14 Wall Street

Coordinates: 40°42′28″N 74°00′39″W / 40.70778°N 74.01083°W / 40.70778; -74.01083

14 Wall Street

14 Wall Street, originally the Bankers Trust Company Building, is a skyscraper at 14 Wall Street at the corner of Nassau Street and running through to Pine Street in the Financial District of Manhattan in New York City. It sits across Nassau Street from Federal Hall National Memorial, across Wall Street from the New York Stock Exchange and diagonally across from the original headquarters of J. P. Morgan & Company. It was built in 1910-12 and was designed by Trowbridge & Livingston in the neoclassical style as the headquarters for Bankers Trust. An addition with Art Deco detailing, designed by Shreve, Lamb & Harmon, was constructed in 1931-33. The stepped pyramid at the building's top is a noted part of the downtown skyline, and became the logo for Bankers Trust, which sold the building in 1937.[1]

The building was designated a New York City landmark on January 14, 1997.[2]

History

The concept behind the building's design was to place the Mausoleum of Halicarnassus on top of St Mark's Campanile in Venice. Many early skyscrapers took the Venetian bell-tower as a logical model for a modern office tower, but 14 Wall Street was the first to top it off with a temple in the sky, a seven-story stepped pyramid modeled on one of the seven wonders of the ancient world. Bankers Trust, for whom the building was constructed, then adopted the pyramid as its trademark, and took as its slogan "A Tower of Strength".

The first stage of construction, 1910–1912, was marked by the demolition of a 20-story Gillender Building, claimed to be the first skyscraper demolished to make way for a taller skyscraper.[3] It was completed in 1912 and is 539 feet (164 m) tall with 37 floors. In its day the world's tallest bank building, the skyscraper originally housed the headquarters of Bankers Trust, which was founded in 1903 when a number of commercial banks needed a vehicle to enter the trusts and estates market; fourteen years later it became a full-service bank,[1] and one of the country's wealthiest financial institutions. The bank occupied only the three lower floors; its main operations were housed elsewhere in less expensive offices.[4] Most of the remainder of the building was rental property.[1]

The 31st floor was once an apartment belonging to J. P. Morgan. The space was converted into an upscale French restaurant called "The 14 Wall Street." However, the restaurant closed in April 2006,[5] following plans in 2004 to convert the entire building from offices into luxury condos.[6] On January 21, 2007, the building's owners, having stalled in their residential conversion plan, agreed to sell the property to Cushman & Wakefield. [7][8] The Morgan apartment is now used by the international IT services provider, FDM Group, which kept many of the original features, including the bar, fireplace and wooden flooring.

In April 2012, majority control of the building was sold for $303 million in cash to Alexander Rovt, a fertilizer tycoon from Ukraine, who paid off the building's outstanding debt as part of the deal. Rovt, who is listed as #372 on the Forbes list of the 400 wealthiest Americans, paid less than the $325 million building had sold for in 2007, at the peak of the real estate boom. At the time of the purchase, it had 300,000 square feet of vacant space, and three potential tenants were in discussion to lease about two-thirds of that amount.[9]

Tenants

References

  1. 1 2 3 New York City Landmarks Preservation Commission; Dolkart, Andrew S. (text); Postal, Matthew A. (text) (2009), Postal, Matthew A., ed., Guide to New York City Landmarks (4th ed.), New York: John Wiley & Sons, ISBN 978-0-470-28963-1, p. 14
  2. ↑ Harris, Gale. "Bankers Trust Building Designation Report" New York City Landmarks Preservation Commission (January 14, 1997)
  3. ↑ "Skyscraper Going: Higher One Coming. Razing 20-Story Gillender Building to Make Room for 32-Story Bankers' Trust Home". The New York Times. April 30, 1910. Retrieved December 31, 2008.
  4. ↑ Willis, p. 150
  5. ↑ "14 Wall St Restaurant Closed". AOL Cityguide. Retrieved January 1, 2009.
  6. ↑ "Whitehall team set to market 14 Wall Street". Real Estate Alert. May 12, 2004. Retrieved January 1, 2009.
  7. ↑ Weiss, Lois (January 22, 2007). "Cushman in %325M deal for 14 Wall St.". New York Post. Retrieved January 1, 2009.
  8. ↑ Gray, Christopher (January 21, 2007). "Bankers Trust: The Building Known for Its Ziggurat Top". The New York Times. Retrieved January 1, 2009.
  9. ↑ Satow, Julie. "Square Feet: Fertilizer Billionaire Buys Buildings His Way, in Cash" The New York Times, April 11, 2012

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