Adams Express Building
| Company type | Commercial office building |
|---|---|
| Industry | Real estate |
| Founded | 1914 |
| Headquarters | Manhattan, New York City , United States |
| Products | Office space |
| Owner | Aareal Bank (as of 2023) |
The Adams Express Building is a 32-story commercial tower situated at 61 Broadway within Manhattan's Financial District, New York City. Conceived by architect Francis Kimball for the Adams Express Company, it occupies the frontage spanning 57–61 Broadway and 33–41 Trinity Place.
Construction commenced in 1912 with an anticipated budget of $2,000,000 (). Upon its completion in 1914, it stood as Manhattan's seventh tallest edifice.
Architecture
The structure incorporates approximately 3,300 tons of steel framing and more than one million square feet of architectural terracotta. According to The New York Times, its design exhibits a "Florentine" character up to the fifth floor, transitioning to a "severely simple" style above. While some observers criticized it as "utterly utilitarian," the New York City Landmarks Preservation Commission recognizes the building's architecture as representative of the palazzo tradition.
An entrance that once linked the building directly to the New York City Subway's Wall Street station beneath Broadway has since been sealed off.
Background
The Adams Express Company initially occupied a portion of the Pinkerton Building located at 57–59 Broadway. In 1903, there were proposals to merge 57–61 Broadway with neighboring properties owned by American Express and Wells Fargo to develop a substantial joint structure. However, this concept was never realized, and American Express proceeded to complete its adjacent building at 65 Broadway in 1917.
A fire originating in the Morris Building basement at 63 Broadway in 1904 caused damage to the Pinkerton and nearby buildings. The New York Fire Department reported that the Adams Express Company's building was destroyed, yet the company maintained operations on the site. By 1906, plans were underway for a new fire-resistant building intended to replace the Pinkerton structure.
Construction
In 1910, Industrial World Magazine announced that Adams Express intended to erect a 10-story brick and limestone building designed by George K. Hooper of Hooper-Faulkenau Engineering Company. The company acquired the Pinkerton Building in 1911. However, Hooper's proposal was ultimately rejected for being insufficiently large for the location. Instead, in 1912, Francis Kimball was engaged to design and build a 32-story tower.
During construction, concerns were voiced by The New York Times and municipal planners regarding the building's potential effects on sunlight access and air circulation. The Adams Express Building joined other significant developments such as the then-emerging Equitable Building (Manhattan), which cast extensive shadows over streets and adjacent properties, diminishing property values, rental income, and tax receipts. F.W. Fitzpatrick noted that this building’s shadow stretched approximately 875 feet. The introduction of the 1916 Zoning Resolution mandated setbacks requiring structures to recede at specific heights to alleviate such issues; however, Adams Express was completed before these regulations took effect.
Later history
In 1916, the building suffered considerable damage when about 300 windows were shattered during the Black Tom explosion.
Following acquisition by the Metropolitan Life Insurance Company in 1988, engineers discovered goldfish inhabiting areas beneath the basement heating system; these fish have since been preserved as part of routine maintenance. Between 2008 and 2015, renovation efforts amounted to over $13 million in investments.
RXR Realty acquired the Adams Express Building from Broad Street Development for $330 million in May 2014. By September 2015, RXR listed it for sale at $450 million and subsequently sold a 49 percent interest that December for roughly $220 million. In 2016, RXR secured financing totaling $290 million from SL Green and Bank of China. Facing increasing vacancy rates amid the COVID-19 pandemic, RXR explored plans in February 2023 to convert 61 Broadway into residential units.
In May 2023, RXR defaulted on a $240 million loan resulting in control of the property transferring to lender Aareal Bank. By September 2023, when this loan was offered for sale, occupancy had declined to approximately 57 percent.