96-798: 1 Broadway (formerly known as the International Mercantile Marine Company Building , the United States Lines Building , and the Washington Building ) is a 12-story office building in the Financial District of Manhattan , New York City. It is located at the intersection of Battery Place and Broadway , adjacent to Bowling Green to the east and the Battery to the south. 1 Broadway was built in 1882 as
192-612: 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
288-477: A Dutch Antillean company who paid $ 9.75 million for the building and $ 250,000 for USL's remaining rent. The building was listed on the National Register of Historic Places (NRHP) in 1991. The building's owners were facing financial difficulties by 1992, when the insurance company Allstate acquired 1 Broadway through foreclosure . The same year, Allstate started renovating the facade. The restoration
384-601: 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
480-581: 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
576-434: A bank of elevators as well as an emergency staircase. In the 17th century, two taverns operated at the site of what is now 1 Broadway. One of these was the "Knocks Tavern", built around 1649 by Dutch military officer Peter Knocks (alternatively Peter Cock). This was likely the first permanent building at 1 Broadway. Additionally, there was a "market stand" on the site in 1656. Dutch settler William Isaacsen Vredenburgh lived at
672-686: A bank. The building was added to the National Register of Historic Places (NRHP) on March 2, 1991, and was designated a city landmark by the New York City Landmarks Preservation Commission in 1995. It is also a contributing property to the Wall Street Historic District , a NRHP district created in 2007. The International Mercantile Marine Company Building is in the Financial District of Manhattan in New York City . It
768-559: A competition among six of the city's most reputable architects to design the Washington Building, a commercial building, on the hotel site. The winning architect would be paid $ 5,500, and the other architects would be paid $ 500 each for submitting a design. Edward H. Kendall won the commission and prepared plans for a Queen Anne style building on the site. The Washington Building Company was set up in June 1882, upon which title
864-479: 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
960-424: 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
1056-442: A lease to Kenyon & Kenyon for Logany's half of the sixth floor, and proposed to build penthouses on the 12th floor, which Kenyon & Kenyon claimed was an effort to force them to move from the 12th floor. Kenyon & Kenyon won that lawsuit, which precluded Logany from building penthouses and forced the company to offer Kenyon & Kenyon a lease. In 2018, the building was sold to Midtown Equities for $ 140 million, at which point
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#17327798849671152-744: 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
1248-519: 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,
1344-473: 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,
1440-566: 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
1536-566: 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
1632-653: 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
1728-409: A two-story addition was built shortly after the Washington Building's completion, and another two-story expansion was added in 1886–1887. However, Christopher Gray of The New York Times mentions a single 4-story addition that was completed by 1887. Either way, following the expansion, the top story consisted of a mansard roof containing protruding dormers on its south face. After the expansions,
1824-708: 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
1920-486: Is NewYork-Presbyterian Lower Manhattan Hospital in the Civic Center area. Bay (architecture) In architecture , a bay is the space between architectural elements, or a recess or compartment. The term bay comes from Old French baie , meaning an opening or hole. The Japanese ken and Korean kan are both bays themselves and measurements based upon their number and standard placement. Under
2016-406: 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
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#17327798849672112-584: 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
2208-544: Is bounded by Battery Place and the Battery to the south, Broadway and Bowling Green to the east, Greenwich Street to the west, and the Bowling Green Offices Building (11 Broadway) to the north. Its alternate addresses are 1 Battery Place and 1-3 Greenwich Street. The structure occupies a lot with frontages of 171.75 feet (52 m) on Battery Place, 104 feet (32 m) on Greenwich Street, and 100 feet (30 m) on Broadway. The site overlooks
2304-587: 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 the boundaries of the New Amsterdam settlement in
2400-468: 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
2496-691: 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
2592-625: 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
2688-938: 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
2784-576: 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
2880-456: 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
2976-589: The New York Harbor to the south, and its Battery Place facade is adjacent to two entrances for the New York City Subway 's Bowling Green station . The building was initially designed by Edward H. Kendall as a Queen Anne style building. The current neoclassical style facade was designed by Walter B. Chambers . 1 Broadway is a 12-story building. The ground story is sometimes counted as two floors because of its double-height ceiling. It
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3072-629: The Queen Anne -style Washington Building on the site of the former Washington Hotel. The building was acquired by the International Mercantile Marine Company (IMM) in 1919 to serve as its corporate headquarters and extensively altered to its present Neoclassical style. It was the headquarters of IMM and its successor company United States Lines until 1979, when the firm relocated to Cranford, New Jersey . The structure continued to host office tenants as well as
3168-760: The Statue of Liberty construction committee, the Manhattan Hay and Produce Exchange, the Postal Telegraph-Cable Company, and the United-States National Bank. The structure was topped by a circular tower on the Battery side and a rectangular tower on the Broadway side. Kendall designed additional stories to the Washington Building in 1885, but sources disagree as to how this was undertaken. According to Fran Leadon,
3264-411: 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
3360-478: 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
3456-561: 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
3552-684: 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
3648-418: 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
3744-479: The British army.The Commander-in-Chief, America , Sir Henry Clinton , occupied Number One Broadway as his headquarters, and in 1782-3 Sir Guy Carleton (Lord Dorchester) also occupied Number One. Following the war's conclusion, the structure was restored to its original condition. It was then occupied by banker Nathaniel Prime , possibly either between 1810 and 1831, or through the 1840s. The structure then became
3840-610: 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
3936-652: 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
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4032-547: 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
4128-513: 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
4224-519: 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
4320-684: The Roosevelt Steamship Company in 1931 to form the Roosevelt International Mercantile Marine Company (RIMM), which continued to own 1 Broadway. The same year, RIMM acquired United States Lines (USL) and began merging its other operations under that name. By 1940, RIMM itself had merged into USL, and the next year, an USL subsidiary acquired 1 Broadway. USL was also one of the largest shipping lines of its time, but faced numerous financial problems after World War II . Accordingly,
4416-640: 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
4512-470: The Washington Hotel, which opened in 1854, although one source says that the house was used for entertainment as early as 1794. Sometime in the mid-19th century, the building was expanded: a drawing in the 1859 Norton's Handbook of New York City shows the hotel as being four stories tall. Adjoining the hotel was the residence of John Watts, built in 1750 on the site of the current IMM Building. It
4608-420: 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
4704-402: 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
4800-531: 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
4896-646: 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
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#17327798849674992-406: 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
5088-535: 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
5184-420: 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
5280-663: 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
5376-466: 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 ,
5472-508: The base. The ground-level windows are arched double-height openings with multi-paneled sash windows , topped by half-domed awnings. On Broadway, there are five vertical bays . At ground level, the center bay contains the main entrance archway; it includes carved reliefs of Mercury (god of travel) and Neptune (god of the sea) in its spandrels, and it contains a pediment with an eagle carving at its top. The two northernmost ground-level bays on Broadway are less ornate entrance archways, while
5568-461: The building was 258 feet (79 m) tall. Gray and a contemporary Real Estate Record article characterized the Washington Building as being 14 stories, but Moses King 's 1893 Handbook of New York City and an 1896 Times article described the building as being 13 stories. The Washington Building Company hired Harry E. Donnell in 1908 to perform unspecified "internal improvements" on the structure. The International Mercantile Marine Company (IMM)
5664-488: The building's elevator hall. The basement windows are visible at the bottom of the facade, and a staircase led to the third-class passengers' entrance in the basement. An entablature runs along the facade between the 1st and 2nd floors. Between the windows on the second floor are alternating mosaic shields of renowned port cities. On the 3rd through 7th floors, each bay contains a pair of sash windows. The spandrel panels above each pair of windows are made of yellow marble, and
5760-401: The building's office space by 1996. Five years later, Kenyon & Kenyon occupied almost all of the building's 190,000 square feet (18,000 m) of office space, except half of the sixth floor. At the time, Logany LLC was the landlord for that portion of the sixth floor, though Kenyon & Kenyon had a right of first refusal on that space. This led to a 2005 lawsuit when Logany did not offer
5856-421: 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
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#17327798849675952-538: 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
6048-469: The company made significant profits from freight traffic during and after World War I . Its first office in New York City, located at the adjacent Bowling Green Offices Building , was first mentioned in its 1918 annual report. IMM bought the Washington Building in 1919 for $ 3 million. Due to a dearth of available office space in the neighborhood, IMM decided against constructing an entirely new structure. Instead, that November, IMM announced plans to renovate
6144-496: The company placed 1 Broadway for sale in the late 1960s or early 1970s. USL's then-owner Walter Kidde & Company reportedly "nearly sold" 1 Broadway in 1972, but USL withdrew the building from sale due to a decline in New York City's real estate prices. USL also proposed replacing 1 Broadway with a 50-story skyscraper in 1970, which would have entailed taking air rights from the nearby Alexander Hamilton U.S. Custom House . Shipping entrepreneur Malcom McLean bought USL in 1977, and
6240-405: The copper mansard roof; the 11th floor is set back slightly and surrounded by a balustrade . Above the roof are three 1- and 2-story mechanical towers. The first-floor booking room is 160 feet (49 m) long by 40 feet (12 m) wide, running parallel to Battery Place, and has a ceiling 25 feet (7.6 m) tall. Its floor was made of marble, later covered with linoleum. Inside, a compass rose
6336-532: The existing structure. Walter B. Chambers designed the Washington Building's renovation. The dormers and oriels were removed; the roof was rebuilt; the facade was clad in a mixture of granite, marble, and limestone; and maritime-themed details were placed on the facade of 1 Broadway. In addition, the ground floor was redesigned to accommodate IMM's booking office. The renovation was performed in phases to minimize disruption to existing tenants, who were moved between offices as work proceeded. The process occurred "without
6432-767: 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
6528-521: The following December, United States Lines announced that it would move to Cranford, New Jersey . The relocation took place in mid-1979, though USL remained on the ground floor through the end of the year. Several entities expressed interest in purchasing 1 Broadway, including one prospective buyer who considered converting it into a hotel. Ultimately, the structure was acquired by the Muna Realty Development Corporation,
6624-474: 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
6720-431: The ground through 12th stories is composed of buff -colored Indiana Limestone , which replaced the original cladding of red Milwaukee brick and sandstone . Though the spandrels of the windows are of green marble , and the water table below the first story is faced with granite . The southwestern and southeastern corners of the building, facing Battery Park, are chamfered and formerly contained entrance doorways at
6816-418: 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 the world, and the New York Stock Exchange
6912-471: The main entrance was through Battery Place to the south. The corners contained five-story-high columns of overhanging oriel windows . The structure was C-shaped, surrounding an interior courtyard on its north side. It initially contained four elevators, but two more were added in the 1890s. As originally designed, there were to be 17 offices on each floor between the third and ninth floors, and there were "about 860 windows and 358 rooms" in total. Tenants included
7008-820: The most approved English model". The house was a symmetrical two-story mansion with materials imported from the Netherlands; its features included two stone string courses and a slightly projecting center portion with a Palladian window . There was a parlor 50 feet (15 m) long and a connection to the adjacent house at 3 Broadway. Kennedy occupied the house until 1776, during the American Revolutionary War , when he fled to New Jersey . The Kennedy house then served briefly as headquarters for Continental Army generals Henry Lee III and Israel Putnam , and possibly served as headquarters for General George Washington , as well as by high-ranking generals of
7104-594: 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
7200-511: The new owners announced that part of the building would be converted to apartments. Kenyon & Kenyon dissolved afterward. Before its renovation, the Washington Building was described by the Real Estate Record and Guide as "one of the handsomest office structures in the world", and due to its location at the southern tip of Manhattan Island, "probably the first building to attract the foreigner who comes to our shores." So prominent
7296-414: 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
7392-479: The old Washington Building, known for two generations as the first skyscraper of lower Manhattan." In a book published in 1932, W. Parker Chase wrote that the building was "one of the most magnificent buildings in New York". Financial District, Manhattan The Financial District of Lower Manhattan , also known as FiDi , is a neighborhood located on the southern tip of Manhattan in New York City . It
7488-496: 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
7584-428: 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
7680-481: The site until 1673, when the building was scheduled to be demolished because it interfered with Fort Amsterdam 's defenses. From 1678 to 1685, the property was owned by David Ackerman, a Dutchman who was subsequently one of New Jersey's earliest settlers. The lot was sold in 1745 to Royal Navy captain Archibald Kennedy . Around 1760 or 1768, Kennedy's house was erected at the site, "fashioned [...] after
7776-525: The slightest accident" despite the engineering complexities of the project. The renovation was completed by 1921; that year, the Downtown League gave 1 Broadway a "best-altered building" award. The structure initially contained the booking office and New York City headquarters of the IMM. The ground floor had the first-and-second-class booking offices, waiting room, and lobby, while the basement contained
7872-411: The southernmost bays are window openings. On Battery Place, there are nine bays. At ground level, the second-to-last bays on either side contain entrances: the eastern entrance was for first-class passengers, and the western entrance was for cabin-class passengers. On Greenwich Street, there are six bays; all are double-height windows, except for the northernmost bay, which includes doors and a staircase to
7968-530: The southernmost section on Broadway, formed a "steamship row". Both the public and the federal government's United States Shipping Board started to distrust IMM following World War I: the public eschewed the company due to its usage of British ships, while the Shipping Board saw IMM as too large and anti-competitive. This led to a series of organizational changes, including the sale of all foreign-flag lines and even some domestic lines. The IMM merged with
8064-447: The spandrels above the 4th story contain roundels as well. The chamfered corners each contain a single sash window per floor. The facades of the 8th and 9th floors comprise an arcade with one arched window in each bay, while the 10th story contains a pair of sash windows in each bay. At either chamfered corner, the 8th and 10th floors have a rectangular sash window, and the 9th floor has a rose window . The 11th and 12th stories comprise
8160-537: The steerage booking office and storage rooms. The second floor housed the IMM's construction department; the third and fourth floor, general offices; and the fifth floor, a board room and executive offices. Other tenants rented out the seven upper floors. The IMM competed with the Cunard Line, which had erected its own nearby building in a similar way two years before. The Cunard, Bowling Green, and International Mercantile Marine Company buildings and several others on
8256-439: 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
8352-471: 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
8448-522: Was connected to the Washington Hotel by a temporary bridge that was installed whenever the Watts family held large events. In mid-1881, Cyrus West Field paid $ 167,500 for the Washington Hotel and $ 70,000 for Caroline W. Astor's adjoining house at Battery Place and Greenwich Street. The hotel's furnishings were sold off that December. The prior month, in November 1881, Field had announced that he would host
8544-413: Was designated as a contributing property to the Wall Street Historic District , a NRHP district. Kenyon & Kenyon , a prominent intellectual property law firm, was the main tenant on the upper floors in the late 20th and early 21st centuries, having moved into four floors of 1 Broadway in 1980. Kenyon & Kenyon along with investment counselors Brundage, Story & Rose, collectively occupied 70% of
8640-575: Was designed by Stephen Cohan, with C & D Restoration as contractors, and ultimately cost $ 2.2 million. During the project, some of the original red facade was discovered. The masonry was replaced between 1993 and 1994, during which about 8% of the original stonework was replaced. In 1995, the International Mercantile Marine Company Building, along with several other buildings on Bowling Green, were formally designated as New York City landmarks. In 2007, it
8736-595: Was erected as the 9- or 10-story Washington Building. The structure was later expanded to 14 stories, a count that included the mansard roof . The mansard roof still remains on the building and counts as the 13th story, while an attic above the mansard counts as the 14th story. The building is slightly U-shaped, surrounding a shallow light court to the north, which connects with 11 Broadway's much deeper light court. The building has side entrances facing Battery Park which are labeled "First Class" and "Cabin Class". The facade of
8832-508: Was looking for a new headquarters by the early 20th century. The company had been founded by the financier J. P. Morgan in 1902 through the merger of numerous smaller companies. Because of its large size and abundant competition in the steamship industry, its operations ran with a "thin margin of safety". IMM's finances were negatively affected after the 1912 sinking of the RMS ; Titanic , operated by its subsidiary White Star Line , but
8928-661: 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 ,
9024-482: Was prominently depicted in the floor, and two enormous murals depicted shipping lanes. The former booking room was modeled on an 18th-century ballroom, with columns and elaborate railings at either end, along with four imposing chandeliers and marble walls. This space was later converted to a Citibank branch. To the north is the building's original lobby, which stretches across the width of the building, and also contains marble floors and walls. The lobby contains access to
9120-436: Was the building that visitors to New York City would often climb to the building's roof before checking into their hotels. A Times article in 1919, prior to the Washington Building's renovation, called the planned remodel "a great white stone structure of classic dignity and proportion". After the project was completed, the Real Estate Record and Guide called it "a beautiful, harmonious structure, which few would recognize as
9216-495: Was transferred to said corporation. The structure was erected by W.H. Hazzard & Son and was completed in 1884 at a final cost of $ 900,000. The Washington Building was often referred to as the Field Building, after its developer. The Washington Building was originally a 9- or 10-story structure rising 150 feet (46 m), covering 17,000 square feet (1,600 m). The building was faced with red brick and sandstone, and
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