15 Broad Street

Last updated

15 Broad Street
Broad Street P.jpg
Seen in the background; the smaller building in front at the street corner is 23 Wall Street
15 Broad Street
Former namesEquitable Trust Building
Alternative namesDowntown by Philippe Starck
General information
Architectural style Neoclassicism
Location Financial District, Manhattan, New York City
Address15 Broad Street, New York, NY 10005
Coordinates 40°42′24″N74°0′38″W / 40.70667°N 74.01056°W / 40.70667; -74.01056
Completed1928
Renovated2005
Height551 feet (168 m)
Technical details
Floor count43
Design and construction
Architecture firm Trowbridge & Livingston
References
[1]

15 Broad Street (formerly known as the Equitable Trust Building) is a residential condominium and former office building in the Financial District of Manhattan, New York City, on the eastern side of Broad Street between Wall Street and Exchange Place. It has entrances at 51 Exchange Place and 35 Wall Street.

Contents

It was completed in 1928 and ranked among the 20 largest office buildings in the world in 1931. [2]

Architecture

The building was built in the neoclassical style for the Equitable Trust Company and was therefore called the Equitable Trust Building. [2] The architects were Trowbridge & Livingston, who also drew plans for the adjacent structures at 14 Wall Street, New York Stock Exchange Building annex, and 23 Wall Street. [3] The builder was the Thompson–Starrett Co.

The layout of the building is L-shaped, wrapping around 23 Wall Street. The building is 540 feet high and has 43 floors. [1] The assumed value in 1931 was $17,250,000. [2] The facade is made out of grey brick stone, while the limestone base echoes the facade of neighboring 23 Wall Street. The rent area was 750,000 square feet (70,000 m2); the interior was originally luxuriously fitted out.

History

Construction and early years

15 Wall Street replaced the 10-story Mills Building (completed 1882) and another building on the site. The skyscraper contained a truss that spanned above 23 Wall Street. to allow the inclusion of this truss, J.P. Morgan & Co., which occupied the immediately adjoining 23 Wall Street, sold the air rights above that building to the Equitable Trust Company, for which 15 Broad Street was being constructed. To prevent damage to the older structure, heavy timbers were placed on 23 Wall Street's roof while the skyscraper was being built. [4]

The building was completed in 1928. The Equitable Trust Co. was one of the units of the Chase National Bank organizations, one of the largest and most powerful banking institutions in the world at the time. The law firm Davis Polk & Wardwell was located in the predecessor building from around 1889 and moved out when it was demolished, but returned to the address into the newly completed building and stayed there until 1959.

First remodeling

In late 1955, J.P. Morgan & Co. arranged to purchase 15 Broad Street from the Chase Manhattan Bank, which then owned the building. Chase wanted to build a new headquarters at 28 Liberty Street and was selling 15 Broad Street to raise money for the project. [5] [6] Once the sale was concluded the following March, J.P. Morgan & Co. announced that Turner Construction would extensively renovate the building to plans by Rogers & Butler. The work involved adding air-conditioning, adding a ground-floor entrance at 35 Wall Street, and installing cooling towers on the roof. The work was to be complete in mid-1957. [7] The building was also linked to 23 Wall Street as part of the project. [8]

Morgan & Co. became the Morgan Guaranty Trust Company in 1959 following a merger with the Guaranty Trust Company. [9] Morgan Guaranty considered constructing additional stories atop 23 Wall Street as well as replacing both structures with one headquarters. [10] A major renovation commenced in the two buildings in 1962, in preparation for their conversion into a headquarters for Morgan Guaranty. The company's old headquarters at 140 Broadway was being demolished to make way for the Marine Midland Bank Building. [11] The renovation was completed in 1964. [12]

Condominium conversion

15 Broad Street and 23 Wall Street were sold in 2003 for $100 million to Africa Israel and Boymelgreen. The conversion came after plans to have the building demolished for a new stock exchange building were dropped. [13] The building became a luxury condominium development called Downtown, designed by French product designer Philippe Starck along with project architect Ismael Leyva and developer A.I. & Boymelgreen, making it one of a growing number of residential buildings in the Financial District. [13] Remodeling was largely completed at the end of May 2007.

According to Real Estate Weekly, by November 2006, 98% of the apartments had been sold. Prices for the 326 units ranged from about $335,000 for a studio to $4.6 million for a two-bedroom apartment with a terrace. The building is fitted with many amenities such as a gym, swimming pool, dance and yoga studio, squash court, bowling alley, business centre, movie theater, lounge and an in-house dry cleaning service amongst other things. [13]

Crystal chandelier in the lobby of 15 Broad Street 15 Broad Street 007.JPG
Crystal chandelier in the lobby of 15 Broad Street

The original 1,900-piece Louis Quinze chandelier that used to hang in the main hall of J. P. Morgan's 23 Wall Street was given by Morgan to be displayed in the lobby of 15 Broad Street. According to the architect Phlippe Starck, many pieces had come from Austria-Hungary before World War I and have been identified by him as Swarovski crystal. [14] Starck made the roof of 23 Wall into a 5,000-square-foot (460 m2) garden with children's pool and dining area, accessible to the residents of the development. [14]

Related Research Articles

<span class="mw-page-title-main">JPMorgan Chase</span> American multinational financial services firm

JPMorgan Chase & Co. is an American multinational finance company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023. As the largest of Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet". The firm is temporarily headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move back across the street into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025.

<span class="mw-page-title-main">40 Wall Street</span> Office skyscraper in Manhattan, New York

40 Wall Street is a 927-foot-tall (283 m) neo-Gothic skyscraper on Wall Street between Nassau and William streets in the Financial District of Manhattan in New York City, United States. Erected in 1929–1930 as the headquarters of the Manhattan Company, the building was designed by H. Craig Severance with Yasuo Matsui and Shreve & Lamb. 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 Wall Street Historic District, an NRHP district.

<span class="mw-page-title-main">28 Liberty Street</span> Office skyscraper in Manhattan, New York

28 Liberty Street, formerly known as One Chase Manhattan Plaza, is a 60-story International Style skyscraper between Nassau, Liberty, William, and Pine Streets in the Financial District of Manhattan in New York City. The building, designed by Gordon Bunshaft of Skidmore, Owings & Merrill (SOM), opened in 1961. It is 813 feet (248 m) tall.

<span class="mw-page-title-main">Equitable Building (Manhattan)</span> Office skyscraper in Manhattan, New York

The Equitable Building is an office skyscraper located at 120 Broadway between Pine and Cedar streets in the Financial District of Lower Manhattan in New York City. The skyscraper was designed by Ernest R. Graham in the neoclassical style, with Peirce Anderson as the architect-in-charge. It is 555 feet (169 m) tall, with 38 stories and 1.2 million square feet (110,000 m2) of floor space. The building's articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital.

<span class="mw-page-title-main">60 Wall Street</span> Office skyscraper in Manhattan, New York

60 Wall Street is a 55-story, 745-foot-tall (227 m) skyscraper on Wall Street in the Financial District of Lower Manhattan in New York City, United States. The tower was designed by Kevin Roche and John Dinkeloo of Roche-Dinkeloo and originally built for J.P. Morgan & Co. The building's design was intended to fit its surroundings with a postmodern, Greek Revival, and neoclassical look. As of 2021, 60 Wall Street is mostly owned by GIC Singapore, with Paramount Group as minority owner.

J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in the world. The company has been historically referred to as the "House of Morgan" or simply Morgan.

<span class="mw-page-title-main">1 Wall Street</span> Residential skyscraper in Manhattan, New York

1 Wall Street is a mostly-residential skyscraper at the intersection of Broadway and Wall Street in the Financial District of Lower Manhattan in New York City, New York, U.S. Designed in the Art Deco style, the building is 654 feet (199 m) tall and 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 36-story annex to the south was designed by successor firm Voorhees, Walker Smith Smith & Haines and built between 1963 and 1965.

14 Wall Street, originally the Bankers Trust Company Building, is a skyscraper at the intersection of Wall Street and Nassau Street in the Financial District of Manhattan in New York City. The building is 540 feet (160 m) tall, with 32 usable floors. The original 540-foot tower is at the southeastern corner of the site, and a shorter annex wraps around the original tower.

<span class="mw-page-title-main">140 Broadway</span> Office skyscraper in Manhattan, New York

140 Broadway is a 51-story International Style office building on the east side of Broadway between Cedar and Liberty streets in the Financial District of Manhattan in New York City. The building was designed by Gordon Bunshaft, of the firm Skidmore, Owings & Merrill, and consists of a mostly smooth black facade on a trapezoidal plot. It is approximately 688 feet (210 m) tall, with approximately 1.17 million rentable square feet (109,000 m2). It is known for the distinctive sculpture at its entrance, Isamu Noguchi's Cube.

<span class="mw-page-title-main">Axa Equitable Center</span> Office skyscraper in Manhattan, New York

Axa Equitable Center is an office skyscraper at 787 Seventh Avenue, between 51st and 52nd Streets, in the Midtown Manhattan neighborhood of New York City. Completed in 1986 and designed by Edward Larrabee Barnes, the building measures 752 feet (229 m) tall with 54 stories. Equitable Center West was developed by the Equitable Life Assurance Society adjacent to Equitable's existing skyscraper at 1285 Avenue of the Americas.

<span class="mw-page-title-main">Broad Street station (BMT Nassau Street Line)</span> New York City Subway station in Manhattan

The Broad Street station is a station on the BMT Nassau Street Line of the New York City Subway at the intersection of Broad and Wall Streets in the Financial District of Manhattan. It serves as the southern terminal for J trains at all times and for Z trains during rush hours in the peak direction.

<span class="mw-page-title-main">Broad Street (Manhattan)</span> Street in Manhattan, New York

Broad Street is a north–south street in the Financial District of Lower Manhattan in New York City. Originally the Broad Canal in New Amsterdam, it stretches from today's South Street to Wall Street.

<span class="mw-page-title-main">383 Madison Avenue</span> Office skyscraper in Manhattan, New York

383 Madison Avenue, formerly known as the Bear Stearns Building, is a 755 ft (230 m), 47-story skyscraper in the Midtown Manhattan neighborhood of New York City, New York, U.S. Built in 2002 for financial services firm Bear Stearns, it was designed by architect David Childs of Skidmore, Owings & Merrill (SOM). It housed Bear Stearns's world headquarters until 2008, when Bear collapsed and was sold to JPMorgan Chase. Since then, JPMorgan's investment banking division has occupied the building.

<span class="mw-page-title-main">23 Wall Street</span> Commercial building in Manhattan, New York

23 Wall Street is a four-story office building in the Financial District of Manhattan in New York City, at the southeast corner of Wall Street and Broad Street. Designed by Trowbridge & Livingston in the neoclassical style and constructed from 1913 to 1914, it was originally the headquarters of J.P. Morgan & Co. Since the late 2000s, the building has remained unoccupied for long periods, although it has occasionally been used for events.

<span class="mw-page-title-main">Broad Exchange Building</span> Residential building in Manhattan, New York

The Broad Exchange Building, also known as 25 Broad Street, is a residential building at Exchange Place and Broad Street in the Financial District of Lower Manhattan in New York City. The 20-story building was designed by Clinton & Russell and built between 1900 and 1902. The Alliance Realty Company developed the Broad Exchange Building as a speculative development for office tenants.

<span class="mw-page-title-main">Mills Building (New York City)</span> Former building in Manhattan, New York

The Mills Building was a 10-story structure that stood at 15 Broad Street and Exchange Place in Manhattan, with an L-shaped extension to 35 Wall Street. It wrapped around the J. P. Morgan & Company Building at 23 Wall Street, on the corner of Broad and Wall Streets. George B. Post was the architect of the edifice.

<span class="mw-page-title-main">2 Broadway</span> Office skyscraper in Manhattan, New York

2 Broadway is an office building at the south end of Broadway, near Bowling Green Park, in the Financial District of Manhattan in New York City. The 32-story building, designed by Emery Roth & Sons and constructed from 1958 to 1959, contains offices for the Metropolitan Transportation Authority (MTA). 2 Broadway serves as the headquarters for some of the MTA's subsidiary agencies.

<span class="mw-page-title-main">Hanover Bank Building</span>

The Hanover Bank Building or Hanover National Bank Building was an early skyscraper at the southwest corner of Pine Street and Nassau Street in Lower Manhattan, New York City. It was built in 1901-1903 and demolished in 1931.

The National Bank of Commerce in New York was a national bank headquartered in New York City that merged into the Guaranty Trust Company of New York.

<span class="mw-page-title-main">75 Wall Street</span> Mixed-use building in Manhattan, New York

75 Wall Street is a 43-story mixed-use building in the Financial District of Lower Manhattan in New York City. It contains Hyatt Centric Wall Street New York, a hotel with 253 rooms managed by Blue Sky Hospitality.

References

  1. 1 2 "Downtown by Philippe Starck". Emporis. Archived from the original on March 13, 2017. Retrieved March 12, 2017.{{cite web}}: CS1 maint: unfit URL (link)
  2. 1 2 3 Chase, W. Parker (1983) [1932]. New York, the Wonder City. New York: New York Bound. p. 161. ISBN   978-0-9608788-2-6. OCLC   9946323.
  3. White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. p. 19. ISBN   978-0-19538-386-7.
  4. "Build High in Air Over Morgan Bank; 30 Stories of Equitable Trust Addition on Truss Atop Present Structure" (PDF). The New York Times. March 29, 1927. p. 1. ISSN   0362-4331 . Retrieved February 5, 2021.
  5. "J. P. Morgan to Buy Building From Chase Bank; 38-Story Structure Adjoins Offices of the Former" (PDF). The New York Times. December 8, 1955. p. 57. ISSN   0362-4331 . Retrieved February 6, 2021.
  6. "J.P. Morgan to Buy 38-Story Building From Chase Manhattan" . Wall Street Journal. December 8, 1955. p. 6. ISSN   0099-9660 . Retrieved February 6, 2021 via ProQuest.
  7. "Morgan Offices Get Air Cooling; Extensive Alterations for a 40-story Structure at Broad and Wall Sts" (PDF). The New York Times. March 25, 1956. p. R1. ISSN   0362-4331 . Retrieved February 6, 2021.
  8. "J.P.Morgan Realizes an Old Goal: A Modern Building". The New York Times. June 24, 1957. ISSN   0362-4331 . Retrieved February 6, 2021.
  9. "Morgan, Guaranty Deal Cleared; Merger of 2 Big Banks Gets State Approval -- Reserve Board Ruling Awaited" (PDF). The New York Times. April 23, 1959. p. 41. ISSN   0362-4331 . Retrieved February 3, 2021.
  10. "J.P. Morgan & Co. Building" (PDF). National Register of Historic Places, National Park Service. June 19, 1972. p. 5. Retrieved March 8, 2021.
  11. Vartan, Vartanig G. (July 31, 1963). "Renovation Shatters the Calm Of a Famous Banking House; The House of Morgan at 23 Wall Street Is Getting a New Interior" (PDF). The New York Times. pp. 51, 53. ISSN   0362-4331 . Retrieved February 3, 2021.
  12. "Memories Persist at the House of Morgan; 4 Retired Employes Tour 'Corner' at 23 Wall Street". The New York Times. February 19, 1964. ISSN   0362-4331 . Retrieved February 2, 2021.
  13. 1 2 3 "Project Updates: 15 Broad Street". LowerManhattan.info. Archived from the original on February 19, 2007. Retrieved January 25, 2007.
  14. 1 2 David W. Dunlap (May 11, 2004). "Condos, Not Roll-Tops, on Finance's Holiest Corner". The New York Times . Retrieved January 25, 2007.