Broad Exchange Building

The Broad Exchange Building is located in the Financial District of Manhattan, at the southeast corner of Broad Street and Exchange Place. The block on which the building is located is bounded by Broad Street to the west, Exchange Place to the north, William Street to the east, and Beaver Street to the south. The Broad Exchange Building has of frontage on Broad Street and on Exchange Place. As designed, the building was shaped in an irregular "T" with a wing going southward toward Beaver Street. According to a 1909 advertisement, the building originally occupied around of space. The southern wing was demolished in the early 2010s. a site later taken up by 15 William Street. == Architecture ==

The building was designed by Clinton and Russell in the Italian Renaissance Revival style. It is tall. Facade The primary elevation on Broad Street contains 10 vertical bays, while the Exchange Place elevation has 26 bays. The Broad Exchange Building's articulation consists of three horizontal sections similar to the components of a column, namely a base, shaft, and capital. The lowest three stories of the facade are clad with rusticated granite blocks. The fourteen-story shaft is generally clad with brick and contains terracotta trim. The highest three stories contain a facade of granite and terracotta, topped by a copper cornice. At ground level, there is an entrance portico projecting slightly from the center of the Broad Street elevation, measuring two bays wide and two stories high. The portico consists of fluted Doric columns supporting an entablature with the text , underneath which is a cast-iron aedicule containing the main doors. On either side of the portico are two stories of paired sash windows flanked by granite pilasters, with cast-iron vertical mullions and decorated cast-iron horizontal spandrels. The secondary entrance on Exchange Place is similar to that on Broad Street, except that this entrance is six bays wide, has no projecting portico, and contains wall niches containing bronze lamps. There are two tertiary entrances along Exchange Place as well. A frieze runs above the second floor, and a granite string course runs above the 3rd floor. The 4th through 17th stories are clad with brick, except for the two outermost bays on either end of the Exchange Place and Broad Street elevations, which are instead clad with rusticated terracotta. In the six center bays on the Exchange Place and Broad Street elevations, there are elaborate cartouches between the 4th and 5th floors, and two cartouches and three lions' heads between the 16th and 17th stories. A terracotta string course runs above the 17th story. These elevations contain one rectangular window opening in each bay. The 18th through 20th stories comprise the attic; the two outermost bays on either end of the Exchange Place and Broad Street elevations are clad with rusticated terracotta. On the 18th and 19th story along Exchange Place, three of the pairs of bays are flanked by a pair of Ionic columns. A copper cornice runs above the 20th story. The rear elevations are composed mostly of brick, as was the now-demolished south wing, and contain arched and rectangular window openings. The frame was made of structural steel, enabling it to be built taller than most previous buildings. When built, the Broad Exchange Building was described as "a town under a single roof", It had of space in total corresponding to on each floor. After its conversion, the building has had five elevators. == History ==

Construction During the late 19th century, builders began erecting tall office buildings in New York City, especially in Lower Manhattan, where they were compelled to build tall structures due to a lack of available land. One such project was headed by the Alliance Realty Company, who hired Clinton & Russell in 1900 to design a speculative development at 25 Broad Street, near Exchange Place. The George A. Fuller Company was hired as the contractor. The structural steelwork was designed by civil engineer Marion S. Parker. In June 1900, Alliance Realty transferred ownership to the Broad Exchange Company, in which Fuller was involved, for $4 million. The Broad Exchange Company then secured a $2.25 million construction loan from the Equitable Life Assurance Society. Contemporary media reported that the building was occupied by late April or early May 1901. The building was officially completed in 1902, and was Manhattan's largest office building, with of space available for rent. Office use Financial firms began moving into the Broad Exchange Building, attracted by its proximity to the New York Stock Exchange. The building provided office space for financial companies such as Paine Webber, who occupied the space starting in 1909, The New York Curb Exchange took space in the Broad Exchange Building in 1911, and remained there until the Curb Exchange Building opened in 1921. The Pierce Oil Corporation's offices in the building were described by The New York Times as being "among the most handsome in the financial district". Other tenants included brokers Carl H. Pforzheimer and Company, as well as investment bankers Stephen Trask and Company. When the Broad Exchange Building was built, there existed a public alleyway called Lord's Court east of the building's southern wing, The Broad Exchange Company then bought a four-story building at 41 Broad Street for $325,000 () so it could transport the coal and ashes through 41 Broad Street, and then leased out the upper floors of that building. The Broad Exchange Building and 41 Broad Street were remortgaged in 1909 for $3.45 million. Three years later, the Broad Exchange Company announced plans to demolish 41 Broad Street, described in the New-York Tribune as "one of the most expensive coal chutes in this country", and erect an annex to the Broad Exchange Building in its place. In 1921, the Broad Exchange Company bought 53 Beaver Street, providing an alternate entrance to the Broad Exchange Building. 25 Broad Street was owned by the Broad Exchange Company until 1940, when Prudential Financial took over the building for $500,000 as part of foreclosure proceedings against the Broad Exchange Company. At the time, the property was assessed as being worth $5.6 million. During the mid-1940s, the building remained nearly 100% occupied, and one of the major lessees was the United States Department of War. 25 Broad Street was purchased by the City Investing Company in 1945, at which point its worth was assessed at $4.85 million. Walker & Gillette renovated the storefronts shortly afterward, adding two entrances on Exchange Place. though some of the company's operations remained in 25 Broad Street through at least 1983. In 1979, the Morgan Guaranty Trust Company bought 25 Broad Street and the adjacent 27 William Street for $20 million. Morgan planned to replace 25 Broad Street with a new office tower to serve as its headquarters, but put it for sale in 1981 after failing to do so. Olympia and York subsequently bought 25 Broad Street for $20.5 million, After the 1987 stock market crash, Neumann locked up 25 Broad Street in 1988, and the building sat empty for the next four years, during which it was looted. for $4.975 million, a price that The Wall Street Journal noted at the time as being cheaper than that of some Manhattan townhouses. Menin's firm Crescent Heights then began converting the building into 345 luxury apartments. devised a plan to renovate 25 Broad Street, in one of the first major commercial-to-residential conversion projects in Lower Manhattan. The conversion was originally supposed to be completed in 1996, In 1998, Crescent Heights petitioned the New York City Landmarks Preservation Commission (LPC) to designate 25 Broad Street as a landmark to preclude such development. The building was added to the National Register of Historic Places (NRHP) on April 13, 1998, and was designated as a landmark by the LPC on June 27, 2000. In 2007, it was designated as a contributing property to the Wall Street Historic District, About fifty tenants left the building after the September 11 attacks on the nearby World Trade Center in 2001, though these vacancies were quickly filled as part of a grant program to encourage people to live in Lower Manhattan. Crescent Heights put 25 Broad Street for sale in 2005, and Swig Equities purchased it for $260 million, planning to convert the building into a rental complex. Swig subsequently indicated plans to de-designate part of the building as a landmark, because it wished to demolish the southern wing above the first floor, transferring the air rights to its new residential skyscraper at 45 Broad Street. The local community board, Manhattan Community Board 1, endorsed the decertification. Under Swig's management, 25 Broad Street became known as the Exchange, and condominium sales launched in early 2007. Lehman Brothers Holdings made a mortgage on the building in 2007, but when Swig fell into default due to the 2008 financial crisis, Lehman initiated foreclosure proceedings in January 2009. Lehman Brothers itself filed for bankruptcy in 2008, prompting Swig to close the sales office for the condos at 25 Broad Street. A court-appointed receiver designated LCOR, a subsidiary of the California State Teachers Retirement System, as the new developer for the rental project, and Lehman spent $39.9 million on preparing the building for conversion. In March 2011, Lehman sought permission from the judge overseeing its bankruptcy proceedings to restart work on the conversion, as well as demolish the south wing. The building's leasing office opened the next month. However, the building had previously received a 421-g tax exemption, meant for developers converting Lower Manhattan buildings to residential use, and as such, some of the residential units were rent-stabilized. A judge ruled in 2015 that two rental tenants could stay in their rent-stabilized apartment, since they had not been given proper notice that the exemption for their unit was expiring. Most of the remaining units in 25 Broad Street were converted into condominium units, with sales launching in 2019. Booking.com ran a promotion at the building in January 2020, allowing people to stay in several of the unsold units for two nights. The same month, Regal Acquisitions bought the building's ground level storefronts. In July 2020, the developers announced that 15% of the condominium units were under contract, despite a general slowdown in real estate market due to the COVID-19 pandemic in New York City. Ultimately, three-fourths of the units were sold by 2021. Reuveni Development Marketing became the building's real estate broker in late 2023. ==See also==