185-609: The American Bank Note Company Printing Plant is a repurposed printing plant in the Hunts Point neighborhood of the Bronx in New York City. The main structure includes three interconnected buildings. The Lafayette wing, spanning the south side of the block, is the longest and tallest, incorporating an entrance at the base of a nine-story tower. The lower, more massive Garrison wing is perpendicular. These two were built first, and constitute
370-524: A "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including investment bankers , lawyers , and accountants . After Wall Street firms started to expand westward in the 1980s into New Jersey , the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy. In 2009,
555-490: A "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming in the "third largest business district in the country". At the same time, the investment community was worried about proposed legal reforms, including the Wall Street Reform and Consumer Protection Act which dealt with matters such as credit card rates and lending requirements. The NYSE closed two of its trading floors in
740-509: A "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C. , the capital of the United States by then. Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference. In the 1840s and 1850s, most residents moved further uptown to Midtown Manhattan because of the increased business use at
925-517: A $ 4 stock transfer tax , stock clerks protested. At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city. A post office was built at 60 Wall Street in 1905. During the World War I years, occasionally there were fund-raising efforts for projects such as the National Guard . On September 16, 1920, close to
1110-506: A 178,000 square foot (16,500 m) block. In addition to the buildings on the landmark block, American Bank Note developed other properties in the immediate area. In 1913, an employee welfare and research building was erected on Lafayette Avenue, on the other side of Barretto Street, also designed by H. W. Butts. A distribution center was added in 1925 and a paper storage warehouse in 1949. These additional buildings are mentioned (with their exact location and current disposition unspecified) in
1295-544: A backwater in American life". During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased " on margin ", meaning that an investor had to pay 100% of a stock's cost without taking on any loans. However, this margin requirement
1480-530: A car accident. It has been used by the city of New York as a prison, but has also temporarily held juvenile inmates. There is one New York City Housing Authority low-income housing development located in Hunts Point, Hunts Point Avenue Rehab, which includes thirteen rehabilitated tenement buildings, 4 and 5 stories tall. There are several non-profits operating in this section of the South Bronx, most notably
1665-456: A college education or higher. The percentage of Hunts Point and Longwood students excelling in math rose from 24% in 2000 to 26% in 2011, and reading achievement increased from 28% to 32% during the same time period. Hunts Point and Longwood's rate of elementary school student absenteeism is more than the rest of New York City. In Hunts Point and Longwood, 35% of elementary school students missed twenty or more days per school year , higher than
1850-476: A crash. They made a fortune but turned into the crisis's pantomime villains. Most, though, got burned – the banks are still gradually running down portfolios of non-core loans worth $ 800bn. The first months of 2008 was a particularly troublesome period which caused Federal Reserve chairman Ben Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves". It bolstered U.S. banks and allowed Wall Street firms to borrow "directly from
2035-468: A current capitalization of $ 10 million ($ 339 million in 2023). Wages for most employees were to be $ 40 to $ 75 ($ 1400 to $ 2500 in 2023) per week for "the highest class of skilled labor", and construction plans included housing for the workers. Robert E. Simon of the Henry Morgenthau Company estimated that within two or three years of American Banknote's relocation, taxable values in
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#17328526393392220-513: A day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts". In 1973, the financial community posted a collective loss of $ 245 million, which spurred temporary help from the government. Reforms were instituted; the Securities & Exchange Commission eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business". In 1975,
2405-560: A detached garage designed by Kirby, Petit & Green was built at the corner of Garrison Avenue and Barretto Street. The garage, expanded to twice its original size in 1928 to provide space for ink production, is now known as the North Building. In 1912, architect H. W. Butts added a single-story addition along the Barretto Street side of the property to hold a laundry and pulp mill, estimated to cost $ 12,000 ($ 380,000 in 2023). In 1925,
2590-502: A difficult time for the district's residential community. Characterized by frequent arson and mass abandonment from the 1960s through the 1990s, this period marked a low point in the area's history. Living conditions became so difficult that almost 60,000 residents, approximately two-thirds of the population in Bronx Community District 2 , left the neighborhood during the 1970s. The first full-service post office did not open in
2775-488: A downturn with a sizable drop in year-end bonuses of $ 6.5 billion, according to one estimate from a state comptroller's office. To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $ 5000 to $ 8000 apiece on bollards . Parts of Wall Street, as well as several other streets in the neighborhood, were blocked off by specially designed bollards: ... Rogers Marvel designed
2960-431: A financial wall in the crisis. Foolishly and recklessly, the banks didn't look at these loans adequately, relying on flawed credit-rating agencies such as Standard & Poor's and Moody's, which blithely certified toxic mortgage-backed securities as solid ... A few of those on Wall Street, including maverick hedge fund manager John Paulson and the top brass at Goldman Sachs, spotted what was going on and ruthlessly gambled on
3145-457: A fourth story, only two bays deep, was added to the top of the Lafayette building, using materials that closely matched the style of the original. The Barretto addition was raised to three stories in 1928, by architect Oscar P. Cadmus, providing space for additional presses and a machine shop. In the 1928 configuration, the buildings total 405,000 square feet (37,600 m) of floor space, occupying
3330-414: A furnace. A high level of security was necessary not just to prevent theft, but also to keep from leaking information about jobs. Events such as stock splits or issuance of bonds could involve orders for printing new certificates months in advance of the announcement; these print jobs were closely guarded secrets to prevent untimely disclosure of customers' plans. One of the company's less successful ventures
3515-590: A key magnet for the Wall Street remains the New York Stock Exchange Building . Some "old guard" firms such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as Deutsche Bank have chosen office space in the district. So-called "face-to-face" trading between buyers and sellers remains
3700-541: A large, mixed use development to include over 700 housing units. The Vernon C. Bain Correctional Center (VCBC) is an 800-bed barge offshore of Hunts Point, currently used as part of the New York City Department of Corrections. It is designed to handle inmates from medium- to maximum-security in 16 dormitories and 100 cells. It was opened in 1992 and was named for Vernon C. Bain, a warden who died in
3885-633: A long wing running the length of the Lafayette Avenue frontage, where the engraving and lithographing departments would be housed. Two additional wings, running along the Tiffany and Garrison sides of the property, would enclose a storage building in the V-shaped central area. Each of these wings was an independent structure, with all four buildings interconnected. By this time, a large-scale model had already been constructed based on this initial design although
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#17328526393394070-407: A long-term low-rent lease, they attracted other artists, who occupied spaces ranging from 600 square foot (56 m) studios to entire floors. The deal was catalyzed by The Point , a neighborhood community development group. The Point recruited several local artists to lease 400-square-foot (37 m) studios (another source says 600) in the building for $ 375 ($ 700 in 2023) per month in exchange for
4255-553: A mile in length. More than 65 fruit and vegetable wholesalers own and operate the coop, which has 475,000 square feet (44,100 m ) of warehouse space. Each year approximately 2.7 billion pounds of produce are sold from the Market which as recently as 1998 posted $ 1.5 billion in revenues. The market caters to the largest ethnically diverse region in the world with an estimated population that exceeds 15 million people ( New York metropolitan area ). The Hunts Point Cooperative Market handles
4440-474: A move towards transforming itself into an electronic exchange. Beginning in September 2011, demonstrators disenchanted with the financial system protested in parks and plazas around Wall Street. On October 29, 2012, Wall Street was disrupted when New York and New Jersey were inundated by Hurricane Sandy . Its 14-foot-high (4.3 m) storm surge, a local record, caused massive street flooding nearby. The NYSE
4625-423: A new building at 70 Broad Street , Manhattan, into which they moved their administrative and sales offices. In parallel with this effort, the company was looking for a separate location into which they could move their production facilities; they felt that housing administration and production in separate locations would increase efficiency. The search culminated in the 1908 purchase of a large tract of land including
4810-562: A new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable. The bollard, which is called the Nogo, looks a bit like one of Frank Gehry's unorthodox culture palaces, but it is hardly insensitive to its surroundings. Its bronze surfaces actually echo the grand doorways of Wall Street's temples of commerce. Pedestrians easily slip through groups of them as they make their way onto Wall Street from
4995-738: A peninsula in the South Bronx of New York City . It is the location of one of the largest food distribution facilities in the world, the Hunts Point Cooperative Market . Its boundaries are the Bruckner Expressway to the west and north, the Bronx River to the east, and the East River to the south. Hunts Point Avenue is the primary street through Hunts Point. The neighborhood is part of Bronx Community District 2 , and its ZIP Code
5180-533: A private restaurant, hospital, laundry, machine and carpenter shops, and laboratories where special inks were formulated. The electrical requirements were exceptional for the day, and required special provisioning by the New York Edison Company . In addition to lighting, loads included 500 motors (compared to 300 at the Trinity Place plant) driving the presses, pumps, and other machinery. The switchgear
5365-453: A reception area. Leases were available on a month-to-month basis. The incubator targeted startups in the fields of new media, technology, biomedicine, healthcare and professional services. In his 2014 State of the Borough address, borough president Ruben Diaz Jr. spoke of a "transformation" taking place in the Bronx, with economic growth from new businesses moving into the borough. He noted that
5550-459: A relatively high population of residents who are uninsured . In 2018, this population of uninsured residents was estimated to be 14%, slightly higher than the citywide rate of 12%. The concentration of fine particulate matter , the deadliest type of air pollutant , in Hunts Point and Longwood is 0.0085 mg/m (8.5 × 10 oz/cu ft), more than the city average. Fifteen percent of Hunts Point and Longwood residents are smokers , which
5735-477: A renewed push for capitalism and business , with national efforts to de-regulate industries such as telecommunications and aviation . The economy resumed upward growth after a period in the early 1980s of languishing. A report in The New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although
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5920-454: A roof and open sides, although walls may have been added over the years; it could hold approximately 50 people. New York's municipal authorities directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers. In
6105-471: A roughly pentagonal block bordered by Garrison Avenue, Tiffany Street, Lafayette Avenue, and Barretto Street, with Barretto curving to form two sides. In 1913, Harry Cook described the plant as "mammoth". The New York Times wrote in 1992 that the site had an "unabashedly industrial look" and noted that Architecture & Building Magazine had referred to its "arsenal-like appearance with a pervading sense of strength and security". The site included 200 presses,
6290-478: A structural framework of steel, allowing for wide unbroken arches filled with glass. It was originally constructed as three stories, three bays deep, with large windows topped by arches on the third story. The use of round arches and recessed brick spandrels were common in New York City industrial architecture of the late 19th century, evoking the German Rundbogenstil style of the 1830s and 1840s. Although
6475-489: A temperature controlled warehouse with ease of access to NYC, New Jersey and Connecticut. Spofford Juvenile Center was formerly the New York City Department of Juvenile Justice's (DJJ) only Secure Detention center. The facility started as the Youth House for Boys and Youth House for Girls in the mid-1940s, and it moved to Hunts Point in 1957. The Youth House soon became known as Spofford Juvenile Center. On August 1, 1998, it
6660-416: A turn south and ran along the shore until it ended at the old fort . There was a gate at Broadway (the "Land Gate") and another at Pearl Street, the "Water Gate." The wall and its fortifications were eventually removed in 1699—it had outlived its usefulness because the city had grown well beyond the wall. A new City Hall was built at Wall and Nassau in 1700 using the stones from the bastions as materials for
6845-642: A two-part documentary on the life of several drug-addicted sex workers living on the streets of the neighborhood. Hunts Point contains a New York City Fire Department (FDNY) fire station, Engine Co. 94/Ladder Co. 48/Battalion 3, at 1226 Seneca Avenue. As of 2018 , preterm births and births to teenage mothers are more common in Hunts Point and Longwood than in other places citywide. In Hunts Point and Longwood, there were 101 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 36.2 births to teenage mothers per 1,000 live births (compared to 19.3 per 1,000 citywide). Hunts Point and Longwood has
7030-523: A vast, neural spaghetti of wires, Web sites and trading platforms — the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa. , Los Angeles and Boston , while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in
7215-599: Is 10474. The neighborhood is served by the New York City Police Department 's 41st Precinct. NYCHA property in the area is patrolled by P.S.A. 7 at 737 Melrose Avenue located in the Melrose section of the Bronx. Hunts Point was populated by the Wecquaesgeek , a Munsee -speaking band of Wappinger people, until English settlers first arrived in 1663. At this time, Edward Jessup and John Richardson arrived on
7400-627: Is a street in the Financial District of Lower Manhattan in New York City . It runs eight city blocks between Broadway in the west and South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , New York–based financial interests, or the Financial District. Anchored by Wall Street, New York has been described as
7585-405: Is a tall but narrow building which originally contained offices and workrooms for plate preparation; the façade runs the full length of the Lafayette Avenue frontage, almost 465 feet (142 m). In the center of the block is a nine story tower. As Lafayette Avenue slopes down to the west, the left-most portion of the building exposes several basement levels to the façade. The exterior is brick, with
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7770-459: Is greater than that of the city as a whole. The incarceration rate of 1,036 per 100,000 people is higher than that of the city as a whole. The 41st Precinct has a lower crime rate than in the 1990s, with crimes across all categories having decreased by 65% between 1990 and 2022. The precinct reported 5 murders, 31 rapes, 303 robberies, 426 felony assaults, 159 burglaries, 399 grand larcenies, and 231 grand larcenies auto in 2022. The 41st Precinct
7955-418: Is higher than the city average of 14% of residents being smokers. In Hunts Point and Longwood, 42% of residents are obese , 20% are diabetic , and 38% have high blood pressure —compared to the citywide averages of 24%, 11%, and 28% respectively. In addition, 26% of children are obese, compared to the citywide average of 20%. Eighty-two percent of residents eat some fruits and vegetables every day, which
8140-458: Is home to one of the largest food distribution centers in the world, covering 329 acres (1.33 km ). The Produce and Meat Distribution Center were opened along the Bronx river in 1967 and 1974, respectively. In 2005, Hunts Point became the site for New York City's New Fulton Fish Market, which replaced the 180-year-old fish market formerly located in downtown Manhattan. Over 800 industrial businesses, employing over 25,000 workers, are located on
8325-665: Is home to the New York Stock Exchange , the world's largest stock exchange by total market capitalization , as well as the Federal Reserve Bank of New York , and commercial banks and insurance companies. Several other stock and commodity exchanges have also been located in Lower Manhattan near Wall Street, including the New York Mercantile Exchange and other commodity futures exchanges, along with
8510-464: Is less than the city's average of 87%. In 2018, 72% of residents described their health as "good", "very good", or "excellent", lower than the city's average of 78%. For every supermarket in Hunts Point and Longwood, there are 20 bodegas . The nearest hospital is NYC Health + Hospitals/Lincoln in Melrose . Hunts Point is covered by the ZIP Code 10474. The United States Postal Service operates
8695-433: Is now recognized as the site of a burial ground for enslaved African-Americans. The largest park in Hunts Point is the 5-acre (20,000 m ) Barretto Point Park on the East River waterfront. It offers piers for fishing, sites for launching canoes and kayaks, and a floating swimming pool during the summer. There are also volleyball and basketball courts, a small amphitheater , and restroom facilities. Hunts Point
8880-655: Is now the Barretto Street block was part of the 85-acre (34 ha) estate of wealthy tea merchant Edward G. Faile , where the Faile Mansion (known as Woodside) was built in 1832. The area was annexed to New York City in 1874. In 1904, the estate was sold to the Central Realty, Bond & Trust Company for about $ 1 million (equivalent to $ 33.9 million in 2023), including 1,299 lots "bounded by Dongan Street, Intervale Avenue, Southern Boulevard, Longwood Avenue, Lafayette Avenue, Hunt's Point Road, Gilbert Place, and
9065-516: Is one block away from Bruckner Boulevard with private parking adjacent to the Garrison wing. The nearest subway stations are Hunts Point Avenue and Longwood Avenue , providing access to Manhattan via the 6 train. The Bx6 bus line runs along Hunts Point Avenue. Bicycle access is via the South Bronx Greenway . Hunts Point, Bronx Hunts Point is a neighborhood located on
9250-604: The 2010 United States Census , the population of Hunts Point and Longwood was 27,204, an increase of 2,062 (8.2%) from the 25,142 counted in 2000 . Covering an area of 1,124 acres (455 ha), the neighborhood had a population density of 24.2 inhabitants per acre (15,500/sq mi; 6,000/km ). The racial makeup of the neighborhood was 1.3% (342) White , 22.2% (6,049) African American , 0.2% (65) Native American , 0.7% (187) Asian , 0.0% (1) Pacific Islander , 0.2% (63) from other races , and 0.7% (192) from two or more races. Hispanic or Latino of any race were 74.6% (20,305) of
9435-695: The Boston Consulting Group suggesting that 65,000 jobs had been permanently lost because of the downturn. But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $ 124,000 in 2010. A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week. There were some indications that midtown had been becoming
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#17328526393399620-601: The Dutch West India Company , Peter Stuyvesant , at the start of the first Anglo-Dutch war soon after New Amsterdam was incorporated in 1653. Fearing an over land invasion of English troops from the colonies in New England (at the time Manhattan was easily accessible by land because the Harlem Ship Canal had not been dug), he ordered a ditch and wooden palisade to be constructed on the northern boundary of
9805-503: The Long Island Sound . The total land area is approximately 690 acres (2.8 km ). The land area in Hunts Point is dominated by industry. There is a small but dense residential pocket that occupies the high ground in the northern half of the peninsula along Hunts Point Avenue. It consists primarily of older pre-war architecture apartment buildings with a smaller number of semi-detached multi-unit row houses . The area includes
9990-595: The Manhattan Institute was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $ 350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate, made in 2008,
10175-650: The NYSE American . Many brokerage firms owned offices nearby to support the business they did on the exchanges. The economic impacts of Wall Street activities extend worldwide. In the original records of New Amsterdam , the Dutch always called the street Het Cingel ("the Belt"), which was also the name of the original outer barrier street, wall, and canal of Amsterdam . After the English conquest of New Netherland in 1664, they renamed
10360-482: The New York Times article. The design change was driven by the tenets of the newly emerging field of industrial engineering ; rather than build standardized buildings which were then filled with machines, the machine spaces were designed to optimize production, and then the buildings were designed to enclose the production lines . The original plan provided for a single entrance to the building complex, about which
10545-662: The New York, New Haven and Hartford Railroad tracks (now the Hell Gate Line of the Northeast Corridor ). When the plant was built, the railroad announced its intention to extend the sidings at Hunts Point and build a freight house to serve the site. As of 2023, the Penn Station Access project is expected to provide Metro North service from a new Hunts Point station , which is expected to be completed by 2027. The site
10730-561: The Times said that the design represented by the model might still "be subjected to some minor changes". A 1909 article published in Printing Art (reprinted in The Cement Age ), described a prototype design for "an ideal printing plant". The final design appears to have been influenced by this, as the constructed plant more closely resembles this "ideal" design than the original one shown in
10915-509: The Times wrote, "This, of course, is made necessary by the character of much of the company's business; but an entire block of buildings without a rear entrance or a side door is certainly entitled to rank as a structural novelty." In contrast to the Times , the Landmarks Preservation Commission noted in their 2008 report that this single-entrance configuration, "though characteristic of nineteenth-century industrial design,
11100-515: The U.S. state of New Jersey , and only two salespeople in New York City; the remaining 33 employees work in a center in Kansas. Wall Street in a conceptual sense represents financial and economic power. To Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning around the Gilded Age period in
11285-450: The sawtooth roof and large windows for improved lighting, unit drive electric motors in lieu of line shafts , and increased electrical capacity; layout was based on a design philosophy of specifying the production lines first, followed by the building which could enclose them. A small detached garage at the rear of the block was added in approximately 1911 and the Barretto wing was added to
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#173285263933911470-481: The subprime mortgage crisis from 2007 to 2010, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as
11655-610: The 2005 improvements as a major factor in their decision to renew. The initial asking price was about $ 25 per square foot, although the final agreed rent was not made public. The Bronx Academy of Arts and Dance had their first home in the complex in 1998, converting a previously vacant area into a 70-seat space for performances and workshops . There they hosted the Arthur Aviles Typical Theatre dance company, with roots in Latino and LGBTQ cultures. An anchor tenant with
11840-494: The Academy moved out before the expiration of their lease, although they ultimately withdrew that demand. The New York City Human Resources Administration (HRA) signed a 20-year lease in 2013, intending to move into approximately half of the 400,000 square feet (37,000 m) available space in the complex. The move was completed in late 2014, combining existing offices at four locations to provide services to 1,700 clients daily in
12025-607: The American Bank Note building. An urban arts scene is emerging in Hunts Point, with cultural institutions such as THE POINT Community Development Corporation, the Bronx Academy of Arts and Dance (BAAD), and MUD/BONE STUDIO 889. BAAD was formerly located in the historic Bank Note Building and have now since relocated to 2474 Westchester Avenue. THE POINT, which is located in a former bagel factory, provides performance art space, visual art galleries, after-school programs in
12210-556: The Barretto Street block from George Johnson. In his 1913 history of the Bronx, Harry Cook noted that "The choice of its present site in the Hunt's Point section of the Bronx was the result of a [thorough] canvas of all the available sections in Greater New York". One factor in the site selection was proximity to the New York, New Haven and Hartford Railroad line; discussions were held with the railroad to ensure they would be able to handle
12395-545: The Bronx River". In September 1908, a portion of the estate comprising "over 400 lots" was acquired by the George F. Johnson's Sons Company, a real-estate developer building two-family houses in the Bronx. In November of that year, 123 lots were resold to American Bank Note , including "all the property on the northerly side of Lafayette Ave, from Manida St. to the tracks of the New York, New Haven, and Hartford Railroad ... all
12580-497: The FALN claiming responsibility stated that the plant was targeted as a symbol of "Yanki repression and exploitation": The American Bank Note Company for being one of the chief administrator's in the exploitation of the World's Working Class. For printing the stocks and bonds that decide which families will eat and live well and which one's will starve and die. This company is also the printer of
12765-647: The Fed" through a vehicle called the Fed's Discount Window, a sort of lender of last report. These efforts were highly controversial at the time, but from the perspective of 2010, it appeared the Federal exertions had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "getting back to their old selves as engine rooms of wealth, prosperity and excess". A report by Michael Stoler in The New York Sun described
12950-541: The Financial Service cluster, there were three major sectors: more than 60 percent were in the securities industry ; 20 percent were in banking ; and 8 percent in insurance . Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the data centers of electronic trading in
13135-508: The Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation. Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the subprime mortgage crisis . Of the street's importance as a financial center, New York Times analyst Daniel Gross wrote: In today's burgeoning and increasingly integrated global financial markets —
13320-978: The Hunts Point Economic Development Corporation (HPEDC), Sustainable South Bronx (SSBx), THE POINT Community Development Corporation, Rocking the Boat, City Year , Legal Aid Society , Bronx Neighborhood Office, Mothers on the Move, Youth Ministries for Peace and Justice, Children's Bible Fellowship sponsored Revolution Church, Iridescent, the Hunts Point Alliance for Children, and South Bronx Overall Economic Development Corporation (SoBRO). Real Life Church, who has fed over 1,200 people in two years on Thanksgiving Day. Prior to 2010, Per Scholas —a nonprofit that provides tuition-free technology training to unemployed or underemployed adults for careers as IT professionals—was also located in Hunts Point, within
13505-484: The Hunts Point Station at 800 Manida Street. Hunts Point and Longwood generally have a lower rate of college-educated residents than the rest of the city as of 2018 . While 16% of residents age 25 and older have a college education or higher, 41% have less than a high school education and 43% are high school graduates or have some college education. By contrast, 26% of Bronx residents and 43% of city residents have
13690-701: The Hunts Point branch at 877 Southern Boulevard in Longwood, near Hunts Point. The Hunts Point library, a Carnegie library designed by Carrère and Hastings in the Italian Renaissance style , was opened in 1929. It was the last Carnegie library built for the New York Public Library system and is a New York City designated landmark . The following New York City Subway stations serve Hunts Point: The following MTA Regional Bus Operations bus routes serve Hunts Point: Wall Street Wall Street
13875-716: The Lafayette wing; it has larger open spaces, heavier floor slabs, and taller ceilings to accommodate the presses. The lower floor of this building included a vault for storing over 130,000 printing plates. The presses were on the upper floor; the saw-tooth roof incorporated many windows to supply natural illumination for inspecting plates and printed documents. The saw-tooth roof design had long been used in England because it admitted glare-free light through its north-facing windows but had been avoided in North America due to concerns about supporting snow loads , leakage, and condensation . It
14060-456: The Landmarks Preservation Commission report of 2008, but explicitly excluded from the landmark designation. In the 1960s, the plant was processing over 5 million pieces of paper a day, and printing half of the securities of the New York Stock Exchange . Production included bank notes , postage and revenue stamps , stock and bond certificates, checks , traveler's checks , letters of credit , lottery tickets , and food stamps . Although
14245-508: The New Amsterdam settlement. The wall was built of dirt and 15-foot (4.6 m) wooden planks, measuring 2,340 feet (710 m) long and 9 feet (2.7 m) tall and was built using the labor of both Black slaves and white colonists. In fact Stuyvesant had ordered that "the citizens, without exception, shall work on the constructions… by immediately digging a ditch from the East River to
14430-480: The New York City Produce market in 1967 and Hunts Point Meat Market in 1974, and culminating with the designation of Hunts Point as an In-Place- Industrial Park in 1980, Hunts Point has grown into a successful economic zone. The Hunts Point Industrial Park hosts over 800 businesses providing an array of products and services to points throughout the world. The second half of the 20th century, however, proved
14615-452: The New York City around the turn of the twentieth century ... The austere and huge horizontal massing of the main part of the printing facility and the Gothic tower, which emphasizes the symmetry of the main façade on Lafayette Avenue, create an arsenal-like appearance and contribute to create sense of security that is closely associated with its line of business. The building is adjacent to
14800-507: The North River, 4 to 5 feet deep and 11 to 12 feet wide..." And that "the soldiers and other servants of the Company, together with the free Negroes, no one excepted, shall complete the work on the fort by constructing a breastwork, and the farmers are to be summoned to haul the sod." The first Anglo-Dutch War ended in 1654 without hostilities in New Amsterdam, but over time the "werken" (meaning
14985-660: The SEC threw out the NYSE 's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods. In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers . Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market. Broker commissions for each stock sale lessened, but volume increased. The Reagan years were marked by
15170-576: The Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, Dubai , Qatar and Saudi Arabia that may amount to some $ 2.5 trillion. An example is the alternative trading platform known as BATS , based in Kansas City , which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks". The firm has computers in
15355-535: The U.S. equity market for all major stock exchanges are located in North and Central Jersey . A significant amount of securities clearing and settlement workforce is also in the state. This includes the majority of the workforce of Depository Trust Company, the primary U.S. securities depository ; and the Depository Trust & Clearing Corporation , the parent company of National Securities Clearing Corporation,
15540-514: The Wall Street employment wages were paid in the amount of almost $ 18.5 billion in the state. The industry contributed $ 39.4 billion or 8.4 percent to the New Jersey's gross domestic product in the same year. The most significant area with Wall Street employment is in Jersey City . In 2008, the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City. Within
15725-403: The area around historic Trinity Church. Cars, however, cannot pass. The Guardian reporter Andrew Clark described the years of 2006 to 2010 as "tumultuous", in which the heartland of America was "mired in gloom" with high unemployment around 9.6%, with average house prices falling from $ 230,000 in 2006 to $ 183,000, and foreboding increases in the national debt to $ 13.4 trillion, but that despite
15910-455: The area in 1672. William H. Fox , a descendant of the Quaker leader, and his wife Charlotte Leggett, owned much of the land that is now Hunts Point. As time passed and more New Yorkers became aware of Hunts Point, more City dwellers flocked to the area between 1850 and 1900. Later, the property wound up in the hands of Fox's and Leggett's son-in-law, H. D. Tiffany, a member of the family that owned
16095-524: The areas of child support enforcement, home health care, Medicaid, food stamps, and HIV/AIDS assistance from this single location. Local 371, which represents the HRA employees, was opposed to the move, citing transportation issues and an inadequate number of bathrooms in the building. Bronx Community Board 2 was also opposed to the move with district manager Rafael Salamanca noting concerns over police presence and street lighting. Taconic Investment Partners sold
16280-558: The average. Business writer John Brooks in his book Once in Golconda considered the start of the 20th century period to have been Wall Street's heyday. The address of 23 Wall Street , the headquarters of J. P. Morgan & Company , known as The Corner , was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world". Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed
16465-449: The boxes used for shipping its completed products. Printed materials were first wrapped in paper, then encased in metal containers which were sealed with solder to make them waterproof, then inserted into the tightly fitting custom boxes. The company employed, according to New York Times columnist Meyer Berger , the world's most skilled engravers who served apprenticeships of ten years or longer. Some came from families which had been in
16650-619: The building housed the Sunshine Business Incubator which had "helped over 70 small companies take root through shared space and creative partnerships" as part of the "New Bronx". Sunshine left the Bank Note building in 2014 with eight years left to run on its lease, and ceased operations completely in 2016. In 2013, the Bronx Academy of Arts and Dance left the building when Taconic Investment Partners refused to extend their lease at
16835-659: The building into a mecca for cultural groups that have been priced out of Manhattan". Rents were estimated to be $ 20 to $ 30 per square foot, with the possibility of tax breaks reducing that number. At the time, comparable rents were in the mid $ 30s to $ 40 elsewhere in the Bronx and around $ 50 in midtown Manhattan. In 2010, the Sunshine Business Incubator began operations in the site, occupying 11,000 square feet (1,000 m). Small business and startups could rent small amounts of space (as little as just one desk), with access to shared facilities such as meeting rooms, and
17020-399: The building used modern incandescent and arc lighting , the large windows also allowed daylight, necessary for visual inspection of detailed color printing work, to flood into the building. The steel framework allowed three times the window area as would have been possible in an all-brick structure. A three-story printing press building (now known as the Garrison wing) is at right angles to
17205-407: The building's owners donating space to the dance company, which at the time was using The Point's building across the street. Aviles stated a desire to sign a ten-year lease in the building. In 2002, Lady Pink organized a group of female graffiti artists to paint an anti-war mural on a brick wall on the Barretto Street side of the property. The group revisited the site for several years. In 2013,
17390-405: The buildings on Wall Street itself saw only little physical damage. One estimate was that 45% of Wall Street's "best office space" had been lost. The NYSE was determined to re-open on September 17, almost a week after the attack. During this time Rockefeller Group Business Center opened additional offices at 48 Wall Street . Still, after September 11, the financial services industry went through
17575-664: The bulk of the complex. Prior to the American Bank Note Company purchasing the property, the land on which the printing plant was built had been part of Edward G. Faile 's estate. The plant was built in 1909–1911 by the American Bank Note Company contemporaneously with their corporate headquarters at 70 Broad Street , Manhattan. The design by Kirby, Petit & Green (who also designed the Broad Street building) incorporated advanced engineering ideas such as
17760-567: The business for three or four generations. In 1958, the chief engraver was Will Ford, who had been with the company for 46 years. In 1963, there were 33 engravers on staff; they employed a house style favoring "folded robes, bare-chested men, and half-naked women who seem to be a cross between a Wagnerian soprano and the White Rock nymph." This was driven by stock exchange regulations which required stock certificates to include an image of "a human figure with visible areas of flesh" as these, along with
17945-487: The central tower" as significant architectural features. The building design emphasizes security by deliberately limiting access to a single entrance, despite having over 1,500 feet (460 m) of street frontage. Benika Morokuma, of the Municipal Art Society , described the building in her testimony supporting the landmark designation: The facade of the plant is a clear example of the expressive factory design of
18130-496: The city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$ 360,700. The seven largest Wall Street firms in the 2000s were Bear Stearns , JPMorgan Chase , Citigroup , Goldman Sachs , Morgan Stanley , Merrill Lynch and Lehman Brothers . During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns
18315-426: The city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries. New York's mayor Michael Bloomberg reportedly over a four-year period dangled over $ 100 million in tax incentives to persuade Goldman Sachs to build a 43-story headquarters in the Financial District near the destroyed World Trade Center site. In 2009, things looked somewhat gloomy, with one analysis by
18500-676: The citywide average of 20%. Additionally, 58% of high school students in Hunts Point and Longwood graduate on time, lower than the citywide average of 75%. The Bronx Charter School for the Arts , the Bronx Lighthouse Charter School, Hyde Leadership Charter School, the South Bronx Classical Charter School, and UA Bronx Studio School for Writers and Artists are located in Hunts Point. In September 2011, Hyde Leadership Charter School opened on Hunts Point Avenue,
18685-590: The clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. The opening of the Erie Canal in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes . Wall Street became the "money capital of America". Historian Charles R. Geisst suggested that there has constantly been
18870-462: The coming of night and the suspension of business was entirely changed last night as hundreds of men worked under the glare of searchlights to repair the damage to skyscrapers that were lighted up from top to bottom. ... The Assay Office, nearest the point of explosion, naturally suffered the most. The front was pierced in fifty places where the cast iron slugs, which were of the material used for window weights, were thrown against it. Each slug penetrated
19055-446: The companies included in Dow's original calculations were American Tobacco Company , General Electric , Laclede Gas Company , National Lead Company , Tennessee Coal & Iron , and United States Leather Company . When the average "peaks and troughs" went up consistently, he deemed it a bull market condition; if averages dropped, it was a bear market . He added up prices, and divided by
19240-512: The company's own products. When attempts were successful, better engraving, paper, or inks were incorporated into the products, to increase the difficulty of fraudulently reproducing the documents. The counterfeiting office was in the tower (behind locked doors). One official counterfeiter was Will Ford's father, William F. Ford. Physical security included counting each piece of paper 33 times as it progressed from raw material to finished product. Items which failed quality inspections were burned in
19425-585: The complex, occupying the fourth through sixth floors of the Lafayette wing. The campus, which serves ninth and tenth grade students, includes the school's culinary internship program, the student-run JVL Wildcat Café and a hydroponics garden. The space was renovated in 2005 using a $ 1 million grant from the Charles Hayden Foundation , at which time they added a 5,000-square-foot (460 m) "professional-grade" kitchen for their new culinary program. The school renewed their lease in 2009, citing
19610-460: The convenient access to the Tri-State region, the existing rail lines running through the Hunts Point area and the abundance of space available for the development of industrial and commercial activity. This discovery led to an influx of businesses to the area. As the momentum of incoming businesses increased, the reputation of Hunts Point grew accordingly among business circles. With the openings of
19795-564: The corner of Wall and Broad Street , the busiest corner of the Financial District and across the offices of the Morgan Bank , a powerful bomb exploded . It killed 38 and seriously injured 143 people. The perpetrators were never identified or apprehended. The explosion did, however, help fuel the Red Scare that was underway at the time. A report from The New York Times : The tomb-like silence that settles over Wall Street and lower Broadway with
19980-477: The corner of Wall and Broad streets", and in 1998, offered substantial tax incentives to try to keep it in the Financial District. Plans to rebuild it were delayed by the September 11 attacks. The exchange still occupies the same site. The exchange is the locus for a large amount of technology and data. For example, to accommodate the three thousand people who work directly on the exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on
20165-515: The country, with almost half of the population living below the poverty line. Due to the lucrative drug trade in the area, many drug addicts reside in the community. The neighborhood has also been notorious for its prostitution industry since the 1980s. HBO has made four documentaries about prostitution in Hunts Point, Hookers at the Point , the most recent in April 2002. In 2008, a local news station released
20350-408: The currency of Several Latin American countries, Mexico and Guatemala being two of them. This company has the economic power to control the flow of currency in all Latin American countries. Giving absolute unilateral monetary control to American Corporations. These were the fiftieth and fifty-first attacks attributed to the group in the previous three years. The next day, a second bomb threat against
20535-419: The current rate, instead offering a one-year extension at double the rent. According to Academy co-founder Charles Rice-Gonzalez, Taconic "failed to keep a promise it made when it bought the building five years ago, to maintain the building's character as a mecca for the arts in Hunts Point". Rice-Gonzalez also said that Taconic initially demanded a payment equal to six months rent and threatened legal action when
20720-425: The dealer slipped him a heat-sealed plastic envelope of cocaine and he passed her cash, the transaction was being watched through the sunroof of her car by Federal drug agents in a nearby building. And the customer — an undercover agent himself -was learning the ways, the wiles and the conventions of Wall Street's drug subculture. In 1987, the stock market plunged, and, in the relatively brief recession following,
20905-435: The details of folded robes, were considered the hardest for a counterfeiter to duplicate. The company prided itself on having the best-equipped plant and most advanced research program in the industry, as well as employing the finest designers, engineers, and printers to whom it offered an advanced employee welfare program. An unusual job title at the company was counterfeiter ; the job entailed attempting to produce copies of
21090-416: The early 19th century, both residences and businesses occupied the area, but increasingly the latter predominated, and New York's financial industry became centered on Wall Street. During the 20th century, several early skyscrapers were built on Wall Street, including 40 Wall Street , once the world's tallest building. The street is near multiple subway stations and ferry terminals . The Wall Street area
21275-402: The east side of the property in 1912. Several building expansions took place between 1912 and 1928. A wide variety of financial documents, including international currency , were printed at the plant. At one point, over five million documents were produced per day, including half the securities being traded on the New York Stock Exchange . Although the plant printed money for countries around
21460-406: The economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner. New York was second only to London as the world's financial capital. In 1884, Charles Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads. He looked at average prices for these eleven. Some of
21645-625: The ever-expanding needs businesses. In November 2001, shortly before leaving office, former New York City Mayor Rudolph Giuliani broke ground for the new Fulton Fish Market building in Hunts Point. Nearly four years after the structure was completed, which cost $ 85 million to build, 55 businesses moved into a 450,000-square-foot (42,000 m ) complex, located within the Hunts Point Food Distribution Center. The facility generates an estimated $ 1 billion in yearly revenue, as it allows seafood distributors to store their goods in
21830-599: The famous jewelry and decorative arts store Tiffany & Co. now on Fifth Avenue in Manhattan . Fox, Tiffany and Leggett Streets derive their names from these former landowners. In 1909, the Fox mansion was demolished. Hunts Point's status as a home and vacation spot to the city's elite came to an abrupt end in the period following World War I. At this time, the IRT Pelham Line ( 6 and <6> trains)
22015-578: The first college preparatory high school to open in Hunts Point in nearly 30 years. Other schools include the John V. Lindsay Wildcat Academy Charter School, MS201 Theatre Arts & RSCH (As of 2008, it is now known as MS 424), P352 at 201 Vida Bogart School, PS 352, PS 48 Joseph R Drake, St. Ignatius School and Wildcat Second Opportunity School. IS 217, the School of Performing Arts, is also located in Hunts Point on Tiffany Street. The New York Public Library operates
22200-548: The former investment firm of Donaldson, Lufkin & Jenrette was described as a Wall Street firm but had its headquarters on Park Avenue in Midtown . A report described the migration from Wall Street: The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase, Citigroup, and Bear Stearns have all moved north. Nevertheless,
22385-485: The foundation. Slavery had been introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made a market at the foot of Wall Street the city's first official slave market for the sale and rental of enslaved Black people and Indians. The market operated from 1711 to 1762 at the corner of Wall and Pearl Streets, and consisted of a wooden structure with
22570-453: The headquarters of banks. These include: Another key anchor for the area is the New York Stock Exchange Building at the corner of Broad Street . It houses the New York Stock Exchange , which is by far the world's largest stock exchange per market capitalization of its listed companies, at US$ 28.5 trillion as of June 30, 2018. City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at
22755-434: The large press building at right angles to it. Several additions were made over the next few years. Typical of printing plants, the buildings have an open plan, concrete floors, and high ceilings to accommodate large presses. Column spacing is 40 feet (12 m) in places, with floors typically rated for 120 pounds per square foot (5.7 kPa) live loads . Some areas have 21-foot (6.4 m) ceilings. The buildings sit on
22940-477: The late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other. In 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange . The idea of the agreement was to make the market more "structured" and "without
23125-456: The late 19th century. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry , or New York–based financial interests. Wall Street has become synonymous with financial interests, often used negatively. During
23310-436: The locus of financial services dealings even by 1911. But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations. Many financial firms found that they could move to Midtown Manhattan , only four miles (6 km) away, and still operate effectively. For example,
23495-402: The lower tip of the island. The Civil War greatly expanded the northern economy, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account. J. P. Morgan created giant trusts and John D. Rockefeller 's Standard Oil moved to New York City. Between 1860 and 1920,
23680-439: The manipulative auctions", with a commission structure. Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing. In 1789, Wall Street was the scene of the United States' first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30, 1789. This
23865-495: The neighborhood until 2001. The Hunts Point peninsula has a population of 8,684. It is a low-income residential neighborhood largely made up of Puerto Ricans , with smaller numbers of African Americans , Dominicans , Mexicans , and other Latin Americans. Hunts Point has one of the highest concentrations of Hispanics in all of New York City. Almost half of the population lives below the federal poverty line. Based on data from
24050-514: The neighborhood would increase by $ 5 million ($ 170 million in 2023). It was anticipated that 2,500 to 3,000 people would be employed initially, with the plant being sized to accommodate growth to 5,000. American Bank Note engaged the architecture firm of Kirby, Petit & Green (who also designed the company's downtown headquarters) for the building design. Kirby, Petit & Green designed several printing plants around this time, including San Francisco's Hearst Building in 1908, housing
24235-457: The northeast side of the property and Barretto Street was moved slightly north of its original location. The American Bank Note Company was formed on April 29, 1858, when seven large engraving firms (Toppan, Carpenter & Co.; Rawdon, Wright, Hatch & Edson; Danforth, Perkins & Co.; Jocelyn, Draper, Welch & Co.; Wellstood, Hay & Whitney; Bald, Cousland & Co.; and John E. Gavit) merged. The combined company's first printing plant
24420-463: The number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008. Another estimate was that in 2007, the financial services industry which had a $ 70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate from 2007 by Steve Malanga of
24605-538: The number of stocks to get his Dow Jones average . Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire stock market . In 1889 the original stock report, Customers' Afternoon Letter , became The Wall Street Journal . Named in reference to the actual street, it became an influential international daily business newspaper published in New York City. After October 7, 1896, it began publishing Dow's expanded list of stocks. A century later, there were 30 stocks in
24790-432: The origins of the name Wall Street appeared in modern times because in the 19th and early 20th century some historians mistakenly thought the Dutch had called it "de Waal Straat", which to Dutch ears sounds like Walloon Street. However, in 17th century New Amsterdam, de Waal Straat (Wharf or Dock Street) was a section of what is today's Pearl Street . The original wall was constructed under orders from Director General of
24975-496: The overall percent of actual users was most likely small. A reporter wrote: The Wall Street drug dealer looked like many other successful young female executives. Stylishly dressed and wearing designer sunglasses, she sat in her 1983 Chevrolet Camaro in a no-parking zone across the street from the Marine Midland Bank branch on lower Broadway. The customer in the passenger seat looked like a successful young businessman. But as
25160-544: The paper is exclusively digital. The Express previously printed and distributed it for free at community centers, clinics, and stores throughout the neighborhood. Hunts Point and Longwood are patrolled by the 41st Precinct of the NYPD , located at 1035 Longwood Avenue. The 41st Precinct ranked 67th safest out of 69 patrol areas for per-capita crime in 2010. As of 2018 , with a non-fatal assault rate of 151 per 100,000 people, Hunts Point and Longwood's rate of violent crimes per capita
25345-581: The peninsula and purchased the lands from the Wecquaesgeek. After Jessup died, his widow, Elizabeth, entrusted the land to Thomas Hunt Jr., her son in-law for whom the area is named. In the years between the Hunts' inheritance and 1850, several other wealthy landowning families occupied the peninsula. Legend has it that George Fox (1624–1691), founder of the Society of Friends (commonly known as Quakers), preached in
25530-585: The peninsula. A large concentration of food wholesalers, distributors, and food processing businesses are located in the New York City zoned industrial business park. Below are some of the facilities that make up the Food Distribution Center in Hunts Point: The New York City Terminal Market carries fresh fruit and vegetables from 49 states and 55 foreign countries. The market consists of four buildings, each one-third of
25715-434: The percentage of residents who have difficulty paying their rent, is 58% in Hunts Point and Longwood, compared to the boroughwide and citywide rates of 58% and 51% respectively. Based on this calculation, as of 2018 , Hunts Point and Longwood are gentrifying . Hunts Point is a peninsula located at the confluence of the Bronx River and the East River , which is actually a tidal strait connecting Upper New York Bay to
25900-526: The plant having only about 500 employees, American Bank Note moved their printing facilities to a new site in Blauvelt, New York . In 1985, the site was purchased by Walter Cahn and Max Blauner who repurposed it as the Bronx Apparel Center. The purchase and renovation costs totaled $ 8.3 million ($ 23.5 million in 2023) The center occupied 146,000 square feet (13,600 m) (about one third of
26085-626: The plant printed money for 115 countries around the world, it was best known for producing currencies for Latin America, including Mexico , Brazil , Costa Rica , Ecuador , Haiti , and Cuba . The printing operation was organized into several divisions. Stocks, bonds, and postage stamps were handled by the engraved currency and steel plate divisions. A separate typographic division produced catalogs, booklets, folders, maps, railroad tickets and marketing materials for railroads, steamship lines and others. The plant produced its own special rag paper as well as
26270-468: The plant was phoned into the Daily News . This turned out to be a hoax by a local resident who was distraught over personal issues. The man drove up to the plant while the police were sifting through rubble from the previous day's attack, announced that he had a hand grenade , and dropped it. The grenade failed to explode and was found to be a harmless practice device. By 1984 or 1985 (sources differ), with
26455-434: The plant's "considerable freight delivery needs" totaling 10,000 short tons (9,100 t) per year of paper and other supplies. The sale closed on November 20, 1908. The New York Times wrote that they expected the Trinity Place plant would be sold once the new Bronx facility was in operation. The total cost for the project was to be greater than $ 2 million ($ 67.8 million in 2023), with American Bank Note having
26640-499: The population. The entirety of Community District 2, which comprises Hunts Point and Longwood, had 56,144 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 78.9 years. This is lower than the median life expectancy of 81.2 for all New York City neighborhoods. Most inhabitants are youth and middle-aged adults: 28% are between the ages of between 0–17, 29% between 25–44, and 21% between 45–64. The ratio of college-aged and elderly residents
26825-587: The printing plant for the San Francisco Examiner , and a plant in Garden City, Long Island , for the Country Life Press in 1910. The firm was preparing preliminary plans before the land purchase was completed. The New York Times reported on May 23, 1909, that construction was "about ready to begin", describing a design which was abandoned before the end of that year. This initial design included
27010-415: The production, processing, distribution and sale of meat, poultry and related products. Spread over 38 acres (150,000 m ), the market's six main buildings offer 700,000 square feet (70,000 m ) of refrigerated space. More than 50 independent wholesale food companies operate facilities here. In 2002, a state-of-the art, 100,000-square-foot (10,000 m ) refrigerated warehouse was added to accommodate
27195-636: The property has changed hands several times, undergone a series of renovations, and been designated a New York City landmark . As of 2024, it has been subdivided, with major tenants including the John V. Lindsay Wildcat Academy Charter School and the New York City Human Resources Administration . Until the late 19th century, the land where the plant stands was part of the village of West Farms in Westchester County . The area that
27380-403: The property on both sides of Garrison Ave, from Manida St. to Lafayette Ave ... all the property between these boundaries except eighteen lots on Manida Street ... upon which two-family houses are being erected." In 1910, the size of the Barretto Street block was increased as a result of a land swap between American Bank Note and the city government. The block gained a strip of land on
27565-546: The public. Analyst Robert Kuttner in the Huffington Post criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's ShoreBank . One writer in the Huffington Post looked at FBI statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in
27750-538: The recently developed Hunts Point Riverside Park . The New York City Department of City Planning designated a Special Hunts Point District in 2004 to incorporate zoning changes to encourage growth of the food distribution center while protecting the residential neighborhood. Hunts Point Riverside Park was spearheaded by Majora Carter in 2000, and after several iterations, won the 2009 Rudy Bruner Award for Excellence in Public Spaces. Joseph Rodman Drake Park
27935-466: The setbacks, the American economy was once more "bouncing back". What had happened during these heady years? Clark wrote: But the picture is too nuanced simply to dump all the responsibility on financiers. Most Wall Street banks didn't actually go around the US hawking dodgy mortgages; they bought and packaged loans from on-the-ground firms such as Countrywide Financial and New Century Financial, both of which hit
28120-592: The settlement "New York" and in tax records from April 1665 (still in Dutch) they refer to the street as Het Cingel ofte Stadt Wall ("the Belt or the City Wall"). This use of both names for the street also appears as late as 1691 on the Miller Plan of New York. New York Governor Thomas Dongan may have issued the first official designation of Wall Street in 1686, the same year he issued a new charter for New York. Confusion over
28305-578: The site as a New York City landmark in 2008, observing that it was "one of nearly 200 factories and related sites that the Commission has named as landmarks since 2002, as part of its goal to preserve the City's industrial heritage." A commemorative plaque installed in the Lafayette Avenue entrance lobby calls out the "crenellated tower", "massive brick piers", and "saw-tooth skylights" as significant architectural details. Landmarks Commission Chairman Robert B. Tierney
28490-453: The site to a partnership of two real estate investment firms, Madison Marquette and Perella Weinberg, for $ 114 million ($ 147 million in 2023) in 2014. As of 2024, Madison Marquette manages the building, which it markets as The BankNote . In 2015, The Real Deal described the building as "one of the most architecturally distinctive office properties in the Bronx". The New York City Landmarks Preservation Commission designated
28675-448: The site), housing several tenant companies in the clothing and fabric industry. The Bronx Academy of Arts and Dance also had space in the building during this time. Other tenants included a wine cellar and a homeless shelter, along with art and photography studios. Rents for the first tenants averaged $ 3.50 ($ 10.00 in 2023) per square foot. In 1997, the John V. Lindsay Wildcat Academy Charter School opened their Hunts Point campus in
28860-472: The stone an inch or two [3–5 cm] and chipped off pieces ranging from three inches to a foot [8–30 cm] in diameter. The ornamental iron grill work protecting each window was broken or shattered. ... the Assay Office was a wreck. ... It was as though some gigantic force had overturned the building and then placed it upright again, leaving the framework uninjured but scrambling everything inside. The area
29045-404: The surrounding area lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from the Financial District to more affordable locations. One of the firms looking to move away was the NYSE. In 1998, the NYSE and the city struck a $ 900 million deal which kept the NYSE from moving across the river to Jersey City ; the deal
29230-504: The trading floor alone, and 200 miles (320 km) of fiber-optic cable below ground. Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy". Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of New York City , the tri-state metropolitan area , and the United States . Anchored by Wall Street, New York City has been called
29415-404: The visual and performing arts for schoolchildren in the community, and community organizing around environmental improvement and infrastructure development in the neighborhood. In 2006, an online news outlet The Hunts Point Express began reporting on Hunts Point and Longwood . It is written by students at Craig Newmark Graduate School of Journalism and its edited by Joe Hirsch. As of 2023,
29600-498: The wall encircled most of the city and had two large stone bastions on the northern side. The Dutch named these bastions "Hollandia" and "Zeelandia" after the ships that carried their invasion force. The wall started at Hanover Square on Pearl Street, which was the shoreline at that time, crossed the Indian path that the Dutch called Heeren Wegh , now called Broadway , and ended at the other shoreline (today's Trinity Place), where it took
29785-484: The wall was torn down by the site's new owners. The site was purchased by Taconic Investment Partners and Denham Wolf Real Estate Services in January 2008 for $ 32.5 million ($ 47.8 million in 2023); they invested another $ 37 million ($ 54.4 million in 2023) on renovations. Denham Wolf had a history of working with nonprofit and arts groups. The New York Times reported that "the new owners hope to make
29970-527: The works or city fortifications) were reinforced and expanded to protect against potential incursions from Native Americans , pirates, and the English. The English also expanded and improved the wall after their 1664 takeover (a cause of the Second Anglo-Dutch War ), as did the Dutch from 1673 to 1674 when they briefly retook the city during the Third Anglo-Dutch War , and by the late 1600s
30155-399: The world's most economically powerful city and leading financial center . As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies". In 2008, after a downturn in the stock market, the decline meant $ 18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". Estimates vary about
30340-488: The world's principal fintech and financial center . The street was originally known in Dutch as Het Cingel ("the Belt") when it was part of New Amsterdam during the 17th century. An actual city wall existed on the street from 1653 to 1699. During the 18th century, the location served as a slave market and securities trading site , and from 1703 onward, the location of New York's city hall, which became Federal Hall . In
30525-484: The world, it was best known for producing currencies for countries in Latin America . The plant also housed a research department which worked to improve materials and processes to deter forgeries . The plant was the target of a terrorist bombing in 1977 with the site chosen specifically because it was printing currency for Latin American countries. The facility was used by American Bank Note until about 1984 after which
30710-475: Was playing cards , which they produced for six years starting in 1908. Although the company's financial documents were of the finest quality their playing cards were not, lacking an opaque inner layer, thus allowing the face of a card to be read from the back if held in a strong light. The playing card business was sold to the Russell Playing Card Company in 1914. On March 20, 1977, the complex
30895-506: Was also the location of the passing of the Bill of Rights . Alexander Hamilton , who was the first Treasury secretary and "architect of the early United States financial system", is buried in the cemetery of Trinity Church , as is Robert Fulton famed for his steamboats . In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by
31080-573: Was at Wall and William Streets, Manhattan , in a building which would later become the United States Custom House and eventually National City Bank . They moved to 142 Broadway in 1867 and to 86 Trinity Place in 1884. By 1908 they had plants on Trinity Place, on Sixth Avenue , and other locations in Manhattan as well as in Boston and Philadelphia . In 1908, American Bank Note built
31265-399: Was bought by JPMorgan Chase forced by the U.S. government , and Merrill Lynch was bought by Bank of America in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of
31450-462: Was built along Southern Boulevard . Apartment buildings replaced mansions, streets replaced meadows and Hunts Point became a virtual melting pot for the City's masses. Aside from being a period of residential growth for Hunts Point, the 20th century was also a time of industrial expansion for the peninsula. As more people moved to the area, the city's business owners began to realize the advantages of locating to Hunts Point. Among these advantages were
31635-467: Was closed by the city. In announcing the closure, the Correctional Association of New York recognized that the facility had "a history of poor conditions and brutality against children." It was reckoned as the juvenile counterpart of Attica Correctional Facility , which in turn has long been reckoned as the toughest adult prison in New York. The prison detention center was torn down in 2019 for
31820-449: Was closed for weather-related reasons, the first time since Hurricane Gloria in September 1985 and the first two-day weather-related shutdown since the Blizzard of 1888 . Wall Street's architecture is generally rooted in the Gilded Age . The older skyscrapers often were built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as
32005-442: Was damaged by a bomb planted by the FALN , a Puerto Rican terrorist group which had chosen to attack the plant because of its role in what they deemed "capitalistic exploitation". The explosive device, placed near the Lafayette Avenue entrance, broke windows as high as the fourth floor. This was one of two FALN attacks that day, the other being to the FBI Manhattan headquarters, where one person received minor injuries. A letter from
32190-403: Was described as the "largest in city history to prevent a corporation from leaving town". In 2001, the Big Board , as some termed the NYSE, was described as the world's "largest and most prestigious stock market". When the World Trade Center was destroyed on September 11, 2001 , the attacks "crippled" the communications network and destroyed many buildings in the Financial District, although
32375-401: Was in the basement. The plant was designed to use individual electric motors to drive each press ("unit drive"), as opposed to the drive line shafting system in common use. Unit drive was an advanced technology for the time, only becoming widespread in the 1920s. The design of the building included a large amount of conduit and wiring to support the motors' electrical feeds. The Lafayette wing
32560-432: Was located at 1086 Simpson Street until 1993. During the 1980s, crime reached such a level that the Simpson Street building became known by the police as "Fort Apache", as was later immortalized in a 1981 movie named for it. The Simpson Street building currently houses the Bronx Detectives Bureau . Hunts Point has suffered from crime and poverty for many years and was once part of the poorest congressional districts in
32745-436: Was lower, at 12% and 10% respectively. As of 2017, the median household income in Community Districts 1 and 2, including Melrose and Mott Haven , was $ 20,966. In 2018, an estimated 29% of Hunts Point and Longwood residents lived in poverty, compared to 25% in all of the Bronx and 20% in all of New York City. One in eight residents (12%) were unemployed, compared to 13% in the Bronx and 9% in New York City. Rent burden, or
32930-405: Was not particularly adapted to the needs of the American Bank Note Company operation." As built, the Tiffany Street entrance is recessed behind four arched openings on the west façade, which also includes a loading dock spanning most of the west side of the building. The initial 1911 construction consisted of only two buildings: the long and tall but narrow office wing along Lafayette Avenue, and
33115-427: Was only in the early part of the 20th century that engineering improvements made this type of roof practical in colder climates. The area to the west of the press building, along Tiffany Street and Garrison Avenue, originally had manicured lawns, a curved driveway, and a pedestrian walk flanked by lampposts. The lawns have since been turned into a paved parking lot, and most of the lampposts have been removed. In 1910,
33300-400: Was quoted in the official announcement as saying: The plant is notable not only for its commanding presence in the neighborhood and from other vantage points in the Bronx, but also for the sweep of multistory arcades across the front façade and its nine-story medieval-style tower. The announcement also cited "monumental arcades", the " Gothic -inspired details", and the "crenellated parapet of
33485-514: Was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some down years during the early 1970s in the aftermath of the Vietnam War . Trading volumes climbed; in 1967, according to Time Magazine , volume hit 7.5 million shares
33670-403: Was safe" on Wall Street. A few days later, on October 24, stock values plummeted. The stock market crash of 1929 ushered in the Great Depression , in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices. During this era, development of the Financial District stagnated, and Wall Street "paid a heavy price" and "became something of
33855-423: Was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion". September 1929 was the peak of the stock market. October 3, 1929, was when the market started to slip, and it continued throughout the week of October 14. In October 1929, renowned Yale economist Irving Fisher reassured worried investors that their "money
34040-405: Was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5 percent (US$ 3.8 billion) of
34225-399: Was vacated by the DJJ; earlier that year, on January 18, the city announced that the Horizon Juvenile Center, in the Mott Haven neighborhood of the Bronx, and the Crossroads Juvenile Center, in Brownsville, Brooklyn , would be opened to replace the Spofford facility. However, ultimately, Spofford was not closed, but was instead renamed Bridges Juvenile Center in 1999. In early 2011, Bridges
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