28 Liberty Street

28 Liberty Street
Industry	Commercial real estate
Predecessor	One Chase Manhattan Plaza
Founded	1961; 65 years ago
Founder	Chase Manhattan Bank (project initiated by David Rockefeller)
Fate	Renamed from One Chase Manhattan Plaza to 28 Liberty Street in 2013
Headquarters	New York City, United States
Area served	Financial District, Manhattan
Key people	Gordon Bunshaft (architect), David Rockefeller (developer)
Products	Office space, event venue (Halo)
Owner	Fosun International (since 2013)
Number of employees	7,500 (initial occupancy) (1961)
Parent	JPMorgan Chase (former owner)

28 Liberty Street, once known as One Chase Manhattan Plaza, is a 60-story skyscraper exemplifying the International Style, situated in the Financial District of Manhattan, New York City. Conceived by Gordon Bunshaft of Skidmore, Owings & Merrill (SOM), the building opened its doors in 1961 and rises to a height of .

Covering roughly 28 percent of its plot, the structure comprises 60 floors above ground, a concourse at street level, and five subterranean levels. It is encircled by a plaza that includes a recessed Japanese rock garden designed by Isamu Noguchi. Its architectural style mirrors SOM’s earlier Inland Steel Building in Chicago, featuring a stainless steel exterior with black spandrel panels beneath the windows. The building’s framework consists of 40 steel columns positioned around the perimeter and core to optimize the interior office space. Initially, it housed 7,500 staff members but contained only 150 private offices.

The project was spearheaded in the 1950s by David Rockefeller, then executive vice president at Chase Manhattan, with the aim of consolidating the bank’s merged workforce of 8,700 employees into one Lower Manhattan location. Construction commenced in early 1957; the tower was completed in 1961, while the basements and plaza were finalized by 1964. Despite some early difficulties, the building rapidly reached near-full occupancy, attracting tenants from financial and legal sectors. After undergoing renovations in the early 1990s, it ceased serving as Chase’s headquarters following their move in 1997. The building was designated a New York City landmark in 2008 and was sold by JPMorgan Chase to Chinese investment company Fosun International in 2013, at which point it was renamed 28 Liberty Street.

Site

28 Liberty Street occupies the northern portion of a city block bordered by Nassau Street, Liberty Street, William Street, and Pine Street. The combined tower and plaza span approximately 2.5 acres, with the plaza situated on the southeastern side and 20 Pine Street—the former headquarters of Chase Manhattan Bank—located on the southwestern side. Due to a northward incline of the site, the plaza aligns with Pine Street’s elevation and includes five basement levels beneath it. Access to Cedar Street is provided via stairways descending from the plaza’s eastern edge.

Surrounding landmarks include the Federal Reserve Bank of New York to the north; the Chamber of Commerce Building and Liberty Tower to the northwest; 140 Broadway to the west; and the Equitable Building to the southwest. The plaza faces Federal Hall National Memorial as well as 40 Wall Street. The building’s concourse offers direct access to the Wall Street subway station on the Broadway-Seventh Avenue Line and connects underground to Wall Street station on the Lexington Avenue Line and Broad Street station on the BMT Nassau Street Line.

Previous uses

Originally, this site consisted of two smaller blocks divided by Cedar Street. The northern section was home to the Middle Collegiate Church, erected in 1731, which later functioned as New York’s primary Post Office before its demolition in 1882. Starting in 1884, this location became headquarters for Mutual Life Insurance Company, which expanded with annexes along Liberty and Cedar Streets. Their 38-story building at 18 Pine Street was completed in 1928; Mutual Life moved to Broadway in 1950.

Cedar Street was closed during the late 1950s to allow for construction of 28 Liberty Street. In return for acquiring this portion of land, Chase agreed to surrender between eight and fifteen feet along each side of its property for street widening purposes, paid $100,000 to New York City, and took responsibility for utilities beneath the closed section of Cedar Street. Such closures for private developments were uncommon and typically required significant public benefit contributions, similar to arrangements made for Grand Central Terminal and Pennsylvania Station. Adjacent property owner Chemical Bank at 20 Pine Street created an arcade along its Pine Street frontage that extended its sidewalk width consistent with Chase’s agreement. Consequently, part of the sidewalk now runs underneath the second floor of 28 Liberty Street, supported by columns along its edge.

Architecture

The design of 28 Liberty Street was undertaken by Skidmore, Owings & Merrill (SOM), with significant involvement from four of the firm's thirteen general partners: Gordon Bunshaft, Edward James Mathews, Nathaniel A. Owings, and J. Walter Severinghaus. Although Bunshaft directed the overall design, much of the detailed planning was delegated to Roy O. Allen and Jacques E. Guiton due to Bunshaft’s other obligations. Foundation excavation was managed by three separate contractors, while Turner Construction fulfilled the role of general contractor. Structural engineering responsibilities were handled by Weiskopf & Pickworth.

This structure consists of a 60-story tower resting atop a base that includes five basement levels and a ground floor facing Liberty Street, reaching an overall height of . Upon its completion, it was the third tallest building in the Financial District, trailing only behind 40 Wall Street () and 70 Pine Street (). Importantly, 28 Liberty Street was the first curtain-walled skyscraper to surpass in height.

Form and facade

The 1916 Zoning Resolution mandated that New York City skyscrapers incorporate setbacks to reduce the visual mass at street level. However, buildings occupying 25% or less of their lot were exempt from this requirement. Taking advantage of this provision, Chase obtained a variance permitting coverage of 27.3% of the site, which added approximately per floor. As a result, 28 Liberty Street was designed as a monolithic slab without setbacks.

The exterior is composed of 8,800 plate glass panels (measuring by ), framed within resilient aluminum panels and vertical mullions. These aluminum panels, produced by General Bronze Corporation, are thick and can reach heights up to . Spandrel panels between windows feature either natural-colored aluminum or black porcelain enamel finishes. The choice to exclude stainless steel was driven by cost considerations, while granite was dismissed for its traditional appearance.

Forty columns clad in aluminum stand about tall and are spaced roughly apart in a 4×10 grid arrangement along the building’s longer sides. These columns support cantilevered floors on the shorter sides and bear a significant portion of each floor’s load, creating an innovative large-scale structural system that forms a colonnade around a recessed lobby area. Each column rests on steel assemblies measuring square and thick, positioned approximately below ground level. To minimize wind noise around these columns, stainless-steel flashing is installed at intervals equivalent to every four stories. The structure incorporates over of steel—exceeding all New York City skyscrapers except for the Empire State Building and 30 Rockefeller Plaza.

Mechanical floors are situated on levels 11, 31, and 51 as well as on the third basement level; these double-height floors feature windows above and ventilation grates below.

Interior spaces

The building provides roughly of above-ground rentable space. Each floor spans , offering about of usable area per story, which made 28 Liberty Street the largest newly constructed office tower in New York City since the mid-1930s by floor area. The two innermost rows of columns are concealed within the building’s core, which houses elevators and service rooms; this arrangement allows tenants flexible interior configurations. The floor plan exhibits slight asymmetry—the southern side extends ten feet further than the northern side—reflecting Chase executives’ preference for the southern exposure.

The lobby covers less area than upper floors and aligns with an elevated plaza; it features a plate-glass wall and multiple revolving doors for entry. Originally designed with a mezzanine level hosting loan offices (removed by the 1990s), the lobby contains six elevator banks finished with travertine walls. Beneath street level lies a concourse accessible from Liberty Street that connects to Chase’s principal branch located under the plaza; this space is illuminated by an oval skylight measuring 60 feet in diameter with a transparent barrier. Additional facilities in this concourse include a meeting room, foyer, messenger’s room, and passageways leading to three nearby subway stations.

Five basement levels extend beneath the plaza totaling . The first basement functions as a lower lobby and banking floor; subsequent basements accommodate dining areas, kitchens, printing rooms, mechanical equipment, check processing facilities, and vaults. A truck ramp descends from Liberty Street into the second basement beneath the plaza, while pedestrian access is available via William Street. The fifth basement houses an enormous bank vault nearly equivalent in size to a football field; it sorts securities valued at $35 billion at the time (equivalent to $ billion today), covering approximately half of the site’s footprint. As of 2024, Halo—a event venue encircling a sunken garden—is located within the first basement.

At its opening, Chase occupied about of office space within the building. The layout primarily featured open-plan offices with only 150 private offices accommodating around 7,500 employees; executive suites for Chase’s top three leaders were situated on the 17th floor and were connected directly by an express elevator servicing both lobby and 60th-floor access. Interior furnishings for Chase’s offices were designed by Davis Allen and Ward Bennett, while Chermayeff & Geismar & Haviv created graphic elements for the building. Initial plans called for installing a sculpture on the landing of the 60th floor; however, this idea was abandoned after recognizing unobstructed views toward 40 Wall Street’s spire from that vantage point.

Mechanical systems and elevators

Situated above a quicksand layer approximately 20 feet beneath street level, 28 Liberty Street rests with bedrock located an additional 50 feet below. To reinforce the quicksand, workers injected 1,800,000 gallons of sodium silicate and 1,000,000 gallons of calcium chloride through more than 200 pipes. Excavation reached a depth of 80 feet, with the removal of around 250,000 cubic yards of material, representing the largest excavation project in New York City at that period.

The building is equipped with a total of 43 elevators: three service elevators running from the basement to the lobby; six passenger elevators connecting the lobby to basement levels; and 34 passenger elevators serving the upper floors, organized into five banks catering to specific floor segments. Additionally, escalators provide access between the lobby and the concourse below.

Mechanical floors house air-conditioning equipment weighing a combined total of 1,200 tons, making this structure "the largest fully air-conditioned building in New York." Refrigeration and steam turbine compressors are installed on the 11th and 31st floors to serve lower and upper floors respectively. The air-conditioning system is integrated into each ceiling and powered by transformers located in both the first basement and on the 51st floor, drawing electricity from feeders positioned in the second basement. Roof ventilation fans are hidden behind a four-story enclosure topped with a surrounding parapet.

Plaza

Officially designated David Rockefeller Plaza since 2008, the plaza encircles the tower slightly elevated above street level and covers approximately 22,000 square feet. Due to variations in terrain, its northern edge stands about 15 feet above ground while the southern side is just above street grade. Situated in an area where land values can reach up to $10 million per acre, this plaza remains private property rather than public space. Access is restricted to three marble staircases and two ramps connecting it to adjacent streets.

The circular sunken area within the plaza, designed by sculptor Isamu Noguchi—a frequent collaborator with Bunshaft—is situated roughly 12 feet below plaza level and spans about 100 feet across. This Japanese-inspired rock garden features seven large basalt stones imported from Japan set atop 27,000 white granite blocks each measuring one square foot. The installation includes three fountains supplied by 45 pipes that drain into a surrounding trough. Originally stocked with goldfish, they were removed in 1964 after copper poisoning resulted from pennies thrown into the water.

In 1970, Chase commissioned French artist Jean Dubuffet’s monumental sculpture Group of Four Trees, which was installed in 1972. This fiberglass piece stands approximately 40 feet tall and is painted black and white; at that time, it was New York City's largest outdoor public artwork, surpassing Pablo Picasso's "Bust of Sylvette." Other plaza amenities include planters and seating areas.

History

In 1955, two prominent Lower Manhattan banks—Chase National Bank and the Manhattan Company—merged to create Chase Manhattan Bank. Chase had been the leading U.S. bank until the early decades of the 20th century; this merger elevated Chase Manhattan to become the country’s second-largest bank. The new entity was headquartered at 20 Pine Street during a period when the Financial District was experiencing decline as many corporations moved uptown. Since the 1930s, few significant buildings had been erected there aside from transit infrastructure and some office towers.

Initial planning

In January 1955, Chase Manhattan's president, John J. McCloy, appointed David Rockefeller, a member of the Rockefeller family, as executive vice president in charge of redevelopment efforts. Rockefeller convinced McCloy to engage Ebasco Services Incorporated to analyze the bank’s space requirements. Ebasco suggested acquiring property for a consolidated headquarters at one of two possible locations: either the "Broad Street block" or the "Mutual Life block." Rockefeller worked closely with real estate developer William Zeckendorf, who recommended purchasing the Mutual Life block bordered by Nassau, Liberty, William, and Pine streets. In February 1955, Chase Manhattan secured this site for $4.425 million to construct One Chase Manhattan Plaza, also acquiring an adjoining 64,000-square-foot parcel on Liberty Street from Guaranty Trust Company. Although initial statements denied intentions for a new headquarters, demolition commenced in May 1955.

Skidmore, Owings & Merrill (SOM) was engaged early in 1955; accounts differ regarding their selection—Rockefeller credited architect Wallace Harrison, while SOM partner Nathaniel Owings claimed they independently sought the commission. After June 10, 1955, Owings took charge of design development, proposing by July to merge two blocks into one site. While Owings asserted responsibility for situating a skyscraper on a limited downtown footprint, Rockefeller attributed the concept of the tower combined with a plaza to Zeckendorf, who encouraged purchasing all properties on both blocks and advocated closing Cedar Street to facilitate the design.

During the initial planning phase, design partner Gordon Bunshaft was in Europe; meanwhile, Roy O. Allen and Jacques E. Guiton prepared alternative schemes considering either one or two buildings spanning the blocks with or without an open plaza. On September 26, 1955, Guiton presented these options to Chase’s board. Upon returning on October 15, Bunshaft assumed design leadership and by December 6 had obtained approval for the tower-and-plaza concept that allowed approximately 1.7 million square feet of floor area. Without closing Cedar Street, only about 1.25 million square feet could have been developed on the northern portion, while existing structures totaling roughly 150,000 square feet on the southern side would have undergone modernization.

Finalization of plans

In November 1955, Chase Manhattan Bank formally announced its intention to redevelop the two-block site, envisioning it as a "little Rockefeller Center" in Lower Manhattan. The project aimed to consolidate around 8,500 employees from nine separate buildings. The following month revealed plans for a broader revitalization of the Financial District. SOM’s original design featured a tower between 50 and 60 stories tall occupying roughly 30% of the site, encircled by an open plaza created through closing Cedar Street; all other buildings except Chase's structure at Nassau and Pine Streets were slated for demolition. The plan also included a middle-income housing development with 750 units along Whitehall Street, a parking garage accommodating 1,000 vehicles on Pearl Street, and a $6.19 million expansion of Water Street—initiatives supported by Rockefeller’s Downtown–Lower Manhattan Association and coordinated with city planner Robert Moses, Mayor Robert F. Wagner Jr., and Borough President Hulan Jack. Rockefeller underscored Moses’s early endorsement of the project.

SOM’s design drew inspiration from both the Seagram Building and their Inland Steel Building and was finalized in early 1956. Blueprints were submitted to the New York City Department of Buildings in February of that year. The New York Times estimated the total cost at $75 million including the plaza area. In March 1956, Chase’s board approved this budget covering both tower and plaza construction. The bank intended to occupy a significant portion of the space while leasing remaining areas to tenants. Board members voiced strong enthusiasm for the development plans. Shortly thereafter, the project was publicly unveiled and a scale model exhibited in April within the banking hall at 40 Wall Street.

Construction

The tower's construction commenced in late 1956. Prior to building One Chase Manhattan Plaza, SOM created a single-story prototype using aluminum and stainless steel at Roosevelt Field. Aluminum was selected due to its cost-effectiveness and visual appeal, even though both materials performed similarly. The groundbreaking event took place on January 28, 1957, where the longest-serving employee of Chase Manhattan performed the initial ceremonial dirt excavation. The total estimated expenditure reached $121 million, broken down into $94 million for construction, $16 million for utilities and land procurement, and $11 million for furnishings. Newsweek reported that the plaza's development inspired plans for $225 million worth of new projects in the Financial District.

At peak construction, as many as 1,800 workers were engaged. Foundation activities spanned from March 1957 until November 1958. The installation of the first steel components for the 40 structural columns began in September 1958, with general steel erection starting in December. The placement of the final steel beam occurred during a topping out ceremony on September 9, 1959. The building was initially scheduled for completion in 1960, with the plaza opening slated for 1962. By March 1960, the curtain wall had been fully installed.

Delays of approximately four months were caused by citywide labor strikes, including an 18-week work stoppage by elevator operators, and a fatal accident involving a crane operator in June 1958. By December 1960, the tower structure was finished, allowing Chase Manhattan personnel to begin occupancy in January of the following year. While the plaza and basement levels were still under construction, a temporary office space operated within the tower itself. The official inauguration took place on May 28, 1961; at that point, the southern block remained uncleared except for nine trees planted along Nassau Street. The plaza reached completion in December 1963, with the permanent banking facilities opening the next month; meanwhile, the temporary office area was converted into an auditorium. The formal celebration marking the plaza’s opening was held in May 1964. The entire project cost totaled $138 million, encompassing both the tower and plaza.

Late 20th century

In its early years, One Chase Manhattan Plaza sustained a near-full occupancy rate of 99%, with Chase Manhattan occupying the lower floors and approximately 61 firms employing around 2,500 individuals on upper levels. The tenants mainly included financial institutions such as EF Hutton and Fuji Bank, law firms like Cravath, Swaine & Moore, along with organizations like the Wall Street Club. Due to its distinctive address lacking a typical street number designation common across Manhattan buildings by the 1970s, mail delivery presented challenges. The plaza’s "Group of Four Trees" sculpture was added in 1972.

Operational difficulties arose over time: in 1962, strong winds caused fifteen glass panels to detach because of negative pressure effects related to design flaws; this led to inspections and replacement of all 8,800 glass panels. That same year saw a fire in a sub-basement area, while a minor explosion resulting from an anti-Vietnam War bombing damaged part of the 16th floor in 1969. In 1979, an armed robbery occurred when thieves stole over $2 million from a Brink’s truck parked in the underground garage; they fled after abandoning their vehicle.

In 1990, law firm Milbank, Tweed, Hadley & McCloy signed a lease with options to expand their space further. The following year marked the start of a $30 million renovation led by SOM—the first significant overhaul since opening—which involved exterior cleaning, elevator modernization, asbestos abatement, lobby redesign, mezzanine removal, and HVAC system upgrades. This refurbishment was intended to retain tenants amid departures such as Cravath, Swaine & Moore relocating to One Worldwide Plaza in 1990 and Davis Polk & Wardwell moving to 450 Lexington Avenue in 1991. Renovation work concluded by 1994.

Although Chase relocated its headquarters to 270 Park Avenue in 1996, it continued occupying roughly 70% of its former space at One Chase Manhattan Plaza.

21st century

By March 2008, discussions were underway regarding the designation of the tower and its adjacent plaza as an official landmark. That same month, the public plaza received a new name honoring David Rockefeller. Hearings conducted by the New York City Landmarks Preservation Commission took place in mid-2008, culminating in the formal landmark designation of One Chase Manhattan Plaza on February 10, 2009.

In September 2011, Chase installed a temporary fence enclosing the plaza amid the nearby Occupy Wall Street demonstrations, without providing a clear explanation. Although construction was cited as the reason, minimal activity occurred within the plaza, leading to legal challenges against both the city's Department of Buildings and Chase. One lawsuit argued that the barriers infringed upon First Amendment rights despite the plaza's private ownership. Additional grievances were submitted to the Landmarks Commission; however, since the barricades were movable, they fell outside its regulatory authority. The fencing was ultimately removed in November 2013.

Fosun ownership

In 2013, Steve Witkoff presented an unsolicited bid of $650 million to acquire the property with plans to convert it into a combination of hotel and condominiums. JPMorgan declined this offer but proceeded to market the building for either office use or residential redevelopment. The property was officially listed for sale in August 2013, drawing interest from approximately a dozen potential buyers including Witkoff, Harry Macklowe, Joseph Chetrit, Tishman Speyer, Boston Properties, Starwood Capital Group, RXR Realty, and several affluent Asian investment groups.

On October 18, 2013, JPMorgan finalized the sale of the building to Fosun, a Chinese investment firm, for $725 million; the transaction closed in December of that year. In 2015, Fosun rebranded One Chase Manhattan Plaza as 28 Liberty Street, a name reflecting its Liberty Street location and evoking association with the Statue of Liberty. The number 28 also holds cultural significance in China as a symbol of good fortune; Fosun described it as representing "double prosperity."

Fosun sought approval to transform the ground and basement levels into retail space by adding storefronts and new entrances. The company committed $150 million toward renovating approximately 200,000 square feet for retail purposes, which included establishing a 35,000-square-foot food hall and a 45,000-square-foot Alamo Drafthouse Cinema featuring ten screens within the basement.

Within three years following acquisition, Fosun successfully leased out 700,000 square feet of space, increasing overall occupancy to 72%. To finance these enhancements, Fosun secured an $800 million loan from Deutsche Bank and HSBC in November 2017. In 2018, Danny Meyer launched "Manhatta," a restaurant and event venue occupying the entire 60th floor. That same year saw Fosun offering a partial ownership stake for sale while Milbank, Tweed, Hadley & McCloy vacated their substantial 340,000-square-foot premises.

In September 2019, Fosun refinanced the property with a $1 billion loan from Deutsche Bank and HSBC. By 2022, a 13,000-square-foot pickleball facility was introduced at 28 Liberty. Two years later, additional amenities included a 20,000-square-foot indoor soccer field along with a 30,000-square-foot event venue named Halo.

Notable tenants

Reception

Following its announcement, 28 Liberty Street attracted widespread attention across magazines, newspapers, and professional journals. In November 1956, architecture critic Douglas Haskell commended the substantial massing of structures such as 28 Liberty Street, the Seagram Building, and Lever House, labeling them as "excellent development" in contrast to the tiered "wedding-cake" setbacks required by the 1916 Zoning Resolution. The 1957 issue of Architectural Forum observed that the design embodied Chase Manhattan's leadership's wish for a building that clearly signified "bank." Throughout its construction phase, The New York Times consistently lauded the tower’s architectural approach.

Once completed, Chase Manhattan appointed a dozen women to conduct guided tours and released a dedicated issue of its publication, The Chase Manhattan News. A promotional image titled "The Chase Manhattan Tower at Dawn" became widely circulated in marketing materials. Time characterized the structure as bearing "the Rockefeller touch," while The New York Times referred to it as "New York's newest landmark." Architectural Forum described the tower as "a milestone, perhaps even an end point in the development of the American skyscraper," emphasizing its broad-shouldered form as symbolic of a new architectural era. At the plaza’s inauguration, Mayor Wagner praised it as "an example of New York City's endless renaissance."

Critical responses from architecture experts were mixed. Carol Herselle Krinsky admired its volumetric composition and reflective glass façade over conventional brick and stone finishes. In 1960, New York Times critic Ada Louise Huxtable identified 28 Liberty Street among buildings exhibiting "still too-rare esthetic excellence," later remarking that the tower and plaza promised both corporate functionality and enduring public appeal. Wolf Von Eckardt described it as "another quiet triumph," despite lacking striking originality. Huxtable’s successor Paul Goldberger viewed the plaza and similar projects as shortcomings but recognized the tower’s beneficial influence on its neighborhood. Sociologist William H. Whyte praised the plaza as one of New York City's premier processional spaces. By 1996, architect Robert A. M. Stern proposed 28 Liberty Street for consideration as an official landmark. However, Eric Nash wrote in 2005 that its heavy-set design appeared monotonous and tended to overshadow nearby refined stone towers dating from the 1930s.

External links

Manhatta Restaurant