125-773: The New York Tribune Building (also the Nassau-Tribune Building ) was a building in the Financial District of Manhattan in New York City , across from City Hall and the Civic Center . It was at the intersection of Nassau and Spruce Streets , at 154 Printing House Square. Part of Lower Manhattan 's former " Newspaper Row ", it was the headquarters of the New-York Tribune from 1875 to 1923. The Tribune Building contained
250-612: 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
375-601: 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
500-581: 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
625-516: A brick-and-masonry facade and was topped by a clock tower. The building was originally ten stories high, including a mansard roof , and measured 260 feet (79 m) tall to its pinnacle. It was expanded in the 1900s to nineteen stories, with an enlarged mansard roof and a pinnacle height of 335 feet (102 m). The Tribune Building was one of the first high-rise elevator buildings and an early skyscraper . Its design received mostly negative commentary during its existence. The Tribune Building, on
750-612: A crane collapse. One report divided lower Manhattan into three basic districts: Federal Hall National Memorial , on the site of 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,
875-479: 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
1000-424: 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
1125-429: A finial of iron. Following its 1907 expansion, the building was nineteen stories tall. The design of the lowest eight stories was kept largely intact, and continued upward with modifications to the sixteenth story, and there was a three-story mansard roof at the top. Granite window trimmings were present only on the first nine stories. The roof of the expanded building was encircled by a copper rail at its top. The roof of
1250-485: A glazed-brick light shaft on the eastern side, which measured 35 feet (11 m) square. As completed, the building measured 335 feet (102 m) to the finial of the tower. Multiple contractors provided the material for both the original structure and its additions. The granite foundation, masonry, concrete, glass, plastering, tiling and marble work, iron, slate, window shutters, and woodwork were all supplied by different companies. Other contractors were hired to install
1375-409: A granite balcony 150 feet (46 m) above the sidewalk, and four clock faces measuring 15 feet (4.6 m) in diameter. Within the clock tower, there were three additional stories above the eighth floor, but they were used for storage. The main roof topped out at 155 feet (47 m) above ground level. The clock tower rose to 260 feet (79 m), including a pyramidal roof of 16 feet (4.9 m) and
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#17327761116141500-682: A lawsuit in early 1874 against the Tribune 's owner, stating that the Tribune Building's construction had encroached on the property on the Sun . In addition, a carpenter's son and an iron contractor were killed in separate incidents during the building's construction. On April 10, 1875, the Tribune announced that it had started issuing from the new building. The initial section of the building only had frontage of 90 feet (27 m) along Nassau Street and 50 feet (15 m) on Spruce Street;
1625-744: 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
1750-473: 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,
1875-566: 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
2000-604: A piece of folly" with no tenants "who would risk their lives in it", because of the relatively novel nature of the early skyscraper. However, the Real Estate Record and Guide stated in 1882 that the Tribune, Times, Morse , and Temple Court buildings were close to the courts of the Civic Center, making these buildings ideal for lawyers. By that February, the Real Estate Record had reported that many offices in
2125-613: A piece of furniture. These are frequently seen on top of bed posts or clocks. Decorative finials are also commonly used to fasten lampshades , and as an ornamental element at the end of the handles of souvenir spoons . The charm at the end of a pull chain (such as for a ceiling fan or a lamp ) is also known as a finial. Decorative roof-finials are a common feature of Malaysian religious and residential architecture. In Malacca , Malaysia , there are 38 mosques with traditional roof finials, with layered and crown-shaped designs, which are known as Makhota Atap Masjid . On mosques built after
2250-566: 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
2375-653: 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
2500-481: 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 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 ,
2625-527: A single point, or bindu. There are two guldastas, or finials, per facade at Humayun's Tomb . Finials are decorative elements in a variety of American domestic architectural styles , including French colonial , Georgian , Victorian , and Romanesque Revival . Roof finials can be made from a variety of materials including clay , metal , or wood . A folklore tradition in the eastern United States portrays finials as discouraging witches on broomsticks from landing locally. A "ball-style" finial
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#17327761116142750-678: 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, 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
2875-708: 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
3000-426: Is NewYork-Presbyterian Lower Manhattan Hospital in the Civic Center area. Finial A finial (from Latin : finis , end) or hip-knob is an element marking the top or end of some object, often formed to be a decorative feature. In architecture, it is a small decorative device, employed to emphasize the apex of a dome , spire , tower , roof, or gable or any of various distinctive ornaments at
3125-406: 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
3250-553: Is also home to the Brookfield Place (formerly World Financial Center). Another key anchor for 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
3375-523: Is as wide as the range of designs with brass, stainless steel, various woods, and aluminum being employed with a variety of finishes such as 'satin steel' and 'antique brass'. The durability, strength, and machinability of modern alloys have lent themselves to increasingly intricate and dazzling designs. During the various dynasties in China, a finial was worn on the tops of the hats civil or military officials wore during formal court ceremonies. The finial
3500-403: Is evidence that an architectural design competition might have been held for the building. Documentation exists of a rejected design by Josiah Cleaveland Cady , first published in 1874, which included several layers of round-arched arcades on the facade as well as a corner campanile. Reid ultimately selected Richard Morris Hunt as architect, and Hunt submitted plans for an eight-story building to
3625-554: Is not elegant. It is structural." 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 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
3750-691: 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
3875-542: Is often mounted to the top of a stationary flagpole . The United States Army , Navy , Marine Corps , and Coast Guard employ a variety of different finials depending on the flag in question, the Marines and Coast Guard deferring to the Navy's protocols. Public garden (park) railings often end in finials, and wooden posts tend to have turned wood finials. Turned wood finials are used on various pieces of furniture. While
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4000-560: 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 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
4125-456: 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
4250-412: The imperial palace . In Java and Bali , a rooftop finial is known as mustaka or kemuncak . In Thailand finials feature on domestic and religious buildings . Hti is a kind of finial found on Burmese Buddhist temples and pagodas . On Buddhist stupas , the layered umbrella (Skt. chhatra ; Pali: chhatta ) tiers have cosmological significance as representing the realms of heavens or
4375-600: 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 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,
4500-642: The New York City Department of Buildings in June 1873. Property on Nassau and Frankfort Streets was taken for the new structure during early 1873. Demolition of the second Tribune building was accomplished in a two-week span in May 1873, and work on the foundation started in early June. The western portion of the new building facing Nassau Street was to be completed first, while the eastern portion on Spruce and Frankfort Streets would be built later, after
4625-808: The New York City Police Museum , the Museum of American Finance , the National Museum of 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
4750-447: The Tribune had signed a contract to sell its Nassau Street building to S. M. Banner and H. E. Mitler, to take effect in May 1923. Retired merchant Victor Welchman, along with his partner Alvin S. Harte, leased the building for 21 years in 1922, at an aggregate net rental of $ 5 million. Among the other tenants in the building at the time were a writers' and artists' syndicate, paper stock corporations, attorneys, and advertisers. Before
4875-517: The World , referred to the building as "a glaring collocation of red and white and black, which time can never mellow". Alfred J. Bloor, a contemporary of Hunt's, described the color contrast of the facade as "too violent" and the general form as "extravagant" because of the bend in the main Nassau Street elevation. The mansard roof of the original building was also seen as overly large compared to
5000-570: 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 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
5125-494: The "Rookery", was then functionally outdated and too small for the Tribune 's operations. Concurrently with Greeley's presidential campaign, the Tribune was looking to build a new headquarters at its site. Greeley died less than a month after his election defeat in November 1872, but plans for the new building proceeded under Tribune chief editor Whitelaw Reid , who pushed for a spacious, fireproof headquarters. There
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5250-411: 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
5375-478: 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
5500-561: 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
5625-537: The 20th century, these finials have been replaced by "bulbous domes". Other terms for roof finials include: Tunjuk Langit and Buah Buton ( East Coast ) as well as Buah Gutung ( Kelantan and Terengganu ). The Makhota Atap Masjid finials are made of mixed concrete, and the Buah Buton are made of wood. In Japanese architecture , chigi are finials that were used atop Shinto shrines in Ise and Izumo and
5750-562: 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 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
5875-418: 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
6000-610: 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
6125-652: 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
6250-565: 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
6375-519: 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
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#17327761116146500-569: 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 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
6625-519: The September 11, 2001, attacks. The Exchange still occupies the same site. The Exchange 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
6750-473: The Tribune Association announced that the building would be expanded from ten to nineteen stories, to designs by architects D'Oench & Yost and L. Thouyard. The original mansard would be removed to make way for the new stories; in conjunction with the project, the clock tower would be taken down and rebuilt atop the new building, and a 19-story annex would be built on Frankfort Street to match
6875-540: The Tribune Building in 1942 to an investment syndicate who had also bought several other properties on the same block. Ownership passed to another syndicate called the 154 Nassau Corp. three years later, and by 1946, it was under the ownership of Borrock, Steingart & Borrock. By the 1950s, the building was known as the Nassau-Tribune Building, and it was sold in 1956 to an investment syndicate headed by Frederick W. Gehle. The syndicate planned to upgrade
7000-501: The Tribune Building, and in the nearby Kelly , Mills , and Marquand Buildings had already been "engaged, and at very fair figures". This was part of a general increase in demand for space in Lower Manhattan. The Building News wrote in 1883 that the building had cost £200,000 (about $ 25.85 million in 2020) excluding land costs, but that it was earning an annual income of £15,000 (about $ 1.93 million in 2020). This gave
7125-640: 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
7250-566: The Western Union Telegraph Building. The Tribune and Western Union Telegraph Buildings are variously cited as being either the first-ever skyscrapers, or the next major skyscrapers after the Equitable Life Building because of their substantial height increase. The critic Winston Weisman stated that the Tribune Building was intended as a pioneering skyscraper, saying, "The total effect of the design
7375-420: 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
7500-402: 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
7625-531: 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
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#17327761116147750-522: The additional floors. The Tribune would relocate to the first and second stories, and modifications would be made to the elevators and entrance. That October, the Tribune acquired the land on Frankfort Street, including a building housing the New York American . A general contract for the construction was given to D. C. Weeks & Son, who started work in May 1905. The work was completed by 1907. Pace University had its first classrooms in
7875-646: 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
8000-442: The architects D'Oench & Yost and L. Thouyard. The Tribune Building served as the Tribune 's headquarters until 1922, but also housed office tenants, as well as the early classrooms of Pace University . It was demolished in 1966 to make room for Pace's 1 Pace Plaza building, and few remnants of the Tribune Building exist. The New York Tribune Building was at 154 Printing House Square (also known as 154 Nassau Street), at
8125-406: 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
8250-420: 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
8375-466: 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 ,
8500-630: The building a return on investment of 6–7% a year, excluding the space occupied by the Tribune rent-free. The other floors contained commercial tenants including the Homer Lee Bank Note Company, a newspaper called The Morning Journal, and the offices of businessman and inventor Charles A. Cheever . A saloon took space in the cellar, a fact that the rival New York Times made fun of, given Greeley's opposition to drinking. The Tribune Building experienced several fires in its early history, although its fireproof construction limited
8625-422: The building had "vanished almost without a trace, and barely a whimper". The building had a largely negative reception upon its completion; according to architectural writers Sarah Landau and Carl W. Condit , "nobody has ever had much good to say about the architectural features of the building". The Bulletin of Norwich, Connecticut , referred to the structure as a "gorgeous groggery" and The Sun likened
8750-403: The building had 150 rooms available for rent on the basement and the second through eighth stories. The main hallways on each floor contained tile floors and blue-gray marble wainscoting on the walls. Ceiling heights generally decreased at higher stories: the cellar's ceiling was 17.83 feet (5.43 m) high and the first floor had a ceiling of 15.58 feet (4.75 m), but the eighth-floor ceiling
8875-525: The building in July 1966, and Pace took ownership of the site six months later. The Jay Demolition Company was hired to destroy the building. So much dust was created in the destruction process that the Department of Buildings issued the demolition contractor several summonses for pollution; these summonses were challenged by the city's Department of Real Estate, which claimed that the summonses were holding up
9000-471: The building sat across from City Hall and the Civic Center to the west. The New York Tribune Building was originally a ten-story brick and masonry structure designed by Richard Morris Hunt and opened in 1875 as the headquarters of the New-York Tribune . Originally, the building stood 260 feet (79 m) tall, including a clock tower , which made the Tribune Building the second-tallest in New York City , after Trinity Church . Edward E. Raht supervised
9125-429: The building was opened in 1875, the first floor was reached by a flight of nine steps within a vestibule just inside the main entrance. The main entrance vestibule contained a brick ceiling with marble groin vaulted ribs. The first-floor space at the corner of Spruce and Nassau Streets was occupied by the Tribune 's counting room; the space had a marble counter extending the length of the room. As completed in 1882,
9250-493: The building with amenities such as air conditioning. Two years later, William Greenberg and Robert Greene leased the building for 21 years for an aggregate rental price exceeding $ 9 million. In May 1966, Pace University announced that it would demolish the New York Tribune Building to make way for 1 Pace Plaza , as part of a wide-ranging redevelopment of the surrounding area. The city moved to condemn
9375-545: The building, renting out one room upon its establishment in 1906. The expanded building also housed the headquarters of the New York Public Service Commission , which moved to the building in 1907. The commission's main offices were on the 14th floor, and it also had a boiler room on the 3rd floor and an engineering department on the 19th floor and the attic. By 1914, the Tribune was looking to move its headquarters further uptown in Manhattan. At
9500-421: 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
9625-538: 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
9750-432: The clock faces. The main facade's walls ranged from 5.17 to 2.67 feet (1.58 to 0.81 m) thick, and the rear and north walls were between 5 and 3 feet (1.52 and 0.91 m) thick. The southern partition wall of the clock tower had a thickness of 4.67 feet (1.42 m) at the base and 3 feet (0.91 m) at the top. The windows were installed near the outer faces of the exterior walls, and so they were deeply recessed from
9875-465: The clock tower was rebuilt exactly as it had been in the original construction. The flat roof above most of the building was 231 feet (70 m) above the sidewalk, while the clock tower was 273 feet (83 m) above the sidewalk. The finial of the expanded clock tower rose to 335 feet (102 m), and contained a copper weather vane. The foundation piers of the original building and its 1881 addition rested on sand 30 feet (9.1 m) below grade, and
10000-425: The completion of the annex, the building measured 98 feet (30 m) along Spruce Street and 29 feet (8.8 m) along Frankfort Street, while the Nassau Street frontage remained unchanged. A statue of Horace Greeley by John Quincy Adams Ward was unveiled in front of one of the building's ground-floor windows in 1890. According to British magazine The Building News , the structure was originally considered "as
10125-566: The concrete bed was a course of granite slabs measuring 18 inches (460 mm) thick and between 6.5 and 10 feet (2.0 and 3.0 m) wide. The foundation walls themselves were 6.67 feet (2 m) thick and made of fine brick in Portland cement. Immediately above the foundation bed was a cellar, with a vault for printing machinery. The foundation of the 1907 addition on Frankfort Street used steel sheet pilings. The piles weighed 35 pounds per square foot (170 kg/m) and were driven very close to
10250-451: The construction of the original section of the building for Hunt, and was also listed as the architect of an 1882 addition to the building, which was part of Hunt's original plans. The Tribune Building reached its maximum size in 1907, after D'Oench & Yost and L. Thouyard removed the mansard roof, added ten stories to the existing building, and built a 19-story annex in a similar style on Frankfort Street. The expanded structure contained
10375-568: The demolition of the Tribune Building was largely unremarked upon, the Brooklyn Museum 's director at the time Thomas S. Buechner called the demolition "heartbreaking" and that the building had been "a sumptuous Victorian conglomerate in glorious Ruskinian color". Hunt's initial structure has been described as one of three influential early skyscrapers of Lower Manhattan , along with the Equitable Life Building and
10500-540: 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 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
10625-410: The existing leases on the sites had expired. The cornerstone was laid on January 24, 1874. At some point after construction commenced, the building's height was raised from eight to ten stories so that, at 260 feet (79 m), it would surpass the 230-foot-tall (70 m) Western Union Telegraph Building . The New York Sun , which occupied a neighboring building at Nassau and Frankfort Streets, filed
10750-472: The facade into a series of stacked flat-arched arcades . A projecting granite cornice ran above the seventh floor, while the eighth story had granite mullions between each set of windows. The original ninth and tenth floors were enclosed in the mansard roof, with dormer windows . The tenth floor was an attic, no more than 7 feet (2.1 m) tall, and housed the original ventilation equipment, elevator machinery, and water tanks. The original clock tower had
10875-406: The first and second floor spaces were converted into a small movie theater in 1935. The work involved cutting away part of the second floor, and during the conversion, the building's seventeen upper floors were supported on hydraulic jacks until new trusses for the theater were installed. Another part of the basement, first floor, and second floor became a restaurant in 1936. Museum Estates Inc. sold
11000-401: The first to construct early skyscrapers for their headquarters. Meanwhile, printing was centered around Beekman Street, one block south of the Tribune Building. The Tribune was founded in 1841 by Horace Greeley . Before the Tribune Building's construction, the site at Spruce and Nassau Streets had housed two earlier buildings that were also occupied by the Tribune . The first such building
11125-535: 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 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
11250-474: 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
11375-626: The inside, especially at the lower stories. The upper ten stories contained a steel skeleton frame, as did the 1907 addition along Frankfort Street. The masonry construction of the original building was deemed to be strong enough to support the steel skeleton of the extra floors. The interior was designed to be fireproof and contained iron floor beams that generally spaced 6 feet (1.8 m) apart. Flat arches, made of hollow concrete blocks, were placed between each set of beams, molded into angled blocks to resemble voussoirs . The vertical supports were made of masonry and brick, rather than of iron, because of
11500-594: 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
11625-655: The north, with a depth of 167 feet (51 m) between Frankfort and Spruce Streets. The Tribune site was formerly three separate land lots , which were combined into one lot under Tribune ownership. The New York World Building , headquarters for the New York World , was located one block north. Adjoining the building to the south was the New York Times Building and the American Tract Society Building . In addition,
11750-416: The northeast corner of Nassau and Spruce Streets in the Financial District of Manhattan . The site was L-shaped, with an arm on Spruce Street running east from Nassau Street and then northward to Frankfort Street. When completed, it had frontage of about 90 feet (27 m) on Nassau Street to the west, about 98 feet (30 m) on Spruce Street to the south, and 86 feet (26 m) on Frankfort Street to
11875-414: 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
12000-439: The original foundation walls, with the tops of the piles carried to 1 foot (0.30 m) above the bottoms of the old footings. The original building's exterior walls were load-bearing , and were comparatively thick at the base, tapering at a rate of 4 inches (100 mm) for every subsequent floor above ground level. The clock tower's walls measured from 6 feet (1.8 m) thick at the base to 3.33 feet (1.01 m) thick below
12125-475: The other stories. The Real Estate Record and Guide wrote, "A beautiful example of [the mansard's] needless introduction is the new Tribune Building, where the roof is just this extra story too deep." There were some positive reviews of the design. Bloor stated that, despite the contrast of the facade and the proportions, the Tribune Building was otherwise "one of the most graceful examples extant … by which Neo-Grec lines are infused with Gothic sentiment". Although
12250-524: The owner of the Sun , arranged to buy the Tribune Building in late 1925. After Munsey's death that year, the Frank A. Munsey Company completed the purchase in May 1926, with the intent of holding the property as an investment. The Munsey Company passed the building and several others on the same block to Museum Estates Inc., a company representing the Metropolitan Museum of Art , in 1928. Part of
12375-417: The perceived fire risk of iron columns. The floors were covered in tile, while the interior partition walls were made of tile or plaster. The staircases were made of cast iron and had stone treads. Wood was only used as a decorative element in offices, a step perceived at the time to eliminate fire risk. These structural features were also included in the 1882 extension of the building to Frankfort Street. When
12500-496: 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
12625-428: 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
12750-528: The purpose of finials on bed posts is mostly decorative, they serve a purpose on curtain rods, providing a way to keep a curtain from slipping off the end of a straight rod. Curtain rod finials can be seen to act much like a barometer of public taste. Many designs hark back to the Gothic and Neogothic of architectural finials, while other contemporary finials reflect minimalist , Art Nouveau , and other traditional styles of decor. The use of different materials
12875-477: The remainder of the Spruce Street frontage was occupied by the Tribune 's printing house at the time. The original floor layout with 376.5 square feet (34.98 m) per floor, was small enough that all of the offices could be lit directly by the windows, and the thick masonry walls took up half the first floor area. At the beginning, the editorial rooms were on the eighth floor while the composing room
13000-569: The sale of the building was to take effect, Welchman and Harte sued Banner and Mitler's company, the Akul Building Corporation, alleging that Akul had fraudulently misrepresented the building's worth. Akul thus refused to pay the balance of the purchase price to the Tribune , and the sale was canceled, with the paper continuing to hold the property. The Tribune itself moved uptown to 40th Street in April 1923. Frank A. Munsey ,
13125-619: The same time, the New York Sun had announced its intention to leave the adjacent building at Nassau and Frankfort Streets, but the Tribune 's offer for the Sun building was denied. The Greeley statue in front of the building was moved to City Hall Park in 1916. The Tribune was looking to build a new headquarters by the early 1920s, buying two plots on 40th Street in Midtown Manhattan in December 1921. At that time,
13250-413: The second bay from south was two windows wide, projected approximately 3 feet (0.91 m), and contained a campanile -like clock tower measuring 17 feet (5.2 m) square. Additionally, because of the shape of the site, the Nassau Street elevation was bent slightly outward: the two northern bays of that elevation, north of the clock tower, were oriented further northwest than the two southern bays. There
13375-477: The site of two previous Tribune buildings, was announced in 1873 and completed in 1875 to designs by Richard Morris Hunt . It was a ten-story building when it opened, making it the second-tallest building in New York . Hunt's original design was not completed until 1882, when the building was extended to cover a larger lot area. Between 1905 and 1907, the mansard roof was removed and ten more floors were added by
13500-407: The site's redevelopment. The Tribune Building site was a "block of rubble" by the time construction on 1 Pace Plaza commenced in December 1966. 1 Pace Plaza ultimately opened in 1970. There are few remnants of the Tribune Building's existence. When the Skyscraper Museum was unable to come up with enough artifacts for a 2012 skyscraper exhibition, Christopher Gray of The New York Times wrote that
13625-454: The spread of the fire. The Tribune 's offices were extensively damaged in a fire in 1888, although there was little structural damage to the building. A subsequent fire in the cellar in 1890 caused damage only to two rooms in the basement. At the time, the Tribune reported that two fires had previously taken place there: the 1888 blaze and another fire in 1881. Another fire in the building in 1900 caused some water damage. In August 1903,
13750-590: The steam heating, elevators, plumbing, gas, light, pneumatic-tube, and speaking-tube systems. As originally built, the facade contained projecting piers made of Croton pavers' brick laid in Portland cement , while the inner walls were made of Haverstraw brick laid in Rosendale cement . The piers divided each elevation into bays . There were four bays each on Frankfort, Spruce, and Nassau Streets, and each bay typically had three windows per floor. On Nassau Street,
13875-432: The structure to a sugar refinery. A farcical 1879 New York Times piece began with the jest that the "mystery of the Tribune building has long baffled the investigations of our most learned archæologists" and proceeded to concoct a series of imaginary histories for the structure, which the article deems "a noble monument of mortgages raised over the property of the Tribune stockholders." Montgomery Schuyler , writing for
14000-439: 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
14125-424: The top, end, or corner of a building or structure. A finial is typically carved in stone. Where there are several such elements they may be called pinnacles . The very top of a finial can be a floral or foliated element called a bouquet. Smaller finials in materials such as metal or wood are used as a decorative ornament on the tops or ends of poles or rods such as tent-poles or curtain rods or any object such as
14250-461: The trunk of a cosmic tree. Even the stupa itself (comparatively smaller) can be a finial to a Stupa or other Buddhist religious structure . The kalasha is a finial on Hindu temples . In the Dravidian style of temple architecture , the kalasha is placed on top of a dome with an inverted lotus flower shape in between. There may also be lotus petals at the top, before the kalasha narrows to
14375-404: The two original elevators on Nassau Street were removed and made into a light court. The steps at the entrance vestibule were removed to provide a direct connection to the eight new elevators. Four of the eight new elevators served all the stories; three connected the lobby with the eleventh through nineteenth stories; and the last elevator ran only to the twelfth floor. The Frankfort Street elevator
14500-436: The underlying bedrock layer was 86.5 feet (26.4 m). The foundation walls rested on a concrete bed 10 feet (3.0 m) wide by 18 inches (460 mm) thick, located 25 feet (7.6 m) below grade. The concrete bed was made of a mixture of cement, sand, gravel, and stone; it was a relatively new method of foundation engineering in the city at the time, as it was both quick to harden and extremely solid once hardened. Above
14625-431: Was 12 feet (3.7 m) high. The original ninth story under the mansard roof, with a ceiling of 23 feet (7.0 m), had the editorial, composing, proof, and stereotype rooms of the Tribune. Three elevators were provided in the original design. Two on Nassau Street were included in the initial section that opened in 1875, and the other was added as part of the 1882 expansion to Frankfort Street. A pneumatic tube system
14750-566: Was a bulletin board on the Nassau Street elevation, which would display major headlines to crowds in City Hall Park. The raised basement and the first story were clad with granite blocks. The main entrance at Nassau Street, at the base of the clock tower, was flanked by large polished Quincy granite columns. Bold string courses wrapped above the first and second floors. The second through eighth stories, as built, were composed mostly of Baltimore front brick in black mortar; granite trimming
14875-444: Was also installed so that documents could be shipped between floors, and radiators were installed in each room. In the 1907 expansion, the Tribune 's facilities were moved to the first and second floors, to be closer to the pressrooms in the basement. The first-floor counting room was largely unchanged. On the upper floors, there were 535 rooms made available for rent. Two staircases and eight hydraulic elevators were added, while
15000-586: Was destroyed by fire in February 1845 and a new five-story brick structure was completed at the same location three months later. An annex on Spruce Street, measuring 50 feet (15 m) square, was built in 1857. By the early 1870s, the Tribune had become nationally known, and Greeley was running in the 1872 United States presidential election as the Liberal Republican and Democratic parties' nominee. The five-story headquarters, by then known as
15125-462: Was located in the neighborhood until the September 11, 2001, attacks ; the neighborhood includes the successor One World Trade Center . The heart of 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
15250-661: 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 ,
15375-406: Was on the ninth floor. A Philadelphia newspaper stated, "There isn't an editor-in-chief in the city as well housed as the humblest reporter on The Tribune ." Work on an annex to the building, extending to Frankfort Street, started on July 12, 1881, and was completed in 1882. The Frankfort Street addition had been part of Hunt's original plans, though Raht was listed as the architect in charge. After
15500-711: Was retained as a freight elevator. Starting in the early 19th century and continuing through the 1920s, the surrounding area grew into the city's "Newspaper Row". Several newspaper headquarters were built on Park Row just west of Nassau Street, including the Potter Building , the Park Row Building , the New York Times Building, and the New York World Building. The New-York Tribune and other newspapers would be among
15625-421: Was used around windows, cornices, and towers. The facade also contained geometrical designs in white, black, and red brick. The second through fourth floors, and the fifth through seventh floors, were each treated as a single group, with string courses above the fourth and seventh stories. The fourth story was topped by flat arches and the seventh story was encircled by smaller polished granite columns. These divided
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