1 Wall Street (also known as the Irving Trust Company Building, the Bank of New York Building, and the BNY Mellon Building) is a skyscraper in the
Financial District of
Lower Manhattan
Lower Manhattan (also known as Downtown Manhattan or Downtown New York) is the southernmost part of Manhattan, the central borough for business, culture, and government in New York City, which is the most populated city in the United States with ...
, New York City, on the eastern side of
Broadway between
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
and
Exchange Place. 1 Wall Street, designed in the
Art Deco
Art Deco, short for the French ''Arts Décoratifs'', and sometimes just called Deco, is a style of visual arts, architecture, and product design, that first appeared in France in the 1910s (just before World War I), and flourished in the Unit ...
style, is tall and consists of two sections. The original 50-story building was designed by
Ralph Thomas Walker of the firm
Voorhees, Gmelin and Walker Voorhees, Gmelin and Walker was a prestigious New York architectural firm.
The firm had an illustrious heritage, the parent company being founded in New York City by Cyrus L.W. Eidlitz in 1885. In 1900 he added partner Andrew C. McKenzie and when ...
and constructed between 1929 and 1931, while a 36-story annex to the south was designed by successor firm
Voorhees, Walker Smith Smith & Haines and built from 1963 to 1965.
The
facade, made of
limestone
Limestone ( calcium carbonate ) is a type of carbonate sedimentary rock which is the main source of the material lime. It is composed mostly of the minerals calcite and aragonite, which are different crystal forms of . Limestone forms wh ...
, contains slight inwardly-curved
bays with
fluting to resemble curtains. On the lower stories are narrow windows with
mullion
A mullion is a vertical element that forms a division between units of a window or screen, or is used decoratively. It is also often used as a division between double doors. When dividing adjacent window units its primary purpose is a rigid sup ...
s, as well as ornate entrances. The
massing of 1 Wall Street incorporates numerous small
setbacks, and the top of the original building consists of a freestanding tower. The corners of the original building consist of
chamfers, while the top of the tower has fluted windowless bays. The facade of the annex is designed in a style evocative of the original structure. Inside is an ornate main lobby with colored mosaics.
1 Wall Street had been constructed for
Irving Trust, one of the larger banks in New York City in the early 20th century. At the time of its construction, the building occupied what was then considered one of the most valuable plots in the city. The building replaced three previous structures, including the
Manhattan Life Insurance Building, once the world's tallest building. After Irving Trust was acquired by
The Bank of New York Mellon (BNY Mellon) in 1988, 1 Wall Street subsequently served as BNY Mellon's global headquarters through 2015. After the building was purchased by
Harry Macklowe, it has been undergoing a renovation since 2018, which is converting the interior to residential use with some commercial space.
The building is regarded as one of New York City's
Art Deco landmarks, despite initially remaining ignored in favor of such buildings as the
Empire State Building
The Empire State Building is a 102-story Art Deco skyscraper in Midtown Manhattan, New York City. The building was designed by Shreve, Lamb & Harmon and built from 1930 to 1931. Its name is derived from " Empire State", the nickname of the ...
and the
Chrysler Building
The Chrysler Building is an Art Deco skyscraper on the East Side of Manhattan in New York City, at the intersection of 42nd Street and Lexington Avenue in Midtown Manhattan. At , it is the tallest brick building in the world with a steel f ...
. The
New York City Landmarks Preservation Commission
The New York City Landmarks Preservation Commission (LPC) is the New York City agency charged with administering the city's Landmarks Preservation Law. The LPC is responsible for protecting New York City's architecturally, historically, and cu ...
designated the original portion of the building as a city landmark in 2001. It is also a contributing property to the
Wall Street Historic District, a
National Register of Historic Places
The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artist ...
district created in 2007.
Site
1 Wall Street occupies the entire block in the
Financial District of
Lower Manhattan
Lower Manhattan (also known as Downtown Manhattan or Downtown New York) is the southernmost part of Manhattan, the central borough for business, culture, and government in New York City, which is the most populated city in the United States with ...
, bounded by
Broadway to the west,
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
to the north, New Street to the east, and
Exchange Place to the south. 1 Wall Street is adjacent to the
Adams Express Building
The Adams Express Building is an office building at 61 Broadway in the Financial District of Manhattan, New York City. The building's primary frontage is on 57-61 Broadway, with additional frontage along 33–41 Trinity Place. Architect Francis ...
,
65 Broadway
65 Broadway, formerly the American Express Building, is a building on Broadway between Morris and Rector Streets in the Financial District of Manhattan in New York City. The 21-story concrete and steel-frame structure, an office building, was d ...
, the
Empire Building,
Trinity Church, and Trinity Church's churchyard to the west; the
American Surety Company Building
The American Surety Building (also known as the Bank of Tokyo Building or 100 Broadway) is an office building and early skyscraper at Pine Street and Broadway in the Financial District of Manhattan in New York City, across from Trinity Church. ...
to the north;
14 Wall Street
Fourteen or 14 may refer to:
* 14 (number), the natural number following 13 and preceding 15
* one of the years 14 BC, AD 14, 1914, 2014
Music
* 14th (band), a British electronic music duo
* ''14'' (David Garrett album), 2013
*''14'', an unre ...
to the northeast; the
New York Stock Exchange Building to the east; and
52 Broadway
52 Broadway, formerly known as the Exchange Court Building or Chemical Bank Building, is a high-rise building on Broadway and Exchange Place in the Financial District of Lower Manhattan, New York City. The building was originally built with 12 ...
to the south.
Entrances to the
New York City Subway's
Wall Street station, served by the , are adjacent to the building.
Because of the
curves in the facade, the original structure does not completely occupy its full
land lot; instead, is used as a sidewalk. At the
chamfered corners of the building, the facade is recessed by up to from the lot line. Consequently, when 1 Wall Street was built, its main occupant
Irving Trust embedded small metal plaques to delineate the boundaries of its lot.
Under municipal law, any private land that was adjacent to public property (but not clearly marked as such) would eventually revert to the
government of New York City
The government of New York City, headquartered at New York City Hall in Lower Manhattan, is organized under the New York City Charter and provides for a mayor-council system. The mayor is elected to a four-year term and is responsible for the a ...
. The presence of the plaques was meant to preclude such a seizure.
Architecture
The original building was designed by
Ralph Walker of the
Voorhees, Gmelin and Walker Voorhees, Gmelin and Walker was a prestigious New York architectural firm.
The firm had an illustrious heritage, the parent company being founded in New York City by Cyrus L.W. Eidlitz in 1885. In 1900 he added partner Andrew C. McKenzie and when ...
in the
Art Deco
Art Deco, short for the French ''Arts Décoratifs'', and sometimes just called Deco, is a style of visual arts, architecture, and product design, that first appeared in France in the 1910s (just before World War I), and flourished in the Unit ...
style. The annex was designed by Voorhees, Gmelin and Walker's successor firm
Voorhees, Walker Smith Smith & Haines.
The original building reaches 50 stories and stands tall.
The southern annex was originally 28 stories tall with a height of about , but, starting in 2019, it was expanded to 36 stories
with a height of about .
Dormer structures of up to two stories are located on the tops of both sections.
The writer Anthony W. Robins characterized 1 Wall Street as being "Gothic Modern—a skyscraper reflection of Trinity Church".
Walker had designed other Art Deco buildings in the New York City area, mainly telecommunications structures. These included the
Verizon Building (1927),
New Jersey Bell Headquarters Building (1929),
60 Hudson Street (1930), and
32 Avenue of the Americas (1932), as well as telephone buildings in
Upstate New York
Upstate New York is a geographic region consisting of the area of New York State that lies north and northwest of the New York City metropolitan area. Although the precise boundary is debated, Upstate New York excludes New York City and Long ...
.
Form and facade
![48-wall-street2](https://upload.wikimedia.org/wikipedia/commons/4/42/48-wall-street2.jpg)
1 Wall Street's facade is made primarily of limestone.
This contrasts with the brick facades of Walker's telecommunications buildings, the use of which was likely influenced by Dutch and
German Expressionism
German Expressionism () consisted of several related creative movements in Germany before the First World War that reached a peak in Berlin during the 1920s. These developments were part of a larger Expressionist movement in north and central ...
.
In addition, at the time of 1 Wall Street's construction, limestone was a relatively expensive material and was rarely used for a building's entire facade, with cheaper brick being used instead.
1 Wall Street also contains numerous
setbacks on its exterior. Though setbacks in New York City skyscrapers were mandated by the
1916 Zoning Resolution in order to allow light and air to reach the streets below,
they later became a defining feature of the Art Deco style.
Original building
The original 1931 building is on the northern portion of the site. The first twenty stories occupy almost the entire site.
The building contains a series of small setbacks starting at the 21st story
and continuing until the 35th story, above which a slender tower rises.
The southern portion of the original building rises as high as a
dormer on the 37th floor, though the 36th floor is the highest story that also connects to the annex.
The original structure measures on Broadway by on Wall Street.
The tower stories, from the 37th to the 48th floors, measure each.
The top two stories constituted an executive penthouse.
The facade contains several decorative elements that make it appear as an "organic" design, rather than a machine-produced design.
The facade has indented vertical bays with
fluting that are arranged like curtains,
although it could also resemble a cliff-like natural shape from different angles.
Walker said the building would "have 200 thousand people looking at it from all sides" in a single year, including workers and pedestrians; he wanted them to have "mental relief and pleasure" when looking at the building.
Walker also stated that in 1 Wall Street's design, he "tried to superimpose one rhythm upon a basic rhythm" and, as such, he treated the facade as a series of "rhythmic motifs" in different sizes.
Each of the bays is separated by curved, projecting piers that proceed to the top of the setback.
Several piers also contain vertical incisions for emphasis.
The windows of the original building contained custom curved frames to fit into the facade.
The base of the original building is composed of the lowest three stories. The section of the base along Wall Street is eight bays wide, with a double-width entrance in the middle of the Wall Street facade, which is reached by a short flight of stairs and leads to the main lobby.
The entryway is framed by a jagged portal.
The sections of the base on Broadway and New Street are seventeen bays wide.
On the New Street elevation, the name "Voorhees, Gmelin & Walker" is printed in cursive script.
There is an exposed granite basement on New Street with a service entrance.
On the upper floors, each of the bays has a single
sash window
A sash window or hung sash window is made of one or more movable panels, or "sashes". The individual sashes are traditionally paned windows, but can now contain an individual sheet (or sheets, in the case of double glazing) of glass.
History
...
on each floor. The northwestern and northeastern corners of the building both contain chamfers.
Annex
The southern annex, completed in 1965, is also mostly made of limestone.
On the New Street side, there are setbacks above the 5th and 10th floors; the building then rises as a slender slab with setbacks on the 29th, 34th, and 35th floors.
Along Broadway, the facade of the annex was originally recessed behind that of the original building by two
bays.
In 2018, an entrance to the retail space was constructed in front of the annex;
the entrance is clad with glass.
The entrance structure ranges between one and seven stories high. The facade of the 2018 addition projects forward to the facade of the original structure.
Five stories were also built atop the initial portion of the annex.
In total, according to zoning documents, the annex measures on Broadway and on Exchange Place.
Features
The building contains 10 elevators as of 2019,
compared with 43 elevators and 14 escalators prior to the residential conversion.
When built, 1 Wall Street contained 29 elevators,
some of which were near the building's exterior walls.
Irving Trust had six private elevators,
while the rest of the building contained three groups of elevators, serving the lower, intermediate, or upper floors.
Because the New Street side of the building was lower than the Broadway side,
engineers configured the original elevator shafts so that
double-deck elevators could be installed if necessary.
These double-deck elevators were never built.
At its completion 1 Wall Street was the first office structure in Lower Manhattan to use
alternating current
Alternating current (AC) is an electric current which periodically reverses direction and changes its magnitude continuously with time in contrast to direct current (DC) which flows only in one direction. Alternating current is the form in which ...
for electric power. It contained a network of pneumatic tubes for sending documents between floors.
There is of interior space,
of which the original building had of floor space.
The original building's first through 21st stories each contained .
There are also five basement levels under the original structure, three of which were below sea level.
A corridor inside 1 Wall Street's basement, stretching between Broadway and New Street, provided access to the northbound platform of the Wall Street station, but it was converted to a communications room by 2000. Upon the building's opening,
Irving Trust occupied the basements, lowest ten floors, and uppermost three floors of 1 Wall Street.
Following its 2018–2021 conversion, 1 Wall Street contained of residential space and of commercial space.
Lobby
At ground level is the Red Room, a large space with a ceiling stretching
or high.
It was designed as the reception room, rather than a banking room,
and was accessed primarily from Wall Street.
The Red Room measures long, stretching the entire distance between the western and eastern facades, and wide.
The floor was made of red
terrazzo
Terrazzo is a composite material, poured in place or precast, which is used for floor and wall treatments. It consists of chips of marble, quartz, granite, glass, or other suitable material, poured with a cementitious binder (for chemical bind ...
tiles.
Walker and his associate Perry Coke Smith personally supervised the creation of the floor tiles in Berlin.
The walls and ceilings are decorated with of mosaics designed by
Hildreth Meiere and manufactured by the
Ravenna Mosaic Company in
Long Island City
Long Island City (LIC) is a residential and commercial neighborhood on the extreme western tip of Queens, a borough in New York City. It is bordered by Astoria to the north; the East River to the west; New Calvary Cemetery in Sunnyside to th ...
and in Berlin.
The color scheme of the mosaic ranges from red-on-blue on the walls to gold-on-black on the ceiling.
The mosaic gradually becomes lighter near the ceiling, thus drawing visitors' attention toward the ceiling. The mosaic also contains abstract gold patterns.
The remainder of the walls are made of Pyrenees black marble, and the columns are made of Verona red marble; a similar design was used in the
Stockholm City Hall.
The ceiling had an allegorical painting measuring , depicting the influence of wealth on the creation of beauty. Meiere and
Kimon Nicolaïdes designed the painting.
When the annex was built, the expanded lobby floor was clad in
travertine
Travertine ( ) is a form of terrestrial limestone deposited around mineral springs, especially hot springs. It often has a fibrous or concentric appearance and exists in white, tan, cream-colored, and even rusty varieties. It is formed by a pro ...
, and the original lobby's ceiling was covered with a
dropped ceiling
A dropped ceiling is a secondary ceiling, hung below the main (structural) ceiling. It may also be referred to as a drop ceiling, T-bar ceiling, false ceiling, suspended ceiling, grid ceiling, drop in ceiling, drop out ceiling, or ceiling til ...
.
The entrances on Broadway and New Street led to a separate hallway with walls made of Pyrenees black marble.
Upper floors
The second floor originally contained Irving Trust's Wall Street office, which served businesses in the Financial District, while the third floor was for the bank's corporate and personal trust divisions. The fifth floor contained the bank's executive offices, wainscoted with wood from around the world. The sixth floor accommodated the out-of-town and foreign divisions, and it also contained a telephone room for long-distance calls.
Irving Trust's dining room was on the 46th floor. The directors' room, on the 47th floor, contained wooden wainscoting, as well as directors' chairs arranged in a semicircle.
The stories above it had dining spaces and a three-story observation lounge; these spaces contained Art Deco furnishings.
The executive lounge, at the 49th story, had a ceiling made of gold-leaf seashells.
The executive lounge had four full-height windows that faced each of the cardinal directions, as well as walls covered with multicolored patterned fabrics.
The walls were also decorated with depictions of Native American war bonnets.
The other floors, except the lowest ten above-ground floors, were rented out to commercial concerns.
After 1 Wall Street's residential conversion, there are 566
condominium
A condominium (or condo for short) is an ownership structure whereby a building is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. The term can be applied to the building or complex ...
apartments, 47 of which have private decks. Of the total units, 304 are
studios and one-bedroom units.
There are also amenities such as a indoor swimming pool, 39th-floor observation deck, library, golf simulator, dog spa, and playroom.
These amenities are mostly clustered in the annex.
The upper three floors were converted into a three-story
penthouse apartment
A penthouse is an apartment or unit on the highest floor of an apartment building, condominium, hotel or tower. Penthouses are typically differentiated from other apartments by luxury features. The term 'penthouse' originally referred, and som ...
with , four bedrooms and four bathrooms, as well as a private library and chef's kitchen.
Vault
Irving Trust's
bank vault, weighing ,
was located below ground level. At the time of the building's 1931 completion, the vault was the second-largest in the city and third-largest in the world, behind those of the
Federal Reserve Bank of New York Building
The Federal Reserve Bank of New York Building, also known as 33 Liberty Street, is a building in the Financial District of Lower Manhattan in New York City, which serves as the headquarters of the Federal Reserve Bank of New York. The building ...
and the
Bank of England.
The vault was encased on three sides by a wall composed of iron, steel, and concrete;
the fourth side was composed of of concrete and a thick layer of metal.
The vault had three stories, of which the top level was used by safe-deposit customers, and the lower floors stored Irving Trust's own fortunes.
Each story had of space.
There were six vault doors, each measuring thick.
The two main doors on the upper level, and one door on each of the other levels, weighed each.
A tank of water, as well as modern chemical, electrical, and mechanical features, were used to prevent potential break-ins.
History
Previous structures
Northern portion
Since the settlement of
New Amsterdam
New Amsterdam ( nl, Nieuw Amsterdam, or ) was a 17th-century Dutch settlement established at the southern tip of Manhattan Island that served as the seat of the colonial government in New Netherland. The initial trading ''factory'' gave rise ...
in the 17th century, only three buildings on the northern portion of the current skyscraper's site had carried the address 1 Wall Street. The first was a 17th-century stone house, and the second was built in the 19th century. The third such structure was an 18-story office building built in 1907 and designed by
St. Louis-based firm
Barnett, Haynes & Barnett. The structure was known as the "Chimney Building"
or the "'chimney corner' building",
and its footprint measured only .
The Chimney Building was developed by a syndicate from St. Louis, headed by Festus Wade of the St. Louis Mercantile Trust Company.
In mid-1905, the company paid $700,000 for the plot, or an average of . The next year, the syndicate announced that it would start erecting an 18-story structure at 1 Wall Street. The Chimney Building was completed in 1907,
and for years afterward, its site was regarded as the world's most valuable.
Adjoining the Chimney Building were five other structures: a 20-story building at 74 Broadway, the 15-story Union Trust Building at 80 Broadway, and three other buildings of between 10 and 12 stories. The oldest of these was the Union Trust Building, which was erected in 1889 and had masonry walls because engineers of the time did not know how much steel the building required. One of the twelve-story structures surrounded the Chimney Building, and in 1926, this structure and the Chimney Building were sold to a syndicate of bankers.
The writer
Washington Irving
Washington Irving (April 3, 1783 – November 28, 1859) was an American short-story writer, essayist, biographer, historian, and diplomat of the early 19th century. He is best known for his short stories " Rip Van Winkle" (1819) and " The Lege ...
, the namesake of the Irving Trust Company, had occupied a house at 3 Wall Street several years before the building's development.
Southern portion
The southern half of the block contained two structures: the
Manhattan Life Insurance Building on the north and the Knickerbocker Trust Company Building to the south. The 18-story Manhattan Life Building, completed in 1894, was located in the middle of the block at 64 Broadway. The Manhattan Life Building was slightly extended north in 1904 to encompass all lots between 64 and 70 Broadway.
The
Knickerbocker Trust Company bought the land immediately south of the Manhattan Life Building in early 1906,
and finalized building plans the next year. The 22-story Knickerbocker Trust building at 60 Broadway was completed in 1909
and contained a ground-floor banking room, a private penthouse restaurant, and eight elevators.
There was a space between the Manhattan Life and Knickerbocker Trust buildings.
A strip of land on the northern side of the gap was sold to John E. Schermerhorn in 1912. The Schermerhorn family subsequently built an eight-story structure at 62 Broadway, within the gap.
Planning and construction
![1 Wall Street](https://upload.wikimedia.org/wikipedia/commons/d/d6/1_Wall_Street.jpg)
The idea for the current skyscraper was attributed to Irving Trust president Harry Ward. Irving Trust, founded in 1851, had merged with numerous other banks in preceding years,
and had outgrown its offices in 60 Broadway, the
Equitable Building, and the
Woolworth Building
The Woolworth Building is an early skyscraper, early American skyscraper designed by architect Cass Gilbert located at 233 Broadway (Manhattan), Broadway in the Tribeca neighborhood of Manhattan in New York City. It was the tallest building in ...
.
At the time of the proposal, the bank was known as American Exchange Irving Trust, having merged in 1926 with the American Exchange-Pacific National Bank. During the mid- and late 1920s, many Art Deco office buildings were constructed in New York City, peaking around 1929 and 1930.
Additionally, banks in Manhattan were clustering around Wall Street, and the corner of Broadway and Wall Street was seen as a valuable location.
Planning
By April 1928, the Central Union Trust Company controlled the buildings from 64 to 80 Broadway, and reportedly planned to build a 36-story structure at the site of the Chimney Building. The following month, American Exchange Irving Trust bought the Chimney Building along with three adjacent structures at 7 Wall Street, and 74 and 80 Broadway, in exchange for $5.5 million in cash and a $9 million
mortgage.
The transaction cost approximately .
Following the sale, the Central Union Trust Company moved to the Manhattan Life Building
and modified the structures at 60, 62, and 70 Broadway.
Immediately after the purchase, Irving Trust announced it would erect an office building on the site.
This announcement occurred amid an increase in the number of large banks in New York City.
The company's board of directors founded a sub-committee for construction oversight, and several Irving Trust employees formed the One Wall Street Unit to coordinate logistical planning for the new skyscraper. Thirty-five potential architects were identified and interviewed extensively.
Ultimately, in June 1928, Voorhees, Gmelin and Walker were hired to design the structure, and
Marc Eidlitz was hired as builder.
Voorhees, Gmelin and Walker filed plans with the Manhattan Bureau of Buildings the next month.
The initial plans, known as Scheme B1,
called for a 46- or 52-story building
on a plot of .
The plans called for two banking rooms at ground level.
An August 1928 memorandum between the architects and Irving Trust prompted several changes to the plans. Among those were separate elevators for bank employees and rental tenants; the removal of retail spaces and luncheon clubs; and the addition of a common reception lobby.
In October 1928, local newspapers reported that Irving Trust had accepted "final plans" for a 44-story building rising .
This design resembled the current structure, with setbacks and a curving facade.
The actual final plans, filed in June 1929, provided for a 50-story structure.
The 1929 plans were released after Irving Trust applied for, and received, a zoning variance that allowed the base's first setback to be higher than would normally be allowed. The variance also allowed for a shallower setback, and the tower was allowed to cover more than 25 percent of the lot, the maximum lot coverage ratio typically allowed under the 1916 Zoning Resolution.
Construction and opening
Construction on the site of 1 Wall Street began in May 1929
with the demolition of the four buildings on the northern portion of the site.
Several engineering professors from
Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manha ...
were hired as consultants for the demolition process.
Excavations began in July 1930,
and work on the building itself began that August.
The ceremonial cornerstone was laid on January 15, 1930.
During the construction process, nearby structures such as Trinity Church were shored up.
In March 1930, Irving Trust signed an agreement with the
Interborough Rapid Transit Company
The Interborough Rapid Transit Company (IRT) was the private operator of New York City's original underground subway line that opened in 1904, as well as earlier elevated railways and additional rapid transit lines in New York City. The IRT ...
, at the time one of the operators of the city's subway system, to build three new entrances to the Wall Street station on Broadway and another entrance in 1 Wall Street's basement.
The frame involved the installation of 250,000 rivets and was completed within five months of the
groundbreaking
Groundbreaking, also known as cutting, sod-cutting, turning the first sod, or a sod-turning ceremony, is a traditional ceremony in many cultures that celebrates the first day of construction for a building or other project. Such ceremonies are o ...
without any serious incidents. When the steel frame
topped out on May 12, 1930, workers hoisted an evergreen tree to the top of the frame. While the workers were securing the final rivets, a hot steel rivet fell from the building's top and hit a truck below, narrowly missing the truck driver's head and causing a small fire on the street. The exterior was completed by August 1930.
Several hundred boxcars were used to transport the building's
Indiana Limestone
Indiana limestone — also known as Bedford limestone in the building trade — has long been an economically important building material, particularly for monumental public structures. Indiana limestone is a more common term for Salem Limestone ...
to New York City; according to railroad workers, it was the largest-ever such order.
Before being used in the building, the limestone blocks went to a workshop in Long Island City, where they were carved to meet the building's specifications.
Irving Trust use
By December 1930, Irving Trust announced that 80 percent of the space had been leased in the nearly-completed building.
Tenants started moving into 1 Wall Street by mid-March 1931, before its formal opening. Among the tenants were several members of the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...
and
Curb Exchange
In finance, curb trading is the trading of securities outside the mainstream stock exchange, either because the company operating the exchange has very strict listing requirements (cf: alternative stock exchange) or because investors are so inter ...
. The Irving Trust Company moved into the building on March 23, 1931. Two hundred guards armed with machine guns moved the bank's $8 billion holdings from its former location at the Woolworth Building.
The same day, 1 Wall Street opened to public use, with thousands of visitors.
By that time, the building was 90 percent occupied.
Shortly afterward, the Fiduciary Trust Company of New York also moved its banking quarters to the 30th floor, making that space the highest banking quarters in New York City.
In a 1938 incident, an electrical transformer on the 21st-story setback blew up; though the windows were shaken, nobody was injured.
An air-conditioning system was installed at 1 Wall Street in 1953.
The original building soon became too small to accommodate the operations of Irving Trust and its tenants. Accordingly, in 1961, Irving Trust purchased from
Hanover Bank the three buildings at 60, 62, and 70 Broadway, thereby giving Irving Trust control of the entire block between Broadway, Wall Street, New Street, and Exchange Place. The company initially anticipated that the annex would cost $25 million. Voorhees, Walker Smith Smith & Haines were hired to design the annex,
while
Turner Construction was hired as the main contractor.
By mid-1963, the site had been cleared;
in preparation of the work, Irving Trust took a
sublease at
2 Broadway
2 Broadway is an office building at the south end of Broadway, near Bowling Green Park, in the Financial District of Manhattan in New York City. The 32-story building, designed by Emery Roth & Sons and constructed from 1958 to 1959, contains o ...
. To finance construction, Irving Trust sold the building to a subsidiary, which then sold $30 million of
secured notes to investors. Renovations also took place in the original building; tenants continued to use 1 Wall Street during construction, but the vault in the basement was emptied. A refrigeration plant was installed on the annex's roof to provide air-conditioning to both buildings, and cooling machinery was also installed in the basement.
The project was finished by late 1965.
![Bank of New York Building (One Wall Street) (7237042502)](https://upload.wikimedia.org/wikipedia/commons/1/1f/Bank_of_New_York_Building_%28One_Wall_Street%29_%287237042502%29.jpg)
By 1980, Irving Trust had decided to relocate its operations center to another building near the
World Trade Center.
Between 1987 and 1988, Irving Trust was negotiating to merge with the
Bank of New York, which at the time was headquartered nearby at
48 Wall Street
48 Wall Street, formerly the Bank of New York & Trust Company Building, is a 32-story, skyscraper on the corner of Wall Street and William Street in the Financial District of Lower Manhattan in New York City. Built in 1927–1929 in the N ...
.
Irving Trust initially rejected buy-out offers from the Bank of New York because the latter had "undervalued" Irving Trust's assets such as 1 Wall Street. By October 1988, with a merger imminent, Irving Trust placed 1 Wall Street for auction; at the time, the building was valued at $250 million. The Bank of New York then acquired Irving Trust in December 1988.
BNY decided to sell its old headquarters at 48 Wall Street
and relocate its headquarters to 1 Wall Street.
BNY Mellon opened a museum on the 10th floor in 1998, which was dedicated to the history of both banks. During the same time, BNY Mellon hired
Hoffmann Architects
Hoffmann Architects, Inc., d/b/a Hoffmann Architects and Engineers, is a private architecture and engineering firm based in New Haven, Connecticut, United States, with offices in New York City and Alexandria, Virginia. Founded in 1977 by Hung ...
to conduct mortar repair and window replacements.
While 1 Wall Street was not damaged following the
September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commerc ...
at the nearby World Trade Center in 2001, BNY Mellon's operations were disrupted, and 1 Wall Street had to be cleaned up.
Sale and conversion
By January 2014, BNY Mellon was looking to sell its headquarters, as it was moving to a location with less space. In May 2014, BNY Mellon sold the building to a joint venture led by
Harry B. Macklowe's Macklowe Properties for $585 million, though BNY Mellon continued to occupy the building until September 2015.
Macklowe added up to of retail space at the base.
He initially planned to make 1 Wall Street a mixed-use residential and office building,
and he planned to rent out 65 percent of the residences.
In early 2017, Macklowe changed these plans so that it would be almost entirely residential
condominium
A condominium (or condo for short) is an ownership structure whereby a building is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. The term can be applied to the building or complex ...
s, since an all-residential building, owned by its tenants, would require less
debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The d ...
.
Macklowe Properties partnered with former Prime Minister of Qatar
Hamad bin Jassim bin Jaber Al Thani in a bid to convert the office property into 566 condos with retail at the base.
The renovation was originally supposed to be undertaken by
Robert A.M. Stern Architects, though it was replaced by the firm
SLCE Architects.
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
provided $750 million in debt for the conversion.
As part of the renovation, 34 elevators and 16 escalators were removed. The original layout of the building included elevators near the perimeter wall, but this took up usable space near windows. As such, Macklowe removed 20 of the elevators that served upper floors and added 10 new elevators in the building core; new stairs were also constructed to replace the existing stairs.
The demolition of the interior was completed in November 2018.
In addition, the Red Room was restored between 2016 and 2018, in advance of its conversion into a retail space.
The Red Room's restoration used tiles that had been placed in storage and unused when the building was originally erected.
The third floor was demolished to make a higher ceiling for the retail space.
A new entrance was also constructed on Broadway, with a design based on one of Walker's unrealized plans for the building,
and five stories were added to the southern annex.
Whole Foods Market
Whole Foods Market IP, Inc., a subsidiary of Amazon, is an upscale American multinational supermarket chain headquartered in Austin, Texas, which sells products free from hydrogenated fats and artificial colors, flavors, and preservatives. A U ...
leased a storefront in 2016, and
Life Time Fitness signed a lease for a gym on the lowest four floors in 2019. The residential units, the Red Room, and Whole Foods were then all planned to open in 2021.
Macklowe had originally hired Core Real Estate to market the apartments. However, he replaced Core with Compass in December 2020, prompting Core to sue Macklowe for unpaid brokerage fees. The facades of the annex's additions had been completed by mid-2021, and sales of residential units were launched in September 2021. By March 2022, Macklowe and Al Thani planned to refinance 1 Wall Street for $1.1 billion, using the proceeds to pay off construction costs and outstanding debt.
At that point, the renovation was projected to be completed by the end of 2022.
[ The building's retail space was nearly complete by mid-2022,] and French retailer Printemps announced it would open a store at 1 Wall Street. In addition, Macklowe Properties began exhibiting model apartments to prospective residents in 2022.
Critical reception and landmark designation
1 Wall Street received an accolade from the Broadway Association in 1931; the association designated the building as the "most worthy of civic endorsement" out of all structures erected around Broadway in 1930. A writer for the ''New York Evening Post'' called Meiere's lobby mural "one of the most costly and beautiful pieces of mural decoration ever attempted in the United States".
Architectural critics of the mid-20th century generally ignored the building in favor of more widely renowned structures, such as the Empire State Building
The Empire State Building is a 102-story Art Deco skyscraper in Midtown Manhattan, New York City. The building was designed by Shreve, Lamb & Harmon and built from 1930 to 1931. Its name is derived from " Empire State", the nickname of the ...
, the Chrysler Building
The Chrysler Building is an Art Deco skyscraper on the East Side of Manhattan in New York City, at the intersection of 42nd Street and Lexington Avenue in Midtown Manhattan. At , it is the tallest brick building in the world with a steel f ...
, and 40 Wall Street
40 Wall Street, also known as the Trump Building, is a Gothic Revival architecture, neo-Gothic skyscraper on Wall Street between Nassau Street (Manhattan), Nassau and William Street (Manhattan), William streets in the Financial District, Manh ...
. Critic Lewis Mumford
Lewis Mumford (October 19, 1895 – January 26, 1990) was an American historian, sociologist, philosopher of technology, and literary critic. Particularly noted for his study of cities and urban architecture, he had a broad career as a w ...
stated of 1 Wall Street's facade, "Chaste though that exterior is, it is mere swank, and unconvincing swank at that". Because of Irving Trust's role as a receiver for bankrupt companies, 1 Wall Street was called the "Central Repair Shop for Broken Businesses". Architectural historian Robert A. M. Stern wrote in his 1987 book ''New York 1930'' that 1 Wall Street's proximity to other skyscrapers including 70 Pine Street
70 Pine Street – formerly known as the 60 Wall Tower, Cities Service Building, and American International Building – is a 67-story, 952-foot (290 m) residential building in the Financial District of Lower Manhattan in New York City. Bu ...
, 20 Exchange Place
20 Exchange Place, formerly the City Bank–Farmers Trust Building, is a skyscraper in the Financial District of Lower Manhattan in New York City. Completed in 1931, it was designed by Cross & Cross in the Art Deco style as the headquarters of ...
, 40 Wall Street
40 Wall Street, also known as the Trump Building, is a Gothic Revival architecture, neo-Gothic skyscraper on Wall Street between Nassau Street (Manhattan), Nassau and William Street (Manhattan), William streets in the Financial District, Manh ...
, and the Downtown Athletic Club "had reduced the previous generation of skyscrapers to the status of foothills in a new mountain range". Daniel Abramson wrote in 2001 that the "corner and tower treatments appear blocky and conventional" compared to 70 Pine Street, though 1 Wall Street was still distinguished its massing and the curves in its facade.
There was also praise for what Stern characterized as "Walker's only completed skyscraper". Ada Louise Huxtable of ''The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' wrote in 1975 that 1 Wall Street was "an Art Deco masterpiece". The ''Times'' said in 2001 that a "triumvirate of great Art Deco contemporaries" in New York City would include the Empire State Building, the Chrysler Building, and 1 Wall Street. Stern stated that in 1 Wall Street's design, "structure became an unseen prop for poetry"; he further called the building's form "a natural precipice of stone shaped by erosion". Architectural writer Eric P. Nash called 1 Wall Street "one of the most delicate, even feminine, skyscrapers ever built".
In 2001, the New York City Landmarks Preservation Commission
The New York City Landmarks Preservation Commission (LPC) is the New York City agency charged with administering the city's Landmarks Preservation Law. The LPC is responsible for protecting New York City's architecturally, historically, and cu ...
designated the original portion of 1 Wall Street as an official city landmark. The designation only included the exterior of the original building and did not extend to the southern annex. The lobby interior was not given a separate interior-landmark designation because such designations at the time were reserved for publicly accessible spaces. Since the lobby could only be used by BNY Mellon workers at the time of the exterior designation, it was legally considered to be closed to the public. As a result of the landmark designation's limited scope, most of the improvements made in the 2010s condominium conversion, such as the glass retail addition, were made to the annex. Changes to designated landmarks required the commission's approval, but the annex was out of the commission's scope. Additionally, in 2007, the building was designated as a contributing property to the Wall Street Historic District, a National Register of Historic Places
The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artist ...
district.
See also
* Art Deco architecture of New York City
*List of buildings and structures on Broadway in Manhattan
This list contains buildings and structures on Broadway in Manhattan, New York City.
1-599 (Battery Place - W. Houston Street)
600-1499 (W. Houston St. - Times Square)
1500-1800 (Times Square - Columbus Circle)
North of Columbus Circle
* ...
*List of tallest buildings in New York City
New York City, the most populous city in the United States, is home to over 7,000 completed high-rise buildings of at least , of which at least 95 are taller than . The tallest building in New York is One World Trade Center, which rises ...
*
References
Notes
Citations
Sources
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External links
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{{Authority control
1930s architecture in the United States
Art Deco architecture in Manhattan
Art Deco skyscrapers
Bank buildings in Manhattan
Building
A building, or edifice, is an enclosed structure with a roof and walls standing more or less permanently in one place, such as a house or factory (although there's also portable buildings). Buildings come in a variety of sizes, shapes, and funct ...
Broadway (Manhattan)
Financial District, Manhattan
Historic bank buildings in the United States
Historic district contributing properties in Manhattan
New York City Designated Landmarks in Manhattan
Office buildings completed in 1931
Skyscraper office buildings in Manhattan
Wall Street