the city of Albany in 1686. In these early decades of trade, the Dutch, Mohican, and Mohawk developed relations that reflected differences among their three cultures. Albany is one of the oldest surviving European settlements from

9849-658: The Fifties", comparing the buildings to those built by Fascist governments ( Fascist architecture ). Architecture critic Martin Filler , quoted in The Making Of Empire State Plaza , says "There is no relationship at all between buildings and site, neither at grade nor atop the podium, since all vestiges of the existing site have been so totally obliterated. Thus, as one stands on the Plaza itself, there

9996-508: The Lancaster Street location in 1862. The Lancaster church boasted several Tiffany stained glass windows, attesting to the former wealth of the area. It relocated to Hackett Blvd. in 1965. Just outside the area seized by the State stood 3 churches. St. Anthony, on the corner of Madison and Grand (the building now houses Grand Street Community Arts), was the largest and most vibrant of the three nearby Catholic national churches. Just

10143-789: The Mohican nation". Based to the west along the Mohawk River , the Iroquoian-speaking Mohawk called it Sche-negh-ta-da , "through the pine woods", referring to the path they took there. According to Hendrick Aupaumut , the Mohicans came to the area from the north and the west. They settled along the Mahicannituck, which is now called the Hudson River, and called themselves the Muh-he-con-neok ,

10290-445: The North Dutch Church (on North Pearl Street), is the second-oldest Reformed Church in America . The Cathedral of the Immaculate Conception (Eagle Street and Madison Avenue, built 1852) is the cathedral of the Roman Catholic Diocese of Albany , led by Bishop Edward Scharfenberger , and the Cathedral of All Saints (South Swan Street and Elk Street, built 1888) is the cathedral of the Episcopal Diocese of Albany . As of 2023,

10437-428: The Pacific Ocean; Albany became the county seat . Albany was formally chartered as a municipality by provincial Governor Thomas Dongan on July 22, 1686. The Dongan Charter was virtually identical in content to the charter awarded to the city of New York three months earlier. Dongan created Albany as a strip of land 1 mile (1.6 km) wide and 16 miles (26 km) long. Over the years Albany would lose much of

10584-664: The Revolution, Albany's population consisted mostly of ethnic Dutch descendants. Settlers migrating from New England tipped the balance toward British ethnicity in the early 19th century. Jobs on the turnpikes, canals, and railroads attracted floods of Irish immigrants in the early 19th century, especially in the 1840s during the Great Famine , solidifying the city's Irish base. Michael Nolan became Albany's first Irish Catholic mayor in 1878, two years before Boston. Polish and Italian immigrants began arriving in Albany in

10731-553: The Revolutionary War, Albany County saw a great increase in real estate transactions. After Horatio Gates defeated John Burgoyne at Saratoga in 1777, the upper Hudson Valley was generally at peace as the war raged on elsewhere. Prosperity was soon seen all over Upstate New York . Migrants from Vermont and Connecticut began flowing in, noting the advantages of living on the Hudson and trading at Albany, while being only

10878-598: The South End. Historically, Albany's population has been mixed. First dominated by Mohican and Mohawk, then Dutch and Germans, it was overtaken by the British in the early 19th century. Irish immigrants soon outnumbered most other ethnicities by the mid-19th century, and were followed by Italians and Poles . In the mid-to-late 20th century, the African-American population increased with thousands of people from

11025-895: The State Street Capitol entrance and the Concourse tunnel to the Swan Street Building. An access map is available onsite or is downloadable. Crossing under the plaza is the South Mall Arterial , a short highway artery connecting to the Dunn Memorial Bridge . Construction of this highway destroyed many buildings of Albany's downtown. In the initial proposal, the highway was to go from Interstate 90 in North Greenbush (current exit 8 to NY Route 43 ), through Rensselaer, under

11172-633: The United States, and is home to many endangered species, including the Karner Blue butterfly . Albany is in the humid continental climate zone ( Köppen climate classification : Dfa), and features cold, snowy winters, and hot, humid summers; the city experiences four distinct seasons. Albany is in plant hardiness zone 6a near downtown and along the shore of the Hudson and 5b at its western end. Albany receives 40.7 inches (1,030 mm) of precipitation per year, with 138 days of at least 0.01 in (0.25 mm) of precipitation each year. Snowfall

11319-513: The bond includes embedded options , the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option price as calculated is either added to or subtracted from the price of the "straight" portion. See further under Bond option § Embedded options . This total is then the value of the bond. More sophisticated lattice- or simulation-based techniques may (also) be employed. Bond markets, unlike stock or share markets, sometimes do not have

11466-474: The bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction. In some cases, both members of

11613-431: The bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through bond funds . Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households. The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than stocks , but this perception

11760-517: The buildings torn down for the Empire State Plaza were rooming houses. In them lived over 1,000 single men, often elderly and poor. They made up about one third of all households and at least 15% of the take area's population. The eastern part of the take area, where the South Mall Arterial is now, was Albany's "Gut", an area of cheap hotels, flophouses, and dive bars. The take area also boasted elegant homes, particularly on State Street at

11907-410: The city received $ 13 million for lost tax revenue. Having the state offices in the city enabled it to keep good jobs and retain middle-class residents. Another major project of the 1960s and 1970s was the construction of Interstate 787 and the South Mall Arterial . Construction began in the early 1960s. A proposed Mid-Crosstown Arterial never came to fruition. One of the project's main results

12054-439: The city residents was 52.3% white ; 27% black or African American ; 0.06% Native American or Native Alaskan ; 7.4% Asian ; 0.1% Native Hawaiian or Pacific Islander ; .06% from other races; and 3.6% from two or more races. A total of 9.2% of the population were Hispanic or Latino of any race. Non-Hispanic Whites were 52.0% of the population in 2010, compared to 87.0% in 1970. As of 2010, 20.0% of Albany's population

12201-502: The city was home to twelve Catholic churches and four Episcopal churches. Despite its history of Christendom , in 2019 the Albany-Schenectady-Troy MSA was found to be among the most post-Christian cities in the United States in a study by Christian polling firm The Barna Group . A significant Jewish presence has existed in Albany as early as 1658. As of 2010, Albany is home to two Conservative synagogues,

12348-407: The city were African American (27%), Irish (18.1%), Italian (12.4%), German (10.4%), and English (5.2%); (33.1%) of the population reported "other ancestries". Albany is home to a Triqui language -speaking community of Mexican-Americans . Bond issue Bonds and stocks are both securities , but the major difference between the two is that (capital) stockholders have an equity stake in

12495-489: The city's western fringe. Assumption of the Blessed Virgin Mary, a French national Catholic church, was at 109 Hamilton, between Grand and Fulton streets. Like Holy Cross, the church had seen a drop in parishioners to the point that in 1961 it celebrated only four baptisms and one marriage. Assumption relocated to the northern suburb of Loudonville. First Methodist Church, dating back to the 18th century, stood on

12642-601: The complex, within the underground Concourse, buildings, and outdoor areas. The Collection includes 92 large-scale paintings, sculptures, and tapestries at various locations. Glenn D. Lowry , director of the Museum of Modern Art in New York City, has termed the plaza's display of American art "the most important State collection of modern art in the country". The Collection has also been called "the greatest collection of modern American art in any single public site that

12789-460: The contractors to successfully sue the state later. Most of the construction was overseen by successive Office of general Services commissioners Cortlandt V. R. Schuyler and Almerin C. O'Hara . The first building to be completed was the Legislative Office Building in 1972, and the last was the Egg in 1978. Though the plaza was dedicated on November 21, 1973, it finally began full operation in 1976 at

12936-627: The corner of Hudson and Philip streets. After the State demolished the church, its congregants decided to merge with Trinity Methodist on Lark and Lancaster Streets, rather than try to start up again in a new location. St. Sophia Greek Orthodox Church at 8 Lancaster Street was the heart of the Greek-American community, and was in the midst of a major expansion campaign when the state seized the area. It relocated to Whitehall Road on Albany's fringe. A bit further west stood St. Paul's Episcopal Church at 78 Lancaster Street. Founded in 1827, it moved to

13083-490: The currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment. Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as

13230-682: The dealers earn revenue by means of the spread, or difference, between the price at which the dealer buys a bond from one investor—the "bid" price—and the price at which he or she sells the same bond to another investor—the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another. Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy

13377-403: The drama surrounding county politics (specifically that of the newly created county executive position); the loss of Corning (and eventually the machine) led to a lack of interest in city politics. The election of Gerald Jennings was a surprise, and he served as mayor from 1994 until his retirement at the end of 2013. His tenure essentially ended the political machine that had been in place since

13524-453: The early years, African-Americans lived together with Italians, Jews, and other immigrants in the South End, where housing was older and less expensive. The black community has grown as a proportion of the population since then; African Americans made up three percent of the city's population in 1950, six percent in 1960, 12 percent in 1970, and 30 percent in 2010. The change in proportion is related mostly to middle-class white families moving to

13671-509: The entire mall complex is not so much a vision of the future as of the past. The ideas here were dead before they left the drawing board, and every design decision, from the space allocations to the overall concept, emerges from an outdated notion of what modern architecture, not to mention modern government, should stand for." In his 1980 book, The Shock of the New , Robert Hughes refers to the buildings as being in "The International Power Style of

13818-401: The entire project, with other associated firms as listed below. The buildings constituting the plaza include: The buildings are set around a row of three reflecting pools . On the west side are the four 23- story , 310-foot (94 m) Agency towers. On the east side is the Egg (Meeting Center) and the 44-floor (589-foot (180 m)) Erastus Corning Tower , which has an observation deck on

13965-621: The extent and duration of those visits are unclear. Permanent European claims began when Englishman Henry Hudson , exploring for the Dutch East India Company on the Half Moon ( Dutch : Halve Maen ), reached the area in 1609, claiming it for the United Netherlands . In 1614, Hendrick Christiaensen built Fort Nassau on Castle Island (now called Port of Albany ), in the Hudson River. The fort acted as

14112-505: The foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into

14259-506: The form of rent for a plaza that was officially county property. Ownership was then to be transferred to the state in exchange for regular payments in lieu of taxes. Control of the bond issues gave Corning and party boss Daniel P. O'Connell influence when dealing with the Republican governor. The bonds were paid in 2001 and the state assumed ownership, though it required years of paperwork to change title. The state obtained possession of

14406-424: The former mayor of the same name), was elected in 1941. Although he was one of the longest-serving mayors of any city in United States history (1942 until his death in 1983), one historian describes Corning's tenure as "long on years, short on accomplishments," citing Corning's preference for maintaining the status quo as a factor that held back potential progress during his tenure. While Corning brought stability to

14553-543: The hub of transportation for pioneers going to Buffalo and the Michigan Territory in the early and mid-19th century. In 1807, Robert Fulton initiated a steamboat line from New York to Albany, the first successful enterprise of its kind anywhere in the world. By 1810 , with 10,763 people, Albany was the tenth-largest urban place in the nation. The town and village north of Albany known as "the Colonie"

14700-550: The issuer has no further obligations to the bond holders after the maturity date. The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In

14847-413: The issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high probability of default on the bond). Bonds can be categorised in several ways, such as the type of issuer,

14994-431: The issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by

15141-493: The land annexed to Guilderland was ceded back to Albany in 1910, setting up the current western border. The train carrying the body of slain President Abraham Lincoln came through Albany on the way to Illinois and some claim the ghostly image of that train remains. Albany opened one of the first commercial airports in the world, and the first municipal airport in the United States, in 1908. Originally on

15288-658: The land to the west and annex land to the north and south. At this point, Albany had a population of about 500 people. In 1754, representatives of seven British North American colonies met in the Stadt Huys , Albany's city hall , for the Albany Congress ; Benjamin Franklin of Pennsylvania presented the Albany Plan of Union there, which was the first formal proposal to unite the colonies. Although it

15435-496: The law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance. The market price of a bond is the present value of all expected future interest and principal payments of the bond, here discounted at the bond's yield to maturity (i.e. rate of return ). That relationship

15582-422: The length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) The interest payment ("coupon payment") divided by the current price of the bond is called the current yield (this is the nominal yield multiplied by the par value and divided by

15729-406: The market for United States Treasury securities, there are four categories of bond maturities: The coupon is the interest rate that the issuer pays to the holder. For fixed rate bonds , the coupon is fixed throughout the life of the bond. For floating rate notes , the coupon varies throughout the life of the bond and is based on the movement of a money market reference rate (historically this

15876-423: The markets. The price can be quoted as clean or dirty . "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that

16023-454: The mayorship and was reelected twice. He encouraged redevelopment of historic structures and helped attract federal dollars earmarked for that purpose. What Corning had saved from destruction, Whalen refurbished for continued and new uses. The Mayor's Office of Special Events was created in an effort to increase the number of festivals and artistic events in the city, including a year-long Dongan Charter tricentennial celebration in 1986. Whalen

16170-538: The north and south ends of the city attracted thousands of immigrants to the city for industrial jobs. Intricate wrought-iron details constructed in those years remain visible on what are now historic buildings. The iron industry waned by the 1890s due to increased costs associated with a newly unionized workforce and the opening of mines in the Mesabi Range in Minnesota . Albany's other major exports during

16317-596: The north end of the navigable Hudson River. It was the original eastern terminus of the Erie Canal , connecting to the Great Lakes , and was home to some of the earliest railroads in the world. In the 1920s a powerful political machine controlled by the Democratic Party arose in Albany. In the latter part of the 20th century, Albany's population shrank because of urban sprawl and suburbanization. In

16464-413: The northern end and Elm Street below Madison. The area in and around the seized area had long been home to immigrants and their churches. Five churches operated in the area in the years just before its seizure by the state. Holy Cross, a German national Catholic church founded in 1850, was at the corner of Hamilton and Philip streets. Due to declining numbers, it relocated in 1959 to Western and Brevator on

16611-454: The office of mayor, it is said even those who admire him greatly cannot come up with a sizable list of "major concrete Corning achievements." Corning is given credit for saving—albeit somewhat unintentionally—much of Albany's historic architecture. During the 1950s and 1960s, a time when federal aid for urban renewal was plentiful, Albany did not have growth in its economy or infrastructure. It lost more than 20 percent of its population during

16758-523: The original Thirteen Colonies and the longest continuously chartered city in the United States. When New Netherland was captured by the English in 1664, the name was changed from Beverwijck to Albany in honor of the Duke of Albany (later James II). Duke of Albany was a Scottish title given since 1398, generally to a younger son of the King of Scots . The name is ultimately derived from Alba ,

16905-441: The ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion-stamp the bond, it is highly liquid on the secondary market. The price of a bond in the secondary market may differ substantially from the principal due to various factors in bond valuation . Bonds are often identified by their international securities identification number, or ISIN , which

17052-400: The plaza are as follows: The complex was the subject of significant controversy around the time of its construction. About 7,000 people were evicted under eminent domain , mostly from working-class and poorer sections of older Albany. The construction of the plaza occurred during the decline of Albany's downtown shopping district, and the massive displacement of population allegedly hastened

17199-491: The plaza complex, including some with direct access to a bus station in the underground Concourse. Those routes that stop inside the plaza loop are: 214, 224, 233, 519, 523, 524, 525, 540, and 560. There are also 2 routes that stop at Madison avenue outside the plaza, right in front of the NYS Library, routes 21 and 114. The Concourse is Albany's " Underground City " with food courts, a former McDonald's restaurant, banks,

17346-436: The plaza was a major problem, since a bond issue for an Albany project would almost certainly have been disapproved by the statewide electorate. Despite the displacement of thousands of loyal political voters, Albany Mayor Erastus Corning worked with Rockefeller to engineer a funding scheme that used Albany County bonds instead of state bonds. During repayment, the state guaranteed the principal and interest payments in

17493-553: The plaza, and connecting to the also-cancelled Mid-Crosstown Arterial, which would have extended from I-90 Exit 6, through the city, traveling underneath Washington Park, meeting with the South Mall Expressway in the process, and continuing on to the New York State Thruway at Exit 23. The current South Mall Arterial ends abruptly in a loop at Swan Street, with both eastbound and westbound lanes using

17640-439: The price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the yield curve , a graph plotting this relationship. If

17787-424: The process. Numerous restaurants, specialty shops, two major department stores, and downtown's last movie theater had shuttered by the end of construction. The majority of the displaced residents had not owned cars, and they had shopped locally. The construction of the elevated plaza separated the largely residential neighborhoods surrounding Washington Park and points west, from the largely commercial streets between

17934-544: The project should save the state $ 2.7 million in annual energy costs and cut down on greenhouse emissions . The project will use natural gas-fired turbine generators . The Empire State Plaza consists of various steel and reinforced concrete buildings, all clad in imported stone (except The Egg, which fully exposes its concrete structure). The buildings are placed on a 6-story stone-clad Main Platform, supported by more than 25,000 steel pilings driven an average of 70 feet (21 m) into soft glacial clay deposits underlying

18081-440: The public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both the terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market. In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which

18228-513: The rural South, as part of the Great Migration . As historian (and Albany Assemblyman) John McEneny puts it, Dutch and Yankee, German and Irish, Polish and Italian, black and Chinese—over the centuries Albany's heritage has reflected a succession of immigrant nationalities. Its streets have echoed with a dozen languages, its neighborhoods adapting to the distinctive life-style and changing economic fortunes of each new group. Until after

18375-415: The same time, the African American population had doubled in the downtown census tracts between 1950 and 1960. At the time of the State's 1962 seizure, the largest ethnic group in the entire area was African American, at about 14% of the total population. First and second generation Italian Americans made up about 10% of the area's population. The 98-acre area was made up of several distinct neighborhoods. To

18522-523: The site. The exterior columns and narrow windows of the buildings resemble the style of the World Trade Center towers in New York City, which were completed around the same time. The placement of starkly abstract geometric building forms on a monolithic plaza is said to represent Rockefeller's concept of architecture as similar to sculpture. The plaza as a whole is an example of Modern architecture , with all buildings but The Egg being built in

18669-485: The south, clustered around Madison and Grand streets was the heart of Albany's Italian American community. Although only about half of Little Italy was seized by the State, the demolition and subsequent noise and dirt associated with the construction of the Empire State Plaza led many residents to move, even if their homes were not appropriated. To the north lay Albany's rooming house district, centered on Jay, Lancaster, and Hudson streets between Eagle and S. Swan. About 10% of

18816-572: The state. As of 2023, Albany's population was 101,228. The Hudson River area was originally inhabited by Algonquian -speaking Mohican . The area was settled by Dutch colonists, who built Fort Nassau in 1614 for fur trading and Fort Orange in 1624. In 1664, the English took over the Dutch settlements, renaming the city Albany in honor of the Scottish title of the Duke of York (later James II of England and Ireland and James VII of Scotland ):

18963-483: The suburbs and black families remaining within city limits during the same time period. Since 2007, the number of Burmese refugees to Albany has increased. The Burmese refugee community consists mostly of people of Karen ethnicity. An estimated 5,000 Burmese refugees reside in Albany as of January 2015 . Like most cities of comparable age and size, Albany has well-established Orthodox Christian , Roman Catholic , Protestant , and Jewish communities. Albany

19110-529: The trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor. Bond markets can also differ from stock markets in that, in some markets, investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather,

19257-559: The trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or " dirty price ". ( See also Accrual bond .) The price excluding accrued interest is known as the "flat" or " clean price ". Most government bonds are denominated in units of $ 1000 in the United States , or in units of £100 in the United Kingdom . Hence, a deep discount US bond, selling at

19404-576: The two outer portals of the four-portal tunnel leading under the plaza. (The inner two were to be express lanes to the Mid-Crosstown Arterial/SME interchange underneath the park.) The only evidence of the original Mid-Crosstown Arterial is the four level stack interchange for I-90 at present day US 9 . There are multiple parking lots within the lower levels of the Main Platform. There are several CDTA bus routes serving

19551-581: The wave of immigration in the latter part of the 19th century. Their numbers were smaller than in many other eastern cities mainly because most had found manufacturing jobs at General Electric in Schenectady. The Jewish community had been established early, with Sephardic Jewish members as part of the Beverwijck community. Its population rose during the late 19th century, when many Ashkenazi Jews immigrated from eastern Europe. In that period, there

19698-485: The west by the town of Guilderland , and on the south by the town of Bethlehem . The former Foxes Creek, Beaver Kill, and Rutten Kill were diverted underground in the 19th century. There are four lakes within city limits: Buckingham Lake ; Rensselaer Lake at the mouth of the Patroon Creek; Tivoli Lake , which was formed as a reservoir and once connected to the Patroon Creek; and Washington Park Lake , which

19845-496: Was 99,224. With a 2013 Census-estimated population of 1.1 million, the eight county Capital District, encompassing Albany, Troy, Schenectady and Saratoga, is the third-most populous metropolitan region in the state. As of the 2010 census , Albany's population density was 4,572.7 inhabitants per square mile (1,765.5/km ). There were 46,362 housing units at an average density of 2,166.4 per square mile (836.5/km ); 5,205 of these units (11.2%) were vacant. The racial makeup of

19992-608: Was also an influx of Chinese and east Asian immigrants, who settled in the downtown section of the city. Many of their descendants have since moved to suburban areas. Asian immigration all but halted after the Immigration Act of 1924 . Albany saw its last large immigration pattern as part of the Great Migration when many African Americans moved there from the American South before and after World War I to fill industrial positions and find other opportunities. In

20139-475: Was annexed in 1815. In 1825 the Erie Canal was completed, forming a continuous water route from the Great Lakes to New York City. Unlike the current Barge Canal , which ends at nearby Waterford , the original Erie Canal ended at Albany; Lock 1 was north of Colonie Street. The Canal emptied into a 32-acre (13 ha) man-made lagoon called the Albany Basin , which was Albany's main port from 1825 until

20286-561: Was designed to be appreciated from across the Hudson River , as the dominant feature of the Albany skyline. When the State of New York seized the area in March 1962, it was home to about 7,000 residents according to the 1960 US Census. Like urban cores in most other American cities in the Northeast and Midwest, downtown Albany had seen sharp declines in white population, downtown retail activity, and hotel occupancy rates since World War II. At

20433-522: Was embarrassed. He later said, "there's no question that the city did not look as I think the Princess thought it was going to". Rockefeller conceived the basic design of the complex with architect Wallace Harrison in flight aboard the governor's private plane. Rockefeller doodled his ideas in pen on the back of a postcard, and Harrison revised them. They used the vast scope and style of Brasilia , Versailles and Chandigarh as models. The massive scale

20580-754: Was formed by damming the Beaver Kill. The highest natural point in Albany is a USGS benchmark near the Loudonville Reservoir off Birch Hill Road, at 378 feet (115 m) above sea level . The lowest point is at the Hudson River—which is still technically an estuary at Albany and is affected by the Atlantic tide —at an average of 2 feet (0.61 m) above sea level at low tide and 4 feet (1.2 m) at high tide. The interior of Albany consists of rolling hills which were once part of

20727-528: Was generally LIBOR , but with its discontinuation the market reference rate has transitioned to SOFR ). Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual. The yield

20874-431: Was known from then on as Albany County Airport until a massive upgrade and modernization project between 1996 and 1998, when it was rebranded Albany International Airport . Governor Nelson Rockefeller (1959–1973) ( R ) tried to stimulate the city with new monumental architecture and large, government-sponsored building projects; he drove construction of the Empire State Plaza , SUNY Albany 's uptown campus, and much of

21021-554: Was never adopted by Parliament , it was an important precursor to the United States Constitution . The same year, the French and Indian War , the fourth in a series of wars dating back to 1689, began. It ended in 1763 with French defeat , resolving a situation that had been a constant threat to Albany and held back its growth. In 1775, with the colonies in the midst of the Revolutionary War ,

21168-502: Was separating the city from the Hudson River. Historian Paul Grondahl has described Corning as shortsighted with respect to use of the waterfront, saying the mayor could have used his influence to change the location of I-787, which now cuts the city off from "its whole raison d'être " In 1967, the hamlet of Karlsfeld was the last annexation by the city, sourced from the Town of Bethlehem. When Corning died in 1983, Thomas Whalen assumed

21315-453: Was the first railroad in the state and the first successful steam railroad running regularly scheduled service in the country. While the key to Albany's economic prosperity in the 19th century was transportation, industry and business also played a role. Largely thanks to the city's Dutch and German roots, beer was one of its biggest commodities. Beverwyck Brewery , originally known as Quinn and Nolan ( Nolan being mayor of Albany 1878–1883),

21462-467: Was the last remaining brewer from that time when it closed in 1972. The city's location at the east end of the Erie Canal gave it unparalleled access to both raw products and a captive customer base in the west. Albany was known for its publishing houses, and to some extent, still is. Albany was second only to Boston in the number of books produced for most of the 19th century. Iron foundries in both

21609-427: Was under the age of 18, 19.3% was aged 18 to 24, 29.2% was aged 25 to 44, 18.1% was aged 45 to 64, and 13.4% was aged 65 years or older. The median age was 31.4 years. For every 100 females, there were 90.6 males. For every 100 females age 18 and over, there were 86.5 males. Some 81.3% of the population had completed high school or earned an equivalency diploma. As of the 2000 census , the top five ancestry groups in

#379620