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110-483: The NYCE had its first permanent headquarters at 1 Hanover Square from 1872 to 1885, though it remained on Hanover Square, Manhattan , for over a century. Since 2003, its headquarters and trading facility have been in One North End Avenue . The NYCE was founded in 1870 by a group of one hundred cotton brokers and merchants, and is the oldest commodities exchange in the city. In the spring and summer of 1870,

220-587: A Con Edison plant. With mass transit in New York City already suspended as a precaution even before the storm hit, the New York Stock Exchange and other financial exchanges were closed for two days, re-opening on October 31. From 2013 to 2021, nearly two hundred buildings in the Financial District were converted to residential use. Furthermore, between 2001 and 2021, the proportion of companies in

330-684: A National Historic Landmark in 1977. It is a contributing property to the Stone Street Historic District , which was designated by the LPC in 1996 and by the NRHP in 1999. 1 Hanover Square has been depicted in works of popular culture, including the 2001 film Kate & Leopold . One Hanover is in the Financial District of Manhattan in New York City . It occupies the northeastern side of

440-590: A powerful bomb exploded . It killed 38 and seriously injured 143 people. The area 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". During most of the 20th century, the Financial District was a business community with practically only offices which emptied out at night. Writing in The Death and Life of Great American Cities in 1961, urbanist Jane Jacobs described

550-847: A private club for gentlemen involved in foreign commerce, was founded by James A. Farrell and Willard Straight in July 1914. It was so named because, at the time, merchants of the Western world were focused on trade with the Far East. Over the years, its members came to include politicians such as U.S. President Franklin D. Roosevelt ; U.S. secretary of commerce Harry Hopkins ; U.S. treasury secretary Henry Morgenthau Jr. ; U.S. secretaries of state George C. Marshall , James F. Byrnes and Cyrus Vance ; New York governor W. Averell Harriman ; U.S. Senator Henry Cabot Lodge ; and mayors John P. O'Brien and William Adams Delano . During mid-1914, India House obtained

660-417: A private club for gentlemen involved in foreign commerce, which continues to occupy the building. Over the years, various architects have made renovations to One Hanover Square, with the three Stone Street stores being gradually combined with the brownstone structure between the 1870s and 1910s. Restaurants have also been housed in various portions of One Hanover Square throughout its history. SomeraRoad bought

770-581: A "deathlike stillness that settles on the district after 5:30 and all day Saturday and Sunday". But there has been a change towards greater residential use of the area, pushed forwards by technological changes and shifting market conditions. The general pattern is for several hundred thousand workers to commute into the area during the day, sometimes by sharing a taxicab from other parts of the city as well as from New Jersey and Long Island , and then leave at night. In 1970 only 833 people lived "south of Chambers Street"; by 1990, 13,782 people were residents with

880-450: A New York City historic district in 1996 and as an NRHP district in 1999. One Hanover and its occupants have also been depicted in works of popular culture. The building was used in the 2001 film Kate & Leopold as Leopold's family home. Harry's Bar in the basement was depicted as a traders' favorite hangout in the 1987 novel The Bonfire of the Vanities . The art and artifacts at

990-627: A bell from the luxury ship SS Leviathan . During a 2022 renovation, the second-floor Marine Room's architectural detailing was restored. In 1836, the year after the Great Fire, the 60–66 Stone Street and 95–105 Pearl Street lots were redeveloped with four-story brick commercial structures. Some of the occupants of the buildings by 1839 included merchant Edward Gould, hardware vendor F. T. Luqueer, and three or more dry-goods companies. The lots on 105 Pearl Street and 66 Stone Street, facing Hanover Square, were combined by 1851. Richard F. Carman sold

1100-462: A block bounded by Stone Street to the northwest, Hanover Square and William Street to the northeast, Pearl Street to the southeast, and Coenties Slip to the southwest. The building carries the alternate addresses 2 Hanover Square, 60–66 Stone Street, and 95–105 Pearl Street. 1 Hanover Square contains frontage of 72 feet (22 m) on Hanover Square, 123 feet (37 m) on Stone Street, and 114 feet (35 m) on Pearl Street. The building

1210-479: 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 . Several streets in the neighborhood, including Wall and Broad Streets, were blocked off by specially designed bollards: Rogers Marvel designed

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1320-424: A fifth of buildings and warehouses were empty, and many were converted to living areas. Some conversions met with problems, such as aging gargoyles on building exteriors having to be expensively restored to meet with current building codes. Residents in the area have sought to have a supermarket, a movie theater, a pharmacy, more schools, and a "good diner". The discount retailer named Job Lot used to be located at

1430-511: A group of cotton merchants and brokers doing business in New York began planning an improvement on their "loose and informal association of persons active in the cotton trade," spending weeks preparing to create an association that was governed by rules and "equally fair to all" in its cotton dealings. In the middle of August 1870, the forming organization voted for officers and managers, and the Exchange

1540-521: A hallway, which connected to the former India House library on the right and the India House's lobby, waiting area, reception area, and coat room on the left. At the end of the hall is a central stairway that splits into two perpendicular flights. The first floor contained the onetime trading floor of the Cotton Exchange, which extended 65 by 75 feet (20 by 23 m) across nearly the whole footprint of

1650-456: A house on the site. The northern portion was given to Abraham Martens Clock, who also developed a house on his site; after 1673, town official Nicholas Bayard bought the western end of Clock's land and built a house there. There were numerous buildings on the site by 1812, occupied by various dwellings and businesses. These structures were all destroyed in the Great Fire of 1835 , which leveled

1760-554: A large portion of the neighborhood. One Hanover is composed of four formerly separate buildings. The main structure, completed in 1851, is a three-story masonry structure atop a raised basement, built out of brownstone in the Italian Renaissance style. Although Lower Manhattan formerly contained many Italianate commercial structures, 1 Hanover Square is the only remaining such structure. The building extends southwest to 60–64 Stone Street (also known as 95–101 Pearl Street),

1870-744: A lower crime rate than in the 1990s, with crimes across all categories having decreased by 86.3% between 1990 and 2018. The precinct reported 1 murder, 23 rapes, 80 robberies, 61 felony assaults, 85 burglaries, 1,085 grand larcenies, and 21 grand larcenies auto in 2018. The Financial District is served by three New York City Fire Department (FDNY) fire stations: As of 2018 , preterm births and births to teenage mothers are less common in Financial District and Lower Manhattan than in other places citywide. In Financial District and Lower Manhattan, there were 77 preterm births per 1,000 live births (compared to 87 per 1,000 citywide), and 2.2 teenage births per 1,000 live births (compared to 19.3 per 1,000 citywide), though

1980-509: A museum visit and discussion of various financiers "who were adept at finding ways around finance laws or loopholes through them". Occasionally artists make impromptu performances; for example, in 2010, a troupe of 22 dancers "contort their bodies and cram themselves into the nooks and crannies of the Financial District in Bodies in Urban Spaces " choreographed by Willi Donner. One chief attraction,

2090-466: A neighborhood, a community." During the past two decades there has been a shift towards greater residential living areas in the Financial District, with incentives from city authorities in some instances. Many empty office buildings have been converted to lofts and apartments; for example, the Liberty Tower , the office building of oil magnate Harry Sinclair , was converted to a co-op in 1979. In 1996,

2200-408: A new headquarters on an adjacent block bounded by Hanover Square, Beaver Street , and William Street. The Cotton Exchange officially moved to its new building on April 30, 1885. One Hanover became the headquarters of W. R. Grace and Company . Shortly after W. R. Grace and Company had moved to the building, Julius Kastner designed and constructed the fire escapes on Stone and Pearl Streets. By

2310-562: 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

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2420-552: A provincial extension of the Dutch Republic and was designated as the capital of the province of New Netherland in 1625. By 1655, the population of New Netherland had grown to 2,000 people, with 1,500 living in New Amsterdam. By 1664, the population of New Netherland had skyrocketed to almost 9,000 people, 2,500 of whom lived in New Amsterdam, 1,000 lived near Fort Orange , and the remainder in other towns and villages. In 1664

2530-636: A second estimate (based on the 2000 census based on a different map) places the residential population in 2000 at 12,042. By 2001 there were several grocery stores, dry cleaners, and two grade schools and a top high school. 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 , it left an architectural void as new developments since

2640-410: A set of Greek Revival commercial structures completed in 1836. These three structures are made of brick and are four stories tall. The additional commercial structures are the same height as the main brownstone structure. The architects for all of these structures are not known, although Richard F. Carman may have been involved in the design of the brownstone. The lot comprising One Hanover

2750-426: A ten-year lease on 1 Hanover Square and an option to buy it. George Ehret renovated the structure, removing the parapet atop the brownstone and adding a light-colored coating to the facade. In addition, maritime artifacts were moved to the clubhouse. The collection included ship models and Chinese art donated by Straight, as well as models, engravings, and paintings of ships donated by Farrell. The club moved into

2860-685: A visual landmark for drivers and pedestrians. In some respects, the nexus of the Financial District moved physically from Wall Street to the World Trade Center complex and surrounding buildings such as the Deutsche Bank Building , 90 West Street , and One Liberty Plaza . Real estate growth during the latter part of the 1990s was significant, with deals and new projects happening in the Financial District and elsewhere in Manhattan; one firm invested more than $ 24 billion in various projects, many in

2970-406: Is 0.0096 mg/m (9.6 × 10  oz/cu ft), more than the city average. Sixteen percent of Financial District and Lower Manhattan residents are smokers , which is more than the city average of 14% of residents being smokers. In Financial District and Lower Manhattan, 4% of residents are obese , 3% are diabetic , and 15% have high blood pressure , the lowest rates in the city—compared to

3080-565: Is a commercial building at 1 Hanover Square , on the southwestern edge of the square, in the Financial District of Lower Manhattan in New York City . It was the site of the United States' first cotton futures exchange , the New York Cotton Exchange . As of 2022 , One Hanover is owned by SomeraRoad Inc., which uses the building as its headquarters. One Hanover is composed of four originally separate structures. The main structure

3190-400: Is a flat roof atop the brownstone structure and slightly sloped roofs atop the brick structures. The brownstone structure sits atop a slightly raised basement with rectangular sash windows and a facade of rusticated brownstone blocks. The Hanover Square facade is set behind a recessed area with an iron railing. One stair on each side of the main entrance leads down to the recessed area and

3300-562: Is a major location of tourism in New York City . One report described Lower Manhattan as "swarming with camera-carrying tourists". Tour guides highlight places such as Trinity Church , the Federal Reserve Bank of New York Building gold vaults 80 feet below street level (worth $ 100 billion), and the New York Stock Exchange Building . A Scoundrels of Wall Street Tour is a walking historical tour which includes

3410-562: Is a reception counter made of marble and wood, as well as a lounge with mid-20th-century seating, a wood-burning fireplace, a bar, and suspended gold fixtures. Also on the first floor are meeting rooms with glass panels and wooden pocket doors, as well as a larger conference space. The central staircase retains its original dark-wood design. The upper floors of the main structure contain plaster walls, as well as several fireplaces with wood or marble mantelpieces . The second floor includes three dining rooms arranged around an opening that overlooks

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3520-545: Is a three-story brownstone building designed in the Italian Renaissance style and completed in 1854. The brownstone contains the building's main entrance facing Hanover Square. Adjoining the brownstone are three brick structures at 60–64 Stone Street , which date to 1836 and were built as commercial stores. The brick buildings are four stories tall but are the same height as the brownstone. Inside are maritime-themed spaces that are used by Harry's Bar, Ulysses Folk House, and

3630-427: Is also lit by lamps shaped like shells and spheres. On the third floor, there is a wooden model of the merchant vessel Gladiator under an oval skylight. By the early 21st century, the interior included nautical decoration and Oriental art. The maritime decorations included paintings, engravings, and models of ships. Among the maritime artifacts were a pair of cannons flanking the first-floor staircase banisters and

3740-513: Is crowned by a cornice supported by modillions ; it was once topped by a parapet with a balustrade. The brick sections are largely four stories tall. The three easternmost bays at 66 Stone Street are three stories tall, similar to the main brownstone section. Along the brick sections of the building, the first story on both sides contains stone piers supporting a stone lintel. The upper stories contain rectangular windows with granite piers and lintels . Numerous alterations have been made to

3850-462: Is generally rooted in the Gilded Age , though there are also some art deco influences in the neighborhood. The area is distinguished by narrow streets, a steep topography, and high-rises Construction in such narrow steep areas has resulted in occasional accidents such as a crane collapse. One report divided lower Manhattan into three basic districts: Federal Hall National Memorial , on the site of

3960-467: Is near 1 William Street to the northwest and the British Garden at Hanover Square to the northeast. The site was historically part of New Amsterdam , a 17th-century Dutch colonial settlement in modern-day Lower Manhattan ; the building's site was acquired by Richard Smith in the 1640s. By the next decade, the southern portion of the lot was sold to Evert Duyckingh (also "Duyckinck"), who developed

4070-652: Is now a 1,776 ft (541 m) tall structure, opened in 2014 as the One World Trade Center . Fulton Center , a new transit complex intended to improve access to the area, opened in 2014, followed by the World Trade Center Transportation Hub in 2016. Additionally, in 2007, the Maharishi Global Financial Capital of New York opened headquarters at 70 Broad Street near the NYSE, in an effort to seek investors. By

4180-882: Is the locus for a large amount of technology and data. For example, to accommodate the three thousand persons who work directly on the Exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on the trading floor alone, and 200 miles of fiber-optic cable below ground. Buildings in the Financial District can have one of several types of official landmark designations: The following landmarks are situated south of Morris Street and west of Whitehall Street/Broadway: The following landmarks are located west of Broadway between Morris and Barclay Streets: The following landmarks are located south of Wall Street and east of Broadway/Whitehall Street: The following landmarks are located east of Broadway between Wall Street and Maiden Lane: The following landmarks are located east of Broadway and Park Row between Maiden Lane and

4290-451: Is well-suited for tall buildings, with a solid mass of bedrock underneath Manhattan providing a firm foundation for tall buildings. Skyscrapers are expensive to build, but the scarcity of land in the Financial District made it suitable for the construction of skyscrapers. Business writer John Brooks in his book Once in Golconda considered the start of the 20th century period to have been

4400-531: The Commissioners' Plan of 1811 , a grid plan that dictates the placement of most of Manhattan's streets north of Houston Street . Thus, it has small streets "barely wide enough for a single lane of traffic are bordered on both sides by some of the tallest buildings in the city", according to one description, which creates "breathtaking artificial canyons". Some streets have been designated as pedestrian-only with vehicular traffic prohibited. The Financial District

4510-477: The New York Stock Exchange and the Federal Reserve Bank of New York . Anchored on Wall Street in the Financial District, New York City has been called both the leading financial center and the most economically powerful city of the world, and the New York Stock Exchange is the world's largest stock exchange by total market capitalization . Several other major exchanges have or had headquarters in

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4620-729: The terrorist attacks that day, it had to relocate to temporary facilities in Long Island City that had been set up as an emergency backup location following the 1993 World Trade Center bombing . Since 2003, its headquarters and trading facility have been in the New York Mercantile Exchange Building in lower Manhattan . 40°42′16″N 74°0′37″W  /  40.70444°N 74.01028°W  / 40.70444; -74.01028 1 Hanover Square One Hanover (formerly known as India House , Hanover Bank Building , and New York Cotton Exchange Building )

4730-467: The "quiet dignity of the nineteenth century architecture [...] furnishes a sharp contrast with the massive towers of banks and commercial structures in the Wall Street district" nearby. The architect Alexander Trowbridge characterized the building in 1926 as among the city's most attractive clubs, while Antiques magazine called the interior of the India Club "a kind of collector's paradise" in 1938. By

4840-401: The 1890s, images show the sign above the entrance was changed to "Old Cotton Exchange". George Ehret acquired the brownstone structure and adjacent brick structures in three separate transactions in the 1880s and 1890s. In 1899, 1 Hanover Square was merged with the commercial building at 62 Stone Street/99 Pearl Street, which previously had been owned by the estate of Manley B. Boardman. At

4950-602: The 1960s, it was described in the New York Daily News as a "well-preserved" structure "that contrasts sharply with many of its dilapidated neighbors". A Times reporter wrote in 2001 that the India Club building "evokes the heyday of Manhattan's waterfront" despite being one block inland. One Hanover's exterior was designated by the New York City Landmarks Preservation Commission (LPC) as an official city landmark on December 22, 1965. It

5060-411: The 1970s had played off the complex aesthetically. The attacks "crippled" the communications network. One estimate was that 45% of the neighborhood's "best office space" had been lost. The physical destruction was immense: Debris littered some streets of the financial district. National Guard members in camouflage uniforms manned checkpoints. Abandoned coffee carts, glazed with dust from the collapse of

5170-478: The 20,088 counted in 2000 . Covering an area of 479.77 acres (194.16 ha), the neighborhood had a population density of 82.7/acre (52,900/sq mi; 20,400/km ). The racial makeup of the neighborhood was 65.4% (25,965) White , 3.2% (1,288) African American , 0.1% (35) Native American , 20.2% (8,016) Asian , 0.0% (17) Pacific Islander , 0.4% (153) from other races , and 3.0% (1,170) from two or more races. Hispanic or Latino of any race were 7.7% (3,055) of

5280-545: The 2010s, the Financial District had become established as a residential and commercial neighborhood. Several new skyscrapers such as 125 Greenwich Street and 130 William were being developed, while other structures such as 1 Wall Street , the Equitable Building , and the Woolworth Building were extensively renovated. Additionally, there were more signs of dogwalkers at night and a 24-hour neighborhood, although

5390-549: The 2010s. India House closed permanently during the COVID-19 pandemic in New York City in 2020. SomeraRoad bought the building in March 2022 and began converting the upper stories into offices. Design firms Husband Wife and S9 Architecture conducted a renovation of 1 Hanover Square, which was completed in September 2023. The first floor became an amenity area for office buildings, while

5500-657: The American Indian , Trinity Church , St. Paul's Chapel , and the famous bull . Bowling Green is the starting point of traditional ticker-tape parades on Broadway , where here it is also known as the Canyon of Heroes . The Museum of Jewish Heritage and the Skyscraper Museum are both in adjacent Battery Park City which is also home to the Brookfield Place (formerly World Financial Center). Another key anchor for

5610-468: The Battery. The Bowling Green area was described as "Wall Street's back yard " with poor people, high infant mortality rates, and the "worst housing conditions in the city". As a result of the construction, looking at New York City from the east, one can see two distinct clumps of tall buildings—the Financial District on the left, and the taller Midtown neighborhood on the right. The geology of Manhattan

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5720-585: The Brooklyn Bridge: The following landmarks apply to multiple distinct areas: What is now the Financial District was once part of New Amsterdam , situated on the strategic southern tip of the island of Manhattan. New Amsterdam was derived from Fort Amsterdam , meant to defend the fur trade operations of the Dutch West India Company in the North River ( Hudson River ). In 1624, it became

5830-629: The English took over New Amsterdam and renamed it New York City. In the late 19th and early 20th centuries, the corporate culture of New York was a primary center for the construction of early skyscrapers , and was rivaled only by Chicago on the American continent. There were also residential sections, such as the Bowling Green section between Broadway and the Hudson River , and between Vesey Street and

5940-578: The Federal Reserve, paid $ 750,000 to open a visitors' gallery in 1997. The New York Stock Exchange and the American Stock Exchange also spent money in the late 1990s to upgrade facilities for visitors. Attractions include the gold vault beneath the Federal Reserve and that "staring down at the trading floor was as exciting as going to the Statue of Liberty ". The Financial District's architecture

6050-505: The Financial District to more affordable locations. The recession of 1990–91 was marked by office vacancy rates downtown which were "persistently high" and with some buildings "standing empty". In 1995, city authorities offered the Lower Manhattan Revitalization Plan which offered incentives to convert commercial properties to residential use. According to one description in 1996, "The area dies at night ... It needs

6160-616: The Financial District, including the New York Mercantile Exchange , NASDAQ , the New York Board of Trade , and the former American Stock Exchange . The Financial District is part of Manhattan Community District 1 , and its primary ZIP Codes are 10004, 10005, 10006, 10007, and 10038. It is patrolled by the 1st Precinct of the New York City Police Department . The Financial District encompasses roughly

6270-497: The Hanover Square lots for $ 25,000 to Hanover Bank (later Manufacturers Hanover Corporation ), a bank that had been incorporated that year. The three-story brownstone for Hanover Bank was developed at 1 Hanover Square and completed by 1854. The four-story brick facade at 66 Stone Street was reconfigured so its fenestration , or window arrangement, matched that of the brownstone. The Hanover Bank did not extend into any of

6380-572: The India House and moved to 1 Hanover Square. Through the early 1990s, Harry's was popular among the area's bankers, brokers, and traders. The Poulalakos' son Peter opened Bayard's Restaurant on the upper stories in 1998, named for Nicholas Bayard, one of the site's 17th-century occupants. At the time, the India House still met at 1 Hanover Square during the day, so Bayard's only operated at night. Meanwhile, India House had sold off much of its collection of maritime artwork by then. The India House Foundation, created in 1999, unsuccessfully attempted to save

6490-543: The India House club, part of 1 Hanover Square was also occupied by Robert L. Maitland, while an 1869 directory listed Meadows T. Nicholson & Son as another occupant of the brownstone. The Hanover Bank moved to Nassau and Pine Streets in 1872 or 1877. Sometime before its relocation, the Hanover Bank had sold the building to Maitland. The New York Cotton Exchange, founded in 1870, was initially housed in rented quarters nearby at 142 Pearl Street. The Cotton acquired

6600-464: The India House club. The brownstone initially served as the headquarters of the Hanover Bank , while other commercial tenants occupied the brick buildings. The New York Cotton Exchange, founded in 1870, occupied the building from 1872 to 1885. The building subsequently served as the headquarters of W.R. Grace and Company until the early 1910s. In 1914, the structures were purchased by the India House,

6710-463: The India House were the subject of a 2014 book by historian Margaret Stocker. Financial District, Manhattan The Financial District of Lower Manhattan , also known as FiDi , is a neighborhood located on the southern tip of Manhattan in New York City . It is bounded by the West Side Highway on the west, Chambers Street and City Hall Park on the north, Brooklyn Bridge on

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6820-565: The NYCE began dealing in financial futures and options. In 1998, the New York Board of Trade (NYBOT) became the parent company of both the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange (founded 1882). It is now owned by IntercontinentalExchange (ICE). The New York Cotton Exchange was a tenant on the 8th floor of 4 World Trade Center until September 11, 2001. Following

6930-759: The NYCE published the Cotton Year Book , which contained the year's statistics on the cotton industry. Over the years, the NYCE created various subsidiaries to trade non-cotton contracts, including the Wool Associates , the Citrus Associates , the Tomato Products Associates , and the Financial Instruments Exchange (FINEX). The exchange diversified its product line over the years to also deal in wool and orange juice futures. In 1985

7040-900: The United States. Several were founded within a few years of the founding of New York Cotton Exchange: the New Orleans Cotton Exchange , the Mobile Cotton Exchange , the Memphis Cotton Exchange , and the Savannah Cotton Exchange . Another important exchange was the Liverpool Cotton Exchange in Liverpool , England . The NYCE and the Memphis Cotton Exchange are the only organizations of that group still active today. Annually until 1958,

7150-636: The Wall Street area. 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 was described as the "largest in city history to prevent a corporation from leaving town". A competitor to the NYSE, NASDAQ , moved its headquarters from Washington to New York. In 1987, the stock market plunged and, in the relatively brief recession following, lower Manhattan lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from

7260-420: The World Trade Center but moved to Church Street; merchants bought extra unsold items at steep prices and sold them as a discount to consumers, and shoppers included "thrifty homemakers and browsing retirees" who "rubbed elbows with City Hall workers and Wall Street executives"; but the firm went bust in 1993. There were reports that the number of residents increased by 60% during the 1990s to about 25,000 although

7370-402: The World Trade Center, lay on their sides across sidewalks. Most subway stations were closed, most lights were still off, most telephones did not work, and only a handful of people walked in the narrow canyons of Wall Street yesterday morning. Still, the NYSE was determined to re-open on September 17, almost a week after the attack. After September 11, the financial services industry went through

7480-531: The addition of areas such as Battery Park City and Southbridge Towers . Battery Park City was built on 92 acres of landfill, and 3,000 people moved there beginning about 1982, but by 1986 there was evidence of more shops and stores and a park, along with plans for more residential development. Construction of the World Trade Center began in 1966, but the World Trade Center had trouble attracting tenants when completed. Nonetheless, some substantial firms purchased space there. Its impressive height helped make it

7590-637: The ages of 25–44, while 14% are between 0–17, and 18% between 45–64. The ratio of college-aged and elderly residents was lower, at 11% and 7% respectively. As of 2017, the median household income in Community Districts 1 and 2 (including Greenwich Village and SoHo ) was $ 144,878. In 2018, an estimated 9% of Financial District and Lower Manhattan residents lived in poverty, compared to 14% in all of Manhattan and 20% in all of New York City. One in twenty-five residents (4%) were unemployed, compared to 7% in Manhattan and 9% in New York City. Rent burden, or

7700-406: The area around historic Trinity Church. Cars, however, cannot pass. The destruction of the World Trade Center spurred development on a scale that had not been seen in decades. Tax incentives provided by federal, state and local governments encouraged development. A new World Trade Center complex centered on Daniel Libeskind 's Memory Foundations was after the 9/11 attacks. The centerpiece, which

7810-403: The area is the New York Stock Exchange . City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at 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, 2001, attacks. The Exchange still occupies the same site. The Exchange

7920-546: The area south of City Hall Park in Lower Manhattan but excludes Battery Park and Battery Park City . The former World Trade Center complex was located in the neighborhood until the September 11, 2001, attacks ; the neighborhood includes the successor One World Trade Center . The heart of the Financial District is often considered to be the corner of Wall Street and Broad Street , both of which are contained entirely within

8030-420: The area that were in the finance and insurance industries declined from 55 to 30 percent. For census purposes, the New York City government classifies the Financial District as part of a larger neighborhood tabulation area called Battery Park City-Lower Manhattan. Based on data from the 2010 United States Census , the population of Battery Park City-Lower Manhattan was 39,699, an increase of 19,611 (97.6%) from

8140-460: The area'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". On September 16, 1920, close to the corner of Wall and Broad Street , the busiest corner of the Financial District and across the offices of the Morgan Bank ,

8250-477: The basement contained a German-American tavern called Hanover Square. In 1972, Harry Poulakakos and his wife Adrienne opened Harry's Bar within the basement of 1 Hanover Square. By the 1980s, the bar typically served hundreds of patrons during lunch and dinner, and it had private telephone lines connecting to nearby brokerage houses. Following the financial crisis of 1987 , the Broad Street Club merged with

8360-552: The basement. The main entrance is through a brownstone stoop leading up from the street to double doors. The covered entrance portico is flanked by two Corinthian -style columns on either side and is topped by a balustrade . The tall windows on the first floor are each flanked by paneled pilasters , which are topped by console brackets that support segmentally arched pediments. Second-floor windows are smaller, set beneath gabled pediments . The third floor windows are smaller still, with simpler rectangular surrounds. The facade

8470-471: The beginning of the 20th century, One Hanover contained a Haitian consulate and the Stuetzle Brothers liquor sellers. Sometime between 1899 and 1914, the final brick commercial building at 60 Stone Street/95–97 Pearl Street was combined with 1 Hanover Square. W. R. Grace and Company had moved out by 1912 or 1913, opening a new headquarters on the block immediately to the southeast. The India House,

8580-418: The brownstone. The brick structures to the west contain offices, bars, and dining areas. Ulysses' Folk House is within the ground floor space at 95 Pearl Street and the adjacent 53 Pearl Street. In Harry's Steakhouse and Restaurant, which occupies the building's basement, were murals with images of drunken monks making wine. In 2022, the first floor was converted into an amenity area and office lobby. There

8690-532: The building from Maitland in February 1871 at a cost of $ 115,000. To accommodate the exchange, the building was renovated starting in June 1871. The architect Ebenezer L. Roberts reconfigured the interior and added the present main doorway with a clock face and a "Cotton Exchange" name identification sign. In addition, a dome was installed atop the roof. The Cotton Exchange quarters were officially opened on May 4, 1872;

8800-458: The building in 2022 and renovated it into an office building the next year. One Hanover's design, especially in regard to its later use as the India House clubhouse, has received critical acclaim. The building was designated a city landmark by the New York City Landmarks Preservation Commission (LPC) in 1965, was added to the National Register of Historic Places (NRHP) in 1972, and became

8910-581: The building on November 16, 1914. In 1915, plans were filed with the Manhattan Bureau of Buildings for a 20-story office building on the site. The filing was a preparatory measure rather than an indication that the site was to be redeveloped. The building was sold in January 1917 for $ 750,000, with J. Reuben Clark reported as the buyer. 1 Hanover Square was subsequently bought by Straight in 1918, and his widow Dorothy Payne Whitney continued to hold

9020-421: The city. By 2010 the residential population had increased to 24,400 residents. and the area was growing with luxury high-end apartments and upscale retailers. On October 29, 2012, New York and New Jersey were inundated by Hurricane Sandy . Its 14-foot-high storm surge, a local record, caused massive street flooding in many parts of Lower Manhattan. Power to the area was knocked out by a transformer explosion at

9130-538: The citywide averages of 24%, 11%, and 28% respectively. In addition, 5% of children are obese, the lowest rate in the city, compared to the citywide average of 20%. Ninety-six percent of residents eat some fruits and vegetables every day, which is more than the city's average of 87%. In 2018, 88% of residents described their health as "good", "very good", or "excellent", more than the city's average of 78%. For every supermarket in Financial District and Lower Manhattan, there are 6 bodegas . The nearest major hospital

9240-460: The collection. Harry's survived the September 11 attacks in 2001, as did Bayard's. After Adrienne Poulakakos died in August 2003, and amid a general decline in patronage, Harry's suddenly closed that November, but Bayard's and the India Club continued to operate. Around that time, the India House began to restore 1 Hanover Square's facade, which had long been covered with brown stucco. The project

9350-404: The commercial structures at 95–101 Pearl Street or 60–64 Stone Street, nor did it initially occupy 103 Pearl Street. Maps indicate that two additional brownstone bays at 103 Pearl Street were added sometime between 1862 and 1879 to designs by an unidentified architect. In addition, early prints show that the structure resembled a pair of brownstone townhouses with two entrance stoops. According to

9460-503: The constituent structures occupy the same land lot . The building as a whole is roughly rectangular but has longer frontage on Pearl and Stone Streets. One Hanover serves as the headquarters of the SomeraRoad Inc. and contains restaurant and bar space. While the building has had numerous occupants in its history, it was particularly known for being the first headquarters of the New York Cotton Exchange , founded in 1870. The exchange

9570-478: The district. The northeastern part of the Financial District (along Fulton Street and John Street) was known in the early 20th century as the Insurance District, due to the large number of insurance companies that were either headquartered there, or maintained their New York offices there. Although the term is sometimes used as a synonym for Wall Street , the latter term is often applied metonymously to

9680-401: The exchange occupied the first floor and rented out sixteen offices on the other two floors. According to an exchange history, "the transactions increased rapidly in size and importance" after the relocation. The Cotton Exchange's space was extended into the commercial building at 64 Stone Street/101 Pearl Street in 1876. A 16-year-old errand boy was killed the next year after falling from

9790-477: The financial markets as a whole (and is also a street in the district), whereas "the Financial District" implies an actual geographical location. The Financial District is part of Manhattan Community Board 1 , which also includes five other neighborhoods ( Battery Park City , Civic Center , Greenwich South , Seaport , and Tribeca ). The streets in the area were laid out as part of the Castello Plan prior to

9900-667: The first U.S. capitol and the first inauguration of George Washington as the first President of the United States , is located at the corner of Wall Street and Nassau Street . The Financial District has a number of tourist attractions such as the South Street Seaport Historic District, newly renovated Pier 17, the New York City Police Museum , the Museum of American Finance , the National Museum of

10010-425: The first-story facades on either side, and there are various types of windows on the upper stories. There are ornate iron fire escapes on both sides of the building's brick sections. In addition, an iron basement hatch is at 95–97 Pearl Street, and there is a stoop leading to the basement at 99 Pearl Street. Inside the main entrance is a vestibule measuring 10 by 12 feet (3.0 by 3.7 m). A set of doors leads to

10120-403: The foundations of the building. In 1951, shortly after the elevated line's removal, the India House club decided to renovate the exterior of 1 Hanover Square to plans by Nicholson & Galloway. The sheet metal balustrade was removed from the cornice during this time. Members of the India House proposed a maritime-themed park on Hanover Square, which was dedicated that November. By the 1960s,

10230-470: The general pattern of crowds during the working hours and emptiness at night was still apparent. There were also ten hotels and thirteen museums in 2010. In 2007 the French fashion retailer Hermès opened a store in the Financial District to sell items such as a "$ 4,700 custom-made leather dressage saddle or a $ 47,000 limited edition alligator briefcase". However, there are reports of panhandlers like elsewhere in

10340-463: The hallway on the first floor. The third floor includes four dining rooms. The westernmost structure at 60 Stone Street contains a ballroom, the Marine Room, on its upper floor. The Marine Room was built in 1924 to designs by W. A. Delano and is connected to the second-floor landing of the building's central stairway. The room is decorated with shells, fish, and seahorses atop its columns and frieze; it

10450-585: The neighborhood is in the 61st, 65th, and 66th districts, represented respectively by Charles Fall , Grace Lee , and Deborah Glick . Politically, the Financial District in New York's 10th congressional district ; as of 2022 , it is represented by Dan Goldman . Financial District and Lower Manhattan are patrolled by the 1st Precinct of the NYPD , located at 16 Ericsson Place. The 1st Precinct ranked 63rd safest out of 69 patrol areas for per-capita crime in 2010. Though

10560-522: The northeast, the East River to the southeast, and South Ferry and the Battery on the south. The City of New York was created in the modern-day Financial District in 1624, and the neighborhood roughly overlaps with the boundaries of the New Amsterdam settlement in the late 17th century. The district comprises the offices and headquarters of many of the city's major financial institutions , including

10670-414: The number of crimes is low compared to other NYPD precincts, the residential population is also much lower. As of 2018 , with a non-fatal assault rate of 24 per 100,000 people, Financial District and Lower Manhattan's rate of violent crimes per capita is less than that of the city as a whole. The incarceration rate of 152 per 100,000 people is lower than that of the city as a whole. The 1st Precinct has

10780-496: The percentage of residents who have difficulty paying their rent, is 38% in Financial District and Lower Manhattan, compared to the boroughwide and citywide rates of 45% and 51% respectively. Based on this calculation, as of 2018 , Financial District and Lower Manhattan are considered high-income relative to the rest of the city and not gentrifying . The population of the Financial District has grown to an estimated 61,000 residents as of 2018, up from 43,000 as of 2014, which in turn

10890-428: The population. The entirety of Community District 1, which comprises the Financial District and other Lower Manhattan neighborhoods, had 63,383 inhabitants as of NYC Health 's 2018 Community Health Profile, with an average life expectancy of 85.8 years. This is higher than the median life expectancy of 81.2 for all New York City neighborhoods. Most inhabitants are young to middle-aged adults: half (50%) are between

11000-454: The property after his death the same year. In 1921, India House Inc. decided to purchase 1 Hanover Square for $ 650,000. William Adams Delano and Chester Holmes Aldrich further renovated 1 Hanover Square between 1924 and 1925. During this renovation, a skylighted third-floor meeting room was added with nautical decoration. As part of the renovation, the basement and cellar were also altered or expanded. The building's basement restaurant

11110-439: The teenage birth rate is based on a small sample size. Financial District and Lower Manhattan have a low population of residents who are uninsured . In 2018, this population of uninsured residents was estimated to be 4%, less than the citywide rate of 12%, though this was based on a small sample size. The concentration of fine particulate matter , the deadliest type of air pollutant , in Financial District and Lower Manhattan

11220-403: The top floor to the basement. The Third Avenue elevated train line on Pearl Street opened in 1878, overshadowing 1 Hanover Square. By the end of the decade, the Cotton Exchange decided to expand its quarters. Finding it impossible to purchase the brick rowhouses adjoining 1 Hanover Square, the exchange decided instead to look for sites for a new structure. The Cotton Exchange ultimately built

11330-489: The upper stories served as offices. This was the first time in the building's history that the upper floors were available for lease. The main structure was described by the AIA Guide to New York City as having "unfluted Corinthian columns and pedimented windows [that] give an understated enrichment to the dour brownstone". After the India Club moved into 1 Hanover Square, a reporter for The New York Times said in 1929 that

11440-526: Was completed in 2005 and received the New York Landmarks Conservancy 's Lucy G. Moses Preservation Award. Harry and Peter Poulakakos opened Harry's Steakhouse and Restaurant in May 2006. Also in the mid-2000s, Peter Poulakakos opened and co-operated Ulysses Folk House and Adrienne's Pizza Bar within 1 Hanover Square and the adjacent buildings on Pearl and Stone Streets. Bayard's had been closed by

11550-437: Was damaged in a 1925 fire; engine crews had gotten confused while simultaneously trying to fight another fire across the street. The club installed soundproofing in the building's dining rooms in 1937. The Third Avenue Elevated was closed in 1950 and subsequently removed. The line's demolition allowed both greater sunlight and quieter meetings; according to the India Club's president, the passing trains were loud and had shaken

11660-403: Was formerly six separate parts. Each of the four-story brick structures at 60, 62, and 64 Stone Street comprise one part extending the depth of the block to 95–97, 99, and 101 Pearl Street respectively. The main structure is composed of a three-story brownstone section on Hanover Square, a three-story brick section on 66 Stone Street, and a three-story brownstone section on 103 Pearl Street. All of

11770-626: Was nearly double the 23,000 recorded at the 2000 Census. In the New York City Council , the Financial District is part of District 1 , represented by Democrat Christopher Marte . List of aldermen /councilmen who have represented the Financial District The Financial District is part of New York's 27th State Senate district , represented by Brian P. Kavanagh . In the New York State Assembly ,

11880-542: Was one of the first landmarks to be designated by the LPC in Manhattan, as well as the first luncheon club in Lower Manhattan to be designated as a landmark. The building was listed on the National Register of Historic Places in 1972 and was re-added to the NRHP as a National Historic Landmark in 1977. 1 Hanover Square is also part of the Stone Street Historic District, which was designated as

11990-551: Was organized officially on September 7, 1870. Founding president was Stephen D. Harrison . The Exchange earned a charter from the State of New York and its legislature on April 8, 1871. Its first permanent headquarters was 1 Hanover Square (later known as India House) in New York City . The NYCE moved to 1 Hanover Square on May 4, 1872. Well into the 20th century, cotton was a leading American commodity for both export and domestic consumption. In that era, other major exchanges existed in

12100-721: Was the second cotton futures exchange in the world behind the International Cotton Association , as well as the first such exchange in the United States. The main brownstone structure has its primary frontage on Hanover Square. There are eight vertical bays facing Hanover Square, of which the center two contain the main entrance. The Pearl and Stone Street facades incorporate the additional structures at 60–64 Stone Street. The Pearl Street facade contains four brownstone bays, similar to those on Hanover Square, as well as eleven brick-clad bays. The Stone Street facade has two brownstone bays and twelve brick bays. There

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