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American Bank Note Company Building

1908 establishments in New York CityBank buildings on the National Register of Historic Places in New York (state)Broad Street (Manhattan)Commercial buildings completed in 1908Commercial buildings on the National Register of Historic Places in Manhattan
Financial District, ManhattanHistoric district contributing properties in ManhattanIndividually listed contributing properties to historic districts on the National RegisterIndividually listed contributing properties to historic districts on the National Register in New York (state)Neoclassical architecture in New York CityNew York City Designated Landmarks in ManhattanUse mdy dates from July 2020
American Bank Note Company 005
American Bank Note Company 005

The American Bank Note Company Building is a five-story building at 70 Broad Street in the Financial District of Manhattan in New York City. The building was designed by architects Kirby, Petit & Green in the neo-classical style, and contains almost 20,000 square feet (1,900 m2) of space, with offices and residences on the upper floors. The exterior consists of a main facade on Broad Street with two columns, as well as side facades with pilasters on Beaver and Marketfield Streets. The building was erected in 1908 as the home of the American Bank Note Company, a leading engraving company that produced banknotes, currency, stamps, and stock certificates. The company had previously occupied several other sites in Lower Manhattan, and had a printing plant in the Bronx. After the company sold the American Bank Note Company Building in 1988, it was sold to numerous owners, and renovated into offices and residences. The American Bank Note Company Building is a New York City designated landmark and listed on the National Register of Historic Places (NRHP). It is also a contributing property to the Wall Street Historic District, a NRHP district created in 2007.

Excerpt from the Wikipedia article American Bank Note Company Building (License: CC BY-SA 3.0, Authors, Images).

American Bank Note Company Building
Broad Street, New York Manhattan

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Latitude Longitude
N 40.7048 ° E -74.0117 °
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Broad Street 70
10004 New York, Manhattan
New York, United States
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American Bank Note Company 005
American Bank Note Company 005
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Drexel Burnham Lambert
Drexel Burnham Lambert

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."

Marketfield Street
Marketfield Street

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Stone Street (Manhattan)
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