48 Wall Street facts for kids
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48 Wall Street
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U.S. Historic district
Contributing property |
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| Location | 48 Wall Street, Manhattan, New York, United States |
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| Built | 1927–1929 |
| Architect | Benjamin Wistar Morris |
| Architectural style | Neo-Georgian, Colonial Revival |
| Part of | Wall Street Historic District (ID07000063) |
| NRHP reference No. | 03000847 |
Quick facts for kids Significant dates |
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| Added to NRHP | August 28, 2003 |
48 Wall Street is a tall skyscraper in New York City. It stands 32 stories high, about 512-foot-tall (156 m). You can find it at the corner of Wall Street and William Street in the Financial District of Lower Manhattan.
This building was constructed between 1927 and 1929. It was designed by Benjamin Wistar Morris. The style is called Neo-Georgian and Colonial Revival. These styles look back to older, classic designs from the 1700s and 1800s.
The building you see today is actually the third one built on this exact spot. The Bank of New York had earlier buildings here in 1797 and 1858. Many skyscrapers were being built in Lower Manhattan during the time 48 Wall Street was constructed.
The lower three floors of 48 Wall Street were once used as the main banking area. They have large arched windows and fancy entrances. At the very top of the building, there's a small, decorative tower called a cupola. It's designed in the Federal style and has a statue of an eagle on top.
The Bank of New York moved out of this building in 1998. After that, the building was updated a lot. From 2007 to 2018, the Museum of American Finance was located in the old banking hall. Now, that space is used for events. In 1998, 48 Wall Street was named a city landmark. It was also added to the National Register of Historic Places (NRHP) in 2003.
Contents
Where is 48 Wall Street Located?
48 Wall Street is on the northeast corner of Wall and William Streets. It faces Wall Street to the south and William Street to the west. The building is about 99 feet (30 m) wide on Wall Street and 125 feet (38 m) long on William Street.
- Across Wall Street to the south is 55 Wall Street.
- Across William Street to the west is 40 Wall Street.
- Next to it, on the same block, are 52 William Street and 60 Wall Street.
The ground here slopes down a bit towards Wall Street. This means the Wall Street side is a little lower than the northern part of the building. The main lobby on the first floor is at the same level as Wall Street. However, the banking room on the second floor is a bit higher than William Street. This design allowed for a better view into the bank. It also helped with air circulation in the basement areas. Right outside the building's southeast corner, you can find an entrance to the Wall Street subway station.
What is the Building's Design Like?
48 Wall Street is a 513-foot-tall (156 m) skyscraper. It uses the neo-Georgian style, mixed with Colonial Revival elements. In the 1920s, when this building was made, many new bank buildings were either small, just for banking, or large buildings with banks at the bottom and offices above.
Even though older styles like Greek Revival were still popular, buildings like 48 Wall Street tried new looks. These included neo-Romanesque and neo-Georgian styles.
How Does the Building's Shape Change?
New York City had a rule in 1916 called the 1916 Zoning Resolution. This rule said that tall buildings had to have "setbacks." Setbacks are parts of a building that are built further back from the street as the building gets taller. This helps let more light reach the streets below.
48 Wall Street has setbacks at several levels:
- Above the 14th floor.
- Above the 20th floor.
- Above the 25th, 26th, 30th, and 32nd floors.
The eastern side of the building, which faces 60 Wall Street, goes back above the 14th floor. The northern side, facing 52 William Street, goes back above the 20th floor. The Wall Street side has setbacks at the 14th, 19th, 26th, 29th, and 32nd floors.
What Does the Outside Look Like?
The outside of the building is covered in two different materials. The lower floors are made of granite. The upper floors are covered with limestone. The building has a lot of fancy decorations, inspired by older Georgian designs. Most of these decorations are at the bottom of the building, near the banking area. This is because other tall buildings around it block the view of the upper parts.
Only the western and southern sides of the building have windows and decorations. The eastern and northern sides are plain and have no windows.
The first 14 stories are the widest part of the building. This section has a three-story base, a nine-story middle, and two top stories. The base is made of rough-looking granite blocks.
- The main entrance for the bank is in the middle of the Wall Street side.
- The main entrance for the offices is on the eastern part of the Wall Street side.
- Both Wall Street entrances have fancy tops called pediments. The bank entrance has a lantern with a glass globe.
- There's another fancy entrance on the William Street side, at 46 William Street.
- The building also has two special stones, called cornerstones, from the older buildings that stood here in 1797.
The first and second floors have many windows. The windows for the tall banking room on the second floor are large and arched. Above these windows are decorated keystones. The third floor has more windows, arranged in groups. Above the third floor is a fancy ledge called a cornice. The words "BANK OF NEW YORK" are written below this ledge on the Wall Street side. There are also flagpoles on the Wall Street side.
The middle part of the building, from the 4th to the 14th floors, has many vertical sections called piers separating the windows. The 4th and 14th floors have special designs that connect them to the sections above and below. Above the 14th floor, there's another decorative band called a frieze.
Above the 14th floor, the building starts to get narrower due to the setbacks. There isn't as much decoration on the upper floors, mostly just vertical lines and recessed panels. Some of the railings above the setbacks are decorated with urns and leaf patterns.
What is on the Roof?
The very top of the building, above the 30th floor, looks like a lantern. It has four parts.
- The lowest part includes the 31st and 32nd floors, with rectangular and square windows.
- The second part is an eight-sided section without windows.
- The third part is shaped like a cross, with openings and columns.
- The top part is a square section without windows, topped by a pyramid-shaped roof.
This lantern design is in the Federal style. On top of the pyramid roof is a large, 11-foot-tall (3.4 m) golden eagle statue. This eagle represents New York state. It sits 513 feet (156 m) above the ground. The eagle was cleaned and repaired in 2008.
What Does the Inside Look Like?
The lobby for the office floors is entered from the eastern side of Wall Street. It has gray marble walls and floors. The ceiling is made of plaster with glass and bronze lights. There's a staircase with a bronze railing. The elevator area has decorated bronze doors for the 'local' and 'express' elevators.
The banking lobby, entered from the center of Wall Street, also has marble walls and floors. It has a stone circle design on the floor and a bronze plaque with the Bank of New York's symbol. Two circular stairs lead into the main banking room.
The main banking room is very large and takes up most of the second floor. It has a black and white marble floor. The walls are plaster with marble at the bottom. The ceiling is decorated with sound-absorbing tiles and large chandeliers. Inside the banking room, there are eight large arched panels with murals painted by James Monroe Hewlett. These murals show scenes from the 1700s and 1800s. There's also a private office with a marble fireplace mantel.
The third floor used to have the bank's main executive office. There was also a special board room designed in the Colonial Revival style. It had columns, arched doors, and a fireplace. Other office spaces were rented out to different businesses.
History of 48 Wall Street
Older Buildings on This Spot
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The Bank of New York started in 1784. Its first offices were on Pearl Street. Then, in 1787, it moved to Hanover Square. Nine years later, the bank decided to move to the corner of Wall and William Streets. They bought the land for 10,000 New York pounds. The first bank building on this site opened on April 23, 1798. Later, part of the building was removed when William Street was made wider.
In the mid-1800s, many banks on Wall Street were tearing down their old buildings to build new ones. The Bank of New York also decided to build a new, four-story building. This second building was finished in 1858. It was made of brownstone and brick. The main banking room was very tall, about 26 feet (7.9 m) high. Two more stories were added in 1880, including a sloped roof called a mansard roof.
How the Current Building Was Planned and Built
By the early 1900s, banks on Wall Street wanted even bigger buildings. The Bank of New York thought about building a third structure at 48 Wall Street. However, these plans were put on hold several times. First, because of subway construction, and then because of World War I.
In 1922, the New York Life Insurance and Trust Company merged with the Bank of New York. The combined company now owned properties at 48 and 52 Wall Street. They needed more space, so in 1926, they made a deal with another bank, the National City Bank. This deal allowed the Bank of New York to have a larger, L-shaped piece of land for their new building.
Benjamin Wistar Morris then drew up plans for the 32-story building. The bank wanted to keep working at the site while the new building was constructed. But it was too difficult, so they rented space nearby for two years. The new building was expected to cost $7 million.
The first stone of the new building was placed on January 12, 1928. This was the 171st birthday of the bank's founder, Alexander Hamilton. The lowest seven floors were for the Bank of New York, and the upper floors were rented out to other businesses. By March 1928, half of the building was already rented. In September 1928, stones from the two previous bank buildings were put into the new skyscraper. The golden eagle was also placed on the roof that month. The new 48 Wall Street building officially opened on January 12, 1929, Hamilton's 172nd birthday.
What Happened During the Bank of New York's Time There?
When the building opened, all 32 stories were rented. The Bank of New York used the first three floors for banking. Floors 4 through 7 were for the bank's offices. Other companies, like brokerage firms and law firms, rented the upper floors.
Most of the tenants stayed even during the Great Depression. The Bank of New York did well during this time. In 1946, the bank bought the building next door at 52–54 William Street to get more space. Connections were built between 48 Wall Street and 52 William Street. Later, in the 1950s, connections were also made to the National City Corporation's 52 Wall Street building.
In the late 1970s, the Bank of New York thought about building a new skyscraper at 60 Wall Street that would replace 48 and 52 Wall Street. However, these plans were canceled in 1982. The bank then sold the empty lots and 52 Wall Street in 1983. The new 60 Wall Street building was completed in 1989. In 1988, the Bank of New York moved its main headquarters to 1 Wall Street. But they still owned 48 Wall Street and kept some offices there.
Sale and Later Uses of the Building
In the late 1990s, the bank decided to sell 48 Wall Street. A group of companies bought the building for $37.5 million. They planned to turn the upper floors into 277 apartments and keep the lower floors for shops. They wanted to call it "The Residences at 48 Wall Street."
At this time, building prices in Lower Manhattan were going up very fast. The Bank of New York finally moved out of the building in September 1998, after being on that site for 201 years.
In October 1998, the New York City Landmarks Preservation Commission named the building's outside a landmark. The plan to turn the building into apartments was going to cost $85 million. It included new elevators, windows, and a restored lobby. However, in February 2000, the companies changed their minds. They decided to keep it as an office building because there was a high demand for office space.
The building reopened in August 2001. By then, 65% of it was rented out. In 2003, 48 Wall Street was added to the National Register of Historic Places (NRHP). In 2007, it became part of the Wall Street Historic District. The eagle statue on top of the building was repaired in 2008.
In 2005, the Museum of American Finance announced it would move to 48 Wall Street. Two years later, the building's old banking hall was changed to hold the museum. However, the museum left 48 Wall Street in December 2018. Now, the former bank space is used for events and is called Will & Wall.
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See also
In Spanish: 48 Wall Street para niños
