55 Wall Street

National City Bank
Formerly	Merchants' Exchange (original building)
Industry	Banking, Financial services
Founded	1841 or 1842
Founder	Isaiah Rogers (architect of original building)
Defunct	1992 (ownership ended)
Fate	Headquarters moved; building repurposed
Headquarters	New York City, United States
Area served	United States
Key people	Charles Follen McKim, William S. Richardson (architects of expansion)
Products	Banking services

55 Wall Street, originally known as the National City Bank Building, is an eight-story edifice situated on Wall Street between William and Hanover streets within the Financial District of Lower Manhattan, New York City. The building's initial three floors were constructed in 1841 or 1842 as the four-story Merchants' Exchange, designed by Isaiah Rogers in the Greek Revival style. From 1907 to 1910, the architectural firm McKim, Mead & White removed the original fourth floor and added five additional stories, resulting in the current structure. Since 2006, the former banking hall has functioned as an event space named Cipriani Wall Street, while the upper levels have been converted into condominiums called the Cipriani Club Residences.

The building’s granite exterior is distinguished by two stacked colonnades facing Wall Street, each comprising twelve columns. Inside lies a cruciform banking hall featuring a vaulted ceiling, Corinthian columns, marble flooring and walls, and an entablature that runs around the interior perimeter. At the time of completion, it ranked among the largest banking halls in the United States. The corners of the hall were occupied by offices of National City Bank, Citibank’s predecessor; floors four through eight were designated as office space. Both the facade and portions of the interior have been recognized as New York City designated landmarks. Additionally, the building is listed on the New York State Register of Historic Places and the National Register of Historic Places (NRHP) as a National Historic Landmark, contributing to the Wall Street Historic District on the NRHP.

The Merchants' Exchange was constructed to replace a building lost in the Great New York City Fire of 1835. Subsequently, 55 Wall Street served as home to the New York Stock Exchange and later housed the United States Custom House until a new facility was established on Bowling Green in the early twentieth century. Following its expansion, it became National City Bank’s headquarters from 1908 until 1961; Citibank maintained ownership until 1992. The upper floors operated as a hotel between 2000 and 2003. Beginning in 2004, Cipriani S.A. partnered with developer Steve Witkoff to transform these upper levels into condominiums, while Cipriani continues to manage the banking hall as an event venue.

Site

Occupying an entire block, 55 Wall Street is bounded by Wall Street to the north, Hanover Street on its eastern side, Exchange Place to the south, and William Street on its western edge. Due to the irregular street layout in this area, each side varies in length, measuring approximately along Wall Street, along Hanover Street, along Exchange Place, and along William Street. Nearby landmarks include 48 Wall Street, 60 Wall Street, the Wall and Hanover Building, 20 Exchange Place, and 15 Broad Street. Just outside its northwest corner lies an entrance to the Wall Street subway station on the IRT Broadway–Seventh Avenue Line.

Architecture

55 Wall Street is composed of an original three-story structure combined with a five-story extension, resulting in an eight-story building plus a basement. The design, created by Boston-based architect Isaiah Rogers in the Greek Revival style, was executed between 1836 and 1842. Initially, the building was distinguished by a prominent brick dome rising above the ground, supported by eight Italian marble pilasters. This dome, measuring wide and tall above the primary exchange floor, was a defining element of Lower Manhattan’s skyline during the early 1800s.

From 1907 to 1910, architects Charles Follen McKim of McKim, Mead & White and William S. Richardson undertook a significant expansion. Their modifications involved removing the dome and the uppermost story, adding five new floors complete with a second colonnade, and transforming the former exchange floor into a grand banking hall. In total, four stories were appended; the original first floor was lowered to resemble a basement level while the initial basement was converted into a sub-basement. This enlargement exemplified McKim, Mead & White’s proficiency in designing commercial banking facilities.

Facade

The facade is constructed from ashlar granite masonry and features thirteen vertical bays along the northern and eastern elevations, ten bays on William Street, and eight on Exchange Place. Most bays contain one window per floor. The western elevation includes an office entrance at 53 Wall Street, whereas the central entrance at 55 Wall Street provides access to what was once the main banking hall.

A continuous cornice and entablature encircle the facade. Two colonnades face Wall Street; however, the facades along William Street, Exchange Place, and Hanover Street do not have colonnades but instead feature pilasters between bays on the second and third levels—except for large arched windows positioned in the central bays. During the expansion, McKim, Mead & White extended these pilasters upward through stories four to seven.

Colonnades

The original facade was characterized by twelve massive Ionic columns on Wall Street, each carved from a single granite block quarried in Quincy, Massachusetts. These columns stand 30.67 feet tall with a diameter of 4 feet. Behind them lies a porch adorned with brass-framed windows spanning the second and third floors. The center of the second floor includes a revolving door flanked by single doors beneath a brass double transom. Originally crowning this facade was a frieze inscribed with "Erected MDCCCXXXVIII" (1838), flanked by classical figures and featuring a central sculpture of a woman accompanied by symbolic motifs.

The early twentieth-century renovation introduced a second colonnade composed of Corinthian columns positioned above the original Ionic ones. These were fashioned from granite sourced from Spruce Head, Maine, and Rockport, Massachusetts, incorporating some reused lower granite blocks. The Corinthian columns measure 3.75 feet in diameter with centers spaced 14 feet apart; they are more slender compared to the Ionic columns beneath them. This configuration—lighter Corinthian columns above heavier Ionic ones—adheres to established classical architectural conventions.

Interior

The original structure utilizes masonry for its load-bearing system, while the later addition incorporates a steel framework supported by pilings driven deep into the ground near the original Merchants' Exchange walls to avoid caisson construction. During the early twentieth-century renovation, the first floor was lowered to street level. Building access for employees was provided via the southwestern corner of the basement.

The interior covers . McKim, Mead & White completely overhauled the original interior spaces, creating a banking hall reminiscent of Pennsylvania Station’s waiting room that features finishes of marble, mahogany, and brass.

Banking hall

The cruciform-shaped banking hall encompasses , with dimensions approximately by , making it one of the largest in the United States at the time of its completion. Access is granted through two bronze doors on Wall Street, each weighing . The ceiling rises to around , topped by a dome standing tall and spanning across. This dome is encircled by four Corinthian columns, each 41 feet in height, which support an entablature located about two-thirds up the walls. The interior showcases floors and walls clad in gray European stone and marble, complemented by a coffered ceiling and bronze chandeliers that originally measured 12 feet in diameter. National City Bank seals are prominently displayed throughout the space. The dome itself features 16 low-relief panels illustrating compass points alongside astrological symbols.

At the southern end of the banking hall, a large coffered ceiling marks the spot where a colossal safe weighing 300 tons once rested on the banking floor. This safe measured roughly in length and in height, was sheathed in 18-inch-thick steel plating, and rested on steel and marble stilts extending down into the basement. Equipped with steam coils to prevent unauthorized access, it contained separate compartments designated for daytime and nighttime personnel. In 1957, this massive safe was moved to the basement level. Surrounding it was a marble screen enclosing bank teller counters within a secure area.

Along Hanover Street, desks for bank officers were divided by a low marble balustrade featuring an entrance gate. At each corner of the banking hall stood three-story office blocks, initially utilized by National City Bank with minimal ornamental detail. The southeastern corner on the first floor housed a six-room suite reserved for the president, which included executive offices and conference rooms. Other corners accommodated departments such as bookkeeping, bonds, and foreign operations; additional meeting rooms were situated on the third floor.

Communication and data exchange between departments were facilitated through pneumatic tube systems and telegraphs. Bronze and iron balconies linked mezzanine office spaces along two windowed walls; in 1925, an extra balcony was added above the southern banking hall. These mezzanines also contained 21 smaller safes.

Other floors

Above the main triple-height banking hall on the first floor, levels four through seven originally contained office spaces leased to external companies under the address 53 Wall Street. These offices were arranged around a central light court. Elevators serving these floors were positioned at the building’s northwestern corner near Wall and William streets. The fifth floor featured three separate dining rooms catering to employees—specifically for officers, male staff, and female staff—along with laundry facilities, storage areas, serving rooms, and a kitchen.

The eighth floor was dedicated to staff amenities, including an attic housing a six-room janitor’s suite, two bedrooms for overnight officers, National City Bank’s library, and the No. 8 social club. Dining rooms were available for men, women, officers, and guests alike; this floor also contained a kitchen and an ice-cream room. Surrounding the attic was an outdoor patio approximately 15 feet wide, part of which operated as an open-air restaurant for employees.

In 2006, the top five floors were transformed into Cipriani Club Residences—a condominium development consisting of 106 units: 22 studios, 62 one-bedroom apartments, 11 two-bedroom units, and 11 three-bedroom residences. This development includes access to the Cipriani Club—a private amenity offering a library, spa facilities, business lounge, screening room, hair salon, patio access, ballroom rental options, and organized wine-and-cheese events. Initially, residents received complimentary club membership for two years before an annual fee was introduced.

Artifacts from its period as the United States Custom House remain in the basement in the form of twelve jail cells used between 1863 and 1899 to detain smugglers and spies. Embedded within a wall are weapons associated with the New York City draft riots of 1863. An elevator installed in the early twentieth century transported valuables between the basement and main banking floor. In 1957, the safe-deposit vault was relocated to the basement onto a reinforced concrete slab ten feet thick that required blasting during installation. The basement also contains mechanical equipment for heating and cooling systems.

Merchants' Exchange

The location now known as 55 Wall Street was once home to a residence constructed in 1656 and additional housing established in 1789. The initial Merchants' Exchange was erected from April 1825 to June 1827 and officially opened its doors on May 1, 1827. Conceived in the Greek Revival architectural style by Alexander Jackson Davis, Ithiel Town, and Samuel Thompson, this two-story edifice showcased a facade of white Tuckahoe marble, an interior marble staircase, and an entrance portico supported by four Ionic columns. Inside, two expansive trading halls were upheld by Ionic columns. A colonnaded cupola, inspired by Manchester’s Old Town Hall, soared 120 feet above the structure.

While primarily catering to grain traders, the building also accommodated a post office, the New York Chamber of Commerce, and the New York Stock Exchange. Its establishment encouraged redevelopment throughout the surrounding district. In 1829, the Exchange commissioned sculptor Robert Ball Hughes to create a 15-foot marble statue of Alexander Hamilton, which was installed by April 1835. Tragically, the structure was destroyed during the Great Fire of New York on December 17, 1835, which ravaged lower Manhattan. Despite attempts to safeguard valuables inside, the cupola collapsed during the blaze.

In February 1836, trustees proposed constructing a larger replacement on the same site. Additional parcels were acquired to facilitate this expansion. Construction commenced later that year under the direction of architect Isaiah Rogers, who moved his family nearby during the project. A time capsule was embedded within the foundation but remained undiscovered in subsequent searches. Granite columns quarried from Quincy were transported by sea and then hauled along Wall Street by oxen to the site. The new building was completed between 1841 and 1842, with the final column erected on December 16, 1844—marking nine years since the fire. Initially, it served as home to the National Bank of Commerce until 1853 and included a post office until 1845. The Stock Exchange continued operations at this address until 1854.

Custom House

By 1861, plans were underway for the New York Custom House to move from its location at 26 Wall Street to 55 Wall Street. In February 1862, the federal government leased the property from the Merchants' Exchange with an anticipated relocation date following the Exchange’s departure in May. Architect William A. Potter undertook renovations of the building, enabling the Custom House to begin its move in August 1862 and complete it by December of that year. Clerks operated within the central rotunda beneath the dome, while cashiers and auditors occupied offices situated in the building’s corners. Around this period, an original fourth story was added to the structure. Its close proximity to the Subtreasury at 26 Wall Street facilitated gold payments efficiently. The federal government acquired full ownership of 55 Wall Street in 1865. Additionally, tenants such as the American Bank Note Company maintained currency printing operations there from 1862 through 1867.

By 1887, overcrowding had become a significant issue at the Custom House. William J. Fryer Jr., superintendent of federal repairs, described conditions as "old, damp, ill-lighted, badly ventilated" in an 1888 correspondence addressed to the Treasury's Supervising Architect. This situation led Congress to authorize selecting a new site for a custom house and warehouse facility. The New York State Chamber of Commerce expressed support for retaining and potentially expanding the existing building if required. By century’s end, revenue payments increasingly shifted towards checks or certificates, reducing dependency on proximity to the Subtreasury.

Despite some opposition, Congress passed legislation in early 1891 approving land acquisition for a new Custom House and authorizing sale of the old building. However, progress remained slow until Cass Gilbert was appointed in 1897 to design a new facility at 1 Bowling Green. Meanwhile, James Stillman—president of National City Bank (later Citibank)—arranged for his bank to acquire 55 Wall Street as its headquarters. Under Stillman’s guidance, National City Bank’s deposits surged from $13 million in 1891 to nearly $309 million by 1909; however, it continued operating out of outdated offices across Wall Street at number 52. Following a formal public auction process, City Bank submitted a bid and agreed on July 4, 1899 to purchase 55 Wall Street for $3.265 million—a deal facilitated through Stillman’s connections with President William McKinley and Treasury Secretary Lyman Gage. Shortly thereafter, the former Custom House was sold for $3.21 million.

Conversion

Following the sale of the property, the U.S. Customs Service leased space from City Bank for a period of eight years, paying an annual rent of $128,000 (equivalent to approximately $3.8 million today). This leasing arrangement drew criticism from House Democrats who viewed it as a misuse of funds. In 1905, the House initially denied appropriations for rent, but the following year, Republicans approved the funding. Although City Bank had settled all but $40,000 of the purchase price, it had not yet obtained ownership of 55 Wall Street, which city tax assessors valued at $5 million. As a result, New York City initiated legal action against the bank in 1906 over unpaid property taxes; however, City Bank contended that it was not liable since title had not been transferred.

In 1904, Stillman engaged McKim, Mead & White to undertake a redesign of 55 Wall Street. Stanford White led the project initially but passed away in 1906 before construction commenced. His vision involved remodeling the structure to mirror the Pantheon in Rome, inspiring a bank vice president to travel to Italy for architectural study. The bank deliberated between replacing the Merchants' Exchange Building with a skyscraper or expanding the existing structure; until early 1907, two sets of plans were developed. These options included constructing a 23-story tower that preserved elements of the original building or modifying it while maintaining Rogers's rotunda.

The Customs Service vacated the premises on November 4, 1907; four days afterward, City Bank acquired title to the building after eight years without paying property taxes. Despite setbacks caused by the Panic of 1907, the bank advanced its expansion plans. Renovations entailed removing the fourth floor, adding four additional stories, and completely reconstructing the interior while retaining much of the exterior facade. The upper floors were built between 1908 and 1910, with some interior spaces completed by 1914.

On December 19, 1908, National City Bank relocated into 55 Wall Street, securely transferring $500 million in assets across the street. The building was soon opened to the public following this move. The expansion cost totaled $2.3 million (around $65 million in current terms), representing a strategic investment in a flagship headquarters designed to support City Bank’s expanding financial activities.

1910s to 1940s

Post-renovation, National City Bank’s legal counsel firm Shearman & Sterling occupied upper-level offices. In 1917, Forbes reported that the branch at 55 Wall Street handled more business than any other private bank worldwide. A balcony was installed in 1925 within the main banking hall. By 1927, space constraints prompted plans for a new 31-story building at their original location on 52 Wall Street. In May 1928, departments handling compound interest and trusts were relocated there.

The bank merged with Farmers' Loan and Trust Company in 1929 to form City Bank Farmers Trust Company. Two years later, they constructed 20 Exchange Place to accommodate their growing operations. During renovations at 2 Wall Street, First National Bank temporarily operated out of 55 Wall Street before returning in 1933. Together, these buildings—55 Wall Street and 20 Exchange Place—functioned as National City Bank’s international headquarters and were linked by a pedestrian bridge over Exchange Place that has since been demolished. Initially lacking exterior signage, the bank added its name to 55 Wall Street in 1947 to assist visitors in locating the building.

1950s to 1990s

In 1955, National City Bank merged with First National Bank, creating First National City Bank, which established its headquarters at 55 Wall Street. During this era, the primary banking hall underwent a restoration completed in 1958, which included moving the two-story safe-deposit vault down to the basement. That same year, City Bank Farmers Trust assumed control over the development of a planned skyscraper at 399 Park Avenue, a project originally initiated by the Astor family. By 1959, First National resolved to relocate its national and international divisions along with its New York administrative offices to Park Avenue, while maintaining its legal headquarters and certain departments at 55 Wall Street. The new Park Avenue headquarters opened in 1961, with 55 Wall Street continuing operations as a downtown branch.

The exterior of 55 Wall Street was officially designated a landmark by the New York City Landmarks Preservation Commission in 1965. Throughout the late twentieth century, Citibank operated both a full-service retail branch (#001) and private banking services within the building. Renovations in 1979 introduced a universal teller station and restored elements of the exterior parapet; these changes removed previous escalators and platforms and reconfigured the banking hall’s layout. Despite interest from various developers, Citibank chose to retain ownership of the property.

In 1983, developer George Klein acquired 363,000 square feet of unused air rights from 55 Wall Street to facilitate construction of the adjacent 60 Wall Street tower, with approval from the Landmarks Preservation Commission. The law firm Shearman & Sterling vacated their offices there in 1987. Early that year, developer Philip Pilevsky and principals from Newmark Group agreed on a $49 million purchase of the building, finalized later in 1987. Newmark then sought tenants for more than half of the available space; among them was Milgrim Thomajan & Lee, a law firm that leased approximately 120,000 square feet and remained a significant occupant through the late 1980s into the early 1990s.

1990s proposals

Investors Gural, Gosin, and Pilevsky poured over $20 million into renovating 55 Wall Street during this period. Notably, the building’s chief engineer resigned after winning a $3 million lottery prize. In 1990, this group sold the property to Kajima, a Tokyo-based construction company, for $69 million. Citibank closed its branch there in 1992; shortly afterward, Milgrim Thomajan & Lee declared bankruptcy. Following these events, much of the building remained vacant and was primarily utilized as a location for film productions and advertising campaigns—appearing in promotions for Cadillac and PNC Inc., as well as movies such as Batman Forever and Die Hard with a Vengeance.

Due to its landmark designation, exterior modifications were heavily restricted, which limited its attractiveness to potential tenants. While the rotunda drew interest mainly from large retail operators, office tenants entered through a separate side entrance. Kajima’s Commercial Development division attempted to attract retailers like CompUSA or Barnes & Noble to lease the banking hall space and even expanded a loading dock on Exchange Place to accommodate retail logistics.

Despite difficulties leasing the rotunda area, several companies showed interest in office space within the building. In 1996, real estate developer Donald Trump proposed purchasing 55 Wall Street for $20 million, considering it an opportunity amid Lower Manhattan’s surplus office vacancies and declining real estate prices. Trump eventually withdrew his offer, and instead a subsidiary of Credit Suisse First Boston acquired the property for $21.15 million with plans to convert it into residential apartments or possibly a hotel.

Transformation into event space, hotel, and residences

In September 1997, a consortium led by the restaurant and ballroom firm Cipriani S.A., entrepreneur Sidney Kimmel, and Hotel Jerome operator T. Richard Butera acquired the building for $27 million, driven by heightened interest in upscale hotels within Lower Manhattan. Starting the following year, the structure underwent an extensive overhaul to become a luxury hotel. The original banking hall was repurposed into an elegant ballroom and fine dining venue called Cipriani Wall Street. Partway through renovations, Regent Hotels & Resorts took over hotel management from Cipriani, with Kimmel purchasing Cipriani’s management stake. The Regent Wall Street Hotel debuted in 2000, offering 144 guest rooms alongside a restaurant and fitness facilities. Following the September 11 attacks, 55 Wall Street operated as a relief hub and accommodated attendees of the Tribeca Film Festival, though overall patronage declined, resulting in its closure in 2003.

In 2004, Cipriani collaborated with developer Steve Witkoff to convert the former hotel accommodations into the Cipriani Club Residences, a condominium residential project. Sales commenced in November 2005 through Louise Sunshine’s Sunshine Group; early purchasers included celebrities such as actor Mickey Rourke and supermodel Naomi Campbell, who also featured in marketing campaigns promoting discounted units. By February 2006, 37 out of 106 condominiums had been sold, prompting Witkoff to engage leasing firm Douglas Elliman. Buyers ranged from financiers to associates of Sarah, Duchess of York and soccer captain Claudio Reyna. While most studios and one-bedroom units sold by mid-2006, larger apartments were still under construction.

The original main banking floor continued operating as the Cipriani Wall Street event venue, hosting the Peabody Awards between 2015 and 2019. In May 2020, confronted with revenue declines due to the COVID-19 pandemic in New York City, Cipriani defaulted on mortgage obligations secured by its event venues at both 110 East 42nd Street and 55 Wall Street. A special servicer assumed control in 2021; by year’s end, foreclosure became a looming possibility. By June 2022, King Street Capital Management was considering a $150 million debt refinancing package for both properties. In September of that year, W. P. Carey provided Cipriani with a $52.1 million commercial mortgage-backed securities loan along with a $28 million mezzanine loan, thereby averting foreclosure.

Reception and landmark designations

James Stillman characterized the early 1900s expansion of 55 Wall Street as an "outward and visible sign of power and combination." The structure was described as "a temple of finance" and among the most lavish banking establishments in the United States, with The New York Times referring to it as a "temple of capitalism." Architectural assessments were mixed: some lauded Stillman for preserving the original edifice rather than replacing it with a skyscraper; others critiqued its aesthetic choices, particularly the contrasting colonnades. Following renovations in the late 1970s, Ada Louise Huxtable praised the efforts as "laudable," although she noted they fell short of fully achieving their goals.

The interior received widespread acclaim; the fourth edition of the AIA Guide to New York City described it as a "facility unequaled in America," while its adapted banking hall was ranked among the world’s "most elegant ballrooms." Historian Leland M. Roth emphasized the hall’s "sheer magnitude," considering it one of New York City’s grandest interiors. In 1972, The New York Times included 55 Wall Street’s banking hall among notable interior spaces alongside other distinguished financial institutions.

Despite opposition from First National City Bank, the New York City Landmarks Preservation Commission designated the building’s exterior as a landmark on December 21, 1965. It was added to the National Register of Historic Places in 1972 and attained National Historic Landmark status in 1978 for its outstanding national significance. The building also joined the New York State Register of Historic Places in 1980. Additionally, the LPC landmarked the interior banking floor in 1999. In 2007, it became part of the Wall Street Historic District (Manhattan), a district listed on the NRHP.

External links

Official Cipriani Wall Street website