120 Wall Street is a skyscraper in the Financial District of Lower Manhattan in New York City. It was completed in 1930.[2] The building is 399 ft (122 m) tall, has 34 floors, and is located on the easternmost portion of Wall Street, and also borders Pine Street and South Street. The architect was Ely Jacques Kahn of Buchman & Kahn.[1]
The tower is tiered on three sides, forming the classic wedding-cake style outline emblematic of post-1916 Zoning Resolution New York skyscrapers. The setbacks recede in shallow formations from a large 16-story platform. Red-granite panels frame wide-paned commercial windows at street level as part of the five-story limestone base.[3]
The building has 615,000 square feet (57,100 m2) of space[2] and occupies a 23,000-square-foot (2,100 m2) lot.
History
Greenmal Holding Corporation (Henry Greenberg and David Malzman) acquired the site in 1928 from the American Sugar Company.[4][5] In February 1929, the company obtained a $4,050,000 construction loan for the building.[6][7] The cost was estimated at $12,000,000, with the edifice resting upon a 51 caisson deep foundation.[8]
The building opened in March 1930.[9] The original anchor tenant of the building was the American Sugar Refining Company.[5][3] New York Life Insurance Company bid $1,000,000 to foreclose a $5,569,605 lien against the skyscraper at a June 26, 1933 foreclosure auction.[4] 120 Wall Street was the only major high-rise building on the East River downtown waterfront for many years until the post-1970s construction boom.
In 1980, the 120 Wall Company, LLC, an affiliate of Silverstein Properties, acquired the building for $12 million.[2][10][3] In 1992, in cooperation with the city's Economic Development Corporation, Silverstein Properties obtained the designation of 120 Wall Street as New York City's only Association Center.[2][11] The designation creates reduced rents for not-for-profit organizations. Tenants include The New Press, AFS Intercultural Programs, the Network for Teaching Entrepreneurship, Illuminating Engineering Society of North America, Pacifica Foundation WBAI-FM, the Lucis Trust & World Goodwill, the world headquarters locations of the National Urban League, Juvenile Diabetes Research Foundation, The United Negro College Fund, the Alan Guttmacher Institute, the Center for Reproductive Rights, and Lambda Legal.[citation needed] Concepts of Independence, a consumer organization for the disabled, is also a tenant.[12]
In October 2020, Wells Fargo, JP Morgan Chase and Citigroup provided a $165 million mortgage loan.[13]
References
Notes
- ^ a b "New York Architecture Images- 120 WALL STREET". nyc-architecture.
- ^ a b c d Dunlap, David W. (October 27, 1991). "Commercial Property: Nonprofit Tenants; Wall Street Tower as a Site for a Service Association". The New York Times.
- ^ a b c "About 120 Wall Street". Silverstein Properties.
- ^ a b McDonald, Edwin J.; Day, Joseph P.; Burchill, Thomas F. (June 27, 1933). "SKYSCRAPER BID IN BY NEW YORK LIFE; Insurance Company Acquires Building at 114 Wall St. in Foreclosure Auction". The New York Times.
- ^ a b "RENTING LARGE SPACE.; Many Tenants Take Entire Floors at 120 Wall Street". The New York Times. November 3, 1929.
- ^ "Builders Take Fee and Lease To Protect Wall St. Project". The New York Times. April 24, 1929.
- ^ "4,050,000 Loan Is Placed". The New York Times. February 1, 1929.
- ^ "RAZING BUILDINGS ON WALL STREET; Ten Tall Office Structures Are Being Torn Down for Two High Banking Edifices. OLD GALLATIN BANK GONE Third Towering Structure Under Way on South Street Front at Foot of Wall Street". The New York Times. May 12, 1929.
- ^ "Wall Street Building Opened". The New York Times. March 9, 1930.
- ^ "Silverstein Buys 120 Wall St". The New York Times. September 28, 1980.
- ^ Sun, Kevin (February 12, 2021). "Here's what tenants are paying at Silverstein's 120 Wall Street". The Real Deal.
- ^ Concepts of Independence, New York, NY
- ^ Sun, Kevin (November 9, 2020). "Manhattan's top real estate loans post second best month since March". The Real Deal.
Sources
- Stern, Robert A. M.; Gilmartin, Patrick; Mellins, Thomas (1987). New York 1930: Architecture and Urbanism Between the Two World Wars. New York: Rizzoli. ISBN 978-0-8478-3096-1. OCLC 13860977.
- Stern, Jewel; Stuart, John A. (2006). Ely Jacques Kahn, Architect: Beaux-arts to Modernism in New York. Norton. pp. 146–148. ISBN 978-0-393-73114-9.
External links
- About 120 Wall Street by Silverstein Properties
- Emporis.com Building ID 115441
- Skyscraperpage.com - 120 Wall Street
- 120 Wall Street
- Images of 120 Wall Street by Silverstein Properties
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