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1 Wall Street

From Alfawiki
1 Wall Street
Company typeBuilding
IndustryReal estate
Founded1929
FounderRalph Thomas Walker (architect)
Headquarters
New York City
,
United States
ProductsOffice and residential space

1 Wall Street—also referred to as the Irving Trust Company Building, the Bank of New York Building, and the BNY Mellon Building—is an Art Deco high-rise situated in the Financial District of Lower Manhattan, New York City. Spanning an entire city block, the structure consists of two main parts. The initial 50-story tower was created by Ralph Thomas Walker of the firm Voorhees, Gmelin and Walker and erected between 1929 and 1931 for Irving Trust, a prominent early 20th-century American banking institution. A southern annex, originally 28 stories and later expanded to 36, was designed by the successor company Voorhees, Walker, Smith, Smith & Haines and built from 1963 to 1965.

The building’s exterior is clad in limestone and features inwardly curved bays adorned with fluted details reminiscent of draped curtains. The lower floors are characterized by slender windows and intricate entryways. Its overall form incorporates numerous small setbacks along with chamfered corners. The top portion of the original tower showcases fluted bays without windows, while the annex's facade reflects the design language of the original. Inside, the lavish lobby—known as the Red Room—is decorated with vibrant mosaics. Floors 10 through 45 were initially leased to various tenants, with other levels containing offices, lounges, and facilities for Irving Trust.

Positioned on one of Manhattan’s most prized parcels, 1 Wall Street replaced three older buildings, including the former tallest structure worldwide, the Manhattan Life Insurance Building. Following Irving Trust’s merger into the Bank of New York (BNY) in 1988, it functioned as BNY’s—and subsequently BNY Mellon’s—global headquarters until 2015. The property was acquired by developer Harry Macklowe, who undertook renovations between 2018 and 2023 to convert it into 566 condominium units alongside commercial spaces. Nonetheless, condominium sales have been slow to progress.

Acknowledged as a significant example among New York City’s Art Deco landmarks, it was initially eclipsed by iconic skyscrapers such as the Empire State Building and the Chrysler Building. The original exterior received city landmark designation in 2001, followed by landmark status for the Red Room in 2024. Additionally, the building is part of the Wall Street Historic District, which has been listed on the National Register of Historic Places since 2007.

Site

Located within a full city block in Manhattan’s Financial District, 1 Wall Street is bordered by Broadway on the west side, Wall Street to the north, New Street on the east, and Exchange Place to the south. Surrounding structures include the Adams Express Building, 65 Broadway, the Empire Building, and Trinity Church with its churchyard to the west; the American Surety Company Building lies northward; northeast stands 14 Wall Street; directly east is the New York Stock Exchange Building; and to the south rests 52 Broadway. Entrances to the nearby New York City Subway's Wall Street station, served by the , are situated adjacent to this building.

Because of its curved facade design, the original tower does not completely occupy its land parcel; roughly serves as sidewalk area. At chamfered corners, sections of the facade are set back up to from the property line. According to city regulations, privately owned land contiguous with public property but lacking clear boundary markers may revert to municipal ownership. To avoid this outcome, Irving Trust—the building’s principal occupant—installed small metal plaques that delineate its lot boundaries, thereby safeguarding its ownership rights against potential government claims.

Architecture

The original structure was conceived by Ralph Walker of Voorhees, Gmelin and Walker, embracing the Art Deco aesthetic. The adjoining annex was crafted by the successor entity Voorhees, Walker, Smith, Smith & Haines. Everett Meeks, then dean of the Yale School of Art, provided consultation during the initial design phase. The main tower extends to 50 stories and reaches a height of . Initially, the southern annex rose 28 stories to about , before its expansion in 2019 to 36 stories and roughly . The residential transformation and enlargement of the annex during the late 2010s and early 2020s were overseen by SLCE Architects. Both the primary building and annex incorporate dormer elements rising up to two stories.

Although Daniel Abramson characterized 1 Wall Street as "Art Deco in many respects," historian Anthony Robins described it as "Gothic Modern—a skyscraper reflection of Trinity Church." Among Walker’s portfolio are other Art Deco telecommunications edifices in New York City, including the Barclay–Vesey Building (1927) and New Jersey Bell Headquarters Building (1929). Architectural critic Robert A. M. Stern observed that 1 Wall Street stands as "Walker's only completed skyscraper."

Form and facade

The facade of 1 Wall Street predominantly utilizes limestone, which contrasts with the brick exteriors typical of Walker’s telecommunications projects influenced by Dutch and German Expressionism. At the time of construction, limestone was an expensive material rarely applied to entire facades, whereas brick was more commonly used. The building incorporates multiple setbacks mandated by the 1916 Zoning Resolution to enhance light and air circulation at street level—a feature that later became synonymous with Art Deco architecture. While the vertical piers emphasize upward movement, Walker noted that accentuating height was not his chief design goal.

Original building

The original 1931 edifice occupies the northern portion of the site, with its first twenty floors covering nearly the full footprint. Setbacks commence at the 21st floor and continue up to the 35th floor, above which a slender tower ascends. These setbacks alternate between the Broadway and Wall Street facades. The southern section culminates in a dormer on the 37th floor; floors 37 through 48 form tower stories approximately 60 by 80 feet in dimension. The uppermost two floors were designated as an executive penthouse. The building’s dimensions measure 179 feet along Broadway and 102 feet along Wall Street.

Walker’s approach emphasized intricate facade ornamentation rather than bulk, differing from other contemporary Lower Manhattan towers. The exterior features recessed vertical bays with fluting arranged like draped curtains, producing a dynamic visual effect from varying viewpoints. Aiming to engage an estimated 200,000 annual observers, Walker incorporated "rhythmic motifs" of assorted scales across concave bays angled inward at a ratio of approximately 1:9. Curved projecting piers ascend toward each setback, some adorned with vertical incisions for added emphasis. Custom-designed curved window frames contributed an additional $40,000 to construction expenses.

The base comprises the lowest three levels; along Wall Street it spans eight bays wide with a central double-width entrance leading via stairs to the main lobby. This entryway is distinguished by a jagged portal design. Both Broadway and New Street facades extend seventeen bays each. On New Street, "Voorhees, Gmelin & Walker" is etched in cursive script above an exposed granite basement that houses a service entrance. Upper stories feature single sash windows per bay. The building’s northwestern and northeastern corners are chamfered, linking the western and eastern facades with the northern elevation.

Annex

Constructed in 1965, the southern annex is predominantly composed of limestone.[1] On New Street, the structure features setbacks above the fifth and tenth floors, after which it extends upward as a narrow slab with further recesses on the 29th, 34th, and 35th levels.[2] Along Broadway, the annex’s facade was initially set back by two bays relative to the original building.[3]

In 2018, a glass-encased retail entrance was introduced in front of the annex.[4][5] This entrance spans between one and seven stories in height and projects outward beyond the original facade.[2] Furthermore, an additional eight floors were added atop the initial segment of the annex.[6][7] Zoning records indicate that the annex extends along Broadway and on Exchange Place.[2]

Features

By 2019, the building housed 10 elevators, a reduction from its original count of 43 elevators and 14 escalators prior to its conversion to residential use. Initially, 1 Wall Street contained 29 elevators, including six private lifts accessible from Wall Street for Irving Trust. These elevators serviced lower, middle, and upper floors with entries from Broadway, New Street, or the subway. The elevator shafts were designed to accommodate potential double-deck elevators, though these were never implemented. Upon completion, it was Lower Manhattan’s first office tower powered by alternating current and included pneumatic tubes for document transport. During its transformation into residential units, all elevators were consolidated.

The building offers approximately of interior space; originally, its floor area totaled , with each of the first 21 stories covering . There are five basement levels—three situated below sea level—with a passage connecting Broadway and New Street that once provided access to the northbound platform of the Wall Street subway station but was converted into a communications room by 2000. Initially, Irving Trust occupied the basements, the lowest ten floors, and the top three levels. Post-conversion, the structure contains of residential space alongside of commercial area.

The annex completed in 2023 includes upper stories constructed with voided slabs incorporating hollow plastic spheres embedded in concrete to reduce structural weight. The glass retail addition is cantilevered outward from the annex to avoid penetrating directly into the Wall Street subway station beneath.

Red Room and lobby

Located at street level is the Red Room, created by Walker and Perry Coke Smith with artist Hildreth Meière serving as "color consultant".[8][9] Primarily designed as a reception area for Irving Trust—a commercial bank—it was mainly accessed from Wall Street.[1][10][11] Unlike savings banks, it did not include teller counters.[11][12] Lewis Pierson described it as a space "where we shall meet our customers and friends".[11]

The Red Room measures by , with ceiling heights reported between and .[12][13] This elongated polygonal chamber features a bronze-clad entrance vestibule on its north wall and frosted double glass doors leading to the elevator lobby on the south side. Arched windows with deep sills line both east and west walls, complemented by lancet windows near the northern entrance. Ornate bronze-grilled radiators are situated beneath each window.[14] Desks for brokers’ loan officers and Irving Trust city office personnel were arranged along the eastern and western walls respectively.[15]

Completed shortly after the Wall Street Crash of 1929, the Red Room’s luxurious materials were intended to attract clientele.[16] Its floor features red terrazzo tiles overseen personally by Walker and Smith during production in Berlin.[9] Walls and ceilings display between and of mosaics designed by Meière and manufactured by the Ravenna Mosaic Company in Long Island City and Berlin.[13][17] The mosaic color palette transitions from red-on-blue walls to gold-on-black ceilings, with abstract gold motifs drawing attention upward.[18][19] Walls are clad in Pyrenees black marble; Verona red marble columns with bronze capitals extend east-west.[9][20][21]

South of the entrance lies a foyer connecting Broadway and New Street, featuring two polygonal piers and direct elevator access.[15][22] The lobby walls are finished in Pyrenees black marble with an allegorical ceiling painting measuring , illustrating wealth’s impact on beauty; this artwork was created by Meière and Kimon Nicolaïdes.[20][23] The annex’s construction introduced travertine flooring and concealed the original lobby ceiling beneath a dropped ceiling.[23]

Upper floors

Similar to other skyscrapers constructed in the early 1900s within the Financial District, the building's lower levels provided expansive floorplates primarily for the main occupant, Irving Trust, while the upper stories featured reduced floor areas. The first 21 floors each covered approximately . Irving Trust utilized the initial ten floors, accommodating a large clerical workforce. The second floor served as Irving Trust's Wall Street branch dedicated to Financial District clients, with corporate and personal trust departments situated on the third floor. Executive offices adorned with wood paneling were located on the fifth floor, whereas the sixth floor housed divisions managing out-of-town and international affairs alongside a telephone exchange room.

Levels 10 through 45 were leased to external tenants. Voorhees, Gmelin & Walker entrusted specialists with office configurations. Various architectural firms designed specific offices; for instance, Delano and Aldrich crafted Fiduciary Trust’s space on the 30th floor, while Cross & Cross designed offices on the 31st floor. Entire floors were typically rented by law and financial firms, including brokerage Bear Stearns, which partitioned its premises on the 10th floor.

Irving Trust’s dining facilities occupied the 46th floor, with the directors’ room on the 47th level featuring 18-foot wooden wainscoting and semicircular seating arrangements. Above these were dining areas and a three-story Art Deco observation lounge. The executive lounge on the 49th floor showcased gold-leaf seashell ceilings, walls clad in multicolored fabrics, teak flooring, a fireplace, and four full-height windows oriented toward each cardinal point, decorated with motifs inspired by Native American war bonnets.

Following its conversion to residential use in the 2020s, the building now contains 566 condominiums—including 304 studios and one-bedroom units—of which 47 have private terraces. SLCE Architects led the residential design. The top three stories comprise a three-level penthouse measuring , featuring four bedrooms, four bathrooms, a private library, and a chef’s kitchen. Model apartments designed by FrenchCalifornia, Elizabeth Graziolo, and Cyril Vergniol highlight upscale finishes.

Amenities encompass an indoor pool, a 39th-floor observation deck, library, golf simulator, dog spa, playroom, lounge area, and a private restaurant with a terrace overlooking New York Harbor. Shared spaces equipped with kitchens, phone booths, audiovisual equipment, and printers are mainly situated in an annex on floors 38 and 39. The building also hosts an athletic club operated by Lifetime Fitness alongside coworking facilities managed by One Works.

Vault

The bank vault of Irving Trust weighed , positioned below street level. Completed in 1931, it ranked as New York City’s second-largest vault and was third worldwide after those at the Federal Reserve Bank of New York Building and the Bank of England. Three sides of the vault were enclosed by a wall constructed from iron, steel, and concrete; the fourth side consisted of concrete reinforced with metal.

Spanning three subterranean levels, the top vault story was designated for safe-deposit box holders while the lower floors stored Irving Trust’s valuables. Each level provided of secure space. Access was controlled by six vault doors measuring thick; two primary doors on the upper tier and one door on each of the lower levels weighed each. These doors incorporated chemical mechanisms that released "paralyzing fumes" to thwart forced entry attempts involving blowtorches. Additional protective measures included water reservoirs as well as chemical, electrical, and mechanical systems engineered to prevent unauthorized access.

Northern Section

Since the establishment of New Amsterdam in the 1600s, just three distinct structures on the northern segment of what is now the skyscraper's location have carried the address 1 Wall Street. Initially, there was a stone residence from the 17th century, which was succeeded by a 19th-century edifice. The third structure was an 18-story office tower, completed in 1907 and designed by Barnett, Haynes & Barnett. Often referred to as the "Chimney Building" or "'chimney corner' building," this building occupied a footprint of merely . Constructed under the direction of a St. Louis investment group led by Festus Wade of the St. Louis Mercantile Trust Company, the syndicate acquired the land in mid-1905 for $700,000, translating to an average price of . Construction commenced in 1906, with the building opening its doors in 1907. For an extended period, this site was considered among the most valuable parcels of real estate worldwide.

Next to the Chimney Building stood between three and five additional buildings ranging from approximately 10 to 20 stories tall. The oldest among these was the Union Trust Building (1889), which featured masonry walls due to early uncertainties about steel framework requirements. A twelve-story structure encircled the Chimney Building; both properties were purchased in 1926 by a consortium of bankers. Notably, the author Washington Irving, whose name inspired that of the Irving Trust Company, had once lived in a residence at nearby 3 Wall Street.

Southern section

The southern segment of the block contained two prominent edifices: the Manhattan Life Insurance Building to the north and the Knickerbocker Trust Company Building positioned to the south. The 18-story Manhattan Life Building, situated at 64 Broadway and completed in 1894, was expanded northward in 1904 to encompass all parcels between 64 and 70 Broadway.

In early 1906, the Knickerbocker Trust Company purchased the property immediately south of the Manhattan Life Building and finalized its designs by 1907. Their 22-story structure at 60 Broadway was finished in 1909, featuring a banking hall on the ground floor, a private restaurant penthouse, and eight elevators. A narrow space separated the Manhattan Life and Knickerbocker Trust buildings. In 1912, John E. Schermerhorn acquired a strip on the northern edge of this gap, where his family later erected an eight-story taxpayer building at 62 Broadway.

Development

The idea for the skyscraper was initiated by Irving Trust's president Harry Ward. Since its establishment in 1851, Irving Trust had merged with several banks and outgrown its scattered offices located at 60 Broadway, the Equitable Building, and the Woolworth Building. By the late 1920s, following its 1926 merger with American Exchange-Pacific National Bank and operating as American Exchange Irving Trust, the institution sought to consolidate its headquarters amid a surge of Art Deco office construction in Manhattan, especially around Wall Street.

Planning

By April 1928, Central Union Trust owned properties spanning from 64 to 80 Broadway and planned to erect a 36-story tower on the site of the Chimney Building. The following month, American Exchange Irving Trust acquired the Chimney Building along with adjacent properties at 7 Wall Street and 74 and 80 Broadway for $5.5 million in cash plus a $9 million mortgage, totaling approximately . After this acquisition, Central Union Trust moved into the Manhattan Life Building and refurbished nearby holdings.

Soon after, Irving Trust revealed intentions to build a new office tower reflecting growth trends among New York financial institutions. A subcommittee was established to oversee construction with a dedicated One Wall Street Unit managing logistics. After interviewing thirty-five architectural firms, Voorhees, Gmelin and Walker were selected in June 1928 to design the project, with Marc Eidlitz appointed as general contractor. Initial blueprints filed in July proposed either a 46- or 52-story building on a plot that would include two banking halls at street level.

Walker and his associate Perry Coke Smith designed the distinguished Red Room banking hall, commissioning Hildreth Meière for its mosaics and collaborating on color schemes with artist Lynn Fausett.

An August 1928 memorandum prompted revisions such as separate elevators for bank employees and tenants, elimination of retail spaces and luncheon clubs, and inclusion of a shared lobby area. By October, Irving Trust approved final plans for a 44-story tower featuring setbacks and a curved facade similar to what stands today. The definitive plans submitted in June 1929 called for a 50-story structure after obtaining a zoning variance permitting taller initial setbacks, reduced subsequent setbacks, and greater lot coverage than typically allowed under the 1916 Zoning Resolution.

Construction

The construction of 1 Wall Street commenced in May 1929, beginning with the demolition of four buildings located on the northern side. Engineering experts from Columbia University were consulted due to the complexity of the project, particularly because one building featured walls as thick as 10 feet. Limestone for the structure was provided by the Indiana Limestone Company. In December 1929, Ward issued engraved letters of apology to 500 neighboring property owners regarding noise caused by riveting work, which generated favorable attention both locally and nationally.

The cornerstone was set on January 15, 1930. Protective measures were taken for nearby landmarks such as Trinity Church during the construction phase. In March, Irving Trust reached an agreement with the Interborough Rapid Transit Company to install three new subway entrances along Broadway and an additional entrance within the building’s basement. Excavation began in July 1930, followed by the start of structural steel assembly in August. The steel framework required approximately 250,000 rivets and was completed within five months without any major accidents. Mosaics for the Red Room were crafted by the Ravenna Mosaic Company and installed with assistance from a specialized mosaic-tile labor union.

The steel structure was topped out on May 12, 1930, commemorated by raising an evergreen tree atop the frame. During the final riveting stages, a heated steel rivet accidentally fell, narrowly missing a truck driver and igniting a minor street fire. By August 1930, exterior work was finished. The limestone shipments from Indiana arrived via several hundred boxcars—estimates range from 288 to over 400—constituting what railroad workers described as the largest single shipment of its kind ever made. Prior to installation, limestone blocks were custom-carved at a workshop in Long Island City.

Irving Trust use

By December 1930, Irving Trust had secured leases for approximately 80% of the nearly completed building. Tenant move-ins began around mid-March 1931, reaching an occupancy rate of 85% at the official opening. Early occupants included numerous members of both the New York Stock Exchange and Curb Exchange. On March 23, 1931, Irving Trust transferred its $8 billion in assets from the Woolworth Building under heavy security measures. The building opened to public access on that day, drawing thousands of visitors and achieving roughly 90% occupancy soon after. The Fiduciary Trust Company established its banking offices on the 30th floor, marking the highest banking location in New York City at that time. In 1938, an electrical transformer exploded on the setback at the 21st floor; fortunately, no injuries resulted. A significant air-conditioning upgrade was installed in 1953, ranking among New York City’s largest systems then.

As its operations grew, Irving Trust acquired three neighboring properties at 60, 62, and 70 Broadway in 1961, thereby gaining control over the entire block bordered by Broadway, Wall Street, New Street, and Exchange Place. The estimated cost for this annex was initially $25 million. The design was handled by Voorhees, Walker, Smith, Smith & Haines, with Turner Construction serving as general contractor. By mid-1963, demolition was complete; during construction Irving Trust leased temporary space at 2 Broadway. To finance this expansion, Irving Trust sold the building to a subsidiary entity that issued $30 million in secured notes. Renovation efforts included adding a refrigeration plant on top of the annex and installing cooling equipment in the basement to extend air-conditioning throughout the complex. The project concluded by late 1965.

By 1980, Irving Trust planned to move its operations center closer to the World Trade Center area. Between 1987 and 1988, merger discussions took place with Bank of New York (BNY), whose headquarters were nearby at 48 Wall Street. Initially rejecting BNY’s acquisition proposals due to perceived undervaluation of assets including 1 Wall Street, Irving Trust eventually placed the building up for auction in October 1988 ahead of anticipated merger approval; it was appraised at $250 million. Bank of New York acquired Irving Trust in December 1988 and subsequently sold its former headquarters at 48 Wall Street to consolidate operations within 1 Wall Street.

Renamed BNY Mellon in 2007, Bank of New York opened a museum dedicated to both institutions’ histories on the building’s tenth floor in 1998 and engaged Hoffmann Architects for mortar repairs and window replacements. Although unaffected physically by the September 11 attacks nearby in 2001, BNY’s activities were disrupted and cleanup efforts were necessary at 1 Wall Street.

Sale and conversion

By the beginning of 2014, BNY Mellon intended to divest its headquarters amid a reduction in its space requirements. In May of that year, the building was sold for $585 million to a consortium led by Harry B. Macklowe's Macklowe Properties, although BNY Mellon remained as a tenant until September 2015. Macklowe's initial vision included adding up to 174,000 square feet of retail space at the building’s base.

Renovation

Macklowe's original plan envisioned a mixed-use transformation combining residential and office functions, with residential rentals comprising approximately 65% of the total. However, by early 2017, the focus shifted predominantly toward residential condominiums to mitigate financial risk. Collaborating with former Qatari Prime Minister Hamad bin Jassim bin Jaber Al Thani, the redevelopment aimed to create 566 condominium units alongside ground-floor retail. The renovation was first designed by Robert A.M. Stern Architects but later transitioned to SLCE Architects, with design contributions from Ashe Leandro, Deborah Berke Partners, and Moed de Armas and Shannon. Deutsche Bank financed the project through a $750 million mortgage loan. This initiative became the largest office-to-residential conversion in New York City history, spanning nearly 1.2 million square feet.

To maximize window views and usable floor area, the renovation eliminated 34 elevators and 16 escalators by relocating elevator banks from the building’s perimeter to its core and introducing new stairways. Interior demolition concluded in November 2018. Between 2016 and 2018, the Red Room underwent restoration for retail purposes using original but previously unused tiles; simultaneously, the facade was refurbished with stone sourced from Walker’s original quarry. The southern annex received an eight-story vertical extension, while a new entrance on Broadway was constructed based on Walker’s unrealized architectural plans.

In 2016, Whole Foods Market signed a lease for a 44,000-square-foot retail space within the building, followed by Life Time Fitness securing a lease for a 74,000-square-foot gym occupying the lowest four floors in 2019. Initially, Core Real Estate was appointed to market the residential units but was replaced by Compass, Inc. in December 2020; this change led Core to file a lawsuit over unpaid brokerage commissions. Residential sales commenced in September 2021. By March 2022, Macklowe and Al Thani arranged a refinancing deal worth $1.1 billion intended to cover ongoing construction expenses and outstanding debt, with completion of renovations anticipated by the end of that year.

Post-renovation and sales struggles

In September 2022, French department store Printemps announced plans to open a 55,000-square-foot location at 1 Wall Street,[24] occupying two floors that include a shoe salon within the Red Room as well as a bar and restaurant.[25] Architect Laura Gonzalez was commissioned to redesign portions of the ground-floor spaces specifically for Printemps.[24] Whole Foods officially opened its store at the building’s base in January 2023.[26] Residential tenants began moving in by March 2023, coinciding with construction completion.[27] Due to its proximity to Trinity Church, operating the bar required obtaining a state waiver.[28] Printemps held its grand opening in March 2025.[29][30]

After disappointing sales performance, Macklowe secured a $300 million inventory loan in October 2023,[31] with 479 out of the total 566 units remaining unsold and project costs reaching $2.9 billion.[31] By February 2024, fewer than approximately 100 apartments had been sold.[32] Roughly half of purchasers were Asian investors; however, sales momentum slowed due to new Chinese export restrictions.[33] Industry analysts pointed to excessive pricing and an oversupply of vacant homes in the Financial District as contributing factors.[33] In May 2024, Macklowe replaced Compass’s sales team with internal brokers.[33] As of November 2024, only 112 units had closed transactions totaling $230 million—representing merely 14% of the anticipated $1.7 billion revenue goal excluding an unlisted triplex penthouse.[34] The majority of buyers were investors from Asia and Russia purchasing properties for investment purposes; many units are currently leased out.[34]

Critical reception

In 1931, the Broadway Association honored 1 Wall Street as the "most deserving of civic endorsement" among the buildings constructed near Broadway in 1930. A critic from the New York Evening Post lauded Meière's mural in the lobby, calling it "one of the most lavish and exquisite mural decorations ever undertaken in the United States." Meanwhile, Eugene Clute writing for Metal Arts characterized the walls as "a luxurious, free-hanging textile" and described them as "a cage enclosed within the building’s framework."

During the mid-20th century, architectural commentators frequently overlooked 1 Wall Street in favor of more renowned skyscrapers such as the Empire State Building, Chrysler Building, and 40 Wall Street. Lewis Mumford criticized its exterior for lacking harmony with the interior design, dismissing it as "mere ostentation, and unconvincing ostentation at that." The building earned the nickname "Central Repair Shop for Broken Businesses" due to Irving Trust’s role as a receiver for failing firms. Architectural historian Robert A. M. Stern remarked that its closeness to other tall buildings diminished older structures to "the status of foothills in a new mountain range." Daniel Abramson noted that although some design features seemed traditional compared to nearby 70 Pine Street, 1 Wall Street stood out for its massing and gracefully curved facade.

Subsequent critics offered more favorable assessments: in 1975, Ada Louise Huxtable praised it as an "Art Deco masterpiece." By 2001, the Times grouped it with the Empire State and Chrysler Buildings as one of New York City's premier Art Deco icons. Stern described its architecture as a place where "structure served as an invisible support for poetry," likening its form to "a natural stone precipice sculpted by erosion." Eric P. Nash called it "one of the most delicate, even feminine, skyscrapers ever constructed." After its conversion to residential use in 2023, a Daily Beast journalist proposed that it might become a template for transforming office buildings into homes. Adriane Quinlan of Curbed contrasted it with Macklowe’s ultra-luxury tower at 432 Park Avenue, dubbing 1 Wall Street "Macklowe’s tower for working people rather than the outrageously wealthy." In 2024, Ian Volner described the Red Room as "an extravagant fantasy of period glamour that makes Baz Luhrmann’s Gatsby appear restrained."

Landmark designations

The New York City Landmarks Preservation Commission (LPC) designated the original section of 1 Wall Street as a city landmark in 2001. This designation applied solely to the exterior of the original structure, excluding the southern annex. At that time, the Red Room’s interior was not landmarked because interior landmark status was limited to publicly accessible areas, and this space was reserved for BNY Mellon personnel. However, by December 2023, the LPC agreed to conduct hearings on landmarking the Red Room’s interior, with final designation confirmed on June 25, 2024.

Because the exterior landmark status covered only part of the building, most alterations made during the condominium conversion in the 2010s—including a glass retail addition—were executed on the annex, which lies beyond LPC oversight. Additionally, in 2007, 1 Wall Street was recognized as a contributing property within the Wall Street Historic District, which is listed on the National Register of Historic Places.

See also

Notes

Clarifications and explanations


Data on inflation


Sources

External links

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named NYCL p. 6
  2. ↑ 2.0 2.1 2.2 Cite error: Invalid <ref> tag; no text was provided for refs named BIS-121190086
  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named NYCL p. 7
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Plitt 2019
  5. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Lane 2020
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Smith 2020
  7. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Baird-Remba 2023 t617
  8. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Abramson pp. 136–137
  9. ↑ 9.0 9.1 9.2 Cite error: Invalid <ref> tag; no text was provided for refs named Stern (1987) p. 568
  10. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Brooklyn Citizen 1930
  11. ↑ 11.0 11.1 11.2 Cite error: Invalid <ref> tag; no text was provided for refs named Abramson pp. 135–136
  12. ↑ 12.0 12.1 Cite error: Invalid <ref> tag; no text was provided for refs named NYCL p. 13
  13. ↑ 13.0 13.1 Cite error: Invalid <ref> tag; no text was provided for refs named Pembrey 2019
  14. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named NYCL (2024) p. 6
  15. ↑ 15.0 15.1 Cite error: Invalid <ref> tag; no text was provided for refs named Abramson p. 137
  16. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named NYCL p. 14
  17. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Dunlap 2001
  18. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Nash 20052
  19. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Robins 2017
  20. ↑ 20.0 20.1 Cite error: Invalid <ref> tag; no text was provided for refs named Wall Street Journal 1931b
  21. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named BM p. 3
  22. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Abramson p. 139
  23. ↑ 23.0 23.1 Cite error: Invalid <ref> tag; no text was provided for refs named Gray 1999
  24. ↑ 24.0 24.1 Cite error: Invalid <ref> tag; no text was provided for refs named Velsey w785
  25. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Binkley 2025
  26. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Rahmanan
  27. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Howarth 2023
  28. ↑ Gormley
  29. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Williams r767
  30. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named nyt-2025-03-22
  31. ↑ 31.0 31.1 Cite error: Invalid <ref> tag; no text was provided for refs named Jones 2023
  32. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named p2973019140
  33. ↑ 33.0 33.1 33.2 Cite error: Invalid <ref> tag; no text was provided for refs named Orion
  34. ↑ 34.0 34.1 Cite error: Invalid <ref> tag; no text was provided for refs named post24
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