23 Wall Street
23 Wall Street | |
New York City Landmark No. 0039
| |
Location | 23 Wall Street, Manhattan, New York, US |
---|---|
Coordinates | 40°42′25″N 74°00′38″W / 40.70694°N 74.01056°W |
Built | 1913–1914[1] |
Architect | Trowbridge & Livingston |
Architectural style | Neoclassical |
Website | Official website |
Part of | Wall Street Historic District (ID07000063) |
NRHP reference No. | 72000874 |
NYCL No. | 0039 |
Significant dates | |
Added to NRHP | June 19, 1972 |
Designated NYCL | December 21, 1965[2] |
23 Wall Street (also known as the J.P. Morgan Building) is a four-story office building in the
The building has a facade of ashlar masonry and pink Tennessee marble. The first floor consists of a piano nobile over a low basement; above are the second story, the main cornice, and two more stories. After its completion, the building became known as the headquarters of J.P. Morgan & Co.—the "House of Morgan"—although its exterior was never signed with the Morgan name. The banking room, which took up nearly the entire ground floor, included offices and was used for banking transactions. This space was designed with a domed, coffered ceiling and, later, a large crystal chandelier. Mechanical systems and vaults were in the basement, and executive offices were placed on the upper floors.
23 Wall Street replaced the Drexel Building, which was the banking headquarters for J.P. Morgan & Co.'s predecessor
Depicted in several media works, 23 Wall Street's simple design was generally praised upon its completion. The building is a New York City designated landmark and is listed on the National Register of Historic Places (NRHP); it is also a contributing property to the NRHP-listed Wall Street Historic District.
Site
23 Wall Street is in the
The
Architecture
Trowbridge & Livingston designed 23 Wall Street in the neoclassical style.[1][13][14] Marc Eidlitz was the building's main construction contractor,[15][16] though many other engineers and contractors were involved in the building's construction.[16][a] 23 Wall Street was the headquarters of J.P. Morgan & Co., the "House of Morgan", and was nicknamed "The Corner".[17] J. P. Morgan Jr., the head of the bank when the building was being planned, dictated many aspects of its design.[8][15] Unlike skyscrapers in the surrounding area, 23 Wall Street was built with only four above-ground stories.[2][4][18] The building originally contained up to five mezzanine levels, leading Architecture and Building magazine to characterize it as a nine-story building.[4]
The building is shaped like an irregular heptagon, with a chamfered corner at its main entrance at Wall and Broad Streets, as well as a "light court" on the building's eastern side at the third and fourth stories.[17][19] The southeast corner contains an extension that protrudes slightly from the southern lot line.[20] The main entrance corner, facing the intersection of Wall, Broad, and Nassau Streets, was intended to make the intersection appear like a public square outside Federal Hall.[8] When the building was being designed, Morgan had stipulated the architects include an entrance at that corner. The acute angle of the intersection led Trowbridge & Livingston to design that entrance as a chamfer, which was more architecturally appealing.[14][21] The facade rises about 85 feet (26 m) above street level. Because of the irregular shape, the building only takes up 92 feet (28 m) on Broad Street and 135 feet (41 m) on Wall Street, or about 20 feet (6.1 m) less than the lot frontage on either side.[6]
Facade
The
The first floor consists of a high piano nobile over a low basement. Above that are a shorter second story and the windowless third story; the fourth story is set back and not visible from street level. The main cornice, between the second and third stories, is inspired by Italian Renaissance architecture and wraps around the north, northwest, and west sides. A mechanical penthouse containing air-conditioning machinery is atop the original roof.[18]
The main entrance is through the chamfered corner at Wall and Broad Streets;
The remainders of the Wall and Broad Street facades are similar, except that the Broad Street facade has four vertical bays, and the Wall Street facade has five. In each bay, there is a tall rectangular window opening at ground level, as well as a pair of smaller openings at the mezzanine.[18] Each of the ground-story windows measures 22 feet (6.7 m) tall and 12 feet (3.7 m) wide.[4] There were also window openings at the basement level, subsequently infilled with marble.[18] Another entrance on Broad Street led to the wire transfer department in the building's basement.[29]
Features
Substructure and basement
The foundations of the outer walls were made of cofferdams that extended 65 feet (20 m) into the underlying bedrock.[23][30] The concrete used in the cofferdams was laid 7 feet (2.1 m) thick.[4] The perimeter of the site was excavated with pneumatic caissons averaging about 7 by 28 feet (2.1 by 8.5 m), after which the center of the lot was excavated to a depth of 55 feet (17 m).[31][32] The foundations were built to be strong enough to support a tower of at least 30 stories.[23][33]
The basement was accessed through an elevator and stairs in the rear of the ground story, as well as through the secondary entrance on Broad Street.[29] It contained a three-story vault that, at the time of the building's completion, Architecture magazine described as "one of the largest in existence".[34] The interior of the vault was cited as measuring 18 by 22 feet (5.5 by 6.7 m)[4] with exterior dimensions of 23 by 27 feet (7.0 by 8.2 m).[34] A stair and elevator connected the three levels in the vault;[16] the elevator was nicknamed the money room.[35] The vault walls were 2.5 feet (0.76 m) thick and were made of steel layers reinforced with concrete.[4] The 50-short-ton (45-long-ton; 45 t) circular vault door, made of a steel composite, could be swung open with one hand.[30] There was also a private shooting range for J.P. Morgan & Co. in the basement.[35] The remaining space in the basement was used to house the building's mechanical systems, such as heating and ventilating systems, as well as vaults and storerooms.[34]
Ground story
The entire ground story was designed as a symmetrical double-height space with single-height partitions. The small, irregular lot size meant that Trowbridge & Livingston could not waste any space in the design.
At the center of the room was a main lobby shaped like an irregular hexagon,
The ground floor's outer walls had
Upper stories
The superstructure is made of a steel frame, but the beams were hidden within the walls because Morgan had requested that they not be visible.[50] Consequently, the upper floors are hung from a series of steel trusses 14 feet (4.3 m) deep and 100 feet (30 m) long; steel columns support the beams within the walls.[4][23] The second floor contained the private offices of the partners and their secretaries.[15][51] An office for J. P. Morgan Jr. was directly above the building's main entrance.[51] Each partner had their own offices;[43] the second-floor offices were designed based on the preferences of their respective occupants.[49][52] Each room had fireplaces and generally contained English oak paneling.[49][43][52] A central, oak-lined corridor connected the rooms.[34]
The third floor contained private dining rooms, a kitchen, and bedrooms for executives.[15][49][51] The fourth floor contained janitors' quarters, other minor divisions, and a roof garden facing the New York Stock Exchange.[23][49][51] The roof garden measured about 24 by 42 feet (7.3 by 12.8 m) and could be covered by an awning, doubling as extra conference space during the summer.[4][23] The fourth floor also contained a small barber shop.[49] When 15 Broad Street was converted to condominiums in the 2000s, the roof of 23 Wall Street became a 5,000-square-foot (460 m2) garden with children's pool and dining area, accessible to the residents of the development.[42]
History
Drexel, Morgan & Co., headed by
Construction
In February 1912, several publications reported that J.P. Morgan & Co. had bought the Drexel Building from the Drexel estate.[11][57][59] Morgan founded a company to purchase the structure, although it was still unclear at the time whether the Drexel Building would be replaced.[60] That September, the company finalized its purchase of the neighboring Mechanics and Metals National Bank building at 29–33 Wall Street.[5][61][62] By that time, J.P. Morgan & Co. had decided to demolish and replace the structure. The Mechanics Bank lot, covering 6,000 square feet (560 m2), was valued at $1.62 million (equivalent to $49 million in 2022[b]), and the 10,000-square-foot (930 m2) Drexel Building lot was valued at $2.7 million (equivalent to $82 million in 2022[b]).[55][61] The replacement building would be among the many ongoing redevelopment projects in the neighborhood.[63][64] By early 1913, Trowbridge & Livingston were chosen as architects for the new structure. Although the means of their selection was not mentioned in published literature, an unpublished memoir by one of the firm's principals, Goodhue Livingston, indicated that they had won an architectural design competition.[10]
Trowbridge & Livingston submitted their plans for the structure to the New York City Department of Buildings in February 1913.[65][66] Morgan died the next month, shortly before work began on the new headquarters.[8][10] All occupants of the two buildings were ordered to vacate by May 1, 1913.[67][68] The demolition of the Drexel and National Bank buildings began on that date.[12][69] Two heroic statues from the Drexel Building were taken for storage to the Morgan Library, and a family member took six columns.[69] The site was cleared completely by late July 1913 and foundation installation began. The foundation work required underpinning the Mills Building with nineteen pneumatic cylinders, excavating the site's perimeter using caissons, and excavating the lot's interior.[31][32] By that November, the foundation was completed, and the superstructure had reached the first floor.[70] A ceremonial cornerstone was laid in December 1913 by J. P. Morgan Jr., who had succeeded his father as head of J.P. Morgan & Co.[15][58] The facade of 23 Wall Street was substantially completed in June 1914, when protective scaffolding surrounding the site was removed.[71]
23 Wall Street officially opened on November 11, 1914, although the bank's departments had gradually moved to the building from temporary headquarters during that month.[72][73][74] The total cost of construction was estimated at over $5 million (equivalent to $146 million in 2022[b]), of which $4 million had been allocated to land acquisition (equivalent to $117 million in 2022[b]).[75] The absence of a name plaque on 23 Wall Street's facade contrasted with the Drexel Building, where the company's name had been engraved above the doorway.[27][76] Chernow said "the new building was compact and mysterious, reflecting the bank's penchant for privacy".[76] Despite the lack of exterior name identification, the building quickly became associated with J.P. Morgan & Co.[27]
Early 20th century
After J. P. Morgan Jr. helped fund the Allies of World War I,[c] he received death threats,[79] including an assassination attempt.[d] To protect him, detectives were stationed outside and around 23 Wall Street for several months. According to the building's co-designer Livingston, a wire net across the roof would deflect any missile or bomb dropped onto the building, and the thick walls would prevent against damage from explosions.[79]
On September 16, 1920, the Wall Street bombing occurred outside the building, killing thirty-eight people and injuring hundreds more.[81][82][83] Most of the bombing victims were killed or injured outside the building, but the blast also killed one Morgan employee.[83] The bomb damaged many of the Morgan building's interior spaces after shrapnel had entered through its large windows, causing between $500,000 and $600,000 in damage.[83][84] The exterior stonework received only superficial pockmarks from shrapnel.[84] J.P. Morgan & Company said that, in defiance of those who committed the crime, it would not repair the exterior damage.[13] More than four decades later, The New York Times described the pockmarks as "a badge of honor".[49]
During the late 1920s, Trowbridge & Livingston designed 15 Broad Street, an L-shaped skyscraper that wrapped around 23 Wall Street to the south and east.
Mid- and late 20th century
Even after the 1930 expansion was completed, J.P. Morgan & Co. still did not have space to fit all of its facilities at its Wall and Broad Street location. More space was rented elsewhere, such as the employees' cafeteria, which was placed several blocks away at
J.P. Morgan & Co. became the
Morgan Guaranty, which later became a subsidiary of holding company J. P. Morgan & Co.,[96] announced in 1985 that it would purchase and fully occupy a proposed tower at 60 Wall Street, a larger and more modern building two blocks to the east.[97] Three years later, the company's operations were moved from 23 to 60 Wall Street.[98] 23 Wall Street was renovated extensively in the 1990s as a training and conference facility for J.P. Morgan & Co.[48][99] The New York Stock Exchange (NYSE), American Stock Exchange (AMEX), and J.P. Morgan & Co. considered a plan to create a financial "supercenter" on the block containing 23 Wall Street in 1992.[100] The supercenter, to be developed by Olympia and York and designed by Skidmore, Owings & Merrill (SOM), would have consisted of a 50-story tower above two 50,000-square-foot (4,600 m2) trading floors. All the buildings on the block would have been demolished except for 23 Wall Street. After Olympia and York withdrew from the proposed supercenter because of its own financial difficulties, a team composed of J.P. Morgan & Co., Lewis Rudin, Gerald D. Hines, and Fred Wilpon took up the project. The NYSE withdrew from the project in 1993.[101]
By the late 1990s, the NYSE proposed constructing a trading floor across from their existing building, in or next to 23 Wall Street. The NYSE proposed expanding its existing building eastward above Broad Street, closing it to vehicular traffic and creating a glass-covered atrium above the street.[102][103][104] The plan would have demolished several adjacent buildings for a new facility while retaining 23 Wall Street as a visitor center.[105] The initial plan for the atrium by HLW International was widely criticized, as was a modification by Hugh Hardy, and the NYSE ultimately dropped the atrium proposal.[106] During 2000, the NYSE signed an agreement with the New York City and New York state governments to acquire the block to the east,[107][108] demolishing all structures except for 23 Wall Street to make way for a 50-story skyscraper designed by SOM.[107][109] After the September 11 attacks in 2001 resulted in the collapse of the World Trade Center nearby, the NYSE maintained its intention to build a trading floor at 23 Wall Street.[104][110] The NYSE ultimately decided against the proposal.[98][111]
21st century
23 Wall Street and the adjacent 15 Broad Street were sold in 2003 for $100 million to
23 Wall Street was sold to a partnership of the China International Fund and Sonangol Group in 2008.[121] The building remained unoccupied for several years, even though its brokers wished to lease the interior to a luxury retailer.[122] In 2015, a Latitude 360 entertainment center was proposed for the space,[123][124][125] though neighborhood residents strongly opposed the plan.[126] Sam Pa, believed[e] to be a key leader of the China International Fund and the Sonangol Group, was arrested the same year.[127] In early 2016, as part of a settlement over the 15 Broad Street apartments, Africa Israel was ordered to complete the renovation of 23 Wall Street.[128] Shortly afterward, artist Simon Birch planned to run a temporary art exhibition in the unused space,[129] but the show was postponed and ultimately canceled because of a lack of funding.[130]
Jack Terzi of JTRE Holdings contracted to purchase 23 Wall Street in August 2016
Impact
Critical reception
Upon its completion, 23 Wall Street's design was generally praised. Architecture magazine wrote, "so now in the Morgan Banking House, they have established a new and high standard of artistic and practical excellence for private banks".[45] The Real Estate Record and Guide compared 23 Wall Street to the Parthenon in Athens,[24] and The Wall Street Journal stated that the design "gives an impressive of massiveness, strength and of beauty to the building".[6] Architect and writer Robert A. M. Stern stated in 1983 that "its simplified Classicism was a perfect expression of the public persona" of J. P. Morgan.[14] A history and archives consultant for J.P. Morgan & Co. considered in 2001 that the design was a "complete reflection of the personality of Pierpont Morgan".[105] The Skyscraper Museum said in 2003 that the building "could be termed the anti-skyscraper".[136] A reporter for the Financial Times wrote in 2004: "There is plenty of architecture with a capital A on the exterior."[35]
23 Wall Street's plain design became a defining feature of its architecture. During the building's construction, consulting engineer W. E. S. Strong had predicted that it would be a "plain, massive structure which will be of very imposing aspect".
Landmark designations
The New York City Landmarks Preservation Commission (LPC) designated the building's exterior as a landmark on December 21, 1965. In its report about 23 Wall Street, the LPC wrote: "It is a fine marble building in perfect scale with its neighbors, at the north end of Broad Street, which widens at this point to create the illusion of a small square."[2] It was one of the first landmarks to be designated by the LPC in Manhattan.[139][140] Subsequently, 23 Wall Street was listed on the National Register of Historic Places in 1972.[141] In 2007, the building was designated as a contributing property to the Wall Street Historic District,[142] a NRHP district.[143]
Media depictions
23 Wall Street has been depicted in several media works. Shortly after its completion, the building was pictured in the photograph
See also
- List of New York City Designated Landmarks in Manhattan below 14th Street
- National Register of Historic Places listings in Manhattan below 14th Street
References
Notes
- ^ The contractors included:[16]
- Marc Eidlitz, general contractor
- J. Livingston & Co., Inc., electrical contractor
- A. B. See, elevators
- Thomas Bruce Boyd, banking equipment
- Charles A. W. Rinschede, interior decorator
- Irving & Casson and A. H. Davenport Co., woodwork
- Wm. H. Jackson Co., andiron and fireplace fixtures
- Francis H. Bacon Co., furniture
- Carnegie Steel Company, vault contractor
- York Safe & Lock Company, vault interior contractor
- Daniel E. Moran, foundation engineer
- Weiskopf & Burroughs, structural engineer
- Henry C. Meyer Jr., heating and ventilating engineer
- Bassett Jones, electrical engineer
- Frederick S. Holmes, bank vault engineer
- ^ a b c d 1634–1699: McCusker, J. J. (1997). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda (PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States (PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Minneapolis. "Consumer Price Index (estimate) 1800–". Retrieved February 29, 2024.
- ^ For instance, following the war's outbreak, he lent $12 million to Russia;[77] in 1915, he lent $500 million to France and Britain following negotiations by the Anglo-French Financial Commission.[78]
- ^ In 1915, German national Eric Muenter entered Morgan's Long Island mansion and shot him, ostensibly to discourage Morgan from funding further industrial purchases for the Allies.[80]
- ^ Pa held no official position within either the China International Fund or the Sonangol Group, but The Real Deal New York magazine cites Pa as having been heavily involved with the companies.[127]
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Sources
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- Stern, Robert A. M.; Fishman, David; Tilove, Jacob (2006). New York 2000: Architecture and Urbanism Between the Bicentennial and the Millennium. Monacelli Press. OL 22741487M.
External links
- Media related to 23 Wall Street at Wikimedia Commons
- Official website