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{{Short description|Residential skyscraper in Manhattan, New York}} | {{Short description|Residential skyscraper in Manhattan, New York}} | ||
{{Distinguish|text=]; ]; ]; or ], also known as the Bank of New York Building}} | {{Distinguish|text=]; ]; ]; or ], also known as the Bank of New York Building}} | ||
⚫ | {{Featured article}} | ||
⚫ | {{Use mdy dates|date= |
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{{Use American English|date=November 2024}} | |||
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⚫ | {{Use mdy dates|date=November 2024}} | ||
{{Infobox building | {{Infobox building | ||
| name = 1 Wall Street | | name = 1 Wall Street | ||
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| image_size = 225px | | image_size = 225px | ||
| caption = Seen from the east in 2010 | | caption = Seen from the east in 2010 | ||
| location = ], New York |
| location = ], New York | ||
| location_country = United States | |||
| mapframe-wikidata = yes | | mapframe-wikidata = yes | ||
| coordinates = {{ |
| coordinates = {{Coord|40|42|26|N|74|00|42|W|type:landmark_region:US-NY|display=inline,title}} | ||
| start_date = 1929 (original building)<br />1963 (annex) | | start_date = 1929 (original building)<br />1963 (annex) | ||
| completion_date = 1931 (original building)<br />1965 (annex) | | completion_date = 1931 (original building)<br />1965 (annex) | ||
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| developer = ] | | developer = ] | ||
| management = | | management = | ||
| references = |
| references =<ref name="CTBUH" /><ref name="Emporis" /> | ||
{{Designation list | {{Designation list | ||
| embed = yes | | embed = yes | ||
| designation1 = NYCL | | designation1 = NYCL | ||
| designation1_number = 2029<ref name="NYCL p. 1" /> | | designation1_number = 2029<ref name="NYCL p. 1" /> | ||
| designation1_date = March 13, 2001<ref name="NYCL p. 1">{{harvnb| |
| designation1_date = March 13, 2001<ref name="NYCL p. 1">{{harvnb|Kurshan|2001|ps=.|p=1}}</ref> | ||
| designation1_free1name = Designated entity | | designation1_free1name = Designated entity | ||
| designation1_free1value = Original building: exterior | | designation1_free1value = Original building: exterior | ||
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}} | }} | ||
}} | }} | ||
⚫ | '''1 Wall Street''' (also known as the '''Irving Trust Company Building''', the '''Bank of New York Building''', and the '''BNY Mellon Building''') is a |
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⚫ | '''1 Wall Street''' (also known as the '''Irving Trust Company Building''', the '''Bank of New York Building''', and the '''BNY Mellon Building''') is a {{Convert|654|ft|m|-tall|adj=mid|abbr=}} ] skyscraper in the ] of ], New York City. The building, which occupies a full ], consists of two sections. The original 50-story building was designed by ] of the firm ] and constructed between 1929 and 1931 for ], an early-20th-century American bank. A 28-story annex to the south (later expanded to 36 stories) was designed by the successor firm ] and built between 1963 and 1965. | ||
⚫ | The ] |
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⚫ | The ] facade consists of slight inwardly-curved ] with ] to resemble curtains. On the lower stories are narrow windows and elaborate entrances. The ] of 1 Wall Street incorporates numerous small ], and there are ]s at the corners of the original building. The top of the original building consists of a freestanding tower with fluted windowless bays. The facade of the annex is crafted in a style reminiscent of the original structure. The original building has an ornate lobby, known as the Red Room, with colored mosaics. The 10th through 45th floors were originally rented to tenants, while the other floors contained offices, lounges, and other spaces for Irving Trust. After 1 Wall Street was converted to a residential building, the upper stories were divided into 566 ] apartments. | ||
⚫ | At the time of its construction, 1 Wall Street occupied what was |
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⚫ | At the time of its construction, 1 Wall Street occupied what was one of the most valuable plots in the city. The building replaced three previous structures, including the ], which was once the world's tallest building. After Irving Trust was acquired by the ] (BNY) in 1988, 1 Wall Street served as the global headquarters of BNY and its successor ] through 2015. After the developer ] purchased the building, he renovated it from 2018 to 2023, converting the interior to residential units with some commercial space. | ||
⚫ | The building is one of New York City's ], |
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⚫ | The building is one of New York City's ], although architectural critics initially ignored it in favor of such buildings as the ] and the ]. The exterior of the building's original section was designated as a ] in 2001, and the Red Room was similarly designated in 2024. In addition, the structure is a contributing property to the ], a ] district created in 2007. | ||
== Site == | == Site == | ||
1 Wall Street occupies |
1 Wall Street occupies an entire ] in the ] of ] in New York City. The site is bounded by ] to the west, ] to the north, New Street to the east, and ] to the south. 1 Wall Street is adjacent to the ], ], the ], ], and Trinity Church's churchyard to the west; the ] to the north; ] to the northeast; the ] to the east; and ] to the south.<ref>{{Cite web |title=NYCityMap |url=http://maps.nyc.gov/ |website=NYC.gov |publisher=] |access-date=March 20, 2020 |archive-date=May 24, 2015 |archive-url=https://archive.today/20150524114059/http://maps.nyc.gov/ |url-status=live}}</ref> Entrances to the ]'s ], served by the {{NYCS trains|Lexington south}}, are adjacent to the building.<ref>{{Cite NYC neighborhood map|Lower Manhattan}}</ref> | ||
Because of the ], the original structure does not completely occupy its full ]; instead, {{Convert|180|ft2||abbr=}} is used as a sidewalk. At the ]ed corners of the building, the facade is recessed |
Because of the ], the original structure does not completely occupy its full ]; instead, {{Convert|180|ft2||abbr=}} is used as a sidewalk. At the ]ed corners of the building, the facade is recessed as much as {{Convert|7.5|ft||abbr=}} from the lot line.<ref name="The New York Times 1930" /><ref name="New York Evening Post 1930a" /><ref name="Wall Street Journal 1931" /> Under municipal law, any private land that was adjacent to public property (but not clearly marked as such) would eventually revert to the ].<ref name="Robins p. 18">{{harvnb|Robins|2017|p=18|ps=.}}</ref> Consequently, when 1 Wall Street was built, its main occupant ] embedded small metal plaques to delineate the boundaries of its lot,<ref name="The New York Times 1930">{{Cite news |date=October 7, 1930 |title=Adds to Sidewalk Space; But Irving Trust Company Reserves Right to Wall Street Corners. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1930/10/07/archives/adds-to-sidewalk-space-but-irving-trust-company-reserves-right-to.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604224453/https://www.nytimes.com/1930/10/07/archives/adds-to-sidewalk-space-but-irving-trust-company-reserves-right-to.html |url-status=live}}</ref><ref name="New York Evening Post 1930a">{{cite web |date=October 8, 1930 |title=Public Wins Free Strolls On Private Wall St. Walk |url=https://fultonhistory.com/highlighter/highlight-for-xml?altUrl=https%3A%2F%2Ffultonhistory.com%2FNewspaper%252011%2FNew%2520York%2520Evening%2520Post%2FNew%2520York%2520NY%2520Evening%2520Post%25201930%2520Grayscale%2FNew%2520York%2520NY%2520Evening%2520Post%25201930%2520Grayscale%2520-%25207026.pdf |access-date=June 4, 2020 |work=New York Evening Post |page=7 |via=fultonhistory.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184347/https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201930%20Grayscale/New%20York%20NY%20Evening%20Post%201930%20Grayscale%20-%207026.pdf |url-status=live}}</ref><ref name="Wall Street Journal 1931">{{cite news |date=March 16, 1931 |title=Irving Trust Co. Moves March 23: Will Occupy 18 Floors at One Wall Street—new Building 85% Rented |page=15 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|130884599}}}}</ref> thereby preventing the city government from seizing the land.<ref name="Robins p. 18" /> | ||
==Architecture== | ==Architecture== | ||
The original building was designed by ] of the ] in the ] style. The annex was designed by Voorhees, Gmelin and Walker's successor firm ].<ref name="NYCL p. 6">{{harvnb| |
The original building was designed by ] of the ] in the ] style. The annex was designed by Voorhees, Gmelin and Walker's successor firm ].<ref name="Emporis" /><ref name="NYCL p. 6">{{harvnb|Kurshan|2001|ps=.|p=6}}</ref><ref name="Nash 2005" /> Everett Meeks, the dean of the ], was the original building's design consultant.<ref name="Abramson pp. 136–137">{{harvnb|Abramson|2001|ps=.|pp=136–137}}</ref> The original building reaches 50 stories and stands {{convert|654|ft}} tall.<ref name="Emporis">{{cite web |title=Bank of New York Building |url=https://www.emporis.com/buildings/114108/bank-of-new-york-building-new-york-city-ny-usa |access-date=May 1, 2020 |publisher=Emporis |archive-date=May 17, 2007 |archive-url=https://web.archive.org/web/20070517001224/http://www.emporis.com/en/wm/bu/?id=bankofnewyorkbuilding-newyorkcity-ny-usa |url-status=usurped}}</ref><ref name="Nash 2005">{{cite book |last=Nash |first=Eric |title=Manhattan Skyscrapers |publisher=Princeton Architectural Press |year=2005 |isbn=978-1-56898-652-4 |pages=89 |chapter=One Wall Street (Originally Irving Trust Company Building) |oclc=407907000 |chapter-url=<!--{{GBurl|l3aAA2Di1YkC}}-->}}</ref><ref name="Abramson p. 62">{{harvnb|Abramson|2001|ps=.|p=62}}</ref> The southern annex was originally 28 stories tall with a height of about {{convert|391|ft}},<ref>{{cite web |title=One Wall Street Annex – The Skyscraper Center |website=The Skyscraper Center |date=April 7, 2016 |url=https://www.skyscrapercenter.com/building/one-wall-street-annex/33400 |access-date=June 10, 2020 |archive-date=June 10, 2020 |archive-url=https://web.archive.org/web/20200610230316/https://www.skyscrapercenter.com/building/one-wall-street-annex/33400 |url-status=live}}</ref> but it was expanded in 2019 to 36 stories<ref name="Emporis" /><ref name="BIS-121190086" /> with a height of about {{convert|494|ft}}.<ref>{{cite web |title=One Wall Street South Building – The Skyscraper Center |website=The Skyscraper Center |date=April 7, 2016 |url=https://www.skyscrapercenter.com/building/one-wall-street-south-building/33401 |access-date=June 10, 2020 |archive-date=June 10, 2020 |archive-url=https://web.archive.org/web/20200610223034/https://www.skyscrapercenter.com/building/one-wall-street-south-building/33401 |url-status=live}}</ref> ] designed the building's residential conversion in the late 2010s and early 2020s, including the addition to the southern annex.<ref name="Hughes 2018" /><ref name="Horn b580">{{cite web |last=Horn |first=Franziska |title=One Wall Street: The biggest transformation in NYC's history |url=https://www.stylepark.com/en/news/one-wall-street-harry-macklowe-nyc-stylepark |access-date=November 7, 2024 |website=Stylepark}}</ref> ] structures of up to two stories are located on the tops of both sections.<ref name="BIS-121190086">{{Cite web |date=April 20, 2018 |title=Zoning Diagram; Premises: 60 Broadway Manhattan |url=http://a810-bisweb.nyc.gov/bisweb/BScanJobDocumentServlet?requestid=4&passjobnumber=121190086&passdocnumber=01&allbin=1000815&scancode=ES148749980 |access-date=June 1, 2020 |publisher=] |archive-date=September 1, 2020 |archive-url=https://web.archive.org/web/20200901100951/http://a810-bisweb.nyc.gov/bisweb/BScanJobDocumentServlet?requestid=4&passjobnumber=121190086&passdocnumber=01&allbin=1000815&scancode=ES148749980 |url-status=live}}</ref> | ||
Although author Daniel Abramson said 1 Wall Street was "Art Deco in many respects",<ref>{{harvnb|Abramson|2001|ps=.|p=107}}</ref> historian Anthony Robins characterized the building as being "Gothic Modern—a skyscraper reflection of Trinity Church".<ref>{{harvnb|Robins|2017|p=17|ps=.}}</ref> Walker had designed other Art Deco buildings in the New York City area, mainly telecommunications structures. These included the ] (1927), ] (1929), ] (1930), and ] (1932), as well as telephone buildings in ].<ref name="NYCL p. 4">{{harvnb| |
Although author Daniel Abramson said 1 Wall Street was "Art Deco in many respects",<ref>{{harvnb|Abramson|2001|ps=.|p=107}}</ref> historian Anthony Robins characterized the building as being "Gothic Modern—a skyscraper reflection of Trinity Church".<ref>{{harvnb|Robins|2017|p=17|ps=.}}</ref> Walker had designed other Art Deco buildings in the New York City area, mainly telecommunications structures. These included the ] (1927), ] (1929), ] (1930), and ] (1932), as well as telephone buildings in ].<ref name="NYCL p. 4">{{harvnb|Kurshan|2001|ps=.|p=4}}</ref> Architectural writer ] characterized 1 Wall Street as "Walker's only completed skyscraper".<ref>{{harvnb|Stern|Gilmartin|Mellins|1987|ps=.|pp=567–568}}</ref> | ||
=== Form and facade === | === Form and facade === | ||
] | ] | ||
1 Wall Street's facade is made primarily of limestone.<ref name="NYCL p. 5">{{harvnb| |
1 Wall Street's facade is made primarily of limestone.<ref name="NYCL p. 5">{{harvnb|Kurshan|2001|ps=.|p=5}}</ref><ref name="Lopate 1991">{{Cite news |last=Lopate |first=Phillip |date=April 21, 1991 |title=Architecture View; The Man Behind Manhattan's Deco Mountains |language=en-US |work=The New York Times |url=https://www.nytimes.com/1991/04/21/archives/architecture-view-the-man-behind-manhattans-deco-mountains.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195103/https://www.nytimes.com/1991/04/21/archives/architecture-view-the-man-behind-manhattans-deco-mountains.html |url-status=live}}</ref><ref name="Abramson p. 108">{{harvnb|Abramson|2001|ps=.|p=108}}</ref> This contrasts with the brick facades of Walker's telecommunications buildings, the use of which was likely influenced by Dutch and ].<ref name="NYCL p. 5" /><ref>{{cite book |last=Robinson |first=Cervin |title=Skyscraper Style: Art Deco, New York |publisher=Oxford University Press |year=1975 |isbn=978-0-19-502112-7 |page=77 |language=en |oclc=1266717}}</ref> 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.<ref name="Stichweh 2016">{{cite book |last=Stichweh |first=Dirk |title=New York Skyscrapers |publisher=] |year=2016 |isbn=978-3-7913-8226-5 |page=19 |oclc=923852487}}</ref> 1 Wall Street also contains numerous ] on its exterior. Though setbacks in New York City skyscrapers were mandated by the ] to allow light and air to reach the streets below,<ref name="NYCL p. 4" /><ref>{{cite journal |last=Willis |first=Carol |date=March 1986 |title=Zoning and "Zeitgeist": The Skyscraper City in the 1920s |journal=Journal of the Society of Architectural Historians |volume=45 |issue=1 |pages=47–59 |doi=10.2307/990128 |jstor=990128}}</ref> they later became a defining feature of the Art Deco style.<ref>{{cite episode |url=https://www.npr.org/templates/story/story.php?storyId=1139624 |title=Salvaging Landmark Buildings Near Ground Zero |series=Weekend Edition Sunday |network=] (NPR) |air-date=March 10, 2002 |access-date=March 14, 2020 |archive-url=https://web.archive.org/web/20170113094910/http://www.npr.org/templates/story/story.php?storyId=1139624 |archive-date=January 13, 2017 |url-status=live}}</ref> The facade has uninterrupted vertical ], similar to other Art Deco buildings. Although the piers emphasize the building's height, Walker said this effect was not the main goal of his design.<ref name="Abramson p. 108" /> | ||
==== Original building ==== | ==== Original building ==== | ||
The original 1931 building is on the northern portion of the site. The first twenty stories occupy almost the entire site.<ref name="Stichweh 2016" /><ref name="Nash 20052">{{cite book |last=Nash |first=Eric |title=Manhattan Skyscrapers |publisher=Princeton Architectural Press |year=2005 |isbn=978-1-56898-652-4 |pages=89 |oclc=407907000}}</ref> The building |
The original 1931 building is on the northern portion of the site. The first twenty stories occupy almost the entire site.<ref name="Stichweh 2016" /><ref name="Nash 20052">{{cite book |last=Nash |first=Eric |title=Manhattan Skyscrapers |publisher=Princeton Architectural Press |year=2005 |isbn=978-1-56898-652-4 |pages=89 |oclc=407907000}}</ref> The building has a series of small setbacks starting at the 21st story<ref name="NYCL p. 6" /><ref name="BIS-121190086" /><ref name="Abramson p. 57">{{harvnb|Abramson|2001|ps=.|p=57}}</ref> and continuing until the 35th story, above which a slender tower rises.<ref name="NYCL p. 6" /><ref name="BIS-121190086" /> The setbacks on the Broadway and Wall Street elevations alternate with each other.<ref name="Abramson p. 62" /> The southern portion of the original building rises as high as a ] on the 37th floor; the 36th floor is the highest that also connects to the annex.<ref name="BIS-121190086" /> The original structure measures {{Convert|179|ft||abbr=}} on Broadway by {{Convert|102|ft||abbr=}} on Wall Street.<ref name="NYCL p. 6" /><ref name="Brooklyn Standard Union 1928">{{cite news |date=May 3, 1928 |title=Banking World Engaged in Struggle for Control |url=https://www.newspapers.com/clip/52647510/ |url-status=live |archive-url=https://web.archive.org/web/20220404184410/https://www.newspapers.com/clip/52647510/banking-world-engaged-in-struggle-for/ |archive-date=April 4, 2022 |access-date=June 2, 2020 |work=Brooklyn Standard Union |page=13 |via=newspapers.com}}</ref><ref name="NYCL p. 3">{{harvnb|Kurshan|2001|ps=.|p=3}}</ref> The tower stories, from the 37th to the 48th floors, measure {{Convert|60|by|80|ft}} each.<ref name="Abramson p. 57" /> The top two stories constituted an executive penthouse.<ref name="Stern (1987) pp. 568-569" /><ref>{{harvnb|Abramson|2001|ps=.|pp=57, 62}}</ref> | ||
Walker's design emphasized the decorative details of the building's facade; by contrast, other early-20th-century skyscrapers in Lower Manhattan had emphasized the massing.<ref name="Abramson p. 62" /> The facade |
Walker's design emphasized the decorative details of the building's facade; by contrast, other early-20th-century skyscrapers in Lower Manhattan had emphasized the ].<ref name="Abramson p. 62" /> The facade includes indented vertical bays with ], which are arranged like curtains,<ref name="Robins p. 18" /><ref name="Nash 2005" /><ref name="NYCL p. 5" /><ref name="New York Herald Tribune 1930b" /> although the facade could also resemble a cliff-like natural shape from different angles.<ref name="Nash 20052" /> Walker said the building would "have 200 thousand people looking at it from all sides" in a single year, including workers and pedestrians, and he wanted them to have "mental relief and pleasure" when viewing it.<ref name="NYCL p. 5" /><ref>{{harvnb|Walker|1930|ps=.|p=694 (PDF p. 72)}}</ref><ref name="Abramson p. 109">{{harvnb|Abramson|2001|ps=.|p=109}}</ref> Walker also said he "tried to superimpose one rhythm upon a basic rhythm"; as such, he treated the facade as a series of "rhythmic motifs" in different sizes.<ref name="NYCL p. 6" /><ref name="Stern (1987) p. 568" /><ref>{{harvnb|Walker|1930|ps=.|p=695 (PDF p. 73)}}</ref> The resulting concave bays were angled inward at a ] of 1:9.<ref name="Abramson p. 109" /> Each of the bays is separated by curved, projecting piers that rise to each setback.<ref name="Stern (1987) p. 568" /><ref>{{harvnb|Kurshan|2001|ps=.|pp=6–7}}</ref> Several piers also have vertical incisions for emphasis.<ref name="NYCL p. 7">{{harvnb|Kurshan|2001|ps=.|p=7}}</ref> The windows of the original building contained custom curved frames to fit into the facade,<ref name="Wall Street Journal 1931" /><ref name="New York Herald Tribune 1930b" /> which added $40,000 to the construction cost.<ref name="Abramson p. 109" />{{efn-lr|About ${{Inflation|index=US-GDP|start_year=1931|value=40000|fmt=c|r=-3}} in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}} | ||
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.<ref name="NYCL p. 7" /> The entryway is framed by a jagged portal.<ref name="Robins p. 18" /> The sections of the base on Broadway and New Street are seventeen bays wide.<ref name="NYCL p. 7" /> On the New Street elevation, the name "Voorhees, Gmelin & Walker" is printed in cursive script.<ref>{{harvnb|Robins|2017|p=19|ps=.}}</ref> There is an exposed granite basement on New Street with a service entrance.<ref name="NYCL p. 8">{{harvnb| |
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.<ref name="NYCL p. 7" /> The entryway is framed by a jagged portal.<ref name="Robins p. 18" /> The sections of the base on Broadway and New Street are seventeen bays wide.<ref name="NYCL p. 7" /> On the New Street elevation, the name "Voorhees, Gmelin & Walker" is printed in cursive script.<ref>{{harvnb|Robins|2017|p=19|ps=.}}</ref> There is an exposed granite basement on New Street with a service entrance.<ref name="NYCL p. 8">{{harvnb|Kurshan|2001|ps=.|p=8}}</ref> On the upper floors, each of the bays has a single ] on each floor.<ref name="NYCL p. 7" /> The northwestern and northeastern corners of the building are both chamfered,<ref name="Abramson p. 108" /><ref name="NYCL p. 7" /> which respectively connect the western and eastern elevations of the facade with the northern elevation.<ref name="Abramson p. 108" /> | ||
==== Annex ==== | ==== Annex ==== | ||
The southern annex, completed in 1965, is also mostly made of limestone.<ref name="NYCL p. 6" /> 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.<ref name="BIS-121190086" /> Along Broadway, the facade of the annex was originally recessed behind that of the original building by two ].<ref name="NYCL p. 7" /> | The southern annex, completed in 1965, is also mostly made of limestone.<ref name="NYCL p. 6" /> 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.<ref name="BIS-121190086" /> Along Broadway, the facade of the annex was originally recessed behind that of the original building by two ].<ref name="NYCL p. 7" /> | ||
In 2018, |
In 2018, a glass-clad entrance to the retail space was constructed in front of the annex.<ref name="Plitt 2019">{{cite web |last=Plitt |first=Amy |date=March 21, 2019 |title=Art Deco Landmark One Wall Street Prepares for Its Condo Transformation |url=https://ny.curbed.com/2019/3/21/18273685/one-wall-street-new-york-macklowe-properties |url-status=live |archive-url=https://web.archive.org/web/20200726055230/https://ny.curbed.com/2019/3/21/18273685/one-wall-street-new-york-macklowe-properties |archive-date=July 26, 2020 |access-date=June 2, 2020 |website=Curbed NY}}</ref><ref name="Lane 2020">{{cite web |last=Lane |first=Matthew |date=March 13, 2020 |title=Destination Downtown – What Does New York's One Wall Street Offer? |url=https://www.propertyinvestortoday.co.uk/breaking-news/2020/3/destination-downtown--what-does-new-yorks-biggest-office-to-resi-conversion-involve?source=related_articles |access-date=January 4, 2021 |website=Property Investor Today |archive-date=November 23, 2020 |archive-url=https://web.archive.org/web/20201123193304/https://www.propertyinvestortoday.co.uk/breaking-news/2020/3/destination-downtown--what-does-new-yorks-biggest-office-to-resi-conversion-involve?source=related_articles |url-status=live}}</ref> 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.<ref name="BIS-121190086" /> Eight stories were also built atop the initial portion of the annex.<ref name="Smith 2020">{{cite web |last=Smith |first=Lilla |date=March 5, 2020 |title=The Challenges and Rewards of Adaptive Reuse: One Wall Street Case Study |url=http://www.worldarchitecturenews.com/article/1676034 |access-date=January 4, 2021 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184406/https://www.worldarchitecturenews.com/article/1676034/challenges-rewards-adaptive-reuse-one-wall-street-case-study |url-status=live}}</ref><ref name="Baird-Remba 2023 t617">{{cite web |last=Baird-Remba |first=Rebecca |title=How an Innovative Construction Technique Made One Wall Street Possible |website=Commercial Observer |date=December 14, 2023 |url=https://commercialobserver.com/2023/12/how-an-innovative-construction-technique-made-one-wall-street-possible/ |access-date=April 10, 2024 |archive-date=December 18, 2023 |archive-url=https://web.archive.org/web/20231218163855/https://commercialobserver.com/2023/12/how-an-innovative-construction-technique-made-one-wall-street-possible/ |url-status=live}}</ref> In total, according to zoning documents, the annex measures {{Convert|180|ft||abbr=}} on Broadway and {{Convert|132.5|ft||abbr=}} on Exchange Place.<ref name="BIS-121190086" /> | ||
=== Features<span class="anchor" id="Interior"></span> === | === Features<span class="anchor" id="Interior"></span> === | ||
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The building contains 10 elevators as of 2019,<ref name="Caulfield 2019">{{cite magazine |last=Caulfield |first=John |date=March 24, 2019 |title=New York's Largest Office-to-Condo Conversion Nearing Completion |magazine=Building Design & Construction |id={{ProQuest|2196548902}}}}</ref><ref name="Hughes 2018" /> compared with 43 elevators and 14 escalators prior to the residential conversion.<ref name="Emporis" /> When built, 1 Wall Street |
The building contains 10 elevators as of 2019,<ref name="Caulfield 2019">{{cite magazine |last=Caulfield |first=John |date=March 24, 2019 |title=New York's Largest Office-to-Condo Conversion Nearing Completion |magazine=Building Design & Construction |id={{ProQuest|2196548902}}}}</ref><ref name="Hughes 2018" /> compared with 43 elevators and 14 escalators prior to the building's residential conversion.<ref name="Emporis" /> When built, 1 Wall Street had 29 elevators,<ref name="NYCL p. 6" /><ref name="BM p. 10">{{harvnb|Bankers' Magazine|1931|ps=.|p=10}}</ref> some of which were near the building's exterior walls.<ref name="Hughes 2018">{{Cite news |last=Hughes |first=C. J. |date=July 20, 2018 |title=One Wall Street Becomes Condos |language=en-US |work=The New York Times |url=https://www.nytimes.com/2018/07/20/realestate/one-wall-street-becomes-condos.html |access-date=June 1, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195554/https://www.nytimes.com/2018/07/20/realestate/one-wall-street-becomes-condos.html |url-status=live}}</ref> Irving Trust had six private elevators<ref name="BM p. 10" /> accessed from Wall Street.<ref name="Abramson p. 139">{{harvnb|Abramson|2001|ps=.|p=139}}</ref> There were three groups of elevators in the rest of the building, serving the lower, intermediate, or upper floors;<ref name="Brooklyn Citizen 1930">{{cite news |date=August 17, 1930 |title=Irving Trust Building Exterior Completed |page=8 |work=Brooklyn Citizen |url=https://www.newspapers.com/clip/52673108/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184359/https://www.newspapers.com/clip/52673108/irving-trust-building-exterior-completed/ |url-status=live}}</ref> these elevators could be reached from Broadway, New Street, or the subway.<ref name="Abramson p. 139" /> Because the New Street side of the building was lower than the Broadway side,<ref name="Democrat and Chronicle 1930" /> engineers configured the original elevator shafts so that ]s could be installed if necessary,<ref name="BM p. 10" /><ref name="Democrat and Chronicle 1930">{{cite news |date=February 9, 1930 |title=Double-Headers |page=34 |work=Democrat and Chronicle |url=https://www.newspapers.com/clip/52674710/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184349/https://www.newspapers.com/clip/52674710/double-headers/ |url-status=live}}</ref> but these double-deck elevators were never built.<ref name="Gray 1999">{{Cite news |last=Gray |first=Christopher |date=August 1, 1999 |title=Streetscapes /1 Wall Street; A Bank's Art Deco Signature |language=en-US |work=The New York Times |url=https://www.nytimes.com/1999/08/01/realestate/streetscapes-1-wall-street-a-bank-s-art-deco-signature.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=January 24, 2019 |archive-url=https://web.archive.org/web/20190124041742/https://www.nytimes.com/1999/08/01/realestate/streetscapes-1-wall-street-a-bank-s-art-deco-signature.html |url-status=live}}</ref> At its completion, 1 Wall Street was the first office structure in Lower Manhattan to use ] for electric power. It included a network of ]s for sending documents between floors.<ref name="NYCL p. 6" /> When 1 Wall Street was converted to residential use, all of the elevators were moved to the center of the building.<ref name="Hughes 2018" /><ref name="Quinlan 2023">{{cite web |last=Quinlan |first=Adriane |date=April 28, 2023 |title=The City's Largest Office-to-Residential Conversion is Move-in Ready |url=https://www.curbed.com/2023/04/macklowes-one-wall-street-is-largest-ny-office-conversion.html |access-date=November 10, 2023 |website=Curbed |archive-date=July 5, 2024 |archive-url=https://web.archive.org/web/20240705151620/https://www.curbed.com/2023/04/macklowes-one-wall-street-is-largest-ny-office-conversion.html |url-status=live}}</ref> | ||
There is {{cvt|1165645|sqft|0}} of interior space,<ref name="CTBUH">{{cite web |title=One Wall Street |url=http://www.skyscrapercenter.com/building/one-wall-street/1727 |access-date=September 11, 2017 |website=Skyscraper Center |publisher=CTBUH |archive-date=September 13, 2018 |archive-url=https://web.archive.org/web/20180913232633/http://www.skyscrapercenter.com/building/one-wall-street/1727 |url-status=live}}</ref> of which the original building had {{Convert|500000|ft2||abbr=}} of floor space.<ref name="Wall Street Journal 1931" /><ref name="Brooklyn Citizen 1930" /><ref name="Wall Street Journal 1931b">{{cite news |date=March 25, 1931 |title=Irving Trust Co. Building Unique: Structure Houses One of Largest Vaults in the World—Beauty Keynote |page=9 |work=The Wall Street Journal |id={{ProQuest|130912816}}}}</ref> The original building's first through 21st stories each |
There is {{cvt|1165645|sqft|0}} of interior space,<ref name="CTBUH">{{cite web |title=One Wall Street |url=http://www.skyscrapercenter.com/building/one-wall-street/1727 |access-date=September 11, 2017 |website=Skyscraper Center |publisher=CTBUH |archive-date=September 13, 2018 |archive-url=https://web.archive.org/web/20180913232633/http://www.skyscrapercenter.com/building/one-wall-street/1727 |url-status=live}}</ref> of which the original building had {{Convert|500000|ft2||abbr=}} of floor space.<ref name="Wall Street Journal 1931" /><ref name="Brooklyn Citizen 1930" /><ref name="Wall Street Journal 1931b">{{cite news |date=March 25, 1931 |title=Irving Trust Co. Building Unique: Structure Houses One of Largest Vaults in the World—Beauty Keynote |page=9 |work=The Wall Street Journal |id={{ProQuest|130912816}}}}</ref> The original building's first through 21st stories each spanned {{convert|15000|ft2}}.<ref name="Wall Street Journal 1931" /> There are also five basement levels under the original structure, three of which are below sea level.<ref name="Brooklyn Citizen 1930" /><ref name="New York Herald Tribune 1930a">{{cite news |date=January 15, 1930 |title=Cornerstone is Placed for Irving Trust Home: Financial Leaders Take Part in Elaborate Services |page=32 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1114346908}}}}</ref> 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,<ref>{{Cite book |url=https://archive.org/details/annualreport1119newy/page/80/mode/2up |title=Eleventh Annual Report for the Calendar Year 1931 |year=1922 |publisher=New York State Transit Commission |pages=78}}</ref><ref>{{Cite archive |collection=Records of the National Park Service, 1785 – 2006 |institution=National Archives |item-url=https://catalog.archives.gov/id/75313935 |series=National Register of Historic Places and National Historic Landmarks Program Records, 2013 – 2017 |item=New York MPS Wall Street Subway Station (IRT) |item-id=75313935 |box=National Register of Historic Places and National Historic Landmarks Program Records: New York |pages=5–6}}</ref> but it had been converted to a communications room by 2000.<ref>{{Cite book |url=https://nysl.ptfs.com/awweb/pdfopener?md=1&did=11748#page=145 |title=June 2000 Board Action Items |publisher=Metropolitan Transportation Authority |pages=117 |access-date=January 4, 2021 |archive-date=January 28, 2021 |archive-url=https://web.archive.org/web/20210128202626/https://nysl.ptfs.com/awweb/pdfopener?md=1&did=11748#page=145 |url-status=live}}</ref> Upon the building's opening, ] occupied the basements, lowest ten floors, and uppermost three floors.<ref name="NYCL p. 6" /><ref name="Wall Street Journal 1931b" /><ref name="Brooklyn Times-Union 1930">{{cite news |date=December 20, 1930 |title=Irving Trust's 50-Story Building Ready Soon; To Be Headquarters |page=8 |work=Brooklyn Times-Union |url=https://www.newspapers.com/clip/52672819/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184349/https://www.newspapers.com/clip/52672819/irving-trusts-50-story-building-ready/ |url-status=live}}</ref><ref name="BM p. 3">{{harvnb|Bankers' Magazine|1931|ps=.|p=3}}</ref> Following its residential conversion, 1 Wall Street contained {{Convert|678000|ft2||abbr=}} of residential space and {{Convert|166000|ft2||abbr=}} of commercial space.<ref name="Solomont 2017">{{cite web |author=Solomont |first=E.B. |date=September 8, 2017 |title=Revealed: Inside Macklowe's 1 Wall Street |url=https://therealdeal.com/2017/09/08/revealed-inside-macklowes-1-wall-street/ |access-date=June 3, 2020 |website=The Real Deal |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604001505/https://therealdeal.com/2017/09/08/revealed-inside-macklowes-1-wall-street/ |url-status=live}}</ref> The top stories of the annex (completed in 2023) were largely built as ]s; hollow plastic spheres were embedded into the concrete floor slabs to reduce the slabs' weight.<ref name="Baird-Remba 2023 t617"/><ref>{{cite web |last=Sisson |first=Patrick |title=This one weird technique makes concrete floors more sustainable |website=Fast Company |date=December 19, 2023 |url=https://www.fastcompany.com/91000047/this-one-weird-technique-makes-concrete-floors-more-sustainable |access-date=April 10, 2024 |archive-date=January 18, 2024 |archive-url=https://web.archive.org/web/20240118210323/https://www.fastcompany.com/91000047/this-one-weird-technique-makes-concrete-floors-more-sustainable |url-status=live}}</ref> The glass retail addition is ]ed outward from the original annex, avoiding the need to drill into the Wall Street subway station, which is located directly underneath the retail addition.<ref name="Baird-Remba 2023 t617"/> | ||
==== Red Room and lobby<span class="anchor" id="Lobby"></span><span class="anchor" id="Red Room"></span> ==== | ==== Red Room and lobby<span class="anchor" id="Lobby"></span><span class="anchor" id="Red Room"></span> ==== | ||
] | ] | ||
At ground level is the Red Room |
At ground level is the Red Room. Walker and his associate Perry Coke Smith designed the room, while artist ] was hired as a "color consultant".<ref name="Abramson pp. 136–137" /><ref name="Stern (1987) p. 568" /> The space was intended mainly as a reception room for the bank<ref name="NYCL p. 6" /><ref name="Brooklyn Citizen 1930" /><ref name="Abramson pp. 135–136">{{harvnb|Abramson|2001|ps=.|pp=135–136}}</ref> and was accessed primarily from Wall Street to the north.<ref name="BM p. 3" /><ref name="NYCL (2024) p. 6">{{harvnb|Buckley|2024|ps=.|p=6}}</ref> The Red Room had no tellers' counters since Irving Trust was a ], rather than a ].<ref name="Abramson pp. 135–136" /><ref name="NYCL p. 13">{{harvnb|Buckley|2024|ps=.|p=13}}</ref> Lewis Pierson of Irving Trust described the Red Room as a place "where we shall meet our customers and friends".<ref name="Abramson pp. 135–136" /> Unlike earlier banking rooms such as those in the ] and ], the Red Room did not contain classical-style decorations.<ref name="NYCL p. 13" /> | ||
The room is shaped like an oblong polygon, and there are few right angles within the space.<ref name="NYCL p. 13" /> On the north wall is a bronze-clad entrance vestibule, while on the south wall are frosted double glass doors leading to the elevator foyer. There are arched windows on the eastern and western walls, as well as doors on the northern and southern walls. Each of the windows to the east and west has a deep sill, and there are also ]s on either side of the entrance to the north. There are radiators with ornate bronze grilles beneath each window.<ref name="NYCL (2024) p. 6" /> When Irving Trust occupied the building, the Red Room had some chairs and desks.<ref name="NYCL p. 15">{{harvnb| |
The Red Room measures {{Convert|100|ft||abbr=}} long from west to east and {{Convert|40|ft||abbr=}} wide from north to south.<ref name="Abramson pp. 136–137" /><ref name="Brooklyn Citizen 1930" /> The ceiling is variously cited as measuring {{Convert|30|ft}},<ref name="NYCL p. 13" /> {{Convert|33|ft||abbr=}},<ref name="Pembrey 2019">{{cite web |last=Pembrey |first=Daniel |date=May 20, 2019 |title=Behind the Painstaking Restoration of a Hidden Art Deco Gem on Wall Street |url=https://www.architecturaldigest.com/story/one-wall-street-red-room |url-status=live |archive-url=https://web.archive.org/web/20200604212911/https://www.architecturaldigest.com/story/one-wall-street-red-room |archive-date=June 4, 2020 |access-date=June 1, 2020 |website=Architectural Digest}}</ref> or {{convert|37|ft}} high.<ref name="NYCL p. 7" /> The room is shaped like an oblong polygon, and there are few right angles within the space.<ref name="NYCL p. 13" /> On the north wall is a bronze-clad entrance vestibule, while on the south wall are frosted double glass doors leading to the elevator foyer. There are arched windows on the eastern and western walls, as well as doors on the northern and southern walls. Each of the windows to the east and west has a deep sill, and there are also ]s on either side of the entrance to the north. There are radiators with ornate bronze grilles beneath each window.<ref name="NYCL (2024) p. 6" /> When Irving Trust occupied the building, the Red Room had some chairs and desks.<ref name="NYCL p. 15">{{harvnb|Buckley|2024|ps=.|p=15}}</ref> The brokers' loan officers had desks next to the eastern wall, while the officers of Irving Trust's city office sat at desks near the western wall.<ref name="Abramson p. 137">{{harvnb|Abramson|2001|ps=.|p=137}}</ref> | ||
Because the building was completed just after the ], the Red Room's design included ornate materials to attract customers.<ref name="NYCL p. 14">{{harvnb|Buckley|2024|ps=.|p=14}}</ref> The floor is made of red ] tiles.<ref name="Nash 20052" /><ref name="Stern (1987) p. 568" /> Walker and Smith personally supervised the creation of the floor tiles in Berlin.<ref name="Stern (1987) p. 568" /> The walls and ceilings are decorated with {{Convert|8911|ft2||abbr=}}<ref name="Dunlap 2001" /> or {{Convert|13000|ft2}} of mosaics,<ref name="Pembrey 2019" /> which were designed by Meière and manufactured by the ] in ] and Berlin.<ref name="Pembrey 2019" /><ref name="Dunlap 2001">{{Cite news |last=Dunlap |first=David W. |date=March 11, 2001 |title=Postings: The 70-Year-Old, 50-Story 1 Wall Street is Declared a Landmark; a Quiet Art Deco Masterpiece |language=en-US |work=The New York Times |url=https://www.nytimes.com/2001/03/11/realestate/postings-70-year-old-50-story-1-wall-street-declared-landmark-quiet-art-deco.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195549/https://www.nytimes.com/2001/03/11/realestate/postings-70-year-old-50-story-1-wall-street-declared-landmark-quiet-art-deco.html |url-status=live}}</ref> The color scheme of the mosaic ranges from red-on-blue on the walls to gold-on-black on the ceiling.<ref name="Nash 20052" /><ref name="Abramson p. 137" /> The tiles gradually become lighter on the upper portions of the walls, drawing visitors' attention toward the ceiling.<ref name="NYCL (2024) p. 6" /><ref name="Robins 2017" /> The mosaic also contains abstract gold patterns.<ref name="Robins 2017">{{harvnb|Robins|2017|pp=18–19|ps=.}}</ref> The rest of the walls is made of Pyrenees black marble, and the columns are made of Verona red marble, similar to a design used in the ].<ref name="Stern (1987) p. 568" /><ref name="Wall Street Journal 1931b" /><ref name="BM p. 3" /> The two columns are placed on an east-west axis and have bronze capitals.<ref name="NYCL (2024) p. 6" /> At the northern and southern ends of the room, the ceiling slants slightly upward.<ref name="NYCL (2024) p. 7">{{harvnb|Buckley|2024|ps=.|p=7}}</ref> | |||
South of the entrance is a foyer that runs between Broadway and New Street, with two polygonal piers.<ref name="Abramson p. 137" /> The foyer in turn connected directly to the building's elevators.<ref name="Abramson p. 139" /> The Broadway and New Street lobby had walls made of Pyrenees black marble.<ref name="Wall Street Journal 1931" /><ref name="BM p. 3" /> When the annex was built, the expanded lobby floor was clad in ], and the original lobby's ceiling was covered with a ].<ref name="Gray 1999" /> | South of the entrance is a foyer that runs between Broadway and New Street, with two polygonal piers.<ref name="Abramson p. 137" /> The foyer in turn connected directly to the building's elevators.<ref name="Abramson p. 139" /> The Broadway and New Street lobby had walls made of Pyrenees black marble.<ref name="Wall Street Journal 1931" /><ref name="BM p. 3" /> The ceiling also had an allegorical painting measuring {{Convert|20|by|66|ft|abbr=}}, depicting the influence of wealth on the creation of beauty.<ref name="Wall Street Journal 1931b" /><ref name="BM p. 3" /> Meière and ] designed the painting.<ref name="Gray 1999" /><ref>{{harvnb|Abramson|2001|ps=.|p=146}}</ref> When the annex was built, the expanded lobby floor was clad in ], and the original lobby's ceiling was covered with a ].<ref name="Gray 1999" /> | ||
==== Upper floors ==== | ==== Upper floors ==== | ||
As with other early-20th-century skyscrapers in the Financial District, the lower stories had large floor areas for the building's primary tenant, Irving Trust, while the upper stories were smaller.<ref name="Abramson pp. 27–28">{{harvnb|Abramson|2001|ps=.|pp=27–28}}</ref> The lowest 21 floors each spanned about {{Convert|15000|ft2}}.<ref name="Wall Street Journal 1931" /> Irving Trust occupied the first ten stories,<ref name="NYCL p. 6" /> using their large floor areas to house its clerical staff.<ref name="Abramson p. 71">{{harvnb|Abramson|2001|ps=.|p=71}}</ref> The second floor originally contained Irving Trust's Wall Street office, which served businesses in the Financial District.<ref name="BM pp. 3, 10" /> The third floor was for the bank's corporate and personal trust divisions.<ref name="BM pp. 3, 10" /><ref name="Abramson p. 71" /> The fifth floor |
As with other early-20th-century skyscrapers in the Financial District, the lower stories had large floor areas for the building's primary tenant, Irving Trust, while the upper stories were smaller.<ref name="Abramson pp. 27–28">{{harvnb|Abramson|2001|ps=.|pp=27–28}}</ref> The lowest 21 floors each spanned about {{Convert|15000|ft2}}.<ref name="Wall Street Journal 1931" /> Irving Trust occupied the first ten stories,<ref name="NYCL p. 6" /> using their large floor areas to house its clerical staff.<ref name="Abramson p. 71">{{harvnb|Abramson|2001|ps=.|p=71}}</ref> The second floor originally contained Irving Trust's Wall Street office, which served businesses in the Financial District.<ref name="BM pp. 3, 10" /> The third floor was for the bank's corporate and personal trust divisions.<ref name="BM pp. 3, 10" /><ref name="Abramson p. 71" /> The fifth floor had the bank's executive offices, wainscoted with wood from around the world, while the sixth floor accommodated the out-of-town and foreign divisions and a telephone room for long-distance calls.<ref name="BM pp. 3, 10">{{harvnb|Bankers' Magazine|1931|ps=.|pp=3, 10}}</ref> | ||
The 10th through 45th floors were rented to outside tenants.<ref name="NYCL p. 6" /><ref name="Brooklyn Citizen 1930" /><ref name="Gray 1999" /> Voorhees, Gmelin & Walker were not responsible for the layout of the offices, instead hiring specialists for that task.<ref name="Abramson pp. 45–46">{{harvnb|Abramson|2001|ps=.|pp=45–46}}</ref> Architectural firms also designed some of the offices; for example, the ]'s 30th-story offices were designed by ], while the offices on the 31st story were designed by ].<ref name="Abramson p. 46">{{harvnb|Abramson|2001|ps=.|p=46}}</ref> Generally, law firms and financial firms leased entire stories for themselves.<ref>{{harvnb|Abramson|2001|ps=.|pp=69–71}}</ref> These included brokerage house ], which hired H. J. Horvath & Company and designer W. A. Zwicke to subdivide its 10th-floor space into various offices and other rooms.<ref>{{harvnb|Abramson|2001|ps=.|p=69}}</ref> | The 10th through 45th floors were rented to outside tenants.<ref name="NYCL p. 6" /><ref name="Brooklyn Citizen 1930" /><ref name="Gray 1999" /> Voorhees, Gmelin & Walker were not responsible for the layout of the offices, instead hiring specialists for that task.<ref name="Abramson pp. 45–46">{{harvnb|Abramson|2001|ps=.|pp=45–46}}</ref> Architectural firms also designed some of the offices; for example, the ]'s 30th-story offices were designed by ], while the offices on the 31st story were designed by ].<ref name="Abramson p. 46">{{harvnb|Abramson|2001|ps=.|p=46}}</ref> Generally, law firms and financial firms leased entire stories for themselves.<ref>{{harvnb|Abramson|2001|ps=.|pp=69–71}}</ref> These included brokerage house ], which hired H. J. Horvath & Company and designer W. A. Zwicke to subdivide its 10th-floor space into various offices and other rooms.<ref>{{harvnb|Abramson|2001|ps=.|p=69}}</ref> | ||
Irving Trust's dining room was on the 46th floor. The directors' room, on the 47th floor, |
Irving Trust's dining room was on the 46th floor. The directors' room, on the 47th floor, was decorated with {{convert|18|ft|m|-high|adj=mid}} wooden wainscoting, and there were directors' chairs arranged in a semicircle.<ref name="BM p. 10" /> The stories above it had dining spaces and a three-story observation lounge; these spaces had Art Deco furnishings.<ref name="Stern (1987) p. 568" /><ref name="Gray 1999" /> The executive lounge, at the 49th story, had a ceiling made of gold-leaf seashells,<ref name="Lopate 1991" /><ref name="Stern (1987) pp. 568-569">{{harvnb|Stern|Gilmartin|Mellins|1987|ps=.|pp=568–569}}</ref><ref>{{cite magazine |date=November 1931 |title=Kapa Shells Cover the Grand Lounge Ceiling |journal=American Architect |volume=140 |pages=47}}</ref> as well as walls covered with multicolored patterned fabrics.<ref name="Stern (1987) pp. 568-569" /><ref>{{harvnb|Abramson|2001|ps=.|p=129}}</ref> The executive lounge also had a triple-height ceiling, fluted walls, teak floors, and a fireplace,<ref>{{harvnb|Abramson|2001|ps=.|p=128}}</ref> as well as four full-height windows that faced each of the cardinal directions.<ref name="Stern (1987) pp. 568-569" /> The walls were also decorated with depictions of Native American war bonnets.<ref name="Nash 20052" /> | ||
Since 1 Wall Street's residential conversion, there have been 566 ] apartments, of which 304 are ] and one-bedroom units. Forty-seven of the condominiums have private decks.<ref name="Caulfield 2019" /><ref name="Hughes 2018" /><ref name="Pembrey 2019" /> The condominiums were designed by SLCE Architects.<ref name="Hughes 2018" /><ref name="Russell u614">{{cite web |last=Russell |first=James S. |date=October 4, 2023 |title=Continuing Education: Office Conversions |url=https://www.architecturalrecord.com/articles/16501-continuing-education-office-conversions |access-date=July 5, 2024 |website=Architectural Record |archive-date=December 10, 2023 |archive-url=https://web.archive.org/web/20231210174251/https://www.architecturalrecord.com/articles/16501-continuing-education-office-conversions |url-status=live}}</ref> The upper three floors were converted into a three-story ] with {{Convert|12965|ft2||abbr=}}, four bedrooms and four bathrooms, as well as a private library and chef's kitchen.<ref name="Solomont 2017" /><ref name="Pembrey 2019" /> Several of the units are model apartments, which are shown to prospective buyers and were designed by FrenchCalifornia, Elizabeth Graziolo, and Cyril Vergniol.<ref name="Nelson 2023">{{cite web |last=Nelson |first=Dustin |date=May 28, 2023 |title=One Wall Street's $9.75 Million 'Trophy Apartment' is Bedecked in Art |url=https://observer.com/2023/05/one-wall-streets-9-4-million-trophy-apartment-is-bedecked-in-art/ |access-date=November 10, 2023 |website=Observer |archive-date=November 10, 2023 |archive-url=https://web.archive.org/web/20231110174504/https://observer.com/2023/05/one-wall-streets-9-4-million-trophy-apartment-is-bedecked-in-art/ |url-status=live}}</ref><ref name="Howarth 2023">{{cite web |last=Howarth |first=Dan |date=March 19, 2023 |title=One Wall Street Skyscraper Completes Conversion from Offices to Apartments |url=https://www.dezeen.com/2023/03/19/one-wall-street-skyscraper-office-residential-conversion/ |access-date=November 10, 2023 |website=Dezeen |archive-date=November 10, 2023 |archive-url=https://web.archive.org/web/20231110174506/https://www.dezeen.com/2023/03/19/one-wall-street-skyscraper-office-residential-conversion/ |url-status=live}}</ref> The amenities include a {{Convert|75|ft||abbr=|adj=on}} indoor swimming pool, 39th-floor observation deck, library, golf simulator, dog spa, and playroom,<ref name="Lane 2020" /><ref name="Hughes 2018" /><ref name="Pembrey 2019" /> as well as a lounge and a private restaurant.<ref name="Taillon 2023">{{cite web |last=Taillon |first=Keith |date=May 17, 2023 |title=You Can Now Live in What Was Once 'The World's Costliest Real Estate Plot' |url=https://www.thedailybeast.com/you-can-now-live-in-what-was-once-the-worlds-costliest-real-estate-plot |access-date=November 10, 2023 |website=The Daily Beast |archive-date=November 10, 2023 |archive-url=https://web.archive.org/web/20231110174504/https://www.thedailybeast.com/you-can-now-live-in-what-was-once-the-worlds-costliest-real-estate-plot |url-status=live}}</ref> The building also contains communal spaces with kitchens, phone booths, AV equipment, and printers.<ref>{{cite web |last=Pau |first=Valida |date=August 10, 2023 |title=Luxury NYC Buildings Woo Residents with Coworking Spaces as Remote Work Lingers |url=https://www.cnbc.com/2023/08/10/luxury-nyc-buildings-offer-coworking-spaces-as-remote-work-lingers.html |access-date=December 1, 2023 |website=CNBC |archive-date=September 30, 2023 |archive-url=https://web.archive.org/web/20230930041216/https://www.cnbc.com/2023/08/10/luxury-nyc-buildings-offer-coworking-spaces-as-remote-work-lingers.html |url-status=live}}</ref> These amenities are mostly clustered in the annex,<ref name="Plitt 2019" /> occupying the 38th and 39th floors.<ref name="Nelson 2023" /><ref name="Howarth 2023" /> Lifetime Fitness operates an athletic club within the building,<ref>{{cite web |last=Smith |first=Candace Cordelia |title=Life Time Expands in NYC with One Wall Street Location |website=Athletech News |date=September 9, 2022 |url=https://athletechnews.com/life-time-expands-in-nyc-with-one-wall-street-location/ |access-date=August 30, 2024}}</ref> and there is also a ] space known as One Works.<ref>{{cite web |last=Isaacson |first=Bea |date=August 23, 2022 |title=A First Look Inside One Wall Street |url=https://elitetraveler.com/property/one-wall-street-first-look |access-date=August 30, 2024 |website=Elite Traveler}}</ref> | |||
==== Vault ==== | ==== Vault ==== | ||
Line 119: | Line 122: | ||
==== Northern portion ==== | ==== Northern portion ==== | ||
] | ] | ||
Since the settlement of ] 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.<ref>{{cite news |date=October 28, 1928 |title=American Ex-Irving Building |page=10 |work=Brooklyn Standard Union |url=https://www.newspapers.com/clip/52648108/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184401/https://www.newspapers.com/clip/52648108/american-ex-irving-building/ |url-status=live}}</ref><ref>{{Cite news |date=January 14, 1930 |title=To Lay Stone Today for Irving Trust; Ceremony to Be Held at New 50-Story Building at 1 Wall Street at 3 P.M. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1930/01/14/archives/to-lay-stone-today-for-irving-trust-ceremony-to-be-held-at-new.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044805/https://www.nytimes.com/1930/01/14/archives/to-lay-stone-today-for-irving-trust-ceremony-to-be-held-at-new.html |url-status=live}}</ref> The third such structure was an 18-story office building built in 1907 and designed by ]-based firm ].<ref>{{Cite news |last=Gray |first=Christopher |date=August 8, 2014 |title=When Downtown Real Estate Turned Upward |language=en-US |work=The New York Times |url=https://www.nytimes.com/2014/08/10/realestate/when-downtown-real-estate-turned-upward.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 23, 2018 |archive-url=https://web.archive.org/web/20180623151229/https://www.nytimes.com/2014/08/10/realestate/when-downtown-real-estate-turned-upward.html |url-status=live}}</ref><ref>{{cite book |url=https://books.google.com/books?id=6bzO6uzqcqkC&pg=PA1140 |title=Number One Wall Street |date=June 16, 1906 |publisher=Real Estate Record and Builders' Guide, Volume 77 |page=1140 |access-date=April 26, 2018 |archive-date=September 16, 2020 |archive-url=https://web.archive.org/web/20200916105539/https://books.google.com/books?id=6bzO6uzqcqkC&pg=PA1140 |url-status=live}}</ref> The structure was known as the "Chimney Building"<ref name="Brooklyn Daily Eagle 1928">{{Cite news |date=February 9, 1928 |title=Sale of Chimney Building Plot Recalls Ownership of Late Benjamin D. Silliman |language=en |work=Brooklyn Daily Eagle |url=https://bklyn.newspapers.com/clip/19689547/sale_of_chimney_building_plot_recalls/ |access-date=April 30, 2018 |via=Brooklyn Public Library; newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184357/https://bklyn.newspapers.com/clip/19689547/sale-of-chimney-building-plot-recalls/ |url-status=live}}</ref><ref name="The New York Times 1926" /><ref name="NYCL (2024) p. 8">{{harvnb| |
Since the settlement of ] 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.<ref>{{cite news |date=October 28, 1928 |title=American Ex-Irving Building |page=10 |work=Brooklyn Standard Union |url=https://www.newspapers.com/clip/52648108/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184401/https://www.newspapers.com/clip/52648108/american-ex-irving-building/ |url-status=live}}</ref><ref>{{Cite news |date=January 14, 1930 |title=To Lay Stone Today for Irving Trust; Ceremony to Be Held at New 50-Story Building at 1 Wall Street at 3 P.M. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1930/01/14/archives/to-lay-stone-today-for-irving-trust-ceremony-to-be-held-at-new.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044805/https://www.nytimes.com/1930/01/14/archives/to-lay-stone-today-for-irving-trust-ceremony-to-be-held-at-new.html |url-status=live}}</ref> The third such structure was an 18-story office building built in 1907 and designed by ]-based firm ].<ref>{{Cite news |last=Gray |first=Christopher |date=August 8, 2014 |title=When Downtown Real Estate Turned Upward |language=en-US |work=The New York Times |url=https://www.nytimes.com/2014/08/10/realestate/when-downtown-real-estate-turned-upward.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 23, 2018 |archive-url=https://web.archive.org/web/20180623151229/https://www.nytimes.com/2014/08/10/realestate/when-downtown-real-estate-turned-upward.html |url-status=live}}</ref><ref>{{cite book |url=https://books.google.com/books?id=6bzO6uzqcqkC&pg=PA1140 |title=Number One Wall Street |date=June 16, 1906 |publisher=Real Estate Record and Builders' Guide, Volume 77 |page=1140 |access-date=April 26, 2018 |archive-date=September 16, 2020 |archive-url=https://web.archive.org/web/20200916105539/https://books.google.com/books?id=6bzO6uzqcqkC&pg=PA1140 |url-status=live}}</ref> The structure was known as the "Chimney Building"<ref name="Brooklyn Daily Eagle 1928">{{Cite news |date=February 9, 1928 |title=Sale of Chimney Building Plot Recalls Ownership of Late Benjamin D. Silliman |language=en |work=Brooklyn Daily Eagle |url=https://bklyn.newspapers.com/clip/19689547/sale_of_chimney_building_plot_recalls/ |access-date=April 30, 2018 |via=Brooklyn Public Library; newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184357/https://bklyn.newspapers.com/clip/19689547/sale-of-chimney-building-plot-recalls/ |url-status=live}}</ref><ref name="The New York Times 1926" /><ref name="NYCL (2024) p. 8">{{harvnb|Buckley|2024|ps=.|p=8}}</ref> or the {{" '}}chimney corner' building",<ref name="Brooklyn Daily Eagle 1928a">{{Cite news |date=May 2, 1928 |title=News of Bankers and Banks |language=en |work=Brooklyn Daily Eagle |url=https://bklyn.newspapers.com/clip/19689774/news_of_bankers_and_banks/ |access-date=April 30, 2018 |via=Brooklyn Public Library; newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184416/https://bklyn.newspapers.com/clip/19689774/news-of-bankers-and-banks/ |url-status=live}}</ref> and its footprint measured only {{Convert|29|by|39|ft|abbr=}}.<ref name="The New York Times 1929">{{Cite news |date=May 3, 1929 |title=Demolish Four Buildings.; Wreckers Busy on Site of Irving Trust Skyscraper. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1929/05/03/archives/demolish-four-buildings-wreckers-busy-on-site-of-irving-trust.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044704/https://www.nytimes.com/1929/05/03/archives/demolish-four-buildings-wreckers-busy-on-site-of-irving-trust.html |url-status=live}}</ref><ref name="The Buffalo Commercial 1907">{{cite news |date=June 8, 1907 |title=Chimney Building |page=11 |work=The Buffalo Commercial |url=https://www.newspapers.com/clip/52544003/ |access-date=June 1, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184405/https://www.newspapers.com/clip/52544003/chimney-building/ |url-status=live}}</ref> The Chimney Building was developed by a syndicate from St. Louis, headed by Festus Wade of the St. Louis Mercantile Trust Company.<ref name="Brooklyn Daily Eagle 1928" /> In mid-1905, the company paid $700,000{{efn-lr|About ${{Inflation|index=US-GDP|start_year=1905|value=700000|fmt=c|r=-3}} in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}} for the {{convert|1131|ft2|m2|abbr=|adj=on}} plot, or an average of {{Convert|576|$/ft2||abbr=}}.{{efn-lr|About {{Convert|{{formatnum:{{Inflation|index=US-GDP|start_year=1905|value=576}}}}|$/ft2}} in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}}<ref>{{Cite news |date=June 14, 1905 |title=Valuable Building Purchased |page=1 |work=Stanberry Headlight |url=https://www.newspapers.com/clip/16891790/mercantile-trust-co-of-st-louis-buys/ |access-date=May 31, 2020 |via=newspapers.com |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195553/https://www.newspapers.com/clip/16891790/mercantile-trust-co-of-st-louis-buys/ |url-status=live}}</ref><ref>{{Cite news |date=June 7, 1905 |title=Most Costly Site in New York Sold; The Old Drug Store at Wall Street and Broadway |language=en-US |work=The New York Times |url=https://www.nytimes.com/1905/06/07/archives/most-costly-site-in-new-york-sold-the-old-drug-store-at-wall-street.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195556/https://www.nytimes.com/1905/06/07/archives/most-costly-site-in-new-york-sold-the-old-drug-store-at-wall-street.html |url-status=live}}</ref> The next year, the syndicate announced that it would start erecting an 18-story structure at 1 Wall Street.<ref>{{Cite news |date=February 4, 1906 |title=To Build New Skyscraper; St. Louis Owners Will Start Structure at 1 Wall Street. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1906/02/04/archives/to-build-new-skyscraper-st-louis-owners-will-start-structure-at-1.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604224419/https://www.nytimes.com/1906/02/04/archives/to-build-new-skyscraper-st-louis-owners-will-start-structure-at-1.html |url-status=live}}</ref> The Chimney Building was completed in 1907,<ref name="The Buffalo Commercial 1907" /> and for years afterward, its site was the world's most valuable.<ref name="The New York Times 1926">{{Cite news |date=January 19, 1926 |title=World's Costliest Realty Plot Sold; Western Bankers Buy the Chimney Building, 1 Wall Street, Corner of Broadway |language=en-US |work=The New York Times |url=https://www.nytimes.com/1926/01/19/archives/worlds-costliest-realty-plot-sold-western-bankers-buy-the-chimney.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044715/https://www.nytimes.com/1926/01/19/archives/worlds-costliest-realty-plot-sold-western-bankers-buy-the-chimney.html |url-status=live}}</ref> | ||
Adjoining the Chimney Building were between three and five other structures, ranging from approximately 10 to 20 stories high.<ref name="NYCL (2024) p. 8" /><ref name="The New York Times 1929a" /> The oldest of these was the Union Trust Building, which was erected in 1889 and had {{Convert|8|ft||-thick|abbr=|adj=mid}} masonry walls because engineers of the time did not know how much steel the building required.<ref name="The New York Times 1929a">{{Cite news |date=June 30, 1929 |title=Highest 'Taxpayer' Being Demolished; 18-Story Building at 1 Wall St. Coming Down With Five Other Large Structures |language=en-US |work=The New York Times |url=https://www.nytimes.com/1929/06/30/archives/highest-taxpayer-being-demolished-18story-building-at-1-wall-st.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044722/https://www.nytimes.com/1929/06/30/archives/highest-taxpayer-being-demolished-18story-building-at-1-wall-st.html |url-status=live}}</ref> 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.<ref name="The New York Times 1926" /> The writer ], the namesake of the Irving Trust Company, had occupied a house at 3 Wall Street several years before the building's development.<ref name="Wall Street Journal 1931" /><ref name="Oser 1980">{{Cite news |last=Oser |first=Alan S. |date=May 28, 1980 |title=Real Estate; New Center for Irving Trust Mitsubishi Lease |language=en-US |work=The New York Times |url=https://www.nytimes.com/1980/05/28/archives/real-estate-new-center-for-irving-trust-mitsubishi-lease.html |access-date=December 25, 2022 |issn=0362-4331 |archive-date=December 25, 2022 |archive-url=https://web.archive.org/web/20221225224505/https://www.nytimes.com/1980/05/28/archives/real-estate-new-center-for-irving-trust-mitsubishi-lease.html |url-status=live}}</ref> | Adjoining the Chimney Building were between three and five other structures, ranging from approximately 10 to 20 stories high.<ref name="NYCL (2024) p. 8" /><ref name="The New York Times 1929a" /> The oldest of these was the Union Trust Building, which was erected in 1889 and had {{Convert|8|ft||-thick|abbr=|adj=mid}} masonry walls because engineers of the time did not know how much steel the building required.<ref name="The New York Times 1929a">{{Cite news |date=June 30, 1929 |title=Highest 'Taxpayer' Being Demolished; 18-Story Building at 1 Wall St. Coming Down With Five Other Large Structures |language=en-US |work=The New York Times |url=https://www.nytimes.com/1929/06/30/archives/highest-taxpayer-being-demolished-18story-building-at-1-wall-st.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044722/https://www.nytimes.com/1929/06/30/archives/highest-taxpayer-being-demolished-18story-building-at-1-wall-st.html |url-status=live}}</ref> 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.<ref name="The New York Times 1926" /> The writer ], the namesake of the Irving Trust Company, had occupied a house at 3 Wall Street several years before the building's development.<ref name="Wall Street Journal 1931" /><ref name="Oser 1980">{{Cite news |last=Oser |first=Alan S. |date=May 28, 1980 |title=Real Estate; New Center for Irving Trust Mitsubishi Lease |language=en-US |work=The New York Times |url=https://www.nytimes.com/1980/05/28/archives/real-estate-new-center-for-irving-trust-mitsubishi-lease.html |access-date=December 25, 2022 |issn=0362-4331 |archive-date=December 25, 2022 |archive-url=https://web.archive.org/web/20221225224505/https://www.nytimes.com/1980/05/28/archives/real-estate-new-center-for-irving-trust-mitsubishi-lease.html |url-status=live}}</ref> | ||
==== Southern portion ==== | ==== Southern portion ==== | ||
The southern half of the block |
The southern half of the block had two structures: the ] on the north and the Knickerbocker Trust Company Building to the south. The 18-story Manhattan Life Building, completed in 1894, was in the middle of the block, at 64 Broadway.<ref>{{Cite news |date=February 18, 1928 |title=66 Broadway Sold; Long a Landmark; Central Union Trust Reported Buyer of Manhattan Life Insurance Building |language=en-US |work=The New York Times |url=https://www.nytimes.com/1928/02/18/archives/66-broadway-sold-long-a-landmark-central-union-trust-reported-buyer.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=May 2, 2014 |archive-url=https://web.archive.org/web/20140502235327/http://select.nytimes.com/gst/abstract.html?res=F10F17F93A59127A93CAA81789D85F4C8285F9 |url-status=live}}</ref> That structure was slightly extended north in 1904 to encompass all lots between 64 and 70 Broadway.<ref>{{cite book |last=Korom |first=Joseph A. |url=https://books.google.com/books?id=JVzYO1TyZ6AC&q=%22Manhattan%20Life%20Insurance%20Building%22&pg=PA198 |title=The American Skyscraper, 1850–1940: A Celebration of Height |publisher=Branden Books |year=2008 |isbn=978-0-8283-2188-4 |page=432 |access-date=October 3, 2020 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184415/https://books.google.com/books?id=JVzYO1TyZ6AC&q=%22Manhattan+Life+Insurance+Building%22&pg=PA198 |url-status=live}}</ref> | ||
The ] bought the land immediately south of the Manhattan Life Building in early 1906,<ref name="The New York Times 1907">{{Cite news |date=October 6, 1907 |title=Lower Broadway Skyscraper for Knickerbocker Trust; Twenty-Two-Story Building On Exchange Place Corner |language=en-US |work=The New York Times |url=https://www.nytimes.com/1907/10/06/archives/lower-broadway-skyscraper-for-knickerbocker-trust-twentytwostory.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195552/https://www.nytimes.com/1907/10/06/archives/lower-broadway-skyscraper-for-knickerbocker-trust-twentytwostory.html |url-status=live}}</ref> and finalized building plans the next year.<ref>{{Cite news |date=August 18, 1907 |title=New Broadway Skyscraper; Plans for Knickerbocker Trust Building at Exchange Place. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1907/08/18/archives/new-broadway-skyscraper-plans-for-knickerbocker-trust-building-at.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044807/https://www.nytimes.com/1907/08/18/archives/new-broadway-skyscraper-plans-for-knickerbocker-trust-building-at.html |url-status=live}}</ref> The 22-story Knickerbocker Trust building at 60 Broadway was completed in 1909<ref>{{Cite news |date=May 22, 1909 |title=To Move Its Millions To-Day; Police to Guard Transfer of Knickerbocked Cash into Its New Home. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1909/05/22/archives/to-move-its-millions-today-police-to-guard-transfer-of.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195556/https://www.nytimes.com/1909/05/22/archives/to-move-its-millions-today-police-to-guard-transfer-of.html |url-status=live}}</ref> and contained a ground-floor banking room, a private penthouse restaurant, and eight elevators.<ref name="The New York Times 1907" /> There was a {{convert|23|ft|m|adj=mid|-wide}} space between the Manhattan Life and Knickerbocker Trust buildings.<ref name="The New York Times 1907" /> A {{Convert|10|in||abbr=|adj=on}} strip of land on the northern side of the gap was sold to John E. Schermerhorn in 1912.<ref>{{Cite news |date=August 7, 1912 |title=The Real Estate Field; A Ten-Inch Strip of Lower Broadway Property Purchased by the Schermerhorn Estate |language=en-US |work=The New York Times |url=https://www.nytimes.com/1912/08/07/archives/the-real-estate-field-a-teninch-strip-of-lower-broadway-property.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195600/https://www.nytimes.com/1912/08/07/archives/the-real-estate-field-a-teninch-strip-of-lower-broadway-property.html |url-status=live}}</ref> The Schermerhorn family subsequently built an eight-story |
The ] bought the land immediately south of the Manhattan Life Building in early 1906,<ref name="The New York Times 1907">{{Cite news |date=October 6, 1907 |title=Lower Broadway Skyscraper for Knickerbocker Trust; Twenty-Two-Story Building On Exchange Place Corner |language=en-US |work=The New York Times |url=https://www.nytimes.com/1907/10/06/archives/lower-broadway-skyscraper-for-knickerbocker-trust-twentytwostory.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195552/https://www.nytimes.com/1907/10/06/archives/lower-broadway-skyscraper-for-knickerbocker-trust-twentytwostory.html |url-status=live}}</ref> and finalized building plans the next year.<ref>{{Cite news |date=August 18, 1907 |title=New Broadway Skyscraper; Plans for Knickerbocker Trust Building at Exchange Place. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1907/08/18/archives/new-broadway-skyscraper-plans-for-knickerbocker-trust-building-at.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044807/https://www.nytimes.com/1907/08/18/archives/new-broadway-skyscraper-plans-for-knickerbocker-trust-building-at.html |url-status=live}}</ref> The 22-story Knickerbocker Trust building at 60 Broadway was completed in 1909<ref>{{Cite news |date=May 22, 1909 |title=To Move Its Millions To-Day; Police to Guard Transfer of Knickerbocked Cash into Its New Home. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1909/05/22/archives/to-move-its-millions-today-police-to-guard-transfer-of.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195556/https://www.nytimes.com/1909/05/22/archives/to-move-its-millions-today-police-to-guard-transfer-of.html |url-status=live}}</ref> and contained a ground-floor banking room, a private penthouse restaurant, and eight elevators.<ref name="The New York Times 1907" /> There was a {{convert|23|ft|m|1|adj=mid|-wide}} space between the Manhattan Life and Knickerbocker Trust buildings.<ref name="The New York Times 1907" /> A {{Convert|10|in|m|1|abbr=|adj=on}} strip of land on the northern side of the gap was sold to John E. Schermerhorn in 1912.<ref>{{Cite news |date=August 7, 1912 |title=The Real Estate Field; A Ten-Inch Strip of Lower Broadway Property Purchased by the Schermerhorn Estate |language=en-US |work=The New York Times |url=https://www.nytimes.com/1912/08/07/archives/the-real-estate-field-a-teninch-strip-of-lower-broadway-property.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195600/https://www.nytimes.com/1912/08/07/archives/the-real-estate-field-a-teninch-strip-of-lower-broadway-property.html |url-status=live}}</ref> The Schermerhorn family subsequently built an eight-story ] at 62 Broadway, within the {{convert|23|ft|10|in|m|1|-wide|adj=mid}} gap.<ref>{{Cite news |date=June 29, 1912 |title=The Real Estate Field; $1,000,000 Long Term Lease on Small Times Square Corner – Union Methodist Church in the Market – New 62 Broadway Building – Bronx and Suburban Deals. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1912/06/29/archives/the-real-estate-field-1000000-long-term-lease-on-small-times-square.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604010707/https://www.nytimes.com/1912/06/29/archives/the-real-estate-field-1000000-long-term-lease-on-small-times-square.html |url-status=live}}</ref> | ||
=== Development === | === Development === | ||
] | ] | ||
The idea for the current skyscraper was attributed to Irving Trust president Harry Ward.<ref>{{Cite news |date=September 24, 1960 |title=Harry Ward Dies; Ex-Head Of Bank |language=en-US |work=The New York Times |url=https://www.nytimes.com/1960/09/24/archives/harry-ward-dies-exhead-of-bank-o-_____-irving-trust-president-81.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604224519/https://www.nytimes.com/1960/09/24/archives/harry-ward-dies-exhead-of-bank-o-_____-irving-trust-president-81.html |url-status=live}}</ref> |
The idea for the current skyscraper was attributed to Irving Trust president Harry Ward.<ref>{{Cite news |date=September 24, 1960 |title=Harry Ward Dies; Ex-Head Of Bank |language=en-US |work=The New York Times |url=https://www.nytimes.com/1960/09/24/archives/harry-ward-dies-exhead-of-bank-o-_____-irving-trust-president-81.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604224519/https://www.nytimes.com/1960/09/24/archives/harry-ward-dies-exhead-of-bank-o-_____-irving-trust-president-81.html |url-status=live}}</ref> Since its founding in 1851, Irving Trust had merged with numerous other banks in preceding years,<ref>{{harvnb|Kurshan|2001|ps=.|p=9}}</ref><ref name="NYCL (2024) pp. 8-9">{{harvnb|Buckley|2024|ps=.|pp=8–9}}</ref> and the firm had outgrown its offices, which were scattered across 60 Broadway, the ], and the ].<ref name="NYCL p. 2">{{harvnb|Kurshan|2001|ps=.|p=2}}</ref> When the building was proposed, the bank was known as American Exchange Irving Trust, having merged in 1926 with the American Exchange-Pacific National Bank.<ref name="NYCL (2024) pp. 8-9" /><ref>{{Cite news |date=December 14, 1926 |title=Banks' Merger Complete; American Exchange and Irving Begin Functioning as a Unit. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1926/12/14/archives/banks-merger-complete-american-exchange-and-irving-begin.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195559/https://www.nytimes.com/1926/12/14/archives/banks-merger-complete-american-exchange-and-irving-begin.html |url-status=live}}</ref> During the mid- and late-1920s, many Art Deco office buildings were constructed in New York City, peaking around 1929 and 1930.<ref name="NYCL p. 2" /><ref>{{cite book |last1=Robinson |first1=Cervin |url=https://books.google.com/books?id=tR9UAAAAMAAJ |title=Skyscraper Style: Art Deco, New York |last2=Bletter |first2=Rosemarie Haag |publisher=Oxford University Press |year=1975 |pages=83– |isbn=9780195018738 |access-date=June 4, 2020 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195549/https://books.google.com/books?id=tR9UAAAAMAAJ |url-status=live}}</ref> Additionally, banks in Manhattan were clustering around Wall Street, and the corner of Broadway and Wall Street was seen as a valuable location.<ref>{{harvnb|Kurshan|2001|ps=.|pp=2–3}}</ref><ref name="The New York Times 1928a" /> | ||
==== Planning ==== | ==== 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.<ref>{{Cite news |date=April 17, 1928 |title=May Be Built on Wall St.; 36-Story Skyscraper Reported for "Chimney Building" Site. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1928/04/17/archives/may-be-built-on-wall-st-36story-skyscraper-reported-for-chimney.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195551/https://www.nytimes.com/1928/04/17/archives/may-be-built-on-wall-st-36story-skyscraper-reported-for-chimney.html |url-status=live}}</ref> 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 ]. |
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.<ref>{{Cite news |date=April 17, 1928 |title=May Be Built on Wall St.; 36-Story Skyscraper Reported for "Chimney Building" Site. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1928/04/17/archives/may-be-built-on-wall-st-36story-skyscraper-reported-for-chimney.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195551/https://www.nytimes.com/1928/04/17/archives/may-be-built-on-wall-st-36story-skyscraper-reported-for-chimney.html |url-status=live}}</ref> 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 ].{{efn-lr|The cash amount is about ${{Inflation|index=US-GDP|start_year=1928|value=5.5|fmt=c|r=1}} million, and the mortgage about ${{Inflation|index=US-GDP|start_year=1928|value=9|fmt=c|r=1}} million, in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}}<ref name="Brooklyn Standard Union 1928" /><ref name="NYCL p. 3" /><ref name="Brooklyn Daily Eagle 1928a" /> The transaction cost approximately {{Convert|725|$/ft2||abbr=}}.{{efn-lr|Equivalent to about {{Convert|{{formatnum:{{Inflation|index=US-GDP|start_year=1928|value=725}}}}|$/ft2}} in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}}<ref name="Brooklyn Standard Union 1928" /> Following the sale, the Central Union Trust Company moved to the Manhattan Life Building<ref name="Brooklyn Daily Eagle 1928a" /> and modified the structures at 60, 62, and 70 Broadway.<ref>{{Cite news |date=January 20, 1931 |title=Expansion of Bank Involves Alterations to Cost $100,000 |language=en-US |work=The New York Times |url=https://www.nytimes.com/1931/01/20/archives/expansion-of-bank-involves-alterations-to-cost-100000.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604010705/https://www.nytimes.com/1931/01/20/archives/expansion-of-bank-involves-alterations-to-cost-100000.html |url-status=live}}</ref> | ||
Immediately after the purchase, Irving Trust announced it would erect an office building on the site.<ref name="Abramson p. 56">{{harvnb|Abramson|2001|ps=.|p=56}}</ref><ref name="Bankers' Magazine 1928">{{Cite magazine |date=Jun 1928 |title=American Exchange Irving Trust Buys Building Site |magazine=Bankers' Magazine |volume=116 |issue=6 |page=916 |id={{ProQuest|124383960}}}}</ref> This announcement occurred amid an increase in the number of large banks in New York City.<ref name="Bankers' Magazine 1928" /> 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.<ref name="NYCL p. 3" /> Ultimately, in June 1928, Voorhees, Gmelin and Walker were hired to design the structure,<ref>{{cite news |url=https://www.newspapers.com/clip/52653059/ |title=Architects Chosen by Am. Ex. Irving Trust |date=June 23, 1928 |work=Brooklyn Standard Union |access-date=June 2, 2020 |page=9 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184402/https://www.newspapers.com/clip/52653059/architects-chosen-by-am-ex-irving/ |url-status=live}}</ref> and ] was hired as builder.<ref name="NYCL p. 3" /> Voorhees, Gmelin and Walker filed plans with the Manhattan Bureau of Buildings the next month.<ref name="The New York Times 1928" /> The initial plans, known as Scheme B1,<ref name="Abramson p. 56" /> called for a 46- or 52-story building<ref name="Abramson p. 56" /><ref name="The New York Times 1928" /> on a plot of {{Convert|178|by|101|ft|abbr=}} |
Immediately after the purchase, Irving Trust announced it would erect an office building on the site.<ref name="Abramson p. 56">{{harvnb|Abramson|2001|ps=.|p=56}}</ref><ref name="Bankers' Magazine 1928">{{Cite magazine |date=Jun 1928 |title=American Exchange Irving Trust Buys Building Site |magazine=Bankers' Magazine |volume=116 |issue=6 |page=916 |id={{ProQuest|124383960}}}}</ref> This announcement occurred amid an increase in the number of large banks in New York City.<ref name="Bankers' Magazine 1928" /> 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.<ref name="NYCL p. 3" /> Ultimately, in June 1928, Voorhees, Gmelin and Walker were hired to design the structure,<ref>{{cite news |url=https://www.newspapers.com/clip/52653059/ |title=Architects Chosen by Am. Ex. Irving Trust |date=June 23, 1928 |work=Brooklyn Standard Union |access-date=June 2, 2020 |page=9 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184402/https://www.newspapers.com/clip/52653059/architects-chosen-by-am-ex-irving/ |url-status=live}}</ref> and ] was hired as builder.<ref name="NYCL p. 3" /> Voorhees, Gmelin and Walker filed plans with the Manhattan Bureau of Buildings the next month.<ref name="The New York Times 1928" /> The initial plans, known as Scheme B1,<ref name="Abramson p. 56" /> called for a 46- or 52-story building<ref name="Abramson p. 56" /><ref name="The New York Times 1928" /> on a plot of {{Convert|178|by|101|ft|abbr=}};<ref name="The New York Times 1928">{{Cite news |date=July 28, 1928 |title=$5,000,000 Structure Planned to Replace 'Chimney' Building |language=en-US |work=The New York Times |url=https://www.nytimes.com/1928/07/28/archives/5000000-structure-planned-to-replace-chimney-building.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195606/https://www.nytimes.com/1928/07/28/archives/5000000-structure-planned-to-replace-chimney-building.html |url-status=live}}</ref> they called for two banking rooms at ground level.<ref name="Abramson p. 56" /> Walker and his associate Perry Coke Smith designed a large banking room called the Red Room for the lower stories, and Walker hired Hildreth Meière to design the mosaics for the Red Room.<ref name="Abramson pp. 136–137" /><ref name="Stern (1987) p. 568" /><ref name="NYCL p. 14" /> Smith and Meière collaborated on the Red Room's color scheme, while Lynn Fausett helped draw out the designs for the room.<ref name="Brawer Skolnik 2014 l416">{{cite book |last1=Brawer |first1=Catherine Coleman |title=The Art Deco Murals of Hildreth Meière |last2=Skolnik |first2=Kathleen Murphy |date=2014 |publisher=Andrea Monfried Editions LLC |isbn=978-0-9910263-0-2 |page=138 |oclc=864090420}}</ref><ref name="NYCL p. 15" /> | ||
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.<ref>{{harvnb|Abramson|2001|ps=.|pp=56–57}}</ref> In October 1928, local newspapers reported that Irving Trust had accepted "final plans" for a 44-story building rising {{Convert|560|ft||abbr=}}.<ref name="The New York Times 1928a">{{Cite news |date=October 23, 1928 |title=Design Skyscraper for 1 Wall Street; Irving Trust Architects Have New Setback Idea for Edifice on Chimney Corner Site |language=en-US |work=The New York Times |url=https://www.nytimes.com/1928/10/23/archives/design-skyscraper-for-1-wall-street-irving-trust-architects-have.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044726/https://www.nytimes.com/1928/10/23/archives/design-skyscraper-for-1-wall-street-irving-trust-architects-have.html |url-status=live}}</ref><ref>{{cite news |date=October 23, 1928 |title=New No. 1 Wall St. to Tower 4 Stories |page=71 |work=Brooklyn Standard Union |url=https://www.newspapers.com/clip/52652058/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184417/https://www.newspapers.com/clip/52652058/new-no-1-wall-st-to-tower-4-stories/ |url-status=live}}</ref> This design resembled the current structure, with setbacks and a curving facade.<ref>{{Cite magazine |date=Dec 1928 |title=Plans for American Exchange Irving Trust Building Completed |magazine=Bankers' Magazine |volume=117 |issue=6 |page=1058 |id={{ProQuest|124368096}}}}</ref> The actual final plans, filed in June 1929, provided for a 50-story structure.<ref name="NYCL p. 3" /> 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.<ref name="Abramson p. 57" /> | 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.<ref>{{harvnb|Abramson|2001|ps=.|pp=56–57}}</ref> In October 1928, local newspapers reported that Irving Trust had accepted "final plans" for a 44-story building rising {{Convert|560|ft||abbr=}}.<ref name="The New York Times 1928a">{{Cite news |date=October 23, 1928 |title=Design Skyscraper for 1 Wall Street; Irving Trust Architects Have New Setback Idea for Edifice on Chimney Corner Site |language=en-US |work=The New York Times |url=https://www.nytimes.com/1928/10/23/archives/design-skyscraper-for-1-wall-street-irving-trust-architects-have.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044726/https://www.nytimes.com/1928/10/23/archives/design-skyscraper-for-1-wall-street-irving-trust-architects-have.html |url-status=live}}</ref><ref>{{cite news |date=October 23, 1928 |title=New No. 1 Wall St. to Tower 4 Stories |page=71 |work=Brooklyn Standard Union |url=https://www.newspapers.com/clip/52652058/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184417/https://www.newspapers.com/clip/52652058/new-no-1-wall-st-to-tower-4-stories/ |url-status=live}}</ref> This design resembled the current structure, with setbacks and a curving facade.<ref>{{Cite magazine |date=Dec 1928 |title=Plans for American Exchange Irving Trust Building Completed |magazine=Bankers' Magazine |volume=117 |issue=6 |page=1058 |id={{ProQuest|124368096}}}}</ref> The actual final plans, filed in June 1929, provided for a 50-story structure.<ref name="NYCL p. 3" /> 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.<ref name="Abramson p. 57" /> | ||
==== Construction ==== | ==== Construction ==== | ||
Construction on the site of 1 Wall Street began in May 1929,<ref>{{harvnb|Abramson|2001|ps=.|p=74}}</ref> with the demolition of the four buildings on the northern portion of the site.<ref name="The New York Times 1929" /><ref name="p1111971137">{{cite news |date= |
Construction on the site of 1 Wall Street began in May 1929,<ref>{{harvnb|Abramson|2001|ps=.|p=74}}</ref> with the demolition of the four buildings on the northern portion of the site.<ref name="The New York Times 1929" /><ref name="p1111971137">{{cite news |date=May 5, 1929 |title=Chimney Corner Building Ends Disappointing Career: Wreckers Write Last Chapter in Story of Highest Taxpayer as Site is Cleared for 44-Story Irving Trust Company Home |work=New York Herald Tribune |page=D2 |issn=1941-0646 |id={{ProQuest|1111966778}}}}</ref> Several engineering professors from ] were hired as consultants for the demolition process.<ref>{{harvnb|Abramson|2001|ps=.|p=75}}</ref> Work was complicated by the fact that one of the previous buildings on the site had extremely sturdy walls ranging from {{convert|4|to|10|ft}} thick.<ref>{{cite news |id={{ProQuest|104973514}} |title=Wreckers Busy on Wall Street: Thick Walls at 80 Broadway Offer New Problems for Workers. |date=June 30, 1929 |page=RE1 |work=The New York Times |issn=0362-4331}}</ref> The Indiana Limestone Company was hired to supply the building's ].<ref name="p130713476">{{cite news |date=July 16, 1929 |title=Ind. Limestone Gets Contracts |work=The Wall Street Journal |page=5 |issn=0099-9660 |id={{ProQuest|130713476}}}}</ref> During December 1929, Ward sent engraved letters to 500 nearby property owners, apologizing for the noise created during the riveting process; this generated positive publicity for the building in both the local and national press.<ref name="Abramson pp. 25–26">{{harvnb|Abramson|2001|ps=.|pp=25–26}}</ref> | ||
The ceremonial cornerstone was laid on January 15, 1930.<ref name="New York Herald Tribune 1930a" /><ref>{{Cite news |date=January 15, 1930 |title=Cornerstone is Laid for the Irving Trust; Ceremonies Held in Rain for New 51-Story Building at 1 Wall Street |language=en-US |work=The New York Times |url=https://www.nytimes.com/1930/01/15/archives/cornerstone-is-laid-for-the-irving-trust-ceremonies-held-in-rain.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195557/https://www.nytimes.com/1930/01/15/archives/cornerstone-is-laid-for-the-irving-trust-ceremonies-held-in-rain.html |url-status=live}}</ref><ref>{{cite news |date=January 14, 1930 |title=Lay Cornerstone of Irving Trust |page=48 |work=Brooklyn Times-Union |url=https://www.newspapers.com/clip/52672989/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184406/https://www.newspapers.com/clip/52672989/lay-cornerstone-of-irving-trust/ |url-status=live}}</ref> During the construction process, nearby structures such as Trinity Church were shored up.<ref name="NYCL p. 6" /> That March, Irving Trust signed an agreement with the ]—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.<ref>{{cite news |date=March 18, 1930 |title=New Subway Entrance Planned in Irving Trust Building |page=41 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1113147650}}}}</ref> Excavations began in July 1930,<ref name="New York Herald Tribune 1930a" /> and work on the building itself began that August.<ref name="NYCL p. 6" / |
The ceremonial cornerstone was laid on January 15, 1930.<ref name="New York Herald Tribune 1930a" /><ref>{{Cite news |date=January 15, 1930 |title=Cornerstone is Laid for the Irving Trust; Ceremonies Held in Rain for New 51-Story Building at 1 Wall Street |language=en-US |work=The New York Times |url=https://www.nytimes.com/1930/01/15/archives/cornerstone-is-laid-for-the-irving-trust-ceremonies-held-in-rain.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195557/https://www.nytimes.com/1930/01/15/archives/cornerstone-is-laid-for-the-irving-trust-ceremonies-held-in-rain.html |url-status=live}}</ref><ref>{{cite news |date=January 14, 1930 |title=Lay Cornerstone of Irving Trust |page=48 |work=Brooklyn Times-Union |url=https://www.newspapers.com/clip/52672989/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184406/https://www.newspapers.com/clip/52672989/lay-cornerstone-of-irving-trust/ |url-status=live}}</ref> During the construction process, nearby structures such as Trinity Church were shored up.<ref name="NYCL p. 6" /> That March, Irving Trust signed an agreement with the ]—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.<ref>{{cite news |date=March 18, 1930 |title=New Subway Entrance Planned in Irving Trust Building |page=41 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1113147650}}}}</ref> Excavations began in July 1930,<ref name="New York Herald Tribune 1930a" /> and work on the building itself began that August.<ref name="NYCL p. 6" /> The frame involved the installation of 250,000 rivets and was completed within five months of the ] without any serious incidents.<ref name="New York Evening Post 1930" /><ref name="New York Herald Tribune 1930" /> The Ravenna Mosaic Company was hired to manufacture mosaics for the Red Room,<ref name="Pembrey 2019" /><ref name="Dunlap 2001" /> and six workers from a mosaic-tile ] helped Ravenna's workers install the mosaics.<ref name="NYCL p. 15" /> | ||
When the steel frame ] 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.<ref name="New York Evening Post 1930">{{cite web |date=May 12, 1930 |title=Ancient Guild Rite Marks End of Irving Steelwork |url=https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201930%20Grayscale/New%20York%20NY%20Evening%20Post%201930%20Grayscale%20-%203281.pdf |access-date=June 4, 2020 |work=New York Evening Post |page=1 |via=fultonhistory.com |archive-date=September 8, 2021 |archive-url=https://web.archive.org/web/20210908140955/https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201930%20Grayscale/New%20York%20NY%20Evening%20Post%201930%20Grayscale%20-%203281.pdf |url-status=live}}</ref><ref name="New York Herald Tribune 1930">{{cite news |date=May 13, 1930 |title=Skeleton of Irving Trust Building Is Completed |page=45 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1113271132}}}}</ref> The exterior was completed by August 1930.<ref name="Brooklyn Citizen 1930" /> Several hundred boxcars were used to transport the building's Indiana limestone to New York City;{{efn|The '']'' quotes the builders as saying 288 boxcars had been used.<ref name="Brooklyn Times-Union 1930" /> However, the '']'' and the ] state that over 400 boxcars were used.<ref name="NYCL p. 6" /><ref name="New York Herald Tribune 1930b" />}} according to railroad workers, it was the largest-ever such order.<ref name="New York Herald Tribune 1930b">{{cite news |date=February 16, 1930 |title=Shipment of Stone for 1 Wall Street is Four Miles Long: Largest Consignment of Building Stone to Enter City, Say Railroad Men |page=E2 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1113128200}}}}</ref> 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.<ref name="NYCL p. 6" /><ref name="New York Herald Tribune 1930b" /> | When the steel frame ] 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.<ref name="New York Evening Post 1930">{{cite web |date=May 12, 1930 |title=Ancient Guild Rite Marks End of Irving Steelwork |url=https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201930%20Grayscale/New%20York%20NY%20Evening%20Post%201930%20Grayscale%20-%203281.pdf |access-date=June 4, 2020 |work=New York Evening Post |page=1 |via=fultonhistory.com |archive-date=September 8, 2021 |archive-url=https://web.archive.org/web/20210908140955/https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201930%20Grayscale/New%20York%20NY%20Evening%20Post%201930%20Grayscale%20-%203281.pdf |url-status=live}}</ref><ref name="New York Herald Tribune 1930">{{cite news |date=May 13, 1930 |title=Skeleton of Irving Trust Building Is Completed |page=45 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1113271132}}}}</ref> The exterior was completed by August 1930.<ref name="Brooklyn Citizen 1930" /> Several hundred boxcars were used to transport the building's Indiana limestone to New York City;{{efn|The '']'' quotes the builders as saying 288 boxcars had been used.<ref name="Brooklyn Times-Union 1930" /> However, the '']'' and the ] state that over 400 boxcars were used.<ref name="NYCL p. 6" /><ref name="New York Herald Tribune 1930b" />}} according to railroad workers, it was the largest-ever such order.<ref name="New York Herald Tribune 1930b">{{cite news |date=February 16, 1930 |title=Shipment of Stone for 1 Wall Street is Four Miles Long: Largest Consignment of Building Stone to Enter City, Say Railroad Men |page=E2 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1113128200}}}}</ref> 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.<ref name="NYCL p. 6" /><ref name="New York Herald Tribune 1930b" /> | ||
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=== Irving Trust use === | === Irving Trust use === | ||
By December 1930, Irving Trust announced that 80 percent of the space had been leased in the nearly-completed building.<ref name="Brooklyn Times-Union 1930" /> Tenants started moving into 1 Wall Street by mid-March 1931, before its formal opening,<ref name="The New York Times 1931a" /> at which point it was 85 |
By December 1930, Irving Trust announced that 80 percent of the space had been leased in the nearly-completed building.<ref name="Brooklyn Times-Union 1930" /> Tenants started moving into 1 Wall Street by mid-March 1931, before its formal opening,<ref name="The New York Times 1931a" /> at which point it was 85 percent occupied.<ref name="Wall Street Journal 1931" /> Among the tenants were several members of the ] and ].<ref name="The New York Times 1931a">{{Cite news |date=March 17, 1931 |title=Big Bank Building Opens Next Monday; 50-Story Structure at 1 Wall St. To Be Dedicated to Irving Trust's Own Use Friday |language=en-US |work=The New York Times |url=https://www.nytimes.com/1931/03/17/archives/big-bank-building-opens-next-monday-50story-structure-at-1-wall-st.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195558/https://www.nytimes.com/1931/03/17/archives/big-bank-building-opens-next-monday-50story-structure-at-1-wall-st.html |url-status=live}}</ref> 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{{efn-lr|About ${{Inflation|index=US-GDP|start_year=1931|value=8|fmt=c|r=1}} billion in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}} from its former location at the Woolworth Building.<ref name="The New York Times 1931" /><ref>{{cite news |date=March 23, 1931 |title=$3,000,000,000 Treasure Heavily Guarded by Guns Moved Through Streets |page=2 |work=Brooklyn Standard Union |url=https://www.newspapers.com/clip/52674403/ |access-date=June 2, 2020 |via=newspapers.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184431/https://www.newspapers.com/clip/52674403/3000000000-treasure-heavily-guarded/ |url-status=live}}</ref><ref name="Wall Street Journal 1931a">{{cite news |date=March 23, 1931 |title=Irving Trust in New Home: Moves Into Building at 1 Wall Street—Significance of New Location |page=13 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|130906826}}}}</ref> The same day, 1 Wall Street opened to public use, with thousands of visitors.<ref>{{Cite news |date=March 24, 1931 |title=Irving Trust Opens New 50-Story Home; Building at 1 Wall Street is Visited by Thousands on First Day in Use |language=en-US |work=The New York Times |url=https://www.nytimes.com/1931/03/24/archives/irving-trust-opens-new-50story-home-building-at-1-wall-street-is.html |access-date=June 2, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195602/https://www.nytimes.com/1931/03/24/archives/irving-trust-opens-new-50story-home-building-at-1-wall-street-is.html |url-status=live}}</ref><ref>{{cite magazine |date=March 24, 1931 |title=Financial News: Irving Trust Opens New 50-Story Home |magazine=Women's Wear Daily |volume=42 |issue=57 |pages=9 |id={{ProQuest|1653927678}}}}</ref> By that time, the building was 90 percent occupied.<ref name="Wall Street Journal 1931a" /> Shortly afterward, the Fiduciary Trust Company of New York moved its banking quarters to the 30th floor, making that space the highest banking quarters in New York City.<ref>{{Cite news |date=April 2, 1931 |title=Fiduciary Trust 30 Stories in Air; New Company to Open May 15 in Irving Trust Building |language=en-US |work=The New York Times |url=https://www.nytimes.com/1931/04/02/archives/fiduciary-trust-30-stories-in-air-new-company-to-open-may-15-in.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195549/https://www.nytimes.com/1931/04/02/archives/fiduciary-trust-30-stories-in-air-new-company-to-open-may-15-in.html |url-status=live}}</ref><ref>{{Cite magazine |date=Apr 1931 |title=Wages and Dividends: Journal of Commerce Replies to Matthew Woll's Article in the March Number |magazine=Bankers' Magazine |volume=122 |issue=4 |page=554 |id={{ProQuest|124388543}}}}</ref> In a 1938 incident, an electrical transformer on the 21st-story setback blew up; though the windows shook, nobody was injured.<ref>{{cite web |date=December 23, 1938 |title=50-Story Building Shaken by Blast |url=https://fultonhistory.com/highlighter/highlight-for-xml?altUrl=https%3A%2F%2Ffultonhistory.com%2FNewspapers%252023%2FRochester%2520NY%2520Times%2520Union%2FRochester%2520NY%2520Times%2520Union%25201938%2FRochester%2520NY%2520Times%2520Union%25201938%2520a%2520-%25200853.pdf |access-date=June 4, 2020 |work=Rochester Times-Union |via=fultonhistory.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184407/https://fultonhistory.com/Newspapers%2023/Rochester%20NY%20Times%20Union/Rochester%20NY%20Times%20Union%201938/Rochester%20NY%20Times%20Union%201938%20a%20-%200853.pdf |url-status=live}}</ref><ref>{{cite news |date=December 24, 1938 |title=Blast on a Roof Of Irving Trust Rocks Wall St: Transformer Explodes on 21st Floor Setback, And Spatters Oil Over Street |page=5 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1244690043}}}}</ref> An air-conditioning system was installed at 1 Wall Street in 1953,<ref>{{cite news |date=August 2, 1953 |title=Conditioner for 50 Floors |page=A8 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1322088662}}}}</ref> which was one of the largest air-conditioning retrofits ever undertaken in the New York City area at the time.<ref>{{Cite magazine |date=Sep 1953 |title=Irving Trust Plans |url=https://fraser.stlouisfed.org/files/docs/publications/nfr/nwbanker/nwbanker_195309.pdf |magazine=The Northwestern Banker |page=8 |issue=794}}</ref> | ||
The original building soon became too small to accommodate the operations of Irving Trust and its tenants. Accordingly, in 1961, Irving Trust purchased the three buildings at 60, 62, and 70 Broadway from ], thereby giving Irving Trust control of the entire block between Broadway, Wall Street, New Street, and Exchange Place.<ref>{{Cite news |date=June 7, 1961 |title=Irving Trust Widens Broadway Holdings |language=en-US |work=The New York Times |url=https://www.nytimes.com/1961/06/07/archives/irving-trust-widens-broadway-holdings.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604080030/https://www.nytimes.com/1961/06/07/archives/irving-trust-widens-broadway-holdings.html |url-status=live}}</ref><ref>{{cite news |date=June 7, 1961 |title=Irving Trust Buys Site From Webb & Knapp to Expand Headquarters |page=18 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132673791}}}}</ref> The company initially anticipated that the annex would cost $25 million.<ref>{{cite news |date=February 1, 1962 |title=Irving Trust Expects to Spend $25 Million for a New Addition: Unit, Present Building to Give New York Bank a Full Block's Frontage; No Merger Planned |page=9 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132757003}}}}</ref><ref>{{cite news |date=February 1, 1962 |title=Irving Trust Will Spend $25 Million on Its Building |page=24 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1325670698}}}}</ref> Voorhees, Walker, Smith, Smith & Haines were hired to design the annex,<ref name="The New York Times 1963" /> while ] was hired as the main contractor.<ref>{{Cite news |date=June 27, 1961 |title=Job at 1 Wall St. Given to Turner |language=en-US |work=The New York Times |url=https://www.nytimes.com/1961/06/27/archives/job-at-1-wall-st-given-to-turner.html |access-date=December 26, 2022 |issn=0362-4331 |archive-date=December 26, 2022 |archive-url=https://web.archive.org/web/20221226013513/https://www.nytimes.com/1961/06/27/archives/job-at-1-wall-st-given-to-turner.html |url-status=live}}</ref> By mid-1963, the site had been cleared;<ref name="The New York Times 1963">{{Cite news |date=July 28, 1963 |title=Irving Trust Office to Get Annex |language=en-US |work=The New York Times |url=https://www.nytimes.com/1963/07/28/archives/irving-trust-office-to-get-annex.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604080034/https://www.nytimes.com/1963/07/28/archives/irving-trust-office-to-get-annex.html |url-status=live}}</ref> in advance of the work, Irving Trust |
The original building soon became too small to accommodate the operations of Irving Trust and its tenants. Accordingly, in 1961, Irving Trust purchased the three buildings at 60, 62, and 70 Broadway from ], thereby giving Irving Trust control of the entire block between Broadway, Wall Street, New Street, and Exchange Place.<ref>{{Cite news |date=June 7, 1961 |title=Irving Trust Widens Broadway Holdings |language=en-US |work=The New York Times |url=https://www.nytimes.com/1961/06/07/archives/irving-trust-widens-broadway-holdings.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604080030/https://www.nytimes.com/1961/06/07/archives/irving-trust-widens-broadway-holdings.html |url-status=live}}</ref><ref>{{cite news |date=June 7, 1961 |title=Irving Trust Buys Site From Webb & Knapp to Expand Headquarters |page=18 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132673791}}}}</ref> The company initially anticipated that the annex would cost $25 million.{{efn-lr|About {{Inflation|index=US-GDP|start_year=1961|value=25|fmt=c|r=0}} million in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}}<ref>{{cite news |date=February 1, 1962 |title=Irving Trust Expects to Spend $25 Million for a New Addition: Unit, Present Building to Give New York Bank a Full Block's Frontage; No Merger Planned |page=9 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132757003}}}}</ref><ref>{{cite news |date=February 1, 1962 |title=Irving Trust Will Spend $25 Million on Its Building |page=24 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1325670698}}}}</ref> Voorhees, Walker, Smith, Smith & Haines were hired to design the annex,<ref name="The New York Times 1963" /> while ] was hired as the main contractor.<ref>{{Cite news |date=June 27, 1961 |title=Job at 1 Wall St. Given to Turner |language=en-US |work=The New York Times |url=https://www.nytimes.com/1961/06/27/archives/job-at-1-wall-st-given-to-turner.html |access-date=December 26, 2022 |issn=0362-4331 |archive-date=December 26, 2022 |archive-url=https://web.archive.org/web/20221226013513/https://www.nytimes.com/1961/06/27/archives/job-at-1-wall-st-given-to-turner.html |url-status=live}}</ref> By mid-1963, the site had been cleared;<ref name="The New York Times 1963">{{Cite news |date=July 28, 1963 |title=Irving Trust Office to Get Annex |language=en-US |work=The New York Times |url=https://www.nytimes.com/1963/07/28/archives/irving-trust-office-to-get-annex.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604080034/https://www.nytimes.com/1963/07/28/archives/irving-trust-office-to-get-annex.html |url-status=live}}</ref> in advance of the work, Irving Trust ]d space at ].<ref>{{Cite news |date=April 3, 1963 |title=Sublease Taken by Irving Trust; Broadway Space to Be Used Till New Home is Ready |language=en-US |work=The New York Times |url=https://www.nytimes.com/1963/04/03/archives/sublease-taken-by-irving-trust-broadway-space-to-be-used-till-new.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604080032/https://www.nytimes.com/1963/04/03/archives/sublease-taken-by-irving-trust-broadway-space-to-be-used-till-new.html |url-status=live}}</ref> To finance construction, Irving Trust sold the building to a subsidiary, which then sold $30 million of ] to investors.{{efn-lr|About {{Inflation|index=US-GDP|start_year=1961|value=30|fmt=c|r=0}} million in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}}<ref>{{cite news |date=March 15, 1963 |title=Irving Trust Finances Addition of 30 Floors to 1 Wall St. Building |page=25 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132835275}}}}</ref> 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,<ref>{{Cite news |date=February 14, 1965 |title=Vault is Problem in Bank Renewal |language=en-US |page=R11 |work=The New York Times |issn=0362-4331 |id={{ProQuest|116763781}}}}</ref> and cooling machinery was also installed in the basement.<ref>{{Cite news |last=Miller |first=Jerry |date=September 1, 1963 |title=Air-Conditioners Hoisted High Free Space for Rental Purposes |language=en-US |work=The New York Times |url=https://www.nytimes.com/1963/09/01/archives/airconditioners-hoisted-high-free-space-for-rental-purposes.html |access-date=February 14, 2022 |issn=0362-4331 |archive-date=February 14, 2022 |archive-url=https://web.archive.org/web/20220214162341/https://www.nytimes.com/1963/09/01/archives/airconditioners-hoisted-high-free-space-for-rental-purposes.html |url-status=live}}</ref> The project was finished by late 1965.<ref>{{Cite news |last=Vartan |first=Vartanig G. |date=August 17, 1965 |title=Wall Street is Reshaping Its Skyline in Press for Space |language=en-US |page=43 |work=The New York Times |issn=0362-4331 |id={{ProQuest|116966460}}}}</ref> | ||
] | ] | ||
By 1980, Irving Trust had decided to relocate its operations center to another building near the ].<ref name="Oser 1980" /> Between 1987 and 1988, Irving Trust was negotiating to merge with the ] (BNY), which at the time was headquartered nearby at ].<ref name="NYCL p. 8" /> Irving Trust initially rejected buy-out offers from BNY because the latter had "undervalued" Irving Trust's assets such as 1 Wall Street.<ref>{{Cite news |last=Bennett |first=Robert A. |date=October 10, 1987 |title=Irving Sets Defense and Rejects Bid |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/10/10/business/irving-sets-defense-and-rejects-bid.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195106/https://www.nytimes.com/1987/10/10/business/irving-sets-defense-and-rejects-bid.html |url-status=live}}</ref> 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.<ref>{{cite news |last=Guenther |first=Robert |date=October 7, 1988 |title=Bank of New York Faces Daunting Task – Assimilating Irving Will Be Harder Than Takeover |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398069333}}}}</ref> BNY acquired Irving Trust in December 1988.<ref>{{Cite news |last=Bartlett |first=Sarah |date=December 16, 1988 |title=An Uneven Transition for Irving |language=en-US |work=The New York Times |url=https://www.nytimes.com/1988/12/16/business/an-uneven-transition-for-irving.html |url-status=live |access-date=April 11, 2020 |archive-url=https://web.archive.org/web/20200411173252/https://www.nytimes.com/1988/12/16/business/an-uneven-transition-for-irving.html |archive-date=April 11, 2020 |issn=0362-4331}}</ref><ref name="McNatt 1988">{{cite magazine |last=McNatt |first=Robert |date=December 19, 1988 |title=Bank of N.Y. Drops Ax in Broad Restructuring |magazine=Crain's New York Business |volume=4 |issue=51 |page=1 |id={{ProQuest|219096464}}}}</ref> BNY decided to sell its old headquarters at 48 Wall Street<ref name="McNatt 1988" /> and relocate its headquarters to 1 Wall Street.<ref>{{cite web |date=October 13, 1998 |title=(Former) Bank of New York & Trust Company Building |url=http://s-media.nyc.gov/agencies/lpc/lp/2025.pdf |access-date=June 3, 2020 |publisher=] |page=4 |archive-date=October 28, 2020 |archive-url=https://web.archive.org/web/20201028202156/http://s-media.nyc.gov/agencies/lpc/lp/2025.pdf |url-status=live}}</ref> | By 1980, Irving Trust had decided to relocate its operations center to another building near the ].<ref name="Oser 1980" /> Between 1987 and 1988, Irving Trust was negotiating to merge with the ] (BNY), which at the time was headquartered nearby at ].<ref name="NYCL p. 8" /> Irving Trust initially rejected buy-out offers from BNY because the latter had "undervalued" Irving Trust's assets such as 1 Wall Street.<ref>{{Cite news |last=Bennett |first=Robert A. |date=October 10, 1987 |title=Irving Sets Defense and Rejects Bid |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/10/10/business/irving-sets-defense-and-rejects-bid.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195106/https://www.nytimes.com/1987/10/10/business/irving-sets-defense-and-rejects-bid.html |url-status=live}}</ref> 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.{{efn-lr|About {{Inflation|index=US-GDP|start_year=1988|value=250|fmt=c|r=0}} million in {{Inflation/year|US-GDP}}{{Inflation/fn|US-GDP|group=lower-alpha}}}}<ref>{{cite news |last=Guenther |first=Robert |date=October 7, 1988 |title=Bank of New York Faces Daunting Task – Assimilating Irving Will Be Harder Than Takeover |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398069333}}}}</ref> BNY acquired Irving Trust in December 1988.<ref>{{Cite news |last=Bartlett |first=Sarah |date=December 16, 1988 |title=An Uneven Transition for Irving |language=en-US |work=The New York Times |url=https://www.nytimes.com/1988/12/16/business/an-uneven-transition-for-irving.html |url-status=live |access-date=April 11, 2020 |archive-url=https://web.archive.org/web/20200411173252/https://www.nytimes.com/1988/12/16/business/an-uneven-transition-for-irving.html |archive-date=April 11, 2020 |issn=0362-4331}}</ref><ref name="McNatt 1988">{{cite magazine |last=McNatt |first=Robert |date=December 19, 1988 |title=Bank of N.Y. Drops Ax in Broad Restructuring |magazine=Crain's New York Business |volume=4 |issue=51 |page=1 |id={{ProQuest|219096464}}}}</ref> BNY decided to sell its old headquarters at 48 Wall Street<ref name="McNatt 1988" /> and relocate its headquarters to 1 Wall Street.<ref>{{cite web |date=October 13, 1998 |title=(Former) Bank of New York & Trust Company Building |url=http://s-media.nyc.gov/agencies/lpc/lp/2025.pdf |access-date=June 3, 2020 |publisher=] |page=4 |archive-date=October 28, 2020 |archive-url=https://web.archive.org/web/20201028202156/http://s-media.nyc.gov/agencies/lpc/lp/2025.pdf |url-status=live}}</ref> | ||
BNY (renamed BNY Mellon in 2007<ref>{{cite web | last=Tascarella | first=Patty | title=Bank of New York, Mellon complete merger | website=Pittsburgh Business Times | date=July 2, 2007 | url=https://www.bizjournals.com/pittsburgh/stories/2007/07/02/daily2.html | access-date=October 21, 2024}}</ref>) opened a museum on the 10th floor in 1998, which was dedicated to the history of both banks. During the same time, BNY hired ] to conduct mortar repair and window replacements.<ref name="Gray 1999" /> While 1 Wall Street was not damaged following the ] at the nearby World Trade Center in 2001, BNY's operations were disrupted, and 1 Wall Street had to be cleaned up.<ref>{{Cite news |last=Hansell |first=Saul |date=September 29, 2001 |title=A Nation Challenged: The Banks; Bank of New York Estimates Its Loss Will Be $125 Million |language=en-US |work=The New York Times |url=https://www.nytimes.com/2001/09/29/business/nation-challenged-banks-bank-new-york-estimates-its-loss-will-be-125-million.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604224542/https://www.nytimes.com/2001/09/29/business/nation-challenged-banks-bank-new-york-estimates-its-loss-will-be-125-million.html |url-status=live}}</ref> | BNY (renamed BNY Mellon in 2007<ref>{{cite web | last=Tascarella | first=Patty | title=Bank of New York, Mellon complete merger | website=Pittsburgh Business Times | date=July 2, 2007 | url=https://www.bizjournals.com/pittsburgh/stories/2007/07/02/daily2.html | access-date=October 21, 2024}}</ref>) opened a museum on the 10th floor in 1998, which was dedicated to the history of both banks. During the same time, BNY hired ] to conduct mortar repair and window replacements.<ref name="Gray 1999" /> While 1 Wall Street was not damaged following the ] at the nearby World Trade Center in 2001, BNY's operations were disrupted, and 1 Wall Street had to be cleaned up.<ref>{{Cite news |last=Hansell |first=Saul |date=September 29, 2001 |title=A Nation Challenged: The Banks; Bank of New York Estimates Its Loss Will Be $125 Million |language=en-US |work=The New York Times |url=https://www.nytimes.com/2001/09/29/business/nation-challenged-banks-bank-new-york-estimates-its-loss-will-be-125-million.html |access-date=June 4, 2020 |issn=0362-4331 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604224542/https://www.nytimes.com/2001/09/29/business/nation-challenged-banks-bank-new-york-estimates-its-loss-will-be-125-million.html |url-status=live}}</ref> | ||
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==== Renovation ==== | ==== Renovation ==== | ||
Macklowe initially planned to make 1 Wall Street a mixed-use residential and office building,<ref name="The Real Deal New York 2017" /><ref name="Carmiel 2017" /> and he |
Macklowe initially planned to make 1 Wall Street a mixed-use residential and office building,<ref name="The Real Deal New York 2017" /><ref name="Carmiel 2017" /> and he wanted to rent out 65 percent of the residences.<ref name="Caulfield 2019" /> In early 2017, Macklowe announced that the building would be almost entirely residential ]s, since an all-residential building, owned by its tenants, would require less ].<ref name="The Real Deal New York 2017">{{Cite web |title=Macklowe Says One Wall Street Will Now Mostly Be Condos |url=https://therealdeal.com/2017/03/27/macklowe-says-one-wall-street-will-now-mostly-be-condos/ |date=March 27, 2017 |website=The Real Deal New York |language=en-US |access-date=June 1, 2020 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604001614/https://therealdeal.com/2017/03/27/macklowe-says-one-wall-street-will-now-mostly-be-condos/ |url-status=live}}</ref><ref name="Carmiel 2017">{{Cite web |title=More Condos, Less Debt in Macklowe's New Wall Street Game Plan |first1=Oshrat |last1=Carmiel |first2=Erik |last2=Schatzker |url=https://www.bloomberg.com/news/articles/2017-03-27/more-condos-less-debt-in-macklowe-s-new-wall-street-game-plan |date=March 27, 2017 |website=Bloomberg |access-date=June 1, 2020 |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604213119/https://www.bloomberg.com/news/articles/2017-03-27/more-condos-less-debt-in-macklowe-s-new-wall-street-game-plan |url-status=live}}</ref> Macklowe Properties partnered with former Prime Minister of Qatar ] in a bid to convert the office property into 566 condos with retail at the base.<ref name="Rich 2018">{{Cite web |title=Harry Macklowe Closes on $750M Construction Loan for One Wall Street |url=https://therealdeal.com/2018/11/21/harry-macklowe-closes-on-750m-construction-loan-for-one-wall-street/ |last1=Bockmann |first1=Rich |last2=Balbi |first2=Danielle |date=November 21, 2018 |website=The Real Deal New York |language=en-US |access-date=June 1, 2020 |archive-date=June 25, 2020 |archive-url=https://web.archive.org/web/20200625114457/https://therealdeal.com/2018/11/21/harry-macklowe-closes-on-750m-construction-loan-for-one-wall-street/ |url-status=live}}</ref> The renovation was originally supposed to be designed by ], who were replaced by ].<ref name="Hughes 2018" /> ], ], and ] also redesigned parts of the building,<ref name="Russell u614" /> and ] provided a $750 million mortgage loan for the conversion.<ref name="Rich 2018" /> At the time, the project was the largest conversion of office space to residential space in New York City, covering nearly {{convert|1.2|e6ft2|m2}}.<ref>{{cite web |last=Leung |first=Shirley |date=July 9, 2023 |title=Time, Money, Tax Breaks. What Boston Can Learn About Creating a Downtown That Never Sleeps. |url=https://www.bostonglobe.com/2023/07/09/business/time-money-tax-breaks-what-boston-can-learn-about-creating-downtown-that-never-sleeps/ |access-date=July 5, 2024 |website=Boston Globe |archive-date=July 2, 2024 |archive-url=https://web.archive.org/web/20240702041923/https://www.bostonglobe.com/2023/07/09/business/time-money-tax-breaks-what-boston-can-learn-about-creating-downtown-that-never-sleeps/ |url-status=live}}</ref> | ||
] | ] | ||
As part of the renovation, 34 elevators and 16 escalators were removed.<ref>{{Cite web |title=WATCH: Inside Macklowe's Gut Renovation of Historic One Wall Street |url=https://therealdeal.com/2019/03/26/watch-inside-macklowes-gut-renovation-of-historic-one-wall-street/ |last1=Pogoff |first1=Adam |last2=Muldowney |first2=Decca |date=March 26, 2019 |website=The Real Deal New York |language=en-US |access-date=June 1, 2020 |archive-date=September 27, 2020 |archive-url=https://web.archive.org/web/20200927135057/https://therealdeal.com/2019/03/26/watch-inside-macklowes-gut-renovation-of-historic-one-wall-street/ |url-status=live}}</ref> 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.<ref name="Smith 2020" /><ref name="Hughes 2018" /><ref name="Stahel 2019 p. 44" /> The demolition of the interior was completed in November 2018.<ref>{{cite web |last=Walker |first=Ameena |date=November 27, 2018 |title=FiDi's Landmark One Wall Street Condo Conversion Hits a Construction Milestone |url=https://ny.curbed.com/2018/11/27/18114973/financial-district-one-wall-street-construction-update |access-date=June 2, 2020 |website=Curbed NY |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195550/https://ny.curbed.com/2018/11/27/18114973/financial-district-one-wall-street-construction-update |url-status=live}}</ref> |
As part of the renovation, 34 elevators and 16 escalators were removed.<ref>{{Cite web |title=WATCH: Inside Macklowe's Gut Renovation of Historic One Wall Street |url=https://therealdeal.com/2019/03/26/watch-inside-macklowes-gut-renovation-of-historic-one-wall-street/ |last1=Pogoff |first1=Adam |last2=Muldowney |first2=Decca |date=March 26, 2019 |website=The Real Deal New York |language=en-US |access-date=June 1, 2020 |archive-date=September 27, 2020 |archive-url=https://web.archive.org/web/20200927135057/https://therealdeal.com/2019/03/26/watch-inside-macklowes-gut-renovation-of-historic-one-wall-street/ |url-status=live}}</ref> 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.<ref name="Smith 2020" /><ref name="Hughes 2018" /><ref name="Stahel 2019 p. 44" /> The demolition of the interior was completed in November 2018.<ref>{{cite web |last=Walker |first=Ameena |date=November 27, 2018 |title=FiDi's Landmark One Wall Street Condo Conversion Hits a Construction Milestone |url=https://ny.curbed.com/2018/11/27/18114973/financial-district-one-wall-street-construction-update |access-date=June 2, 2020 |website=Curbed NY |archive-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200604195550/https://ny.curbed.com/2018/11/27/18114973/financial-district-one-wall-street-construction-update |url-status=live}}</ref> The Red Room was restored between 2016 and 2018, in advance of its conversion into a retail space.<ref name="Hughes 2018" /><ref name="The Art Newspaper 2019">{{cite web |title=A Wall Street Lobby Restored to Its Former Glory |url=http://www.theartnewspaper.com/news/a-wall-street-lobby-restored-to-its-former-glory |date=July 19, 2019 |website=The Art Newspaper |access-date=May 1, 2020 |archive-date=September 3, 2020 |archive-url=https://web.archive.org/web/20200903053850/https://www.theartnewspaper.com/news/a-wall-street-lobby-restored-to-its-former-glory |url-status=live}}</ref> The Red Room's restoration used tiles that had been placed in storage and unused when the building was originally erected.<ref name="Pembrey 2019" /><ref name="The Art Newspaper 2019" /> The facade was restored using stone from the quarry that had supplied the material for Walker's original building.<ref name="Taillon 2023" /> Eight stories were added to the southern annex, and the third floor was demolished to make a higher ceiling for the retail space.<ref name="Smith 2020" /> A new entrance was also constructed on Broadway, with a design based on one of Walker's unrealized plans for the building.<ref name="Plitt 2019" /> | ||
] leased a {{convert|44000|sqft|m2|abbr=|adj=on}} storefront in 2016,<ref>{{Cite web |date=July 28, 2016 |title=Whole Foods Leases 44K Sf at Macklowe's 1 Wall Street |url=https://therealdeal.com/2016/07/28/whole-foods-leases-44k-sf-at-macklowes-one-wall-street/ |url-status=live |archive-url=https://web.archive.org/web/20200604210820/https://therealdeal.com/2016/07/28/whole-foods-leases-44k-sf-at-macklowes-one-wall-street/ |archive-date=June 4, 2020 |access-date=June 1, 2020 |website=The Real Deal New York |language=en-US}}</ref><ref>{{Cite web |date=July 27, 2016 |title=Whole Foods Secures 44K-SF Lease at Macklowe's One Wall Street |url=https://commercialobserver.com/2016/07/whole-foods-secures-44k-sf-lease-at-macklowes-one-wall-street/ |url-status=live |archive-url=https://web.archive.org/web/20200604212417/https://commercialobserver.com/2016/07/whole-foods-secures-44k-sf-lease-at-macklowes-one-wall-street/ |archive-date=June 4, 2020 |access-date=June 1, 2020 |website=Commercial Observer |language=en-US}}</ref> and ] signed a {{convert|74000|sqft|m2|adj=on}} lease for a gym on the lowest four floors in 2019.<ref>{{cite news |last=Schram |first=Lauren |date=January 7, 2019 |title=Life Time Takes 74K SF at 1 Wall Street for Its Second Manhattan Fitness Center |work=Commercial Observer |url=https://commercialobserver.com/2019/01/life-time-retail-lease-macklowe-properties-1-wall-street/ |url-status=live |access-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200618093733/https://commercialobserver.com/2019/01/life-time-retail-lease-macklowe-properties-1-wall-street/ |archive-date=June 18, 2020}}</ref> Macklowe originally hired ] to market the apartments. However, he replaced Core with ], in December 2020,<ref>{{Cite web |last=Solomont |first=E.B. |date=December 3, 2020 |title=Macklowe Properties Swap Core for Compass at 1 Wall Street |url=https://therealdeal.com/2020/12/03/macklowe-taps-compass-to-sell-1-wall-street/ |url-status=live |access-date=October 22, 2021 |website=The Real Deal New York |language=en-US |archive-url=https://web.archive.org/web/20201203214847/https://therealdeal.com/2020/12/03/macklowe-taps-compass-to-sell-1-wall-street/ |archive-date=December 3, 2020}}</ref> prompting Core to sue Macklowe for unpaid brokerage fees.<ref>{{Cite web |last=Hudson |first=Erin |date=July 30, 2021 |title=Dumped by Macklowe and Churchill, Core Real Estate Demands Fees |url=https://therealdeal.com/2021/07/30/dumped-by-macklowe-and-churchill-core-real-estate-demands-fees/ |url-status=live |access-date=October 22, 2021 |website=The Real Deal New York |archive-url=https://web.archive.org/web/20210730124034/https://therealdeal.com/2021/07/30/dumped-by-macklowe-and-churchill-core-real-estate-demands-fees/ |archive-date=July 30, 2021}}</ref> Sales of residential units were launched in September 2021.<ref>{{cite web |title=Sales Launch at One Wall Street: Art Deco Icon Reinvented by – Market Insight |date=September 16, 2021 |website=CityRealty |url=https://www.cityrealty.com/nyc/market-insight/features/future-nyc/sales-launch-one-wall-street-art-deco-icon-reinvented-macklow-robert-am-stern-architects/39321 |access-date=September 27, 2021 |archive-date=September 27, 2021 |archive-url=https://web.archive.org/web/20210927234036/https://www.cityrealty.com/nyc/market-insight/features/future-nyc/sales-launch-one-wall-street-art-deco-icon-reinvented-macklow-robert-am-stern-architects/39321 |url-status=live}}</ref> By March 2022, Macklowe and Al Thani planned to refinance 1 Wall Street for $1.1 |
] leased a {{convert|44000|sqft|m2|abbr=|adj=on}} storefront in 2016,<ref>{{Cite web |date=July 28, 2016 |title=Whole Foods Leases 44K Sf at Macklowe's 1 Wall Street |url=https://therealdeal.com/2016/07/28/whole-foods-leases-44k-sf-at-macklowes-one-wall-street/ |url-status=live |archive-url=https://web.archive.org/web/20200604210820/https://therealdeal.com/2016/07/28/whole-foods-leases-44k-sf-at-macklowes-one-wall-street/ |archive-date=June 4, 2020 |access-date=June 1, 2020 |website=The Real Deal New York |language=en-US}}</ref><ref>{{Cite web |date=July 27, 2016 |title=Whole Foods Secures 44K-SF Lease at Macklowe's One Wall Street |url=https://commercialobserver.com/2016/07/whole-foods-secures-44k-sf-lease-at-macklowes-one-wall-street/ |url-status=live |archive-url=https://web.archive.org/web/20200604212417/https://commercialobserver.com/2016/07/whole-foods-secures-44k-sf-lease-at-macklowes-one-wall-street/ |archive-date=June 4, 2020 |access-date=June 1, 2020 |website=Commercial Observer |language=en-US}}</ref> and ] signed a {{convert|74000|sqft|m2|adj=on}} lease for a gym on the lowest four floors in 2019.<ref>{{cite news |last=Schram |first=Lauren |date=January 7, 2019 |title=Life Time Takes 74K SF at 1 Wall Street for Its Second Manhattan Fitness Center |work=Commercial Observer |url=https://commercialobserver.com/2019/01/life-time-retail-lease-macklowe-properties-1-wall-street/ |url-status=live |access-date=June 4, 2020 |archive-url=https://web.archive.org/web/20200618093733/https://commercialobserver.com/2019/01/life-time-retail-lease-macklowe-properties-1-wall-street/ |archive-date=June 18, 2020}}</ref> Macklowe originally hired ] to market the apartments. However, he replaced Core with ], in December 2020,<ref>{{Cite web |last=Solomont |first=E.B. |date=December 3, 2020 |title=Macklowe Properties Swap Core for Compass at 1 Wall Street |url=https://therealdeal.com/2020/12/03/macklowe-taps-compass-to-sell-1-wall-street/ |url-status=live |access-date=October 22, 2021 |website=The Real Deal New York |language=en-US |archive-url=https://web.archive.org/web/20201203214847/https://therealdeal.com/2020/12/03/macklowe-taps-compass-to-sell-1-wall-street/ |archive-date=December 3, 2020}}</ref> prompting Core to sue Macklowe for unpaid brokerage fees.<ref>{{Cite web |last=Hudson |first=Erin |date=July 30, 2021 |title=Dumped by Macklowe and Churchill, Core Real Estate Demands Fees |url=https://therealdeal.com/2021/07/30/dumped-by-macklowe-and-churchill-core-real-estate-demands-fees/ |url-status=live |access-date=October 22, 2021 |website=The Real Deal New York |archive-url=https://web.archive.org/web/20210730124034/https://therealdeal.com/2021/07/30/dumped-by-macklowe-and-churchill-core-real-estate-demands-fees/ |archive-date=July 30, 2021}}</ref> Sales of residential units were launched in September 2021.<ref>{{cite web |title=Sales Launch at One Wall Street: Art Deco Icon Reinvented by – Market Insight |date=September 16, 2021 |website=CityRealty |url=https://www.cityrealty.com/nyc/market-insight/features/future-nyc/sales-launch-one-wall-street-art-deco-icon-reinvented-macklow-robert-am-stern-architects/39321 |access-date=September 27, 2021 |archive-date=September 27, 2021 |archive-url=https://web.archive.org/web/20210927234036/https://www.cityrealty.com/nyc/market-insight/features/future-nyc/sales-launch-one-wall-street-art-deco-icon-reinvented-macklow-robert-am-stern-architects/39321 |url-status=live}}</ref> 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.<ref>{{cite web |last=Coen |first=Andrew |title=Macklowe Seeking $1.1B Refi for One Wall Street |website=Commercial Observer |date=March 30, 2022 |url=https://commercialobserver.com/2022/03/macklowe-seeking-1-1b-refi-for-one-wall-street/ |access-date=July 17, 2022 |archive-date=July 17, 2022 |archive-url=https://web.archive.org/web/20220717041021/https://commercialobserver.com/2022/03/macklowe-seeking-1-1b-refi-for-one-wall-street/ |url-status=live}}</ref><ref name="Walter-Warner 2022">{{Cite web |first=Holden |last=Walter-Warner |date=March 30, 2022 |title=Macklowe Seeking $1.1B Refi of One Wall Street |url=https://therealdeal.com/2022/03/30/macklowe-seeks-1-1b-refi-of-one-wall-street/ |access-date=July 17, 2022 |website=The Real Deal New York |language=en-US |archive-date=July 17, 2022 |archive-url=https://web.archive.org/web/20220717041021/https://therealdeal.com/2022/03/30/macklowe-seeks-1-1b-refi-of-one-wall-street/ |url-status=live}}</ref> At that point, the renovation was projected to be completed by the end of 2022.<ref name="Walter-Warner 2022" /> French department store ] announced that September that it would open a store at 1 Wall Street,<ref>{{cite web |last=Baird-Remba |first=Rebecca |date=September 8, 2022 |title=French Luxury Retailer Printemps Opening Store at One Wall Street |url=https://commercialobserver.com/2022/09/french-department-store-printemps-opening-first-us-store-at-one-wall-street/ |access-date=December 25, 2022 |website=Commercial Observer |archive-date=December 25, 2022 |archive-url=https://web.archive.org/web/20221225222313/https://commercialobserver.com/2022/09/french-department-store-printemps-opening-first-us-store-at-one-wall-street/ |url-status=live}}</ref><ref>{{Cite web |last=Dilakian |first=Steven |date=September 7, 2022 |title=Printemps Opening First U.S. Store at Macklowe's One Wall Street |url=https://therealdeal.com/2022/09/07/french-retailer-printemps-to-open-first-u-s-store-at-macklowes-one-wall-street/ |access-date=December 25, 2022 |website=The Real Deal New York |language=en-US |archive-date=December 25, 2022 |archive-url=https://web.archive.org/web/20221225222313/https://therealdeal.com/2022/09/07/french-retailer-printemps-to-open-first-u-s-store-at-macklowes-one-wall-street/ |url-status=live}}</ref> covering {{Convert|55000|ft2}} on two floors.<ref>{{cite web |last=Moin |first=David |date=August 29, 2023 |title=What to Watch: Printemps' New York City Venture |url=https://wwd.com/business-news/retail/printemps-new-york-city-venture-1235772980/ |access-date=July 5, 2024 |website=WWD |archive-date=November 15, 2023 |archive-url=https://web.archive.org/web/20231115060843/https://wwd.com/business-news/retail/printemps-new-york-city-venture-1235772980/ |url-status=live}}</ref> The Printemps store, which is planned to open in early 2025,<ref>{{cite web |last=Rahmanan |first=Anna |date=June 5, 2024 |title=This legendary Parisian luxury department store is opening in NYC |url=https://www.timeout.com/newyork/news/this-legendary-parisian-luxury-department-store-is-opening-in-nyc-060524 |access-date=November 8, 2024 |website=Time Out New York}}</ref> will use the Red Room.<ref name="Volner 2024 r373">{{cite web |last=Volner |first=Ian |date=July 24, 2024 |title=Printemps is Coming to One Wall Street |url=https://www.curbed.com/article/printemps-one-wall-street-fidi-macklowe-laura-gonzalez.html |access-date=July 25, 2024 |website=Curbed}}</ref> | ||
==== Post-renovation and sales struggles ==== | ==== Post-renovation and sales struggles ==== | ||
The Whole Foods store at the building's base opened in January 2023.<ref>{{cite web |date=January 12, 2023 |title=Whole Foods One Wall Street Has Opened in Fidi |url=https://tribecacitizen.com/2023/01/12/whole-foods-one-wall-street-has-opened-in-fidi/ |access-date=December 1, 2023 |website=Tribeca Citizen |archive-date=December 7, 2023 |archive-url=https://web.archive.org/web/20231207091857/https://tribecacitizen.com/2023/01/12/whole-foods-one-wall-street-has-opened-in-fidi/ |url-status=live}}</ref><ref>{{cite web |last=Rahmanan |first=Anna |date=January 13, 2023 |title=Four Things to Know About the Brand New Whole Foods on Wall Street |url=https://www.timeout.com/newyork/news/four-things-to-know-about-the-brand-new-whole-foods-on-wall-street-011323 |access-date=December 1, 2023 |website=Time Out New York |archive-date=May 23, 2023 |archive-url=https://web.archive.org/web/20230523020500/https://www.timeout.com/newyork/news/four-things-to-know-about-the-brand-new-whole-foods-on-wall-street-011323 |url-status=live}}</ref> The first residents were scheduled to move into the building that March,<ref>{{cite news |last1=Epstein |first1=Jennifer |title=New York City's Largest Office-To-Condo Conversion Prepares to Open |url=https://www.bloomberg.com/news/articles/2023-02-23/nyc-s-biggest-office-to-condo-conversion-opens?srnd=premium&sref=CIpmV6x8 |access-date= |
The Whole Foods store at the building's base opened in January 2023.<ref>{{cite web |date=January 12, 2023 |title=Whole Foods One Wall Street Has Opened in Fidi |url=https://tribecacitizen.com/2023/01/12/whole-foods-one-wall-street-has-opened-in-fidi/ |access-date=December 1, 2023 |website=Tribeca Citizen |archive-date=December 7, 2023 |archive-url=https://web.archive.org/web/20231207091857/https://tribecacitizen.com/2023/01/12/whole-foods-one-wall-street-has-opened-in-fidi/ |url-status=live}}</ref><ref>{{cite web |last=Rahmanan |first=Anna |date=January 13, 2023 |title=Four Things to Know About the Brand New Whole Foods on Wall Street |url=https://www.timeout.com/newyork/news/four-things-to-know-about-the-brand-new-whole-foods-on-wall-street-011323 |access-date=December 1, 2023 |website=Time Out New York |archive-date=May 23, 2023 |archive-url=https://web.archive.org/web/20230523020500/https://www.timeout.com/newyork/news/four-things-to-know-about-the-brand-new-whole-foods-on-wall-street-011323 |url-status=live}}</ref> The first residents were scheduled to move into the building that March,<ref>{{cite news |last1=Epstein |first1=Jennifer |title=New York City's Largest Office-To-Condo Conversion Prepares to Open |url=https://www.bloomberg.com/news/articles/2023-02-23/nyc-s-biggest-office-to-condo-conversion-opens?srnd=premium&sref=CIpmV6x8 |access-date=February 23, 2023 |work=Bloomberg |date=February 23, 2023 |language=en |archive-date=July 5, 2024 |archive-url=https://web.archive.org/web/20240705151607/https://www.bloomberg.com/news/articles/2023-02-23/nyc-s-biggest-office-to-condo-conversion-opens?srnd=premium&sref=CIpmV6x8 |url-status=live}}</ref> and construction was officially completed that month.<ref name="Howarth 2023" /> Macklowe received a $300 million inventory loan for the building in October 2023 after sales underperformed expectations.<ref name="Jones 2023">{{cite web |last=Jones |first=Orion |date=October 3, 2023 |title=Harry Macklowe Gets Inventory Loan at 1 Wall Street |url=https://therealdeal.com/new-york/2023/10/03/harry-macklowe-gets-inventory-loan-at-1-wall-street/ |access-date=November 10, 2023 |website=The Real Deal |archive-date=November 10, 2023 |archive-url=https://web.archive.org/web/20231110174504/https://therealdeal.com/new-york/2023/10/03/harry-macklowe-gets-inventory-loan-at-1-wall-street/ |url-status=live}}</ref><ref>{{cite web |date=October 10, 2023 |title=Harry Macklowe's 1 Wall Street Lands $300M Inventory Loan |url=https://www.connectcre.com/stories/harry-macklowes-1-wall-street-lands-300m-inventory-loan/ |access-date=November 10, 2023 |website=Connect CRE |archive-date=November 10, 2023 |archive-url=https://web.archive.org/web/20231110174506/https://www.connectcre.com/stories/harry-macklowes-1-wall-street-lands-300m-inventory-loan/ |url-status=live}}</ref> At the time, there were 479 unsold units out of 566 total apartments, and the project had cost $2.9 billion to date.<ref name="Jones 2023" /> Sales remained lower than expected; by February 2024, only about 100 apartments had been sold.<ref name="p2973019140">{{cite news |last=Clarke |first=Katherine |date=March 22, 2024 |title=Mansion—Making Sense of NYC's Confusing Luxury Market—From Where the Big Deals Are Happening to New Condo Inventory, Here's Everything You Need to Know About What's Happening at the High End |url=https://www.wsj.com/real-estate/luxury-homes/new-york-city-luxury-home-market-304b182d |access-date=July 5, 2024 |work=The Wall Street Journal |page=M.1 |issn=0099-9660 |id={{ProQuest|2973019140}} |archive-date=June 15, 2024 |archive-url=https://web.archive.org/web/20240615130724/https://www.wsj.com/real-estate/luxury-homes/new-york-city-luxury-home-market-304b182d |url-status=live}}</ref> Asian investors comprised about half of the condominium owners by that year, but such sales were slowing down due to new ]s in China.<ref name="Orion" /> Industry experts consulted by '']'' cited two other reasons for the lagging sales: the condos were overpriced compared to similar units nearby, and there was a general oversupply of vacant residential units in the Financial District.<ref name="Orion">{{cite web |last=Jones |first=Orion |date=May 17, 2024 |title=Macklowe Drops Compass from One Wall Street Sales |url=https://therealdeal.com/new-york/2024/05/17/macklowe-drops-compass-from-one-wall-street-sales/ |access-date=August 29, 2024 |website=The Real Deal}}</ref> In May 2024, Macklowe replaced the sales agents from Compass, Inc., with two brokers from Macklowe Properties.<ref name=Orion /> | ||
== Impact == | == Impact == | ||
=== Critical reception === | === Critical reception === | ||
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.<ref>{{Cite news |date=January 13, 1931 |title=Irving Trust Building Gets Broadway Prize; Association Votes Architecture Award for 1930—Wide Traffic Reforms Are Outlined. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1931/01/13/archives/irving-trust-building-gets-broadway-prize-association-votes.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605043128/https://www.nytimes.com/1931/01/13/archives/irving-trust-building-gets-broadway-prize-association-votes.html |url-status=live}}</ref><ref>{{cite news |date=January 13, 1931 |title=Broadway Award Made: Tablet Goes to New Irving Trust Company Building |page=9 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1114042656}}}}</ref> A writer for the '']'' called Meière's lobby mural "one of the most costly and beautiful pieces of mural decoration ever attempted in the United States".<ref>{{cite web |last=McCarroll |first=Marion Clyde |date=April 13, 1931 |title=Noted Woman Mural Artist Finds Idea for New Design in Daily Routine of Average American "Working Girl" |url=https://fultonhistory.com/highlighter/highlight-for-xml?altUrl=https%3A%2F%2Ffultonhistory.com%2FNewspaper%252011%2FNew%2520York%2520Evening%2520Post%2FNew%2520York%2520NY%2520Evening%2520Post%25201931%2520Grayscale%2FNew%2520York%2520NY%2520Evening%2520Post%25201931%2520Grayscale%2520-%25202605.pdf |access-date=June 4, 2020 |work=New York Evening Post |via=fultonhistory.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184409/https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201931%20Grayscale/New%20York%20NY%20Evening%20Post%201931%20Grayscale%20-%202605.pdf |url-status=live}}</ref |
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.<ref>{{Cite news |date=January 13, 1931 |title=Irving Trust Building Gets Broadway Prize; Association Votes Architecture Award for 1930—Wide Traffic Reforms Are Outlined. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1931/01/13/archives/irving-trust-building-gets-broadway-prize-association-votes.html |access-date=May 31, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605043128/https://www.nytimes.com/1931/01/13/archives/irving-trust-building-gets-broadway-prize-association-votes.html |url-status=live}}</ref><ref>{{cite news |date=January 13, 1931 |title=Broadway Award Made: Tablet Goes to New Irving Trust Company Building |page=9 |issn=1941-0646 |work=New York Herald Tribune |id={{ProQuest|1114042656}}}}</ref> A writer for the '']'' called Meière's lobby mural "one of the most costly and beautiful pieces of mural decoration ever attempted in the United States".<ref name="NYCL p. 15" /><ref>{{cite web |last=McCarroll |first=Marion Clyde |date=April 13, 1931 |title=Noted Woman Mural Artist Finds Idea for New Design in Daily Routine of Average American "Working Girl" |url=https://fultonhistory.com/highlighter/highlight-for-xml?altUrl=https%3A%2F%2Ffultonhistory.com%2FNewspaper%252011%2FNew%2520York%2520Evening%2520Post%2FNew%2520York%2520NY%2520Evening%2520Post%25201931%2520Grayscale%2FNew%2520York%2520NY%2520Evening%2520Post%25201931%2520Grayscale%2520-%25202605.pdf |access-date=June 4, 2020 |work=New York Evening Post |via=fultonhistory.com |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404184409/https://fultonhistory.com/Newspaper%2011/New%20York%20Evening%20Post/New%20York%20NY%20Evening%20Post%201931%20Grayscale/New%20York%20NY%20Evening%20Post%201931%20Grayscale%20-%202605.pdf |url-status=live}}</ref> Eugene Clute of ''Metal Arts'' magazine described the walls as "a rich, free-hanging fabric" and "a cage set within the frame of the building and finished with a lining that has no more structural significance than the lining of my lady's work basket".<ref name="Abramson p. 137" /> | ||
Architectural critics of the mid-20th century generally ignored the building in favor of more widely renowned structures, such as the ], the ], and ].<ref name="Gray 1999" /> ] criticized 1 Wall Street's facade for not accurately representing its internal design, saying: "Chaste though that exterior is, it is mere swank, and unconvincing swank at that".<ref>{{harvnb|Abramson|2001|ps=.|p=110}}</ref><ref>{{cite book |last=Mumford |first=Lewis |url=https://books.google.com/books?id=kMf1cYOYeT4C&pg=PA65 |title=Sidewalk Critic: Lewis Mumford's Writings on New York |publisher=Princeton Architectural Press |year=1998 |isbn=978-1-56898-133-8 |page=65 |access-date=June 4, 2020 |archive-date=June 8, 2020 |archive-url=https://web.archive.org/web/20200608194453/https://books.google.com/books?id=kMf1cYOYeT4C&pg=PA65 |url-status=live}}</ref> Because of Irving Trust's role as a ] for bankrupt companies, 1 Wall Street was called the "Central Repair Shop for Broken Businesses".<ref name="Gray 1999" /> Architectural historian ] wrote in his 1987 book ''New York 1930'' that 1 Wall Street's proximity to other skyscrapers including ], ], |
Architectural critics of the mid-20th century generally ignored the building in favor of more widely renowned structures, such as the ], the ], and ].<ref name="Gray 1999" /> ] criticized 1 Wall Street's facade for not accurately representing its internal design, saying: "Chaste though that exterior is, it is mere swank, and unconvincing swank at that".<ref>{{harvnb|Abramson|2001|ps=.|p=110}}</ref><ref>{{cite book |last=Mumford |first=Lewis |url=https://books.google.com/books?id=kMf1cYOYeT4C&pg=PA65 |title=Sidewalk Critic: Lewis Mumford's Writings on New York |publisher=Princeton Architectural Press |year=1998 |isbn=978-1-56898-133-8 |page=65 |access-date=June 4, 2020 |archive-date=June 8, 2020 |archive-url=https://web.archive.org/web/20200608194453/https://books.google.com/books?id=kMf1cYOYeT4C&pg=PA65 |url-status=live}}</ref> Because of Irving Trust's role as a ] for bankrupt companies, 1 Wall Street was called the "Central Repair Shop for Broken Businesses".<ref name="Gray 1999" /> Architectural historian ] wrote in his 1987 book ''New York 1930'' that 1 Wall Street's proximity to other skyscrapers including ], ], 40 Wall Street, and the ] "had reduced the previous generation of skyscrapers to the status of foothills in a new mountain range".<ref>{{harvnb|ps=.|Stern|Gilmartin|Mellins|1987|page=603}}</ref> 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 in its massing and the curves in its facade.<ref name="Abramson p. 62" /> | ||
Later architectural critics also praised the structure. ] of '']'' wrote in 1975 that 1 Wall Street was an "Art Deco masterpiece".<ref>{{Cite news |last=Huxtable |first=Ada Louise |date=December 21, 1975 |title=Architecture View |language=en-US |work=The New York Times |url=https://www.nytimes.com/1975/12/21/archives/architecture-view-groomss-zany-manhattan-puts-the-city-in-focus.html |access-date=June 1, 2020 |issn=0362-4331 |archive-date=June 5, 2020 |archive-url=https://web.archive.org/web/20200605044711/https://www.nytimes.com/1975/12/21/archives/architecture-view-groomss-zany-manhattan-puts-the-city-in-focus.html |url-status=live}}</ref> In a 2001 analysis, the ''Times'' characterized the Empire State Building, the Chrysler Building, and 1 Wall Street as three great Art Deco buildings in New York City.<ref name="Dunlap 2001" /> 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".<ref name="Stern (1987) p. 568">{{harvnb|ps=.|Stern|Gilmartin|Mellins|1987|p=568}}</ref><ref name="Lopate 1991" /> Architectural writer Eric P. Nash called 1 Wall Street "one of the most delicate, even feminine, skyscrapers ever built".<ref name="Nash 2005" /> After the building's residential conversion was completed in 2023, a ''Daily Beast'' reporter wrote that the structure's conversion could be a model for other office-to-residence conversions.<ref name="Taillon 2023" /> Adriane Quinlan of '']'' contrasted the building with Macklowe's ultra-luxury tower at ], calling 1 Wall Street "Macklowe's tower for the working, rather than the obscenely, rich".<ref name="Quinlan 2023" /> Ian Volner, writing for ''Curbed'' in 2024, described the Red Room as "an over-the-top dream of period pizzazz that makes ]'s ''Gatsby'' look like a work of sober realism".<ref name="Volner 2024 r373" /> | |||
=== Landmark designations === | === Landmark designations === | ||
In 2001, the ] (LPC) 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.<ref name="Plitt 2019" /><ref name="Dunlap 2001" /> The Red Room's interior was not given a separate interior-landmark designation because such designations at the time were reserved for publicly accessible spaces. Since the Red Room could only be used by BNY Mellon workers at the time of the exterior designation, |
In 2001, the ] (LPC) 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.<ref name="Plitt 2019" /><ref name="Dunlap 2001" /> The Red Room's interior was not given a separate interior-landmark designation because such designations at the time were reserved for publicly accessible spaces. Since the Red Room could only be used by BNY Mellon workers at the time of the exterior designation, the LPC considered it to be closed to the public.<ref name="Dunlap 2001" /> The LPC agreed in December 2023 to hold hearings on whether to designate the Red Room's interior as a landmark,<ref>{{Cite web |date=December 19, 2023 |title=(Proposed) 1 Wall Street Banking Room Interior |url=https://www.nyc.gov/assets/lpc/downloads/pdf/proposed_landmarks/1_Wall_Street_Banking_Room_Interior_proposed.pdf |access-date=January 17, 2024 |publisher=New York City Landmarks Preservation Commission |archive-date=July 5, 2024 |archive-url=https://web.archive.org/web/20240705151541/https://www.nyc.gov/assets/lpc/downloads/pdf/proposed_landmarks/1_Wall_Street_Banking_Room_Interior_proposed.pdf |url-status=live}}</ref> and the Red Room was designated as an interior landmark on June 25, 2024.<ref>{{cite web |last=Roche |first=Daniel Jonas |title=1 Wall Street Banking Room Designated Interior Landmark by New York City Landmarks Preservation Commission |website=The Architect's Newspaper |date=June 25, 2024 |url=https://www.archpaper.com/2024/06/1-wall-street-banking-room-designated-interior-landmark/ |access-date=June 27, 2024 |archive-date=June 26, 2024 |archive-url=https://web.archive.org/web/20240626005002/https://www.archpaper.com/2024/06/1-wall-street-banking-room-designated-interior-landmark/ |url-status=live}}</ref> | ||
As a result of the exterior landmark designation's limited scope, most of the |
As a result of the exterior landmark designation's limited scope, most of the modifications made during 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.<ref name="Plitt 2019" /><ref name="Smith 2020" /> In 2007, the building was designated as a contributing property to the ],<ref>{{cite web |date=February 20, 2007 |title=Wall Street Historic District |url=https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/05000988.pdf |publisher=], ] |access-date=February 9, 2021 |pages=4–5 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219214221/https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/05000988.pdf |url-status=live}}</ref> a ] district.<ref name="nris_2007">{{cite web |date=2007 |title=National Register of Historic Places 2007 Weekly Lists |url=https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2007-national-register-of-historic-places.pdf |access-date=July 20, 2020 |publisher=National Park Service |page=65 |archive-date=December 28, 2019 |archive-url=https://web.archive.org/web/20191228214611/https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2007-national-register-of-historic-places.pdf |url-status=live}}</ref> | ||
==See also== | ==See also== | ||
{{Portal|Architecture|New York City}} | |||
* ] | * ] | ||
* ] | * ] | ||
Line 197: | Line 198: | ||
==References== | ==References== | ||
===Notes=== | ===Notes=== | ||
'''Explanatory notes''' | |||
{{Notelist}} | {{Notelist}} | ||
'''Inflation figures''' | |||
{{notelist-lr}} | |||
=== Citations === | === Citations === | ||
Line 204: | Line 209: | ||
=== Sources === | === Sources === | ||
* {{cite book |last=Abramson |first=Daniel |title=Skyscraper Rivals: the AIG Building and the Architecture of Wall Street |publisher=Princeton Architectural Press |year=2001 |isbn=978-1-56898-244-1 |oclc=44467412}} | * {{cite book |last=Abramson |first=Daniel |title=Skyscraper Rivals: the AIG Building and the Architecture of Wall Street |publisher=Princeton Architectural Press |year=2001 |isbn=978-1-56898-244-1 |oclc=44467412}} | ||
⚫ | * {{Cite magazine |title=Irving Trust Company Opens New Building |magazine=Bankers' Magazine |date=May 1931 |volume=122 |issue=5 |page= |pages=695–704 |id={{ProQuest|124378200}} |ref={{harvid|Bankers' Magazine|1931}}}} | ||
* {{cite report |last=Buckley |first=Lisa |title=1 Wall Street Banking Room Interior |url=http://s-media.nyc.gov/agencies/lpc/lp/2679.pdf |date=June 25, 2024 |publisher=] |
* {{cite report |last=Buckley |first=Lisa |title=1 Wall Street Banking Room Interior |url=http://s-media.nyc.gov/agencies/lpc/lp/2679.pdf |date=June 25, 2024 |publisher=] }} | ||
⚫ | * {{Cite magazine |
||
* {{cite report |last=Kurshan |first=Virginia |title=1 Wall Street Building |url=http://s-media.nyc.gov/agencies/lpc/lp/2029.pdf |date=March 13, 2001 |publisher=] |
* {{cite report |last=Kurshan |first=Virginia |title=1 Wall Street Building |url=http://s-media.nyc.gov/agencies/lpc/lp/2029.pdf |date=March 13, 2001 |publisher=] }} | ||
* {{cite book |last=Robins |first=Anthony W. | |
* {{cite book |last=Robins |first=Anthony W. |year=2017 |title=New York Art Deco: A Guide to Gotham's Jazz Age Architecture |url=https://archive.org/details/newyorkartdecogu0000robi |location=Albany, NY |publisher=Excelsior Editions (State University of New York Press) |isbn=978-1-4384-6396-4 |oclc=953576510}} At . | ||
* {{cite book | |
* {{cite book |last1=Stern |first1=Robert A. M. |last2=Gilmartin |first2=Patrick |last3=Mellins |first3=Thomas |year=1987 |title=New York 1930: Architecture and Urbanism Between the Two World Wars |url=https://archive.org/details/newyork1930archi0000ster |url-access=registration |publisher=Rizzoli |isbn=978-0-8478-3096-1 |oclc=13860977}}<!--{{cite New York 1930}}--> | ||
* {{cite magazine |last=Walker |first=Ralph T. |date=May 1930 |title=The Relation of Skyscrapers to Our Life |journal=Architectural Forum |volume=52 | |
* {{cite magazine |last=Walker |first=Ralph T. |date=May 1930 |title=The Relation of Skyscrapers to Our Life |url=https://usmodernist.org/AF/AF-1930-05.pdf |journal=Architectural Forum |volume=52 |issue=5 |pages=689–695}} | ||
==External links== | ==External links== | ||
* {{Commons category-inline}} | |||
* {{Official website|https://www.1wallstreet.com}} | * {{Official website|https://www.1wallstreet.com}} | ||
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{{Financial District, Manhattan|state=collapsed}} | {{Financial District, Manhattan|state=collapsed}} | ||
{{BNY Mellon}} | {{BNY Mellon}} | ||
{{Subject bar|portal1=Architecture|portal2=New York City|portal3=United States|commons=Category:1 Wall Street}} | |||
{{Authority control}} | {{Authority control}} | ||
Latest revision as of 00:07, 2 January 2025
Residential skyscraper in Manhattan, New York Not to be confused with 1 Wall Street Court; Wall Street 1 (film); Wallstreet 1 (computer); or 48 Wall Street, also known as the Bank of New York Building.
1 Wall Street | |
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Seen from the east in 2010 | |
General information | |
Type | Mixed use (residential and commercial) |
Architectural style | Art Deco |
Location | Manhattan, New York |
Country | United States |
Coordinates | 40°42′26″N 74°00′42″W / 40.70722°N 74.01167°W / 40.70722; -74.01167 |
Construction started | 1929 (original building) 1963 (annex) |
Completed | 1931 (original building) 1965 (annex) |
Opening | March 24, 1931 |
Renovated | 2018–2023 |
Owner | Macklowe Properties |
Height | |
Roof | 654 ft (199 m) |
Top floor | 52 |
Technical details | |
Floor count | 50 |
Floor area | 1,165,645 sq ft (108,292.0 m) |
Lifts/elevators | 41 |
Design and construction | |
Architect(s) | Ralph Walker |
Developer | Irving Trust |
Main contractor | Marc Eidlitz |
References | |
New York City Landmark | |
Designated | March 13, 2001 |
Reference no. | 2029 |
Designated entity | Original building: exterior |
New York City Landmark | |
Designated | June 25, 2024 |
Reference no. | 2679 |
Designated entity | Red Room: interior |
U.S. Historic district Contributing property | |
Part of | Wall Street Historic District |
Reference no. | 07000063 |
1 Wall Street (also known as the Irving Trust Company Building, the Bank of New York Building, and the BNY Mellon Building) is a 654-foot-tall (199 m) Art Deco skyscraper in the Financial District of Lower Manhattan, New York City. The building, which occupies a full city block, consists of two sections. The original 50-story building was designed by Ralph Thomas Walker of the firm Voorhees, Gmelin and Walker and constructed between 1929 and 1931 for Irving Trust, an early-20th-century American bank. A 28-story annex to the south (later expanded to 36 stories) was designed by the successor firm Voorhees, Walker, Smith, Smith & Haines and built between 1963 and 1965.
The limestone facade consists of slight inwardly-curved bays with fluting to resemble curtains. On the lower stories are narrow windows and elaborate entrances. The massing of 1 Wall Street incorporates numerous small setbacks, and there are chamfers at the corners of the original building. The top of the original building consists of a freestanding tower with fluted windowless bays. The facade of the annex is crafted in a style reminiscent of the original structure. The original building has an ornate lobby, known as the Red Room, with colored mosaics. The 10th through 45th floors were originally rented to tenants, while the other floors contained offices, lounges, and other spaces for Irving Trust. After 1 Wall Street was converted to a residential building, the upper stories were divided into 566 condominium apartments.
At the time of its construction, 1 Wall Street occupied what was one of the most valuable plots in the city. The building replaced three previous structures, including the Manhattan Life Insurance Building, which was once the world's tallest building. After Irving Trust was acquired by the Bank of New York (BNY) in 1988, 1 Wall Street served as the global headquarters of BNY and its successor BNY Mellon through 2015. After the developer Harry Macklowe purchased the building, he renovated it from 2018 to 2023, converting the interior to residential units with some commercial space.
The building is one of New York City's Art Deco landmarks, although architectural critics initially ignored it in favor of such buildings as the Empire State Building and the Chrysler Building. The exterior of the building's original section was designated as a city landmark in 2001, and the Red Room was similarly designated in 2024. In addition, the structure is a contributing property to the Wall Street Historic District, a National Register of Historic Places district created in 2007.
Site
1 Wall Street occupies an entire city block in the Financial District of Lower Manhattan in New York City. The site is bounded by Broadway to the west, Wall Street to the north, New Street to the east, and Exchange Place to the south. 1 Wall Street is adjacent to the Adams Express Building, 65 Broadway, the Empire Building, Trinity Church, and Trinity Church's churchyard to the west; the American Surety Company Building to the north; 14 Wall Street to the northeast; the New York Stock Exchange Building to the east; and 52 Broadway to the south. Entrances to the New York City Subway's Wall Street station, served by the 4 and 5 trains, are adjacent to the building.
Because of the curves in the facade, the original structure does not completely occupy its full land lot; instead, 180 square feet (17 m) is used as a sidewalk. At the chamfered corners of the building, the facade is recessed as much as 7.5 feet (2.3 m) from the lot line. 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. Consequently, when 1 Wall Street was built, its main occupant Irving Trust embedded small metal plaques to delineate the boundaries of its lot, thereby preventing the city government from seizing the land.
Architecture
The original building was designed by Ralph Walker of the Voorhees, Gmelin and Walker in the Art Deco style. The annex was designed by Voorhees, Gmelin and Walker's successor firm Voorhees, Walker, Smith, Smith & Haines. Everett Meeks, the dean of the Yale School of Art, was the original building's design consultant. The original building reaches 50 stories and stands 654 feet (199 m) tall. The southern annex was originally 28 stories tall with a height of about 391 feet (119 m), but it was expanded in 2019 to 36 stories with a height of about 494 feet (151 m). SLCE Architects designed the building's residential conversion in the late 2010s and early 2020s, including the addition to the southern annex. Dormer structures of up to two stories are located on the tops of both sections.
Although author Daniel Abramson said 1 Wall Street was "Art Deco in many respects", historian Anthony Robins characterized the building 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 Barclay–Vesey 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. Architectural writer Robert A. M. Stern characterized 1 Wall Street as "Walker's only completed skyscraper".
Form and facade
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. 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 to allow light and air to reach the streets below, they later became a defining feature of the Art Deco style. The facade has uninterrupted vertical piers, similar to other Art Deco buildings. Although the piers emphasize the building's height, Walker said this effect was not the main goal of his design.
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 has a series of small setbacks starting at the 21st story and continuing until the 35th story, above which a slender tower rises. The setbacks on the Broadway and Wall Street elevations alternate with each other. The southern portion of the original building rises as high as a dormer on the 37th floor; the 36th floor is the highest that also connects to the annex. The original structure measures 179 feet (55 m) on Broadway by 102 feet (31 m) on Wall Street. The tower stories, from the 37th to the 48th floors, measure 60 by 80 feet (18 by 24 m) each. The top two stories constituted an executive penthouse.
Walker's design emphasized the decorative details of the building's facade; by contrast, other early-20th-century skyscrapers in Lower Manhattan had emphasized the massing. The facade includes indented vertical bays with fluting, which are arranged like curtains, although the facade 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, and he wanted them to have "mental relief and pleasure" when viewing it. Walker also said he "tried to superimpose one rhythm upon a basic rhythm"; as such, he treated the facade as a series of "rhythmic motifs" in different sizes. The resulting concave bays were angled inward at a pitch of 1:9. Each of the bays is separated by curved, projecting piers that rise to each setback. Several piers also have vertical incisions for emphasis. The windows of the original building contained custom curved frames to fit into the facade, which added $40,000 to the construction cost.
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 on each floor. The northwestern and northeastern corners of the building are both chamfered, which respectively connect the western and eastern elevations of the facade with the northern elevation.
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, a glass-clad entrance to the retail space was constructed in front of the annex. 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. Eight stories were also built atop the initial portion of the annex. In total, according to zoning documents, the annex measures 180 feet (55 m) on Broadway and 132.5 feet (40.4 m) on Exchange Place.
Features
External videos | |
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Tour an Art Deco Masterpiece, The Daily 360 , The New York Times |
The building contains 10 elevators as of 2019, compared with 43 elevators and 14 escalators prior to the building's residential conversion. When built, 1 Wall Street had 29 elevators, some of which were near the building's exterior walls. Irving Trust had six private elevators accessed from Wall Street. There were three groups of elevators in the rest of the building, serving the lower, intermediate, or upper floors; these elevators could be reached from Broadway, New Street, or the subway. 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, but 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 for electric power. It included a network of pneumatic tubes for sending documents between floors. When 1 Wall Street was converted to residential use, all of the elevators were moved to the center of the building.
There is 1,165,645 sq ft (108,292 m) of interior space, of which the original building had 500,000 square feet (46,000 m) of floor space. The original building's first through 21st stories each spanned 15,000 square feet (1,400 m). There are also five basement levels under the original structure, three of which are 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 had been converted to a communications room by 2000. Upon the building's opening, Irving Trust occupied the basements, lowest ten floors, and uppermost three floors. Following its residential conversion, 1 Wall Street contained 678,000 square feet (63,000 m) of residential space and 166,000 square feet (15,400 m) of commercial space. The top stories of the annex (completed in 2023) were largely built as voided slabs; hollow plastic spheres were embedded into the concrete floor slabs to reduce the slabs' weight. The glass retail addition is cantilevered outward from the original annex, avoiding the need to drill into the Wall Street subway station, which is located directly underneath the retail addition.
Red Room and lobby
At ground level is the Red Room. Walker and his associate Perry Coke Smith designed the room, while artist Hildreth Meière was hired as a "color consultant". The space was intended mainly as a reception room for the bank and was accessed primarily from Wall Street to the north. The Red Room had no tellers' counters since Irving Trust was a commercial bank, rather than a savings bank. Lewis Pierson of Irving Trust described the Red Room as a place "where we shall meet our customers and friends". Unlike earlier banking rooms such as those in the Williamsburgh Savings Bank Building and National City Bank Building, the Red Room did not contain classical-style decorations.
The Red Room measures 100 feet (30 m) long from west to east and 40 feet (12 m) wide from north to south. The ceiling is variously cited as measuring 30 feet (9.1 m), 33 feet (10 m), or 37 feet (11 m) high. The room is shaped like an oblong polygon, and there are few right angles within the space. On the north wall is a bronze-clad entrance vestibule, while on the south wall are frosted double glass doors leading to the elevator foyer. There are arched windows on the eastern and western walls, as well as doors on the northern and southern walls. Each of the windows to the east and west has a deep sill, and there are also lancet windows on either side of the entrance to the north. There are radiators with ornate bronze grilles beneath each window. When Irving Trust occupied the building, the Red Room had some chairs and desks. The brokers' loan officers had desks next to the eastern wall, while the officers of Irving Trust's city office sat at desks near the western wall.
Because the building was completed just after the Wall Street Crash of 1929, the Red Room's design included ornate materials to attract customers. The floor is made of red terrazzo tiles. Walker and Smith personally supervised the creation of the floor tiles in Berlin. The walls and ceilings are decorated with 8,911 square feet (827.9 m) or 13,000 square feet (1,200 m) of mosaics, which were designed by Meière and manufactured by the Ravenna Mosaic Company in Long Island City and Berlin. The color scheme of the mosaic ranges from red-on-blue on the walls to gold-on-black on the ceiling. The tiles gradually become lighter on the upper portions of the walls, drawing visitors' attention toward the ceiling. The mosaic also contains abstract gold patterns. The rest of the walls is made of Pyrenees black marble, and the columns are made of Verona red marble, similar to a design used in the Stockholm City Hall. The two columns are placed on an east-west axis and have bronze capitals. At the northern and southern ends of the room, the ceiling slants slightly upward.
South of the entrance is a foyer that runs between Broadway and New Street, with two polygonal piers. The foyer in turn connected directly to the building's elevators. The Broadway and New Street lobby had walls made of Pyrenees black marble. The ceiling also had an allegorical painting measuring 20 by 66 feet (6.1 by 20.1 m), depicting the influence of wealth on the creation of beauty. Meière and Kimon Nicolaïdes designed the painting. When the annex was built, the expanded lobby floor was clad in travertine, and the original lobby's ceiling was covered with a dropped ceiling.
Upper floors
As with other early-20th-century skyscrapers in the Financial District, the lower stories had large floor areas for the building's primary tenant, Irving Trust, while the upper stories were smaller. The lowest 21 floors each spanned about 15,000 square feet (1,400 m). Irving Trust occupied the first ten stories, using their large floor areas to house its clerical staff. The second floor originally contained Irving Trust's Wall Street office, which served businesses in the Financial District. The third floor was for the bank's corporate and personal trust divisions. The fifth floor had the bank's executive offices, wainscoted with wood from around the world, while the sixth floor accommodated the out-of-town and foreign divisions and a telephone room for long-distance calls.
The 10th through 45th floors were rented to outside tenants. Voorhees, Gmelin & Walker were not responsible for the layout of the offices, instead hiring specialists for that task. Architectural firms also designed some of the offices; for example, the Fiduciary Trust Company's 30th-story offices were designed by Delano and Aldrich, while the offices on the 31st story were designed by Cross & Cross. Generally, law firms and financial firms leased entire stories for themselves. These included brokerage house Bear Stearns, which hired H. J. Horvath & Company and designer W. A. Zwicke to subdivide its 10th-floor space into various offices and other rooms.
Irving Trust's dining room was on the 46th floor. The directors' room, on the 47th floor, was decorated with 18-foot-high (5.5 m) wooden wainscoting, and there were directors' chairs arranged in a semicircle. The stories above it had dining spaces and a three-story observation lounge; these spaces had Art Deco furnishings. The executive lounge, at the 49th story, had a ceiling made of gold-leaf seashells, as well as walls covered with multicolored patterned fabrics. The executive lounge also had a triple-height ceiling, fluted walls, teak floors, and a fireplace, as well as four full-height windows that faced each of the cardinal directions. The walls were also decorated with depictions of Native American war bonnets.
Since 1 Wall Street's residential conversion, there have been 566 condominium apartments, of which 304 are studios and one-bedroom units. Forty-seven of the condominiums have private decks. The condominiums were designed by SLCE Architects. The upper three floors were converted into a three-story penthouse apartment with 12,965 square feet (1,204.5 m), four bedrooms and four bathrooms, as well as a private library and chef's kitchen. Several of the units are model apartments, which are shown to prospective buyers and were designed by FrenchCalifornia, Elizabeth Graziolo, and Cyril Vergniol. The amenities include a 75-foot (23 m) indoor swimming pool, 39th-floor observation deck, library, golf simulator, dog spa, and playroom, as well as a lounge and a private restaurant. The building also contains communal spaces with kitchens, phone booths, AV equipment, and printers. These amenities are mostly clustered in the annex, occupying the 38th and 39th floors. Lifetime Fitness operates an athletic club within the building, and there is also a coworking space known as One Works.
Vault
Irving Trust's bank vault, weighing 5,000 short tons (4,500 long tons; 4,500 t), was located 69 to 72 feet (21 to 22 m) 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 and the Bank of England. The vault was encased on three sides by a 6-foot-thick (1.8 m) wall composed of iron, steel, and concrete; the fourth side was composed of 3 feet (0.91 m) 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 2,700 square feet (250 m) of space. There were six vault doors, each measuring 30 inches (760 mm) thick; the doors were laced with chemicals that reportedly emitted "paralyzing fumes" if a robber tried to open the door using a blowtorch. The two main doors on the upper level, and one door on each of the other levels, weighed 45 short tons (40 long tons; 41 t) each. A tank of water, as well as chemical, electrical, and mechanical systems, were used to deter break-ins.
History
Previous structures
Northern portion
Since the settlement of New Amsterdam 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 29 by 39 feet (8.8 by 11.9 m). 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 1,131-square-foot (105.1 m) plot, or an average of $576 per square foot ($6,200/m). 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 the world's most valuable.
Adjoining the Chimney Building were between three and five other structures, ranging from approximately 10 to 20 stories high. The oldest of these was the Union Trust Building, which was erected in 1889 and had 8-foot-thick (2.4 m) 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, 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 had 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 in the middle of the block, at 64 Broadway. That structure 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 23-foot-wide (7.0 m) space between the Manhattan Life and Knickerbocker Trust buildings. A 10-inch (0.3 m) 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 taxpayer building at 62 Broadway, within the 23-foot-10-inch-wide (7.3 m) gap.
Development
The idea for the current skyscraper was attributed to Irving Trust president Harry Ward. Since its founding in 1851, Irving Trust had merged with numerous other banks in preceding years, and the firm had outgrown its offices, which were scattered across 60 Broadway, the Equitable Building, and the Woolworth Building. When the building was proposed, 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 $725 per square foot ($7,800/m). 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 178 by 101 feet (54 by 31 m); they called for two banking rooms at ground level. Walker and his associate Perry Coke Smith designed a large banking room called the Red Room for the lower stories, and Walker hired Hildreth Meière to design the mosaics for the Red Room. Smith and Meière collaborated on the Red Room's color scheme, while Lynn Fausett helped draw out the designs for the room.
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 560 feet (170 m). 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
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 were hired as consultants for the demolition process. Work was complicated by the fact that one of the previous buildings on the site had extremely sturdy walls ranging from 4 to 10 feet (1.2 to 3.0 m) thick. The Indiana Limestone Company was hired to supply the building's Indiana limestone. During December 1929, Ward sent engraved letters to 500 nearby property owners, apologizing for the noise created during the riveting process; this generated positive publicity for the building in both the local and national press.
The ceremonial cornerstone was laid on January 15, 1930. During the construction process, nearby structures such as Trinity Church were shored up. That March, Irving Trust signed an agreement with the Interborough Rapid Transit Company—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. Excavations began in July 1930, and work on the building itself began that August. The frame involved the installation of 250,000 rivets and was completed within five months of the groundbreaking without any serious incidents. The Ravenna Mosaic Company was hired to manufacture mosaics for the Red Room, and six workers from a mosaic-tile labor union helped Ravenna's workers install the mosaics.
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 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, at which point it was 85 percent occupied. Among the tenants were several members of the New York Stock Exchange and Curb Exchange. 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 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 shook, nobody was injured. An air-conditioning system was installed at 1 Wall Street in 1953, which was one of the largest air-conditioning retrofits ever undertaken in the New York City area at the time.
The original building soon became too small to accommodate the operations of Irving Trust and its tenants. Accordingly, in 1961, Irving Trust purchased the three buildings at 60, 62, and 70 Broadway from Hanover Bank, 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 advance of the work, Irving Trust subleased space at 2 Broadway. 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.
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 (BNY), which at the time was headquartered nearby at 48 Wall Street. Irving Trust initially rejected buy-out offers from BNY 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. BNY 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 (renamed BNY Mellon in 2007) opened a museum on the 10th floor in 1998, which was dedicated to the history of both banks. During the same time, BNY hired Hoffmann Architects to conduct mortar repair and window replacements. While 1 Wall Street was not damaged following the September 11 attacks at the nearby World Trade Center in 2001, BNY'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 wanted to add up to 174,000 square feet (16,200 m) of retail space at the base.
Renovation
Macklowe initially planned to make 1 Wall Street a mixed-use residential and office building, and he wanted to rent out 65 percent of the residences. In early 2017, Macklowe announced that the building would be almost entirely residential condominiums, since an all-residential building, owned by its tenants, would require less debt. 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 designed by Robert A.M. Stern Architects, who were replaced by SLCE Architects. Ashe Leandro, Deborah Berke Partners, and Moed de Armas and Shannon also redesigned parts of the building, and Deutsche Bank provided a $750 million mortgage loan for the conversion. At the time, the project was the largest conversion of office space to residential space in New York City, covering nearly 1.2 million square feet (110,000 m).
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. 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 facade was restored using stone from the quarry that had supplied the material for Walker's original building. Eight stories were added to the southern annex, and 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.
Whole Foods Market leased a 44,000-square-foot (4,100 m) storefront in 2016, and Life Time Fitness signed a 74,000-square-foot (6,900 m) lease for a gym on the lowest four floors in 2019. Macklowe originally hired Core Real Estate to market the apartments. However, he replaced Core with Compass, Inc., in December 2020, prompting Core to sue Macklowe for unpaid brokerage fees. 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. French department store Printemps announced that September that it would open a store at 1 Wall Street, covering 55,000 square feet (5,100 m) on two floors. The Printemps store, which is planned to open in early 2025, will use the Red Room.
Post-renovation and sales struggles
The Whole Foods store at the building's base opened in January 2023. The first residents were scheduled to move into the building that March, and construction was officially completed that month. Macklowe received a $300 million inventory loan for the building in October 2023 after sales underperformed expectations. At the time, there were 479 unsold units out of 566 total apartments, and the project had cost $2.9 billion to date. Sales remained lower than expected; by February 2024, only about 100 apartments had been sold. Asian investors comprised about half of the condominium owners by that year, but such sales were slowing down due to new export controls in China. Industry experts consulted by The Real Deal cited two other reasons for the lagging sales: the condos were overpriced compared to similar units nearby, and there was a general oversupply of vacant residential units in the Financial District. In May 2024, Macklowe replaced the sales agents from Compass, Inc., with two brokers from Macklowe Properties.
Impact
Critical reception
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 Meière's lobby mural "one of the most costly and beautiful pieces of mural decoration ever attempted in the United States". Eugene Clute of Metal Arts magazine described the walls as "a rich, free-hanging fabric" and "a cage set within the frame of the building and finished with a lining that has no more structural significance than the lining of my lady's work basket".
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 Chrysler Building, and 40 Wall Street. Lewis Mumford criticized 1 Wall Street's facade for not accurately representing its internal design, saying: "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, 20 Exchange Place, 40 Wall Street, 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 in its massing and the curves in its facade.
Later architectural critics also praised the structure. Ada Louise Huxtable of The New York Times wrote in 1975 that 1 Wall Street was an "Art Deco masterpiece". In a 2001 analysis, the Times characterized the Empire State Building, the Chrysler Building, and 1 Wall Street as three great Art Deco buildings in New York City. 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". After the building's residential conversion was completed in 2023, a Daily Beast reporter wrote that the structure's conversion could be a model for other office-to-residence conversions. Adriane Quinlan of Curbed contrasted the building with Macklowe's ultra-luxury tower at 432 Park Avenue, calling 1 Wall Street "Macklowe's tower for the working, rather than the obscenely, rich". Ian Volner, writing for Curbed in 2024, described the Red Room as "an over-the-top dream of period pizzazz that makes Baz Luhrmann's Gatsby look like a work of sober realism".
Landmark designations
In 2001, the New York City Landmarks Preservation Commission (LPC) 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 Red Room's interior was not given a separate interior-landmark designation because such designations at the time were reserved for publicly accessible spaces. Since the Red Room could only be used by BNY Mellon workers at the time of the exterior designation, the LPC considered it to be closed to the public. The LPC agreed in December 2023 to hold hearings on whether to designate the Red Room's interior as a landmark, and the Red Room was designated as an interior landmark on June 25, 2024.
As a result of the exterior landmark designation's limited scope, most of the modifications made during 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. In 2007, the building was designated as a contributing property to the Wall Street Historic District, a National Register of Historic Places district.
See also
- Art Deco architecture of New York City
- List of buildings and structures on Broadway in Manhattan
- List of tallest buildings in New York City
- List of New York City Designated Landmarks in Manhattan below 14th Street
References
Notes
Explanatory notes
- There are officially 50 floors, excluding two extra dormer floors on the roof.
- ^ Johnston, Louis; Williamson, Samuel H. (2023). "What Was the U.S. GDP Then?". MeasuringWorth. Retrieved November 30, 2023. United States Gross Domestic Product deflator figures follow the MeasuringWorth series.
- The Brooklyn Citizen quotes the builders as saying 288 boxcars had been used. However, the New York Herald Tribune and the New York City Landmarks Preservation Commission state that over 400 boxcars were used.
Inflation figures
- About $645,000 in 2023
- About $18,406,000 in 2023
- About $15,146 per square foot ($163,030/m) in 2023
- The cash amount is about $77.1 million, and the mortgage about $126.2 million, in 2023
- Equivalent to about $10,166 per square foot ($109,430/m) in 2023
- About $129 billion in 2023
- About 195 million in 2023
- About 234 million in 2023
- About 556 million in 2023
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