15 Broad Street
| Formerly | Equitable Trust Building |
|---|---|
| Company type | Condominium |
| Industry | Real estate |
| Founded | 1928 |
| Headquarters | Manhattan, New York City , United States |
| Products | Residential condominiums |
15 Broad Street—previously known as the Equitable Trust Building—is a former office skyscraper turned residential condominium situated in Manhattan's Financial District, New York City. It occupies a site on Broad Street, nestled between Wall Street and Exchange Place, with entry points at 51 Exchange Place and 35 Wall Street.
Finished in 1928, by 1931 it was counted among the 20 largest office towers globally.
Architecture
Erected in the neoclassical style for the Equitable Trust Company, the design was crafted by Trowbridge & Livingston, the architects behind several nearby landmarks such as 14 Wall Street, the New York Stock Exchange annex, and 23 Wall Street. The construction was executed by the Thompson–Starrett Co..
The building’s L-shaped form envelops 23 Wall Street and rises to a height of 540 feet with 43 stories. Valued at $17.25 million in 1931, its exterior showcases a grey brick stone facade resting on a limestone base that harmonizes with adjacent 23 Wall Street. The total leasable space amounted to approximately . Internally, finishes were of a high caliber, tailored to accommodate upscale office tenants.
Construction and early years
15 Broad Street was built on the site previously occupied by the 10-story Mills Building (completed in 1882) along with another structure. The skyscraper incorporated a truss system extending over 23 Wall Street, necessitating that J.P. Morgan & Co., then occupant of the neighboring building, transfer air rights above their property to the Equitable Trust Company for this development. To safeguard 23 Wall Street during construction, heavy timbers were placed atop its roof.
Upon completion in 1928, Equitable Trust Co., affiliated with the Chase National Bank conglomerate—one of the largest banking entities worldwide at that time—occupied the building. The law firm Davis Polk & Wardwell, which had been based in the previous structure since around 1889, returned to occupy space in 15 Broad Street until 1959.
First remodeling
In late 1955, J.P. Morgan & Co. negotiated to acquire 15 Broad Street from Chase Manhattan Bank, which aimed to raise capital for its forthcoming headquarters at 28 Liberty Street. After finalizing the purchase in March 1956, J.P. Morgan & Co. engaged Turner Construction and Rogers & Butler to undertake significant refurbishments. These upgrades included installing air conditioning, creating a new entrance on the ground floor at 35 Wall Street, and adding cooling towers on the roof. Additionally, this renovation connected the building physically with adjacent 23 Wall Street; work concluded by mid-1957.
Following its merger with Guaranty Trust Company in 1959, Morgan & Co. became known as the Morgan Guaranty Trust Company. The firm contemplated either constructing an addition above 23 Wall Street or demolishing both buildings to erect a consolidated headquarters. Beginning in 1962, extensive renovations were initiated on both structures to convert them into Morgan Guaranty's headquarters, as their former premises at 140 Broadway were being razed to make way for the Marine Midland Bank Building. These renovation efforts were completed by 1964.
Condominium conversion
In 2003, 15 Broad Street and 23 Wall Street were acquired for $100 million by Africa Israel and Boymelgreen. This transaction occurred after plans to replace the building with a new stock exchange facility were abandoned. The property underwent a transformation into an upscale condominium complex named Downtown, a project led by French designer Philippe Starck, architect Ismael Leyva, and developers A.I. & Boymelgreen, enhancing the expanding residential sector within the Financial District. The renovation was mostly finalized by May 2007.
By November 2006, nearly all of the 326 units—98%—had been sold, with prices varying from about $335,000 for studio apartments to $4.6 million for two-bedroom units featuring terraces. Residents benefit from a wide array of amenities including a fitness center, swimming pool, yoga and dance studios, squash court, bowling alley, business facilities, cinema room, lounge area, and on-site dry cleaning services.
The lobby proudly displays the original Louis Quinze chandelier consisting of 1,900 pieces, originating from J.P. Morgan’s former headquarters at 23 Wall Street. This fixture is adorned with Swarovski crystals that were sourced from Austria-Hungary prior to World War I. Additionally, Starck redesigned the roof of 23 Wall Street into a 5,000-square-foot garden space that includes a children’s pool and dining area exclusively for residents.