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Financial District, Manhattan - WikiMili, The Best Wikipedia Reader
The FinancialDistrict encompasses roughly the area south of City Hall Park in Lower Manhattan but excludes Battery Park and Battery Park City. The former World Trade Center complex was located in the neighborhood until the September 11, 2001 attacks; the neighborhood includes the successor One World Trade Center. The heart of the FinancialDistrict is often considered to be the corner of Wall Street and Broad Street, both of which are contained entirely within the district. The northeastern part of the FinancialDistrict (along Fulton Street and John Street) was known in the early 20th century as the Insurance District, due to the large number of insurance companies that were either headquartered there, or maintained their NewYork offices there.
The streets in the area were laid out as part of the Castello Plan prior to the Commissioners' Plan of 1811, a grid plan that dictates the placement of most of Manhattan's streets north of Houston Street. Thus, it has small streets "barely wide enough for a single lane of traffic are bordered on both sides by some of the tallest buildings in the city", according to one description, which creates "breathtaking artificial canyons". Some streets have been designated as pedestrian-only with vehicular traffic prohibited.
The FinancialDistrict is a major location of tourism in NewYork City. One report described lower Manhattan as "swarming with camera-carrying tourists". Tour guides highlight places such as Trinity Church, the Federal Reserve gold vaults 80 feet below street level (worth $100billion), and the NYSE. A Scoundrels of Wall Street Tour is a walking historical tour which includes a museum visit and discussion of various financiers "who were adept at finding ways around finance laws or loopholes through them". Occasionally artists make impromptu performances; for example, in 2010, a troupe of 22 dancers "contort their bodies and cram themselves into the nooks and crannies of the FinancialDistrict in Bodies in Urban Spaces" choreographed by Willi Donner. One chief attraction, the Federal Reserve Building in lower Manhattan, paid $750,000 to open a visitors' gallery in 1997. The NewYork Stock Exchange and the American Stock Exchange also spent money in the late 1990s to upgrade facilities for visitors. Attractions include the gold vault beneath the Federal Reserve and that "staring down at the trading floor was as exciting as going to the Statue of Liberty".
The FinancialDistrict's architecture is generally rooted in the Gilded Age, though there are also some art deco influences in the neighborhood. The area is distinguished by narrow streets, a steep topography, and high-rises Construction in such narrow steep areas has resulted in occasional accidents such as a crane collapse. One report divided lower Manhattan into three basic districts:
The FinancialDistrict proper—particularly along John Street
South of the World Trade Center area—the handful of blocks south of the World Trade Center along Greenwich, Washington and West Streets
Seaport district—characterized by century-old low-rise buildings and South Street Seaport; the seaport is "quiet, residential, and has an old world charm" according to one description.
Another key anchor for the area is the NewYork Stock Exchange. City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in 1998 offered substantial tax incentives to try to keep it in the FinancialDistrict. Plans to rebuild it were delayed by the September 11, 2001 attacks. The Exchange still occupies the same site. The Exchange is the locus for a large amount of technology and data. For example, to accommodate the three thousand persons who work directly on the Exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on the trading floor alone, and 200 miles of fiber-optic cable below ground.
Buildings in the FinancialDistrict can have one of several types of official landmark designations:
The NewYork City Landmarks Preservation Commission is the NewYork City agency that is responsible for identifying and designating the city's landmarks and the buildings in the city's historic districts. NewYork City landmarks (NYCL) can be categorized into one of several groups: individual (exterior), interior, and scenic landmarks.
The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance.
The National Historic Landmark (NHL) focuses on places of significance in American history, architecture, engineering, or culture; all NHL sites are also on the NRHP.
The following landmarks are situated south of Morris Street and west of Whitehall Street/Broadway:
What is now the FinancialDistrict was once part of New Amsterdam, situated on the strategic southern tip of the island of Manhattan. New Amsterdam was derived from Fort Amsterdam, meant to defend the fur trade operations of the Dutch West India Company in the North River (Hudson River). In 1624, it became a provincial extension of the Dutch Republic and was designated as the capital of the province of New Netherland in 1625. By 1655, the population of New Netherland had grown to 2,000 people, with 1,500 living in New Amsterdam. By 1664, the population of New Netherland had skyrocketed to almost 9,000 people, 2,500 of whom lived in New Amsterdam, 1,000 lived near Fort Orange, and the remainder in other towns and villages. In 1664 the English took over New Amsterdam and renamed it NewYork City.
19th and 20th centuries
In the late 19th and early 20th centuries, the corporate culture of NewYork was a primary center for the construction of early skyscrapers, and was rivaled only by Chicago on the American continent. There were also residential sections, such as the Bowling Green section between Broadway and the Hudson River, and between Vesey Street and the Battery. The Bowling Green area was described as "Wall Street's back yard" with poor people, high infant mortality rates, and the "worst housing conditions in the city". As a result of the construction, looking at NewYork City from the east, one can see two distinct clumps of tall buildings—the FinancialDistrict on the left, and the taller Midtown neighborhood on the right. The geology of Manhattan is well-suited for tall buildings, with a solid mass of bedrock underneath Manhattan providing a firm foundation for tall buildings. Skyscrapers are expensive to build, but the scarcity of land in the FinancialDistrict made it suitable for the construction of skyscrapers.
During most of the 20th century, the FinancialDistrict was a business community with practically only offices which emptied out at night. A report in The NewYork Times in 1961 described a "deathlike stillness that settles on the district after 5:30 and all day Saturday and Sunday". But there has been a change towards greater residential use of the area, pushed forwards by technological changes and shifting market conditions. The general pattern is for several hundred thousand workers to commute into the area during the day, sometimes by sharing a taxicab from other parts of the city as well as from New Jersey and Long Island, and then leave at night. In 1970 only 833 people lived "south of Chambers Street"; by 1990, 13,782 people were residents with the addition of areas such as Battery Park City and Southbridge Towers. Battery Park City was built on 92 acres of landfill, and 3,000 people moved there beginning about 1982, but by 1986 there was evidence of more shops and stores and a park, along with plans for more residential development.
According to one description in 1996, "The area dies at night ... It needs a neighborhood, a community." During the past two decades there has been a shift towards greater residential living areas in the FinancialDistrict, with incentives from city authorities in some instances. Many empty office buildings have been converted to lofts and apartments; for example, the office building of Harry Sinclair, the oil magnate involved with the Teapot Dome scandal, was converted to a co-op in 1979. In 1996, a fifth of buildings and warehouses were empty, and many were converted to living areas. Some conversions met with problems, such as aging gargoyles on building exteriors having to be expensively restored to meet with current building codes. Residents in the area have sought to have a supermarket, a movie theater, a pharmacy, more schools, and a "good diner". The discount retailer named Job Lot used to be located at the World Trade Center but moved to Church Street; merchants bought extra unsold items at steep prices and sold them as a discount to consumers, and shoppers included "thrifty homemakers and browsing retirees" who "rubbed elbows with City Hall workers and Wall Street executives"; but the firm went bust in 1993.
There were reports that the number of residents increased by 60% during the 1990s to about 25,000 although a second estimate (based on the 2000 census based on a different map) places the residential population in 2000 at 12,042. By 2001 there were several grocery stores, dry cleaners, and two grade schools and a top high school. There is also a long-standing barber shop across from the NewYork Stock Exchange. Additionally, there were more signs of dogwalkers at night and a 24-hour neighborhood, although the general pattern of crowds during the working hours and emptiness at night was still apparent. There were also ten hotels and thirteen museums. In 2007 the French fashion retailer Hermès opened a store in the FinancialDistrict to sell items such as a "$4,700 custom-made leather dressage saddle or a $47,000 limited edition alligator briefcase". However, there are reports of panhandlers like elsewhere in the city. By 2010 the residential population had increased to 24,400 residents. and the area was growing with luxury high-end apartments and upscale retailers.
The destruction of the World Trade Center spurred development on a scale that had not been seen in decades. Tax incentives provided by federal, state and local governments encouraged development. A newWorld Trade Center complex centered on Daniel Libeskind's Memory Foundations was after the 9/11 attacks. The centerpiece, which is now a 1,776-foot (541m) tall structure, opened in 2014 as the One World Trade Center.New residential buildings are sprouting up, and buildings that were previously office space are being converted to residential units, also benefiting from tax incentives. A newFulton Center, which was planned to improve access to the area, opened in 2014. In 2007, the Maharishi Global Financial Capital of NewYork opened headquarters at 70 Broad Street near the NYSE, in an effort to seek investors.
For census purposes, the NewYork City government classifies the FinancialDistrict as part of a larger neighborhood tabulation area called Battery Park City-Lower Manhattan. Based on data from the 2010 United States Census, the population of Battery Park City-Lower Manhattan was 39,699, an increase of 19,611 (97.6%) from the 20,088 counted in 2000. Covering an area of 479.77 acres (194.16ha), the neighborhood had a population density of 82.7 inhabitants per acre (52,900/sqmi; 20,400/km2). The racial makeup of the neighborhood was 65.4% (25,965) White, 3.2% (1,288) African American, 0.1% (35) Native American, 20.2% (8,016) Asian, 0.0% (17) Pacific Islander, 0.4% (153) from other races, and 3.0% (1,170) from two or more races. Hispanic or Latino of any race were 7.7% (3,055) of the population.
The entirety of Community District 1, which comprises the FinancialDistrict and other Lower Manhattan neighborhoods, had 63,383 inhabitants as of NYC Health's 2018 Community Health Profile, with an average life expectancy of 85.8 years.:2, 20 This is higher than the median life expectancy of 81.2 for all NewYork City neighborhoods.:53 (PDF p. 84) Most inhabitants are young to middle-aged adults: half (50%) are between the ages of 25–44, while 14% are between 0–17, and 18% between 45–64. The ratio of college-aged and elderly residents was lower, at 11% and 7% respectively.:2
As of 2017, the median household income in Community Districts 1 and 2 (including Greenwich Village and SoHo) was $144,878, though the median income in the FinancialDistrict individually was $125,565. In 2018, an estimated 9% of FinancialDistrict and Lower Manhattan residents lived in poverty, compared to 14% in all of Manhattan and 20% in all of NewYork City. One in twenty-five residents (4%) were unemployed, compared to 7% in Manhattan and 9% in NewYork City. Rent burden, or the percentage of residents who have difficulty paying their rent, is 38% in FinancialDistrict and Lower Manhattan, compared to the boroughwide and citywide rates of 45% and 51% respectively. Based on this calculation, as of 2018[update], FinancialDistrict and Lower Manhattan are considered high-income relative to the rest of the city and not gentrifying.:7
The population of the FinancialDistrict has grown to an estimated 61,000 residents as of 2018, up from 43,000 as of 2014, which in turn was nearly double the 23,000 recorded at the 2000 Census.
FinancialDistrict and Lower Manhattan are patrolled by the 1st Precinct of the NYPD, located at 16 Ericsson Place. The 1st Precinct ranked 63rd safest out of 69 patrol areas for per-capita crime in 2010. Though the number of crimes is low compared to other NYPD precincts, the residential population is also much lower.As of 2018[update], with a non-fatal assault rate of 24 per 100,000 people, FinancialDistrict and Lower Manhattan's rate of violent crimes per capita is less than that of the city as a whole. The incarceration rate of 152 per 100,000 people is lower than that of the city as a whole.:8
The 1st Precinct has a lower crime rate than in the 1990s, with crimes across all categories having decreased by 86.3% between 1990 and 2018. The precinct reported 1 murder, 23 rapes, 80 robberies, 61 felony assaults, 85 burglaries, 1,085 grand larcenies, and 21 grand larcenies auto in 2018.
Engine Company 10/Ladder Company 10 – 124 Liberty Street
As of 2018[update], preterm births and births to teenage mothers are less common in FinancialDistrict and Lower Manhattan than in other places citywide. In FinancialDistrict and Lower Manhattan, there were 77 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 2.2 teenage births per 1,000 live births (compared to 19.3 per 1,000 citywide), though the teenage birth rate is based on a small sample size.:11FinancialDistrict and Lower Manhattan have a low population of residents who are uninsured. In 2018, this population of uninsured residents was estimated to be 4%, less than the citywide rate of 12%, though this was based on a small sample size.:14
The concentration of fine particulate matter, the deadliest type of air pollutant, in FinancialDistrict and Lower Manhattan is 0.0096 milligrams per cubic metre (9.6×10−9oz/cuft), more than the city average.:9 Sixteen percent of FinancialDistrict and Lower Manhattan residents are smokers, which is more than the city average of 14% of residents being smokers.:13 In FinancialDistrict and Lower Manhattan, 4% of residents are obese, 3% are diabetic, and 15% have high blood pressure, the lowest rates in the city—compared to the citywide averages of 24%, 11%, and 28% respectively.:16 In addition, 5% of children are obese, the lowest rate in the city, compared to the citywide average of 20%.:12
Ninety-six percent of residents eat some fruits and vegetables every day, which is more than the city's average of 87%. In 2018, 88% of residents described their health as "good," "very good," or "excellent," more than the city's average of 78%.:13 For every supermarket in FinancialDistrict and Lower Manhattan, there are 6 bodegas.:10
FinancialDistrict is located within several ZIP Codes. The largest ZIP Codes are 10004, centered around the Battery; 10005, around Wall Street; 10006, around the World Trade Center; 10007, around City Hall; and 10038, around South Street Seaport. There are also several smaller ZIP Codes spanning one block, including 10045 around the Federal Reserve Bank; 10271 around the Equitable Building; and 10279 around the Woolworth Building.
FinancialDistrict and Lower Manhattan generally have a higher rate of college-educated residents than the rest of the city as of 2018[update]. The vast majority of residents age 25 and older (84%) have a college education or higher, while 4% have less than a high school education and 12% are high school graduates or have some college education. By contrast, 64% of Manhattan residents and 43% of city residents have a college education or higher.:6 The percentage of FinancialDistrict and Lower Manhattan students excelling in math rose from 61% in 2000 to 80% in 2011, and reading achievement increased from 66% to 68% during the same time period.
FinancialDistrict and Lower Manhattan's rate of elementary school student absenteeism is lower than the rest of NewYork City. In FinancialDistrict and Lower Manhattan, 6% of elementary school students missed twenty or more days per school year, less than the citywide average of 20%.:6:24 (PDF p. 55) Additionally, 96% of high school students in FinancialDistrict and Lower Manhattan graduate on time, more than the citywide average of 75%.:6
The NewYork Public Library (NYPL) operates two branches nearby. The New Amsterdam branch is located at 9 Murray Street near Broadway. It was established on the ground floor of an office building in 1989. The Battery Park City branch is located at 175 North End Avenue near Murray Street. Completed in 2010, the two-story branch is NYPL's first LEED-certified branch.
Wall Street is an eight-block-long street in the FinancialDistrict of Lower Manhattan in NewYork City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, NewYork–based financial interests, or the FinancialDistrict itself.
40 Wall Street, also known as the Trump Building, is a 71-story, 927-foot-tall (283 m) neo-Gothic skyscraper located on Wall Street between Nassau and William Streets in the FinancialDistrict of Manhattan in NewYork City. Erected in 1929–1930 as the headquarters of the Manhattan Company, the building was originally known as the Bank of Manhattan Trust Building, and also as the Manhattan Company Building, until its founding tenant merged to form the Chase Manhattan Bank. It was designed by H. Craig Severance with Yasuo Matsui and Shreve & Lamb.
90 West Street is a 23-story residential building in the FinancialDistrict of Lower Manhattan in NewYork City. It is located on a plot bounded by West Street to the west, Cedar Street and the World Trade Center to the north, 130 Cedar Street to the east, and Albany Street to the south.
The Grand Concourse is a 5.2-mile-long (8.4 km) thoroughfare in the borough of the Bronx in NewYork City. Grand Concourse runs through several neighborhoods, including Bedford Park, Concourse, Highbridge, Fordham, Mott Haven, Norwood and Tremont. For most of its length, the Concourse is 180 feet (55 m) wide, though portions of the Concourse are narrower.
1 Wall Street Court is a residential building in the FinancialDistrict of Manhattan, NewYork City. The 15-story building, designed by Clinton and Russell in the Renaissance Revival style, was completed in 1904 at the intersection of Wall, Pearl, and Beaver Streets.
21 West Street, also known as Le Rivage Apartments, is a 33-story building located in the FinancialDistrict of Lower Manhattan in NewYork City, on Morris Street between West Street and Washington Street. It was built in 1929–1931 as a speculative office tower development in anticipation of an increased demand for office space in Lower Manhattan. The building was converted into apartments in 1997 and was renamed Le Rivage.
48 Wall Street, formerly the Bank of NewYork & Trust Company Building, is a 32-story, 512-foot-tall (156 m) skyscraper on the corner of Wall Street and William Street in the FinancialDistrict of Lower Manhattan in NewYork City. Built in 1927–1929 in the Neo-Georgian and Colonial Revival styles, it was designed by Benjamin Wistar Morris.
The NewYork Life Building is the headquarters of the NewYork Life Insurance Company at 51 Madison Avenue in NewYork City. The tower is 40 stories tall, consisting of 34 office stories topped by a pyramidal, gilded six-story roof, and was constructed in 1927–1928. It overlooks Madison Square Park in the Rose Hill and NoMad neighborhoods of Manhattan.
The Verizon Building is a 32-story office and residential building at 140 West Street in Lower Manhattan, NewYork City. The Verizon Building was designed in the Art Deco style by Ralph Walker of Voorhees, Gmelin and Walker, and was Walker's first major commission as well as one of the first Art Deco skyscrapers. It occupies the entire block bounded by West Street to the west, Barclay Street to the north, Vesey Street to the south, and Washington Street to the east, abutting the World Trade Center.
The NewYork Times Building, also known as 41 Park Row and 147 Nassau Street, is an office building in the FinancialDistrict of Manhattan in NewYork City, across from City Hall and the Civic Center. It occupies a plot abutting Nassau Street to the east, Spruce Street to the north, and Park Row to the west. The building is the oldest surviving structure of the former "Newspaper Row", and is owned by Pace University.
The Broad Exchange Building, also known as 25 Broad Street, is a residential building at Exchange Place and Broad Street in the FinancialDistrict of Lower Manhattan in NewYork City. The 20-story building was designed by Clinton & Russell and built between 1900 and 1902 for the Alliance Realty Company as a speculative office building.
Church Street is a short, but heavily travelled, north-south street in Lower Manhattan in NewYork City. Its southern end is at Trinity Place, of which it is a continuation, and its northern end is at Canal Street.
The Corbin Building is a historic office building at the northeast corner of John Street and Broadway in the FinancialDistrict of Manhattan in NewYork City. It was built in 1888–1889 as a speculative development and was designed by Francis H. Kimball in the Romanesque Revival style with French Gothic detailing. The building was named for Austin Corbin, a president of the Long Island Rail Road who also founded several banks.
The Emigrant Industrial Savings Bank Building, also known as 49 Chambers and formerly as 51 Chambers Street, is a residential building at 49–51 Chambers Street between Broadway and Elk Street in the Civic Center neighborhood of Manhattan, NewYork City. It was built in 1909–1912 and was designed by Raymond F. Almirall in the Beaux-Arts style. The building occupies a slightly irregular lot facing south toward Chambers Street and north toward Reade Street.
The Wall Street Historic District in NewYork City includes part of Wall Street and parts of nearby streets in the FinancialDistrict in lower Manhattan. It includes 65 contributing buildings and one contributing structure over a 63-acre (25 ha) listed area.
The W NewYork Union Square is a 270-room, 21-story boutique hotel operated by W Hotels at the northeast corner of Park Avenue South and 17th Street, across from Union Square in Manhattan, NewYork. Originally known as the Germania Life Insurance Company Building, it was designed by Albert D'Oench and Joseph W. Yost and built in 1911 in the Beaux-Arts style.
The Bennett Building is a cast-iron building in the FinancialDistrict of Lower Manhattan, NewYork City. The building is located on the western side of Nassau Street, spanning the entire block from Fulton Street to Ann Street. It has three street addresses: 93-99 Nassau Street, 139 Fulton Street, and 30 Ann Street.
Beaver Street is a street in the FinancialDistrict of Manhattan in NewYork City. A part of the Castello Plan, it was named in the 1660s for beaver pelts that were economically important to what was then New Amsterdam. Delmonico's Restaurant is located at 57 Beaver Street. Other buildings adjacent to the street include 26 Broadway, the American Bank Note Company Office Building, and 1 Wall Street Court.
Exchange Place is a street in the FinancialDistrict of Lower Manhattan, NewYork City. The street runs five blocks between Trinity Place in the west and Hanover Street in the east.
↑ Couzzo, Steve (April 25, 2007). "FiDi Soaring High". NewYork Post. Retrieved December 3, 2014. The FinancialDistrict is over. So is the “Wall Street area.” But say hello to FiDi, the coinage of major downtown landlord Kent Swig, who decided it’s time to humanize the old F.D. with an easily remembered, fun-sounding acronym.
↑ "Top 8 Cities by GDP: China vs. The U.S." Business Insider, Inc. July 31, 2011. Archived from the original on February 5, 2013. Retrieved March 25, 2015. For instance, Shanghai, the largest Chinese city with the highest economic production, and a fast-growing global financial hub, is far from matching or surpassing NewYork, the largest city in the U.S. and the economic and financial super center of the world. "PAL sets introductory fares to NewYork". Philippine Airlines. Retrieved March 25, 2015.