Background The Adams Express Company occupied part of the Pinkerton Building at 57–59 Broadway. In 1903, there was discussion of combining 57–61 Broadway with an adjacent property occupied by
American Express and
Wells Fargo, and building one large building for the three companies. This did not happen, and American Express's adjacent building at
65 Broadway was completed in 1917. A 1904 fire that began in the basement of the Morris Building at 63 Broadway, damaged the Pinkerton and other buildings on the block. Twenty-four engines and six hook and ladder companies responded. The Fire Department of New York recorded that the Adams Express Company building was destroyed, but Adams Express continued to occupy the site. By 1906, Adams Express was planning a new, fireproof building to be constructed on the site of the Pinkerton Building.
Construction In 1910
Industrial World Magazine reported that Adams Express was proceeding with a 10-story, brick and limestone building designed by
George K. Hooper of Hooper-Faulkenau Engineering Company. Then in 1911, Adams Express finally purchased the Pinkerton Building. Although Hooper's plans would have blended with existing buildings in the
Financial District where, in 1912, nearly half of the buildings were five stories or lower, When construction began in 1912 on the Kimball design, first
The New York Times and later city planners became concerned about sunlight and airspace. that cast shadows not only on the street but on nearby smaller buildings and drove down real estate value, rent, and tax revenues.
F.W. Fitzpatrick complained that the Adams Express Building cast an 875-foot shadow. The
1916 Zoning Resolution provided a remedy in the form of
setbacks where new buildings would be stepped back at certain heights depending on the width at the street. The restrictions would have applied to 75% of the ground area of the building, but construction of the Adams Express Building had occurred before the new zoning restrictions were adopted.
Later history The building sustained heavy damage in 1916 when 300 windows were blown out in the
Black Tom explosion.
RXR Realty bought the Adams Express Building from Broad Street Development for $330 million in May 2014. RXR placed the building for sale in September 2015 with an asking price of $450 million. and agreed to sell a 49 percent stake in the property that December for about $220 million. The next year, RXR received a $290 million loan from
SL Green and
Bank of China. RXR considered converting 61 Broadway to apartments in February 2023, amid increased vacancy rates due to the COVID-19 pandemic. RXR ceded control of 61 Broadway that May, having defaulted on a $240 million loan, and handed the building back to their lender,
Aareal Bank. By the following February, RXR planned to convert the entirety of 61 Broadway into apartments, obtaining nearly $500 million in financing for the project. == See also ==