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55 Broad Street

1967 establishments in New York CityBroad Street (Manhattan)Financial District, ManhattanOffice buildings completed in 1967Skyscraper office buildings in Manhattan
Use American English from May 2024Use mdy dates from May 2024
55 Broad Street, New York, 2024 construction skyline 1 (cropped)
55 Broad Street, New York, 2024 construction skyline 1 (cropped)

55 Broad Street is a 30-story building at Broad Street and Beaver Street in the Financial District of Manhattan in New York City, U.S. It adjoins 15 William, a skyscraper to the east. The building was constructed from 1964 to 1967. It operated as the headquarters of the trading firm Goldman Sachs from 1967 to 1983. It continued as an office building afterward. In 2023, a redevelopment effort began which is changing the building from commercial space into residential apartments. The project is expected to create 571 apartments and finish around 2025. The building was owned by the Rudin Management Company from 1964 to 2023; the building was taken over by Silverstein Properties and Metro Loft for the redevelopment effort, although Rudin maintains a stake in the project. Ares Real Estate Group has also invested in the redevelopment venture.

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55 Broad Street
Broad Street, New York Manhattan

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Latitude Longitude
N 40.70538662224 ° E -74.010985521049 °
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55 Broad Street

Broad Street 55
10004 New York, Manhattan
New York, United States
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55 Broad Street, New York, 2024 construction skyline 1 (cropped)
55 Broad Street, New York, 2024 construction skyline 1 (cropped)
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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.

56 Beaver Street
56 Beaver Street

56 Beaver Street (also known as the Delmonico's Building and 2 South William Street) is a structure in the Financial District of Manhattan in New York City, United States. Designed by James Brown Lord, the building was completed in 1891 as a location of the Delmonico's restaurant chain. The current building, commissioned by Delmonico's chief executive Charles Crist Delmonico, replaced Delmonico's first building on the site, which had been built in 1837. The building is a New York City designated landmark and a contributing property to the Wall Street Historic District, a National Register of Historic Places district. The eight-story structure, clad in brick, brownstone, architectural terracotta, occupies a triangular lot at the western corner of the five-pointed intersection of William, South William, and Beaver Streets. The facade is articulated into three horizontal sections similar to the components of a column, namely a two-story base, a five-story shaft, and a one-story capital. The building contains a curved corner with a portico that provides access to the restaurant on the lower stories. Inside, there is a restaurant space in the basement and first story, while the upper floors contain 40 condominiums. The current building opened on July 7, 1891, with the restaurant at the base and top floor, as well as office space on the third through seventh floors. After 56 Beaver Street was sold to the American Merchant Marine Insurance Company in 1917, the restaurant was closed and the building became an office structure known as the Merchant Marine House. The building was then sold twice in the 1920s before the City Bank-Farmers Trust Company foreclosed on the building in 1933. Oscar Tucci purchased the lower level and first floor, then opened a restaurant. Tucci eventually acquired the entire building in 1953, occupying all floors; his family continued to run the restaurant until the 1980s. The building's upper stories were renovated in the early 1980s, and Ed Huber operated Delmonico's there from 1982 to 1993. Time Equities acquired the building in 1995; converting the upper stories into apartments; the lower stories operated yet again as a restaurant from 1998 to 2020.

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."