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23 Wall Street (also known as the J.P. Morgan Building) is a four-story office building in the
Financial District A financial district is usually a central area in a city where financial services firms such as banks, insurance companies, and other related finance corporations have their headquarters offices. In major cities, financial districts often host ...
of
Manhattan Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...
in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
, at the southeast corner of
Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
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. The building has a facade of
ashlar Ashlar () is a cut and dressed rock (geology), stone, worked using a chisel to achieve a specific form, typically rectangular in shape. The term can also refer to a structure built from such stones. Ashlar is the finest stone masonry unit, a ...
masonry and pink Tennessee marble. The first floor consists of a ''
piano nobile ( Italian for "noble floor" or "noble level", also sometimes referred to by the corresponding French term, ) is the architectural term for the principal floor of a '' palazzo''. This floor contains the main reception and bedrooms of the house ...
'' over a low basement; above are the second story, the main
cornice In architecture, a cornice (from the Italian ''cornice'' meaning "ledge") is generally any horizontal decorative Moulding (decorative), moulding that crowns a building or furniture element—for example, the cornice over a door or window, ar ...
, 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,
coffer A coffer (or coffering) in architecture is a series of sunken panels in the shape of a square, rectangle, or octagon in a ceiling, soffit or vault. A series of these sunken panels was often used as decoration for a ceiling or a vault, al ...
ed 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 Drexel, Morgan & Co. When the building was damaged during the Wall Street bombing in 1920, J.P. Morgan & Co. refused to make repairs, in defiance of the bombing's perpetrators. The building was linked to neighboring 15 Broad Street in 1957, and the two buildings served as the J.P. Morgan & Co. headquarters until 1988, when the firm moved to 60 Wall Street. During the 2000s, there were plans to convert both 23 Wall Street and 15 Broad Street into a condominium complex. In 2008, 23 Wall Street was sold to interests associated with the billionaire industrialist Sam Pa but mostly remained empty afterward. 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 The New York City Landmarks Preservation Commission (LPC) is the New York City agency charged with administering the city's Landmarks Preservation Law. The LPC is responsible for protecting New York City's architecturally, historically, and c ...
and is listed on the
National Register of Historic Places The National Register of Historic Places (NRHP) is the Federal government of the United States, United States federal government's official United States National Register of Historic Places listings, list of sites, buildings, structures, Hist ...
(NRHP); it is also a contributing property to the NRHP-listed Wall Street Historic District.


Site

23 Wall Street is in the
Financial District A financial district is usually a central area in a city where financial services firms such as banks, insurance companies, and other related finance corporations have their headquarters offices. In major cities, financial districts often host ...
of
Manhattan Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...
in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
, at the southeast corner of Broad Street to the west and
Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
to the north. The building's
land lot In real estate, a land lot or plot of land is a tract or parcel of land owned or meant to be owned by some owner(s). A plot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the sam ...
has a
frontage Frontage is the boundary between a plot of land or a building and the road onto which the plot or building fronts. Frontage may also refer to the full length of this boundary. This length is considered especially important for certain types of ...
of about along Broad Street and along Wall Street. It borders 15 Broad Street to the south and west. Other nearby buildings include the
New York Stock Exchange Building The New York Stock Exchange Building (also NYSE Building) is the headquarters of the New York Stock Exchange (NYSE), located in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is composed of two co ...
to the west;
14 Wall Street 14 Wall Street, originally the Bankers Trust Company Building, is a skyscraper at the intersection of Wall Street and Nassau Street (Manhattan), Nassau Street in the Financial District, Manhattan, Financial District of Manhattan in New York City ...
to the northwest;
Federal Hall National Memorial Federal Hall was the first capitol building of the United States under the Constitution. Serving as the meeting place of the First United States Congress and the site of George Washington's first presidential inauguration, the building existe ...
(formerly the sub-Treasury building) at 26 Wall Street to the north; and
40 Wall Street 40 Wall Street (also the Trump Building; formerly the Bank of Manhattan Trust Building and Manhattan Company Building) is a neo-Gothic skyscraper on Wall Street between Nassau and William streets in the Financial District of Manhattan in Ne ...
to the northeast. The Broad Street station of the
New York City Subway The New York City Subway is a rapid transit system in New York City serving the New York City boroughs, boroughs of Manhattan, Brooklyn, Queens, and the Bronx. It is owned by the government of New York City and leased to the New York City Tr ...
, serving the , contains entrances directly outside 23 Wall Street. The
Second Empire style Second Empire style, also known as the Napoleon III style, is a highly Eclecticism in architecture, eclectic style of architecture and decorative arts originating in the Second French Empire. It was characterized by elements of many differe ...
Drexel Building—the banking headquarters for Drexel, Morgan & Co., predecessor of J.P. Morgan & Co.—previously occupied 23 Wall Street's site. Anthony Drexel had bought the site in 1872 for , making it the city's most expensive plot of land at the time. The Drexel Building, completed in 1873, was designed with a
mansard roof A mansard or mansard roof (also called French roof or curb roof) is a multi-sided gambrel-style hip roof characterised by two slopes on each of its sides, with the lower slope at a steeper angle than the upper, and often punctured by dormer wi ...
and marble walls. Its seven stories had been connected by a steam elevator, one of the city's earliest such installations. The ''Real Estate Record and Guide'' characterized the Drexel Building as "the second fireproof building of importance" to be built in New York City, after the Equitable Life Building.


Architecture

Trowbridge & Livingston designed 23 Wall Street in the neoclassical style. Marc Eidlitz was the building's main construction contractor. Many other engineers and contractors were involved in the building's construction, including elevator supplier A. B. See, vault contractor
Carnegie Steel Company Carnegie Steel Company was a steel-producing company primarily created by Andrew Carnegie and several close associates to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century. The company was formed in ...
, and vault engineer Frederick S. Holmes. 23 Wall Street was the headquarters of J.P. Morgan & Co., the "House of Morgan", and was nicknamed "The Corner". J. P. Morgan Jr., the head of the bank when the building was being planned, dictated many aspects of its design. Unlike skyscrapers in the surrounding area, 23 Wall Street was built with only four above-ground stories. The building originally contained up to five
mezzanine A mezzanine (; or in Italian, a ''mezzanino'') is an intermediate floor in a building which is partly open to the double-height ceilinged floor below, or which does not extend over the whole floorspace of the building, a loft with non-sloped ...
levels, leading ''Architecture and Building'' magazine to characterize it as a nine-story building. The building is shaped like an irregular
heptagon In geometry, a heptagon or septagon is a seven-sided polygon or 7-gon. The heptagon is sometimes referred to as the septagon, using ''Wikt:septa-, septa-'' (an elision of ''Wikt:septua-, septua-''), a Latin-derived numerical prefix, rather than ...
, with a
chamfer A chamfer ( ) is a transitional edge between two faces of an object. Sometimes defined as a form of bevel, it is often created at a 45° angle between two adjoining right-angled faces. Chamfers are frequently used in machining, carpentry, fur ...
ed 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.; The southeast corner contains an extension that protrudes slightly from the southern lot line. 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. 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.; The facade rises about above street level. Because of the irregular shape, the building only takes up on Broad Street and on Wall Street, or about less than the lot frontage on either side.


Facade

The facade is made of
ashlar Ashlar () is a cut and dressed rock (geology), stone, worked using a chisel to achieve a specific form, typically rectangular in shape. The term can also refer to a structure built from such stones. Ashlar is the finest stone masonry unit, a ...
masonry and pink Tennessee
marble Marble is a metamorphic rock consisting of carbonate minerals (most commonly calcite (CaCO3) or Dolomite (mineral), dolomite (CaMg(CO3)2) that have recrystallized under the influence of heat and pressure. It has a crystalline texture, and is ty ...
,; ; in accordance with J. P. Morgan Sr.'s request that the marble be identical to that used in his 36th Street residence's library. Each of the marble blocks was laid horizontally, with a cross section of and a length of . To furnish the marble for the project, the Morgans used their own quarry in
Knoxville, Tennessee Knoxville is a city in Knox County, Tennessee, United States, and its county seat. It is located on the Tennessee River and had a population of 190,740 at the 2020 United States census. It is the largest city in the East Tennessee Grand Division ...
. The walls are astylar in design, with unadorned windows in deep reveals. The facade contains several divots caused by flying shrapnel from the Wall Street bombing, which occurred outside the building in 1920. The first floor consists of a high ''
piano nobile ( Italian for "noble floor" or "noble level", also sometimes referred to by the corresponding French term, ) is the architectural term for the principal floor of a '' palazzo''. This floor contains the main reception and bedrooms of the house ...
'' 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 The Italian Renaissance ( ) was a period in History of Italy, Italian history between the 14th and 16th centuries. The period is known for the initial development of the broader Renaissance culture that spread across Western Europe and marked t ...
architecture and wraps around the north, northwest, and west sides. A mechanical penthouse containing air-conditioning machinery is atop the original roof. The main entrance is through the chamfered corner at Wall and Broad Streets; the building's corner measures wide. A short flight of five steps leads from the sidewalk to the large rectangular entrance opening, which is slightly recessed from the facade. The entrance opening contains a bronze-and-glass set of doors underneath a transom window made of bronze and glass. On either side of the entrance opening, the chamfered corner's walls are designed to resemble
pilaster In architecture, a pilaster is both a load-bearing section of thickened wall or column integrated into a wall, and a purely decorative element in classical architecture which gives the appearance of a supporting column and articulates an ext ...
s. The senior Morgan had stipulated that no company name signs would be on either of the pilasters, as he planned to add decorative elements, but he died before the plans were finalized. Ultimately, no name plaque was ever placed atop the main entrance, as the building became well known worldwide. The lintel above the doorway is a single continuous stone measuring and was, at the time of the building's construction, one of the largest stones ever brought to New York City. Above the main entrance, at the second story, there is a single set of three windows. According to ''
The New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
'', the main entrance was sometimes also known by the building's nickname, "The Corner". 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. Each of the ground-story windows measures tall and wide. There were also window openings at the basement level, subsequently infilled with marble. Another entrance on Broad Street led to the
wire transfer Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...
department in the building's basement.;


Features


Substructure and basement

The foundations of the outer walls were made of
cofferdam A cofferdam is an enclosure built within a body of water to allow the enclosed area to be pumped out or drained. This pumping creates a dry working environment so that the work can be carried out safely. Cofferdams are commonly used for constru ...
s that extended into the underlying bedrock.; The concrete used in the cofferdams was laid thick. The perimeter of the site was excavated with pneumatic caissons averaging about , after which the center of the lot was excavated to a depth of . The foundations were built to be strong enough to support a tower of at least 30 stories. 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. It contained a three-story vault that, at the time of the building's completion, ''
Architecture Architecture is the art and technique of designing and building, as distinguished from the skills associated with construction. It is both the process and the product of sketching, conceiving, planning, designing, and construction, constructi ...
'' magazine described as "one of the largest in existence". The interior of the vault was cited as measuring with exterior dimensions of . A stair and elevator connected the three levels in the vault; the elevator was nicknamed the money room. The vault walls were thick and were made of steel layers reinforced with concrete. The circular vault door, made of a steel composite, could be swung open with one hand. There was also a private
shooting range A shooting range, firing range, gun range or shooting ground is a specialized facility, venue, or field designed specifically for firearm usage qualifications, training, practice, or competitions. Some shooting ranges are operated by milita ...
for J.P. Morgan & Co. in the basement. 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.


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 the design could not waste any space. Just inside the main entrance was an anteroom with a staircase on the left and an elevator on the right, which led to the upper-story executive offices. The main ground-story space covered .; This space had no interior columns and was topped by a coffered ceiling with a pattern of gilded hexagons and circles.; ; At the center of the room was a shallow domed skylight, measuring in diameter. During a renovation in the early 1960s, plaster replaced the glass dome, and a massive crystal
chandelier A chandelier () is an ornamental lighting device, typically with spreading branched supports for multiple lights, designed to be hung from the ceiling. Chandeliers are often ornate, and they were originally designed to hold candles, but now inca ...
was installed at the center. The 1,900-piece
Louis Quinze The Louis XV style or ''Louis Quinze'' (, ) is a style of architecture and decorative arts which appeared during the reign of Louis XV. From 1710 until about 1730, a period known as the Régence, it was largely an extension of the Louis XIV styl ...
chandelier was removed and placed in 15 Broad Street during a 2000s renovation of that building. At the center of the room was a main lobby shaped like an irregular hexagon, which, according to author
Ron Chernow Ronald Chernow (; born March 3, 1949) is an American writer, journalist, and biographer. He has written bestselling historical non-fiction biographies. Chernow won the 2011 Pulitzer Prize, 2011 Pulitzer Prize for Biography and the 2011 American ...
, was intended to resemble the layout of a "London merchant bank". It contained bank officers' enclosures and a public hall. It had a mosaic floor tile and was surrounded by a screen of pink Tennessee marble, with bronze-and-glass grilles, as well as columns of
Skyros Skyros (, ), in some historical contexts Romanization of Greek, Latinized Scyros (, ), is an island in Greece. It is the southernmost island of the Sporades, an archipelago in the Aegean Sea. Around the 2nd millennium BC, the island was known as ...
marble. There were Italian Renaissance-style carvings sculpted by Charles Keck on the screen. On one side of the screen were depictions of the sea, the earth, and the air, inspired by
Greek mythology Greek mythology is the body of myths originally told by the Ancient Greece, ancient Greeks, and a genre of ancient Greek folklore, today absorbed alongside Roman mythology into the broader designation of classical mythology. These stories conc ...
. A depiction of
Hiawatha Hiawatha ( , also : ), also known as Ayenwatha or Aiionwatha, was a precolonial Native American leader and cofounder of the Iroquois Confederacy. He was a leader of the Onondaga people, the Mohawk people, or both. According to some accounts, he ...
, on the opposite side of the screen, was meant to represent agriculture and arts. Zodiac symbols were placed at the center of the floor; these symbols were emblems of a private club composed of J. P. Morgan Sr.'s friends. Shorter marble railings replaced the screen in the early 1960s renovation. The ground floor's outer walls had
wainscoting Panelling (or paneling in the United States) is a millwork wall covering constructed from rigid or semi-rigid components. These are traditionally interlocking wood, but could be plastic or other materials. Panelling was developed in antiquity t ...
high. Above the wainscoting were large mosaic panels with marble frames. Along the hexagonal lobby's western and southern walls, to the right of the main entrance, there were conference rooms and partners' offices. The lobby's northern wall, to the left of the entrance, had two waiting rooms and the foreign exchange department. On the eastern wall of the hexagonal lobby, doors led to a rectangular banking space flanked by various offices. Two elevators and a set of stairs were in the southeast corner of the space. The elevators and stairs, as well as a correspondence office at the rear, were not part of the ground-level main space. A painting of Morgan's father
J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ...
was hung on the south wall above a marble fireplace.; An arch on the rear wall connected with 15 Broad Street.


Upper stories

The
superstructure A superstructure is an upward extension of an existing structure above a baseline. This term is applied to various kinds of physical structures such as buildings, bridges, or ships. Aboard ships and large boats On water craft, the superstruct ...
is made of a steel frame, but the beams were hidden within the walls because Morgan had requested that they not be visible. Consequently, the upper floors are hung from a series of steel
truss A truss is an assembly of ''members'' such as Beam (structure), beams, connected by ''nodes'', that creates a rigid structure. In engineering, a truss is a structure that "consists of two-force members only, where the members are organized so ...
es deep and long; steel columns support the beams within the walls. The second floor contained the private offices of the partners and their secretaries.; ; The second story has a hole at its center, surrounding the main ground-floor room. Each partner had their own offices; the second-floor offices were designed based on the preferences of their respective occupants. An office for J. P. Morgan Jr. was directly above the building's main entrance and had a private stair leading down to ground level. Each room had fireplaces and generally contained English oak paneling.; A central, oak-lined corridor connected the rooms. The third floor contained private dining rooms, a kitchen, and bedrooms for executives. The fourth floor contained janitors' quarters, other minor divisions, and a
roof garden A roof garden is a garden on the roof of a building. Besides the decorative benefit, roof plantings may provide food, temperature control, hydrological benefits, architectural enhancement, habitats or corridors for wildlife, recreational oppo ...
facing the New York Stock Exchange. The roof garden measured about and could be covered by an awning, doubling as extra conference space during the summer. The fourth floor also contained a small barber shop. When 15 Broad Street was converted to condominiums in the 2000s, the roof of 23 Wall Street became a garden with children's pool and dining area, accessible to the residents of the development.


History

Drexel, Morgan & Co., headed by
Anthony J. Drexel Anthony Joseph Drexel Sr. (September 13, 1826 – June 30, 1893) was an American banker who played a major role in the rise of modern global finance after the American Civil War. As the dominant partner of Drexel Burnham Lambert, Drexel & Co. of ...
and J. P. Morgan Sr., was renamed J.P. Morgan and Company after Drexel's death in 1895. During the late 19th century, the bank evolved into one of the most influential institutions in the United States, and the elder Morgan became one of the country's most powerful financiers. By the 20th century, many large corporations had opened investment accounts with J.P. Morgan & Co., and its members were directors of one-sixth of the United States' largest corporations. By the 1900s, the Drexel Building had become too small for the bank's needs, and Morgan wanted a larger structure, akin to the
National City Bank of New York Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...
's headquarters at 55 Wall Street one block away. J.P. Morgan & Co. was also leasing the Drexel Building from Anthony Drexel's estate instead of owning it outright. Morgan had long sought to acquire the building, but the Drexel estate had refused to sell. The site was considered the most valuable lot in New York City by the early 1910s. There had been an unsuccessful proposal to replace the Drexel Building and the adjacent Mills Building with a skyscraper. Ultimately, J.P. Morgan & Co. decided to construct an edifice solely for its own use; the new structure was to be smaller than the Drexel Building.


Construction

In February 1912, several publications reported that J.P. Morgan & Co. had bought the Drexel Building from the Drexel estate, though the purchase price was never revealed. Morgan founded a company to purchase the structure, although it was still unclear at the time whether the Drexel Building would be replaced. That September, the company finalized its purchase of the neighboring Mechanics and Metals National Bank building at 29–33 Wall Street. By that time, J.P. Morgan & Co. had decided to demolish and replace the structure. The Mechanics Bank lot, covering , was valued at $1.62 million (equivalent to $ million in ), and the Drexel Building lot was valued at $2.7 million (equivalent to $ million in ). The replacement building would be among the many ongoing redevelopment projects in the neighborhood. The senior Morgan leased a temporary office on the 31st floor of 14 Wall Street, where he was able to observe work on his new building. 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 Goodhue Livingston (February 23, 1867 – June 3, 1951) was an American architect who co-founded the firm of Trowbridge & Livingston. He designed the St. Regis New York, the Hayden Planetarium, and numerous buildings listed on the National Reg ...
, indicated that they had won an
architectural design competition An architectural competition is a type of design competition, in which an entity that intends to build new work, or is just seeking ideas, invites architects to submit design proposals. The winning scheme is usually chosen by an independent panel ...
. Trowbridge & Livingston submitted their plans for the structure to the New York City Department of Buildings in February 1913. Morgan died the next month, shortly before work began on the new headquarters. All occupants of the two buildings were ordered to vacate by May 1, 1913. The demolition of the Drexel and National Bank buildings began on that date. Two heroic statues from the Drexel Building were taken for storage to the Morgan Library, and a family member took six columns. 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. By that November, the foundation was completed, and the superstructure had reached the first floor. A ceremonial
cornerstone A cornerstone (or foundation stone or setting stone) is the first stone set in the construction of a masonry Foundation (engineering), foundation. All other stones will be set in reference to this stone, thus determining the position of the entir ...
was laid in December 1913 by J. P. Morgan Jr., who had succeeded his father as head of J.P. Morgan & Co. The facade of 23 Wall Street was substantially completed in June 1914, when protective scaffolding surrounding the site was removed.


Early 20th century

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. The total cost of construction was estimated at over $5 million (equivalent to $ million in ), of which $4 million had been allocated to land acquisition (equivalent to $ million in ). 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. Chernow said "the new building was compact and mysterious, reflecting the bank's penchant for privacy". Despite the lack of exterior name identification, the building quickly became associated with J.P. Morgan & Co. After J. P. Morgan Jr. helped fund the
Allies of World War I The Allies or the Entente (, ) was an international military coalition of countries led by the French Third Republic, French Republic, the United Kingdom of Great Britain and Ireland, United Kingdom, the Russian Empire, the United States, the ...
, he received death threats and survived an assassination attempt. To protect him, detectives were stationed outside and around 23 Wall Street for several months. According to 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. On September 16, 1920, the Wall Street bombing occurred outside the building, killing 38 people and injuring hundreds more. Most of the victims were outside the building, but the blast also killed one Morgan employee. 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. The exterior stonework received only superficial pockmarks from shrapnel. J.P. Morgan & Company said that, in defiance of those who committed the crime, it would not repair the exterior damage. More than four decades later, ''
The New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
'' described the pockmarks as "a badge of honor". 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. The skyscraper contained a truss above the Morgan building. To allow the inclusion of this truss, J.P. Morgan & Co. leased the
air rights In real estate, air rights are the property interest in the "space" above the Earth's surface. Generally speaking, owning or renting land or a building includes the right to use and build in the space above the land without interference by oth ...
above 23 Wall Street to the Equitable Trust Company, for which 15 Broad Street was being constructed. Heavy timbers were placed on 23 Wall Street's roof to protect it while the skyscraper was being built. By then, 23 Wall Street did not have sufficient space for J.P. Morgan & Co.'s needs, so the bank leased some space at 15 Broad Street in 1929. Trowbridge & Livingston prepared plans in 1930 for an addition to the Morgan building. The plans called for four rooms to be built above a small court on the southeast corner of the building at a cost of $74,000. As built, 23 Wall Street's top two floors had wrapped around that court and did not occupy the whole lot area. When the Broad Street subway station opened the next year, J.P. Morgan & Co. paid for the installation of bronze stanchions and railings at the subway entrances just outside 23 Wall Street.


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 120 Wall Street. J.P. Morgan & Co. indicated in late 1955 that it would purchase 15 Broad Street from the Chase Manhattan Bank. In 1957, J.P. Morgan & Co. built connections between both buildings on several stories. J.P. Morgan & Co. became the Morgan Guaranty Trust Company in 1959 following a merger with the Guaranty Trust Company. As part of the consolidation of the two companies, the bank sought to have its headquarters in one building. Morgan Guaranty considered constructing additional stories atop 23 Wall Street as well as replacing both structures with one headquarters. A major renovation commenced in the two buildings in 1962, to prepare for their conversion into a headquarters for Morgan Guaranty, and the interior spaces of 23 Wall Street were reconfigured. The Guaranty Trust Company's old headquarters at 140 Broadway was being demolished to make way for the Marine Midland Bank Building, and some artifacts from the old headquarters were transported to 23 Wall Street. Morgan Guaranty officially moved to 23 Wall Street and 15 Broad Street in February 1964. Some of the 4,200 employees had moved into both buildings several months earlier, but the address change had not been finalized until that date. Morgan Guaranty, which later became a subsidiary of holding company J. P. Morgan & Co., 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. Three years later, the company's operations were moved from 23 to 60 Wall Street. 23 Wall Street was renovated extensively in the 1990s as a training and conference facility for J.P. Morgan & Co. The
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
(NYSE),
American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...
(AMEX), and J.P. Morgan & Co. considered a plan to create a financial "supercenter" on the block containing 23 Wall Street in 1992. The supercenter, to be developed by Olympia and York and designed by
Skidmore, Owings & Merrill SOM, an initialism of its original name Skidmore, Owings & Merrill LLP, is a Chicago-based architectural, urban planning, and engineering firm. It was founded in 1936 by Louis Skidmore and Nathaniel Owings. In 1939, they were joined by engineer ...
(SOM), would have consisted of a 50-story tower above two 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 Fred Wilpon (born November 22, 1936) is an American real estate developer and former baseball executive. He was principal owner of the New York Mets from 1987 to 2020. Early life and education Wilpon was raised in a Jewish family in Bensonhurst ...
took up the project. The NYSE withdrew from the project in 1993. 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. The plan would have demolished several adjacent buildings for a new facility while retaining 23 Wall Street as a visitor center. The initial plan for the atrium by
HLW International HLW is a full-service design firm headquartered in New York City, with offices in Madison, New Jersey; Stamford, Connecticut; Los Angeles and San Francisco, California; West Palm Beach, Florida; and London. HLW is one of the oldest continuously ...
was widely criticized, as was a modification by Hugh Hardy, and the NYSE ultimately dropped the atrium proposal. During 2000, the NYSE signed an agreement with the New York City and New York state governments to acquire the block to the east, demolishing all structures except for 23 Wall Street to make way for a 50-story skyscraper designed by SOM. After the
September 11 attacks The September 11 attacks, also known as 9/11, were four coordinated Islamist terrorist suicide attacks by al-Qaeda against the United States in 2001. Nineteen terrorists hijacked four commercial airliners, crashing the first two into ...
in 2001 resulted in the
collapse of the World Trade Center The World Trade Center in Lower Manhattan, New York City, was destroyed on September 11, 2001, as a result of al-Qaeda's terror attacks. Two commercial airliners hijacked by terrorists were deliberately flown into the Twin Towers of the com ...
nearby, the NYSE maintained its intention to build a trading floor at 23 Wall Street. The NYSE ultimately decided against the proposal. After Chase Manhattan Bank and J.P. Morgan & Co. merged,
JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...
also considered buying 23 Wall Street, but it decided instead to move its headquarters to
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan, serving as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Building, the ...
in 2001.


21st century

23 Wall Street and the adjacent 15 Broad Street were sold in 2003 for $100 million to Africa Israel and Boymelgreen. Later that year, nonprofit group Wall Street Rising convinced the owners of 23 Wall and 15 Broad Streets to light the buildings during the night. The two buildings were slated to become a
condominium A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual own ...
development, "Downtown by Philippe Starck", named for its designer, Philippe Starck. Starck made the roof of 23 Wall Street into a garden and pool, accessible to the residents at 15 Broad Street. The
New York Law School New York Law School (NYLS) is a private, American law school in the Tribeca neighborhood in Manhattan, New York City. The third oldest law school in New York City, its history predates its official founding in 1891 by Theodore William Dwight, T ...
had planned to move into 23 Wall Street. but the proposal was canceled in September 2004 after over a year of negotiations. Afterward, the developers began looking for retail tenants to move into 23 Wall Street. Africa Israel gained full control of the two buildings in 2007. Subsequently, they used 23 Wall Street for film shoots and broker events. 23 Wall Street was sold to a partnership of the China International Fund and Sonangol Group in 2008. The building remained unoccupied for several years, even though its brokers wished to lease the interior to a luxury retailer. In 2015, a Latitude 360 entertainment center was proposed for the space, though neighborhood residents strongly opposed the plan. Sam Pa, believed to be a key leader of the China International Fund and the Sonangol Group, was arrested the same year. 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. Shortly afterward, artist Simon Birch planned to run a temporary art exhibition in the unused space, but the show was postponed and ultimately canceled because of a lack of funding. Jack Terzi of JTRE Holdings contracted to purchase 23 Wall Street in August 2016 for $140 million. That December, Terzi began negotiating with clothing retailer
Uniqlo ( ; ) is a Japanese casual wear designer and retailer. The company is a subsidiary of Fast Retailing, Fast Retailing Co., Ltd. Clare Waight Keller is the creative director. History Men's Shop OS was founded in Ube, Yamaguchi. It was rebrand ...
, which wanted to lease in the building, though the lease negotiations later stalled. After several months, the building's sale had still not been finalized, leading Terzi to sue Sonangol in late 2017. Terzi had refused to place a down payment for the building because Sonangol would not guarantee that none of the money would be given to Pa. In 2018, Sonangol's request to dismiss the lawsuit was denied, and fitness chain Blink Fitness signed a lease for in the basement; this lease was also unsuccessful. As part of a court settlement in January 2020, Terzi signed a 99-year lease for the building instead of buying it. Terzi had been given a period of free rent. By September 2021, Sonangol claimed that Terzi had defaulted on his lease. The building was still empty .


Impact


Reception

Upon 23 Wall Street's completion, its 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". The ''Real Estate Record and Guide'' compared 23 Wall Street to the
Parthenon The Parthenon (; ; ) is a former Ancient Greek temple, temple on the Acropolis of Athens, Athenian Acropolis, Greece, that was dedicated to the Greek gods, goddess Athena. Its decorative sculptures are considered some of the high points of c ...
in Athens, and ''The Wall Street Journal'' stated that the design "gives an impressive of massiveness, strength and of beauty to the building". 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. 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". The Skyscraper Museum said in 2003 that the building "could be termed the anti-skyscraper". A reporter for the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...
'' wrote in 2004: "There is plenty of architecture with a capital A on the exterior." 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". ''The Sun'' said that "no attempt has been made in the planning of the new building to produce an elaborate or ornate structure". ''
Time Time is the continuous progression of existence that occurs in an apparently irreversible process, irreversible succession from the past, through the present, and into the future. It is a component quantity of various measurements used to sequ ...
'' magazine wrote in 1923 that, even as structures like the New York Stock Exchange and the
Chamber of Commerce A chamber of commerce, or board of trade, is a form of business network. For example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to a ...
"feel it necessary to label themselves quite plainly for the benefit of the man in the street", 23 Wall Street was not labeled with any name sign, only its address. A writer for ''The New York Times'' in 1930 wrote that 23 Wall Street "is impressive in its dignity, simplicity, and low height", characterizing it as one of "the big little buildings of Wall Street" along with the New York Stock Exchange Building, Federal Hall, and Trinity Church. The ''Times'' subsequently described 23 Wall Street as an "unimpressive, gray five-story building". John Tauranac and Christopher Little wrote in their 1985 book ''Elegant New York'' that the plain design was "an act of conspicuous consumption on the grandest scale", considering the site's high price.


Landmark designations

The
New York City Landmarks Preservation Commission The New York City Landmarks Preservation Commission (LPC) is the Government of New York City, New York City agency charged with administering the city's Historic preservation, Landmarks Preservation Law. The LPC is responsible for protecting Ne ...
(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." It was one of the first landmarks to be designated by the LPC in Manhattan. Subsequently, 23 Wall Street was listed on the
National Register of Historic Places The National Register of Historic Places (NRHP) is the Federal government of the United States, United States federal government's official United States National Register of Historic Places listings, list of sites, buildings, structures, Hist ...
in 1972. In 2007, the building was designated as a contributing property to the Wall Street Historic District, a NRHP district.


Media depictions

23 Wall Street has been depicted in several media works. Shortly after its completion, the building was pictured in the photograph ''
Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
'' (1915) by Paul Strand. The
Whitney Museum of American Art The Whitney Museum of American Art, known informally as "The Whitney", is a Modern art, modern and Contemporary art, contemporary American art museum located in the Meatpacking District, Manhattan, Meatpacking District and West Village neighbor ...
described the photograph, taken from Federal Hall, as notable for "abstract formal patterns and structures". The building has been used for film shoots, such as for the 2012 film ''
The Dark Knight Rises ''The Dark Knight Rises'' is a 2012 superhero film directed by Christopher Nolan, who co-wrote the screenplay with his brother Jonathan Nolan, and the story with David S. Goyer. Based on the DC Comics character Batman, it is the final instal ...
'', where it depicted the fictional Gotham City Stock Exchange. Part of the 2014 film ''
Teenage Mutant Ninja Turtles ''Teenage Mutant Ninja Turtles'' (''TMNT'') is an American media franchise created by comic book artists Kevin Eastman and Peter Laird. It follows Leonardo (Teenage Mutant Ninja Turtles), Leonardo, Donatello (Teenage Mutant Ninja Turtles), D ...
'' was also filmed at 23 Wall Street.


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 This is intended to be a complete list of properties and districts listed on the National Register of Historic Places on Manhattan Island below 14th Street, which is a significant portion of the New York City borough of Manhattan Manhatt ...


References


Notes


Citations


Sources

* * * * * * * {{Financial District, Manhattan, state=collapsed 1914 establishments in New York City Bank buildings in Manhattan Bank buildings on the National Register of Historic Places in New York City Broad Street (Manhattan) Buildings and structures on the National Register of Historic Places in Manhattan Financial District, Manhattan Historic district contributing properties in Manhattan House of Morgan Individually listed contributing properties to historic districts on the National Register in New York (state) JPMorgan Chase buildings New York City Designated Landmarks in Manhattan New York State Register of Historic Places in New York County Office buildings completed in 1914 Wall Street 1910s architecture in the United States