place

Drexel Burnham Lambert

1935 establishments in New York City1994 disestablishments in New York (state)American companies disestablished in 1994American companies established in 1935Banks disestablished in 1994
Banks established in 1935Companies based in PhiladelphiaDefunct companies based in New York CityDefunct companies based in PennsylvaniaDefunct financial services companies of the United StatesDrexel Burnham LambertDrexel familyFinancial services companies based in New York CityFinancial services companies disestablished in 1994Financial services companies established in 1935Former investment banks of the United StatesMichael MilkenUse mdy dates from May 2022
American Bank Note Company 001
American Bank Note Company 001

Drexel Burnham Lambert was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States.The firm had its most profitable fiscal year in 1986, netting $545.5 million—at the time, the most profitable year ever for a Wall Street firm, and equivalent to $1.16 billion in 2021. Milken, who was Drexel's head of high-yield securities, was paid $295 million, the highest salary that an employee in the modern history of the world has ever received. Withal, Milken deemed his salary to be insufficient for his contributions to the bank, and received $550 million the next fiscal year.The firm's aggressive culture led many Drexel employees to stray into unethical, and sometimes illegal, conduct. Milken and his colleagues at the high-yield bond department believed the securities laws hindered the free flow of trade. Eventually, Drexel's excessive ambition led it to abuse the junk bond market and become involved in insider trading. In February 1990, Drexel was forced into Chapter 11 bankruptcy by the chairmen of the New York Federal Reserve and the Securities and Exchange Commission. It was the first Wall Street firm to be forced into bankruptcy since the Great Depression. After Drexel's collapse, Kurt Eichenwald of The New York Times noted that the bank "fueled many of the biggest corporate takeovers of the 1980s."

Excerpt from the Wikipedia article Drexel Burnham Lambert (License: CC BY-SA 3.0, Authors, Images).

Drexel Burnham Lambert
Broad Street, New York Manhattan

Geographical coordinates (GPS) Address Nearby Places
placeShow on map

Wikipedia: Drexel Burnham LambertContinue reading on Wikipedia

Geographical coordinates (GPS)

Latitude Longitude
N 40.70536 ° E -74.01198 °
placeShow on map

Address

50 Broad Street

Broad Street 50
10004 New York, Manhattan
New York, United States
mapOpen on Google Maps

American Bank Note Company 001
American Bank Note Company 001
Share experience

Nearby Places

Broad Exchange Building
Broad Exchange Building

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. The Broad Exchange Building is either 20 or 21 stories tall. its articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital. The lowest three stories of the facade are clad with rusticated granite blocks; the fourteen-story shaft is clad with brick; and the top stories are clad with granite and terracotta, topped by a copper cornice. Inside, the building originally contained office space, but as of 2019, has 307 residential units. With 326,500 square feet (30,330 m2) of rental space in total, the Broad Exchange Building was Manhattan's largest office building upon its completion. Due to the Broad Exchange Building's proximity to the New York Stock Exchange Building, many financial firms sought space in the building. The Broad Exchange Building was sold off numerous times in the late 20th and early 21st centuries. The Broad Exchange Building was gutted and renovated into apartments in the late 1990s, and a southern wing of the building was demolished in the early 21st century. The building was added to the National Register of Historic Places (NRHP) in 1998, and was designated a city landmark by the New York City Landmarks Preservation Commission in 2000. It is also a contributing property to the Wall Street Historic District, a NRHP district created in 2007.

Marketfield Street
Marketfield Street

Marketfield Street is a short one-way, one-block-long alleyway in the Financial District of Manhattan, New York City. The street begins as a southern branch of Beaver Street, then veers east and north, ending at Broad Street. Alternative past names include Exchange Street, Field Street, Fieldmarket Street, Oblique Road, and Petticoat Lane.The name Marketfield Street is a translation from the Dutch. The street originally ran to the Dutch livestock market, Marcktveldt, located near where Battery Park is now, which was then outside the walls of the city. The market operated from 1638 to 1647. In 1641, the Governor-General of New Netherland, Willem Kieft, opened the colony's first cattle market there.By 1680, mainly poor people were living on Marketfield Street. In 1688, the city's first French Huguenot church was built there.In September 1776, Marketfield Street was part of the area devastated by the Great Fire of New York, which engulfed the southwestern tip of Manhattan. In 1821, a hurricane hit the East Coast, destroying the street's dock. In 1821, Marketfield Street, which overlooked the Hudson River, had a single name throughout its length, but by the 1830s, the street was renamed "Battery Place" from Bowling Green to the Hudson River. The 1882 construction of the New York City Produce Exchange demolished the block of the street that contained the French church.The American Bank Note Company Building at 70 Broad Street, between Marketfield and Beaver Street, was erected in 1908 as the headquarters of the American Bank Note Company.

26 Broadway
26 Broadway

26 Broadway, also known as the Standard Oil Building or Socony–Vacuum Building, is an office building adjacent to Bowling Green in the Financial District of Lower Manhattan in New York City. The 31-story, 520-foot-tall (160 m) structure was designed in the Renaissance Revival style by Thomas Hastings of Carrère and Hastings, in conjunction with Shreve, Lamb & Blake. It was built as the headquarters of Standard Oil, once one of the largest oil companies in the United States. 26 Broadway is on a pentagonal site bounded by Broadway to the northwest, Bowling Green to the west, Beaver Street to the south, New Street to the east/southeast, and the axis of Morris Street to the north. The first sixteen stories occupy much of the lot, with several setbacks, a curved facade along Broadway, and two light courts. Above it is a twelve-story tower topped by a stepped pyramid. The ground story has a 40-foot-tall (12 m) lobby leading to three banks of elevators. The Standard Oil executive offices on the top stories included a board room on the 21st floor. The original structure was built in 1884–1885 for Standard Oil on the former site of U.S. treasury secretary Alexander Hamilton's house. The Standard Oil Building was expanded in 1895 and again after World War I, when Walter C. Teagle bought four neighboring buildings to create a continuous lot. The building was greatly expanded to its current size in a multi-phase construction project that took place between 1921 and 1928. 26 Broadway was sold to another owner in 1956 but remained a prominent structure on Bowling Green. In 1995, the New York City Landmarks Preservation Commission designated 26 Broadway as an official city landmark. It is also a contributing property to the Wall Street Historic District, a National Register of Historic Places district created in 2007.