120 Wall Street

Coordinates: 40°42′18″N 74°00′22″W / 40.705°N 74.006°W / 40.705; -74.006

120 Wall Street

as seen from the East River
General information
Architectural style Wedding-cake
Location Wall Street
Address 120 Wall Street
Town or city New York City
Country United States
Current tenants Droga5
Guttmacher Institute
INROADS, NYC
Lucis Trust & World Goodwill
National Urban League
Network for Teaching Entrepreneurship
The New Press
United Negro College Fund
Opened March 1930
Renovated 2002
Cost US$12 million (1929)
Owner Silverstein Properties Inc.
Height 399 ft (122 m)
Technical details
Floor count 34
Design and construction
Architecture firm Buchman & Kahn

120 Wall Street is a skyscraper in the Financial District of Lower Manhattan in New York City, and was completed in 1930.[1] 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.

History

Greenmal Holding Corporation announced that it had obtained a loan in February 1929 to build the building.[2][3] The cost was estimated at $12,000,000, with the edifice resting upon a fifty-one[4] caisson foundation.[5] Designed by Buchman & Kahn, the building was planned to occupy a 23,000-square-foot (2,100 m2) plot. T. Greenberg and Malzmal purchased the property in 1928 from the American Sugar Company.[6][7]

Entrance

The building opened in March 1930,[8] and the original anchor tenant of the building was the American Sugar Refining Company.[7][9]

New York Life Insurance Company bid $1,000,000 to foreclose a $5,569,605 lien against the skyscraper at a June 26, 1933, auction.[6] The insurance firm previously initiated a $5,000,000 suit to foreclose a consolidated mortgage on the property, on November 23, 1932. A first mortgage of $4,050,000 was given in 1929. Liens of $200,000 and $750,000 were made subsequently. The lawsuit was based on nonpayment of $150,000 in interest, on May 1, 1932. Of the amount owed only $46,040 was paid by Greenberg and Malzmal.[10]

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.

Since 1980, the building has been owned by the 120 Wall Company, LLC, an affiliate of Silverstein Properties Inc., who purchased it for a reported $12 million.[1][11][12]

In the early 1990s, in cooperation with the City's Economic Development Corporation, Silverstein Properties obtained the designation of 120 Wall Street as New York City's (first and only) Association Center.[1] The designation creates cost-effective office space, and the building has attracted over 35 national not-for-profit organizations, including AFS-USA, Inc., 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.

Architecture

The tower is tiered on three sides, forming the "wedding-cake" architecture of a New York setback skyscraper. 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.[13]

The building has 615,000 square feet (57,100 m2) of space.[1]

See also

References

Notes
  1. 1 2 3 4 David W. Dunlap (October 27, 1991). "Commercial Property: Nonprofit Tenants; Wall Street Tower as a Site for a Service Association". The New York Times. Retrieved February 8, 2010.
  2. ↑ Builders Take Fee and Lease To Protect Wall St. Project, New York Times, April 24, 1929, pg. 52.
  3. ↑ 4,050,000 Loan Is Placed, New York Times, February 1, 1929, pg. 49.
  4. ↑ Fifty-One Caissons For Wall Street Edifice, New York Times, August 11, 1929, pg. RE2.
  5. ↑ "Razing Buildings On Wall Street". The New York Times. May 12, 1929. Retrieved February 8, 2010.
  6. 1 2 Skyscraper Bid In By New York Life, New York Times, June 27, 1933, pg. 32.
  7. 1 2 Renting Large Space, New York Times, November 3, 1929, pg. RE4.
  8. ↑ "Wall Street Building Opened". The New York Times. March 9, 1930. Retrieved February 8, 2010.
  9. ↑ About 120 Wall Street, Silverstein Properties (Retrieved February 8, 2010)
  10. ↑ Wall St. Site In Default, New York Times, November 24, 1932, pg. 48.
  11. ↑ "Silverstein Buys 120 Wall St.". The New York Times. September 28, 1980. Retrieved February 8, 2010.
  12. ↑ "120 Wall Street - Building Features & Design". Archived from the original on 2009-04-30. Retrieved 2009-03-23.
  13. ↑ Building Features & Design, Silverstein Properties (Retrieved February 8, 2010)
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