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Federal Reserve Bank of New York Building

May 02, 2024

The Federal Reserve Bank of New York Building, also known as 33 Liberty Street, is a building in the Financial District of Lower Manhattan in New York City, which serves as the headquarters of the Federal Reserve Bank of New York. The building occupies the full block between Liberty, William, and Nassau Streets and Maiden Lane; it narrows at its east end, following the footprint of the block.

Federal Reserve Bank of New York
(2015)
Location33 Liberty Street
New York, NY 10045
U.S.
Coordinates40°42′30″N 74°00′31″W / 40.70833°N 74.00861°W / 40.70833; -74.00861
Built1919–1924, 1935 (eastern extension)
ArchitectYork and Sawyer
Architectural styleFlorentine Renaissance
Part ofWall Street Historic District (ID07000063)
NRHP reference No.80002688
NYCL No.0054
Significant dates
Added to NRHPMay 6, 1980[2]
Designated NYCLDecember 21, 1965[1]

The Federal Reserve Building has fourteen above-ground stories and five basement levels, designed by York and Sawyer with decorative ironwork by Samuel Yellin of Philadelphia. Its facade is separated horizontally into three sections: a base, midsection, and top section. The stone exterior is reminiscent of early Italian Renaissance palaces such as Florence's Palazzo Strozzi and Palazzo Vecchio. The horizontal and vertical joints of the facade's stones are deeply rusticated. The Federal Reserve Building's gold vault rests on Manhattan's bedrock, 80 feet (24 m) below street level and 50 feet (15 m) below sea level. The vault contains the largest known monetary-gold reserve in the world, with about 6,190 short tons (5,620 metric tons) in storage as of 2019.

The building was erected from 1919 to 1924, with an eastward extension built in 1935. The Federal Reserve Building's design and scale was largely praised upon its completion. The building was designated a city landmark by the New York City Landmarks Preservation Commission in 1966 and was added to the National Register of Historic Places (NRHP) in 1980. It is a contributing property to the Wall Street Historic District, an NRHP district created in 2007.

Site edit

The Federal Reserve Bank of New York Building is in the Financial District of Manhattan in New York City. It occupies the entire block bounded by Nassau Street to the west, Liberty Street to the south, William Street to the east, and Maiden Lane to the north.[3][4] The Federal Reserve Building is surrounded by numerous other structures, including the John Street Methodist Church, Home Insurance Plaza, and 63 Nassau Street to the north; 28 Liberty Street to the south; 140 Broadway to the southwest; and the Liberty Tower and the Chamber of Commerce Building to the west.[3]

The building's land lot has a total area of 49,440 square feet (4,593 m2).[5] The site slopes downward from southwest to northeast.[6][7] The Liberty Street facade contains a gradual slope, with the western end being about 17.5 feet (5 m) higher than the eastern end.[7] There is also a steeper slope downward along Nassau Street from Liberty Street northward to Maiden Lane. Much of the Maiden Lane side faces the building's raised basement.[6][8]

The Federal Reserve Building's lot has a frontage of 408.08 feet (124 m) on Liberty Street and extends 164.75 feet (50 m) deep.[5] The building narrows at its east end, following the footprint of the block.[4] As built, the Federal Reserve Building occupied all except the east end of the block, with frontage of 365 feet (111 m) on Liberty Street, 388 feet (118 m) on Maiden Lane, and 152.11 feet (46.36 m) on Nassau Street.[6][7] The annex at the east end of the block has 44 feet (13 m) of frontage on Liberty Street, 79 feet (24 m) of frontage on William Street, and 24 feet (7.3 m) on Maiden Lane.[9][10]

33 Maiden Lane edit

 
The street-level facade of 33 Maiden Lane, designed by Philip Johnson and John Burgee

In addition to the main building, the Federal Reserve Bank of New York occupies a neighboring structure immediately to the north at 33 Maiden Lane,[11][12] also known as 2 Federal Plaza.[13] The New York Fed had acquired the site, at Maiden Lane and Nassau Street, in the 1960s, with plans to build an annex designed by Kevin Roche John Dinkeloo and Associates, but canceled the plans in 1976.[14][15] The site was then sold to Park Tower Realty in 1980.[15][16]

The building at 33 Maiden Lane, designed by Philip Johnson and John Burgee,[17][15] was completed in 1986.[13] It is 27 stories tall,[13][15] with 570,000 square feet (53,000 m2) of floor area.[15] The facade is made of tan brick, with an arcade of 43-foot-high (13 m) columns at ground level and turrets on the roofline to match the Federal Reserve Bank of New York Building's design.[15] The building contains a privately owned public space (POPS).[18] From 1988 to 1992, the building held a branch of the Whitney Museum of American Art, designed by Tod Williams Billie Tsien Architects.[19][20] The New York Fed purchased 33 Maiden Lane for $208 million in 2012.[11][12]

Architecture edit

The Federal Reserve Building is where the monetary policy of the United States is executed by trading United States dollars and United States Treasury securities.[21] The original 1924 building and its 1935 annex were both designed for the Federal Reserve Bank of New York by York and Sawyer in the neo-Renaissance style.[4][22] Marc Eidlitz & Son was the main contractor for both structures.[23][22] Numerous other engineers and contractors were involved in the building's construction.[22][a]

The building has fourteen above-ground stories and five basement levels.[4][24][25] Because the design was intended to accommodate up to 4,000 employees, the placement of elevators and entrances was a main consideration.[7] Since Nassau Street was such a busy street, and because the slope was so steep, the architects decided to place the main entrance at Liberty Street instead, with the service entrance along the raised basement at Maiden Lane.[8][26] The facade and interior contain ironwork manufactured by Samuel Yellin of Philadelphia.[24][27][28] The iron decorations, which weigh a collective 200 short tons (180 long tons; 180 t), depict animal heads and unusual motifs such as smileys.[29]

The design is reminiscent of early Italian Renaissance palaces such as Florence's Palazzo Strozzi and Palazzo Vecchio, which was deliberately intended to inspire trust and confidence in the institution within.[4][30] The building's Italian Renaissance-style motifs were also designed to fit the building to its irregular land lot. Further enhancing the building's sense of scale was the fact that, prior to the construction of 28 Liberty Street to the south,[b] the Federal Reserve Building could only be viewed at an irregular angle due to the presence of other nearby buildings.[24] Upon its completion in 1924, the Federal Reserve Building was one of the largest bank buildings in the world.[32]

Facade edit

 
Main entrance arch

The facade is made of limestone and sandstone, which serve as cladding for the steel interior superstructure. It is separated horizontally into three sections: a two-story base, seven-story midsection, and five-story top section.[33][34] The stones of the facade are rusticated, with deep horizontal and vertical grooves separating each block.[4][1] The far eastern end of the building is topped by a round tower.[35]

The lowest two stories of the facade comprise the building's base and are deeply rusticated. The main entrance is through a double-height arch on the Liberty Street elevation, flanked by wrought-iron lanterns.[36] This entrance, about 100 feet (30 m) east of Nassau Street,[6] was intended for bank officers and visitors. A smaller entrance on Maiden Lane provided an entrance for most employees, and a truck driveway on Maiden Lane allowed the delivery of large shipments of money.[7][26] The other windows at the first story contain round arches covered by wrought iron window grilles.[4][24][1] The second story contains rectangular window openings.[24][37]

The third story is surrounded by a balcony with a stone balustrade. At the third through ninth stories, each vertical bay generally contains two windows per story, with round-arched window openings at the third story and rectangular windows on the other stories.[24][37] Near the extreme ends of each side are vertical bays that contain one rectangular window per story.[37]

The tenth story contains smaller arched windows set between the corbels of a cornice that runs atop that story. The upper floors are above the cornice. The eleventh floor contains a single rectangular window corresponding to each of the vertical bays on the lower stories.[37] The twelfth and thirteenth floors are contained within an arched loggia that runs around the exterior.[36][37] These stories are slightly set back behind a 14-foot-wide (4.3 m) balcony running around the building.[6][8] The roof is clad in quarry tile.[24]

Interior edit

The main entrance arch on Liberty Street leads to a large entrance hall with a vaulted ceiling as well as walls clad with stone.[24] On the west side of the main hall, perpendicular to the entrance hall, is a corridor with doorways to the bank directors' offices and conference rooms.[38][39] These doorways are made of ironwork and are closed to the public.[24] A reception room, measuring 34 feet (10 m) wide by 71 feet (22 m) long, runs west of the entrance hall.[6][8] A tellers' room, with a vaulted ceiling and ornamental tellers' cages,[24] is east of the entrance hall.[6][8][38] The vaulted ceilings were made in Guastavino tile.[40][29] The other portions of the ground floor contained numerous public departments such as the cash and collections department.[33] By the 21st century, the interior contained a security checkpoint,[41] and the ground floor also had an exhibition space that displayed numismatic artifacts.[42][43]

Most of the remaining interior was described as being of "standard office building construction", according to The Wall Street Journal.[33] The structure was designed with just over 462,000 square feet (42,900 m2) of office space.[6][8] Numerous corridors were built on the second floor, connecting to the offices there,[38] and a conference room originally occupied one side of the second floor.[6][8] The third through twelfth floors contained loft working spaces that could accommodate several thousand employees. Each of these stories originally contained 32,000 square feet (3,000 m2).[6][8][39] The tenth floor contained the officers' quarters.[33] Recreational facilities for employees were placed on the top floors. The thirteenth and fourteenth floors contained cafeterias, which were originally separate facilities for women, men, and bank officers. There was also an employee's hospital and a gymnasium.[6][7][8]

In the basement are six vaults that store money and securities. The gold vault and two other vaults are guarded by 230-short-ton (210-long-ton; 210 t) doors and frames, while the remaining vaults are guarded by smaller 185-short-ton (165-long-ton; 168 t) doors and frames.[33][44][45] Also in the basement were the building's mechanical equipment, which included electric generators and ventilation systems.[33] The vaults are also protected by armed security forces, who have their own firing range in the building.[41]

Gold vault edit

 
A gold compartment at the Federal Reserve Bank of New York

The Federal Reserve Building's three-story gold vault is toward the western end of the site, adjoining Nassau Street.[33] The vault rests on Manhattan's bedrock, 80 feet (24 m) below street level and 50 feet (15 m) below sea level, and contains the largest known monetary-gold storage reserve in the world.[46] As of 2019, the vault housed approximately 497,000 bars of gold, weighing about 6,190 short tons (5,620 metric tons).[46] The Fed serves as a guardian for the gold and does not own it outright. Nearly 98 percent of the building's gold is owned by the central banks of 36 foreign nations.[47][48] The remaining two percent is owned by the United States and international organizations such as the IMF. As of August 2016, the building's vault holds 13.4 million troy ounces (460 short tons) of gold bullion and $3 million (book value) in gold coins for the United States, just over 5 percent of the United States' total gold reserve.[49][50]

The vault is 30 feet (9.1 m) below and 100 feet (30 m) away from the nearest New York City Subway tunnels.[29] The foundations of the Federal Reserve Building were constructed to withstand the weight of the gold vault and its contents, which would have exceeded the weight limits of almost any other foundation.[29][46] Ninety-nine concrete piers, extending to the underlying bedrock, were poured to support the weight of the building.[33][44] The vault walls consist of steel layers reinforced with concrete.[29][46] The eastern wall of the vault is about 10 feet (3.0 m) thick while the other three walls are about 8 feet (2.4 m) thick.[33] The only entrance is 90-short-ton (80-long-ton; 82 t) circular door inside a 140-short-ton (120-long-ton; 130 t) frame; when closed, the vault door forms a complete hermetic seal.[29][46] The vault is additionally secured by listening devices, motion sensors, and cameras.[46][51] As of 2018, there has never been a successful break-in attempt,[29] though a fictional robbery of the vault was depicted in the 1995 film Die Hard with a Vengeance.[41][52]

Inside the vault are 122 gold compartments, each containing the deposits of one account holder, as well as various shelves for smaller account holders. The account holders are identified by numbers for anonymity.[29][41][46] Gold bars are weighed and tested for purity whenever they are deposited.[46]

The Fed charges $1.75 to move each bar of gold.[41][50] Gold bars are moved between the compartments whenever one account holder pays another. Staff wear steel-toe footwear to protect their feet in case they drop one of the gold bars weighing 28 pounds (13 kg).[41][50] Every time the compartments are opened or gold is moved, three Fed staff members are required to oversee the transaction. Each compartment is further locked behind a padlock, two combination locks, and the seal of the Fed's auditor.[29][50] The Fed does not publicly record whenever gold bars are moved in and out of the vault, and no one except account holders or auditors is allowed to look at the bars. While the Fed does conduct public tours of the vault, visitors are only allowed to see a display sample of gold.[35][50]

History edit

 
The top of the building seen from Maiden Lane, with 28 Liberty Street in the background

In 1913 the United States Congress passed the Federal Reserve Act, thereby creating the Federal Reserve System.[53] The act established twelve regional Federal Reserve Banks, including the Federal Reserve Bank of New York, which was originally led by Benjamin Strong Jr.[54][55] Originally, the Federal Reserve Bank of New York was housed at a small office on 62 Cedar Street.[56] By the late 1910s, the Fed's employees were working in several locations, including 50 Wall Street and part of the Equitable Building.[56][57] Much of the space leased by the Fed was poorly lit or ventilated and did not include enough space for employees.[56] Furthermore, the Federal Reserve Board was constructing buildings for the other Federal Reserve banks and branches at the time, and the Fed wanted each bank's design to be architecturally appropriate to each branch's needs.[45][58]

Planning edit

The New York Fed's directors passed a resolution on October 24, 1917, providing for the construction of a new headquarters building.[33][56] The Fed decided to buy the entire city block bounded by Nassau, Liberty, and William Streets and Maiden Lane.[6] In May 1918, the Fed bought about 33,000 square feet (3,100 m2) on the block. The New York Fed's staff had grown from 175 to 1,200 in the past year, but the bank wished to wait until the end of World War I to build its headquarters.[57][59] By early 1919, the Fed had bought more land on Liberty Street and Maiden Lane, increasing its land holdings to 43,500 square feet (4,040 m2).[60][61] The only structure on the block that the Fed did not acquire was the Montauk Building on William Street, as the Fed and the Montauk Building's owners could not agree on a sale price.[62][63][c] The site had been fully acquired by June 1919[64] at a total cost of close to $5 million.[33][56][65][d] Several lots were also acquired on nearby Gold Street for a storage facility.[66]

Six architectural firms were invited to take part in an architectural design competition in August 1919.[67][68] Alexander Trowbridge, the Federal Reserve Board's consulting architect, was the adviser for the design competition.[7][56] York and Sawyer submitted the winning design, which was approved by the Fed's directors in November 1919.[6] The plans for a 14-story structure ran contrary to the expectations of observers who thought the site would be developed with a low-rise building.[69] Marc Eidlitz & Son was hired as the building's general contractor,[70] while Samuel Yellin successfully submitted a bid to install ornamental ironwork.[56]

Former Currency controller John Skelton Williams objected to the building's projected $25 million cost, including land expenses, and claimed the architects and engineers' fees alone were to cost $1.1 million.[71] In response, Federal Reserve chairman William P. G. Harding said that the original estimated cost was only about $18 million, and that the new building's cost was justified by the size of the New York Fed's staff.[72][73] The Fed was able to reduce the construction cost by $5 million by early 1924. This was largely because of reduced construction costs after adjusting for inflation.[74] Ultimately, the building cost $13.865 million excluding land acquisition, or $18.715 million in total.[40]

Construction and early years edit

 
Cornerstone

The structures on the building site were torn down starting in May 1921 and the site was cleared by that September.[56] The architects filed construction plans with the Manhattan Bureau of Buildings in July 1921.[75] The foundation was dug to the underlying layer of bedrock, up to 117 feet (36 m) deep. Afterward, the vault's door and frame were lowered into the foundation.[56] According to the Wall Street Journal, it was the largest ever foundation to be built in New York City at the time. About 121,000 cubic yards (93,000 m3) of material was removed.[33] This process was made more difficult due to the presence of numerous buildings nearby, which had to be shored up during the excavation.[33][56] The cornerstone was laid with a brief ceremony on May 31, 1922, after the foundations had been completed.[65][76]

Marc Eidlitz & Son started constructing the Federal Reserve Building's structural system after the excavations had finished. The steel framework was in place by the end of 1922, followed by the facade in mid-1923. Some of the 2,600 employees of the New York Fed started occupying their new offices in June 1924.[56] That September, three billion dollars in cash and securities were moved to the vault. The relocation, requiring one hundred round trips, represented the largest ever such movement of money at any one time.[77] Employees had moved into the new structure by the next month. The new building's vault replaced what was formerly eleven separate vaults in five buildings throughout the Financial District.[33] By 1927, ten percent of the official gold reserves worldwide were stored in the vault.[78][29]

By January 1934, the Fed purchased the Montauk Building for less than $400,000,[9][10] thereby acquiring a land lot of 2,900 square feet (270 m2).[79] This had been the only structure on the city block that the Fed had been unable to acquire when it started assembling land for the Federal Reserve Building fifteen years prior.[9][10] York and Sawyer was hired to design the addition, while Marc Eidlitz & Son was hired as the main construction contractor. The Montauk Building's last tenants vacated the building in June 1934, and demolition of the Montauk Building started.[23][80] By the next month, plans for the annex were filed with the Manhattan Department of Buildings.[81] The executive offices of the annex were formally opened in December 1935, but some of the lower floors were occupied several weeks before that.[79]

Mid- and late 20th century edit

 
The eastern section of the building, completed in 1935

The building came to be known as the "Old Lady of Liberty Street".[82] It initially did not contain a name identification sign above its main entrance because the Fed had thought the building to be distinctive enough. A name sign was installed in 1944 after numerous war bondholders complained that they had gotten lost for several hours in the Financial District while looking for the building.[82] By that decade, the New York Fed had outgrown its headquarters and had leased additional space at 51 Pine Street, 70 Pine Street, and 95 Maiden Lane.[83] The New York Fed also acquired some land in 1964 on Maiden Lane between Nassau and John Streets, intending to construct an office tower just north of 33 Liberty Street. The tower was intended to house 1,500 of the New York Fed's 4,500 employees, which worked at four separate structures near the Federal Reserve Building. However, the project was canceled in 1976 due to rising costs.[84]

Much of the building's gold arrived during and after World War II as countries sought to store their gold in a safe location. By the end of World War II, the reserves of gold inside the vault were valued at $4 billion (equivalent to $54 billion in 2023).[35] At its peak in 1973, the vault contained over 12,000 short tons (11,000 metric tons) of gold.[46] The reserves declined in subsequent years because, in 1971, the direct international convertibility of the United States dollar to gold had been canceled in what was called the Nixon shock.[35]

Between December 1973 and May 1974, a replica of the Diana statue by Augustus Saint-Gaudens was exhibited in the building's lobby.[85] Meanwhile, the exterior of the Federal Reserve Building deteriorated over the years. Because the sandstone was more porous compared to the limestone, dirt particles accumulated in the sandstone blocks, giving the facade a checkerboard appearance.[51] The facade was cleaned between 1999 and 2000 under the supervision of Beyer Blinder Belle and Turner Construction, the first major cleaning in the building's history.[86] In addition, by the 1990s, the Federal Reserve Building had outdated mechanical facilities and security infrastructure.[56] The New York Fed signed a lease for the adjoining building at 33 Maiden Lane in 1997[87] and became that building's primary occupant in 1998.[88] The New York Fed also leased space at 3 World Financial Center, but the original 33 Liberty Street structure remained its primary building.[56]

21st century edit

Following the September 11 attacks in 2001, which resulted in the collapse of the World Trade Center nearby, the New York Fed continued to operate. The building was temporarily evacuated after the attacks because of fears the nearby One Liberty Plaza would collapse. For several weeks after the attacks, the Federal Reserve used its building to provide assistance to first responders working at the World Trade Center site.[56] The building was not damaged during the attacks, though dust from the collapse of the World Trade Center settled onto the facade.[56] The Federal Reserve Building was renovated between 2007 and 2008, and the Federal Reserve Bank of New York Buffalo Branch was closed.[56] The New York Fed purchased the neighboring 33 Maiden Lane in 2012.[11][12]

An audit of the New York Fed's gold was conducted in 2012 after politicians and investors expressed concern that the New York Fed was not accurately stating how much gold was in the vault.[35] The vast majority of the bars audited were found to be of sufficient purity.[50] Also in 2012, a 21-year-old man was arrested while attempting to detonate a bomb outside the Federal Reserve Building. The device was actually a decoy given by undercover law enforcement, and he was sentenced to 30 years in federal prison.[89]

Impact edit

Critical reception edit

The Federal Reserve Building was largely praised upon its completion, especially for its large scale. Margaret Law, writing for Architecture magazine in 1927, stated that the building carried "a quality which, for lack of a better word, I can best describe as epic".[51] The New York City Landmarks Preservation Commission (LPC) stated that the visual impact of the structure derives from its "vast size, fortress-like appearance, fine proportions and in the superb quality of construction".[1] The 1939 WPA Guide to New York City characterized the building's Florentine design and iron grilles as completing "the picture of a building ready for a siege".[25] The Federal Reserve Building was larger than even the buildings in Italy from which its design was inspired. John Brooks wrote of the Federal Reserve Building in The New Yorker, "In fact, it is a bigger Florentine palace than has ever stood in Florence",[90] while the Architectural Record wrote, "There is no building in Italy which remotely resembles this design."[7]

At the time of the Federal Reserve Building's construction, many bank buildings in the United States had been built in the neoclassical style.[39][91] The Architectural Record praised the Federal Reserve Building's design as being distinctive "without resorting to the usual orders of architecture", namely neoclassical designs.[91] The design of the Federal Reserve Building inspired that of other subsequent bank buildings.[4][1][39] Architectural writer Robert A. M. Stern stated that the building's "innovative" Florentine design had inspired other banks to be built in a similar style. Stern wrote that the structure "demonstrate[d] how a bank could achieve strong visual identity even if located within an office building".[39]

Landmark designations edit

The building was designated a landmark by the LPC on December 21, 1965. It was one of the first landmarks to be designated by the LPC in Manhattan.[1][92][93] The city landmark designation was opposed by the building's owner, the Fed, which wrote that federal property could not be regulated by local governments.[1] The Federal Reserve Building was added to the National Register of Historic Places (NRHP) on May 6, 1980.[2] It is also a contributing property to the Wall Street Historic District,[94] an NRHP district created in 2007.[95]

See also edit

References edit

Notes edit

  1. ^ The contractors included:[22]
    • Emil Angelon, painter and decorator
    • Atlantic Elevator Company, elevators
    • William Bradley & Son, stone
    • R. Guastavino Company, tile arches
    • Indiana Flooring Co., Ten Eyck & Dahlander Flooring Co., and Cement Finish Co., floors
    • Post and McCord, structural steel
    • Thomas W. Williams, Inc., other ironwork
    • York Safe & Lock Co, vault
    The engineers included:[22]
    • Abell, Smalley & Meyers, equipment engineer
    • Frederick S. Holmes, vault engineer
    • Moran, Maurice & Proctor, foundation engineer
    • Meyer, Strong & Jones, Inc., mechanical and electric equipment
  2. ^ 28 Liberty Street, completed in 1961, was originally known as One Chase Manhattan Plaza.[31]
  3. ^ According to The New York Times, the Fed initially offered $400,000 for the Montauk Building, but the owners refused to sell.[62] The Fed's official website states that a real-estate speculator later bought the structure for $425,000 and offered it for $1.25 million.[56] A New York Herald Tribune article from 1934 stated that the dispute was over a smaller amount: the Fed wanted to pay $800,000, but the owners had wanted more than $1 million.[10]
  4. ^ According to a New-York Tribune article in 1920, the site cost $4.74 million.[26] According to The Wall Street Journal in 1924, the site was about $4.798 million.[33]

Citations edit

  1. ^ a b c d e f g "Federal Reserve Bank of New York" (PDF). New York City Landmarks Preservation Commission. December 21, 1965. (PDF) from the original on September 21, 2020. Retrieved February 18, 2021.
  2. ^ a b "Federal Register: 46 Fed. Reg. 10451 (Feb. 3, 1981)" (PDF). Library of Congress. February 3, 1981. p. 10649 (PDF p. 179). (PDF) from the original on February 1, 2021. Retrieved March 8, 2020.
  3. ^ a b "NYCityMap". NYC.gov. New York City Department of Information Technology and Telecommunications. Archived from the original on May 24, 2015. Retrieved March 20, 2020.
  4. ^ a b c d e f g h Diamonstein-Spielvogel, Barbaralee (2011). The Landmarks of New York (5th ed.). Albany, New York: State University of New York Press. p. 548. ISBN 978-1-4384-3769-9.
  5. ^ a b "19 Liberty Street, 10045". New York City Department of City Planning. from the original on May 1, 2022. Retrieved September 8, 2020.
  6. ^ a b c d e f g h i j k l m "Greatest Banking House in the World, Planned for New York Federal Reserve Bank, to Occupy Nearly Whole Block in Financial District". New-York Tribune. November 16, 1919. p. A12. from the original on May 1, 2022. Retrieved February 18, 2021 – via ProQuest.
  7. ^ a b c d e f g h Architectural Forum 1919, p. 202 (PDF p. 405).
  8. ^ a b c d e f g h i "Largest Bank Building in World for Federal Reserve". The Real Estate Record: Real Estate Record and Builders' Guide. Vol. 104, no. 24. December 13, 1919. pp. 607–608. from the original on May 1, 2022. Retrieved February 18, 2021 – via columbia.edu.
  9. ^ a b c "Montauk Building Sold; Federal Reserve Adds William St. Structure to Its Holdings" (PDF). The New York Times. January 27, 1934. p. 27. ISSN 0362-4331. from the original on May 1, 2022. Retrieved February 17, 2021.
  10. ^ a b c d "Real Estate New and Transactions Reported From the City and Suburban Fields: Reserve Bank Waits 15 Years For Blockfront Controversy for William St. Parcel Enrled Yesterday Favoring Federal Body". New York Herald Tribune. January 26, 1934. p. 1. ProQuest 1242842995. from the original on May 1, 2022. Retrieved February 18, 2021 – via ProQuest.
  11. ^ a b c Hlavenka, Jacqueline (February 28, 2012). "New York Fed Acquires 33 Maiden Lane for $208M". GlobeSt. Retrieved March 23, 2024.
  12. ^ a b c Geiger, Daniel (January 26, 2012). "Federal Reserve Takes 33 Maiden Lane". Observer. from the original on December 2, 2022. Retrieved March 23, 2024.
  13. ^ a b c "2 Federal Reserve Plaza - The Skyscraper Center". Council on Tall Buildings and Urban Habitat – CTBUH. from the original on November 19, 2021. Retrieved March 23, 2024.
  14. ^ Kilborn, Peter T. (March 9, 1979). "Indecisive Fed Keeps Lot Empty 10 Years". The New York Times. Retrieved March 23, 2024.
  15. ^ a b c d e f Stern, Fishman & Tilove 2006, p. 246.
  16. ^ "Two Towers Set For Downtown; Two Office Towers Planned for Downtown". The New York Times. December 14, 1980. Retrieved March 23, 2024.
  17. ^ "The New American Skyscraper". The New York Times. November 8, 1981. from the original on July 22, 2021. Retrieved March 23, 2024.
  18. ^ Kayden, Jerold S. (March 30, 2016). "33 Maiden Lane". Privately Owned Public Space (APOPS). from the original on December 3, 2023. Retrieved March 23, 2024.
  19. ^ Yarrow, Andrew L. (April 16, 1988). "The Whitney Returns to Downtown". The New York Times. from the original on July 29, 2022. Retrieved March 23, 2024.
  20. ^ Stern, Fishman & Tilove 2006, p. 247.
  21. ^ "What We Do". Federal Reserve Bank of New York. January 9, 2003. from the original on December 31, 2014. Retrieved February 15, 2021.
  22. ^ a b c d e Architecture and Building 1925, p. 58; Wall Street Journal 1924.
  23. ^ a b "Vacating of Montauk Building Completed by Federal Bank". New York Herald Tribune. June 2, 1934. p. 28. ProQuest 1243454454. from the original on May 1, 2022. Retrieved February 18, 2021 – via ProQuest.
  24. ^ a b c d e f g h i j National Park Service 1980, p. 2.
  25. ^ a b Federal Writers' Project (1939). New York City Guide. New York: Random House. pp. 92–93. ISBN 978-1-60354-055-1. (Reprinted by Scholarly Press, 1976; often referred to as WPA Guide to New York City.)
  26. ^ a b c "Work on Federal Bank's New Home In Nassau St. Begun: Old Buildings on Site on Nassau St. Block Being Taken Down for Large $12,000,000 Structure". New York Tribune. July 17, 1921. p. A10. from the original on May 1, 2022. Retrieved February 18, 2021 – via ProQuest.
  27. ^ White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. p. 38. ISBN 978-0-19538-386-7.
  28. ^ New York City Landmarks Preservation Commission; Dolkart, Andrew S.; Postal, Matthew A. (2009). Postal, Matthew A. (ed.). Guide to New York City Landmarks (4th ed.). New York: John Wiley & Sons. pp. 13–14. ISBN 978-0-470-28963-1.
  29. ^ a b c d e f g h i j Xu, Susan (February 27, 2018). "The Top 10 Secrets of The Federal Reserve Bank of New York". Untapped New York. from the original on April 13, 2021. Retrieved February 16, 2021.
  30. ^ National Park Service 1980, p. 3.
  31. ^ Grutzner, Charles (May 18, 1961). "Chase Bank Opens 64-story Tower; New Building Downtown Is 6th Tallest in World". The New York Times. ISSN 0362-4331. from the original on October 29, 2021. Retrieved May 6, 2020.
  32. ^ National Park Service 1980, p. 3.; Stern, Gilmartin & Mellins 1987, p. 174
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Sources edit

  • "The Federal Reserve Bank of New York" (PDF). Architectural Forum. Vol. 31, no. 6. December 1919. pp. 199–202.   This article incorporates text from this source, which is in the public domain.{{cite magazine}}: CS1 maint: postscript (link)
  • "Federal Reserve Bank of New York" (PDF). National Register of Historic Places, National Park Service. May 6, 1980.
  • "Federal Reserve Bank, New York City". Architecture. Vol. 55. May 1927. pp. 41–50.
  • "Federal Reserve Banks". Architecture and Building. Vol. 57. June 1925. pp. 57–63.
  • Stern, Robert A. M.; Fishman, David; Tilove, Jacob (2006). New York 2000: Architecture and Urbanism Between the Bicentennial and the Millennium. New York: Monacelli Press. ISBN 978-1-58093-177-9. OCLC 70267065. OL 22741487M.

External links edit

 
Wikimedia Commons has media related to Federal Reserve Bank of New York Building.
  • Official website

May 02, 2024
federal, reserve, bank, york, building, also, known, liberty, street, building, financial, district, lower, manhattan, york, city, which, serves, headquarters, federal, reserve, bank, york, building, occupies, full, block, between, liberty, william, nassau, st. The Federal Reserve Bank of New York Building also known as 33 Liberty Street is a building in the Financial District of Lower Manhattan in New York City which serves as the headquarters of the Federal Reserve Bank of New York The building occupies the full block between Liberty William and Nassau Streets and Maiden Lane it narrows at its east end following the footprint of the block Federal Reserve Bank of New YorkU S National Register of Historic PlacesU S Historic districtContributing propertyNew York City Landmark No 0054 2015 Location33 Liberty StreetNew York NY 10045U S Coordinates40 42 30 N 74 00 31 W 40 70833 N 74 00861 W 40 70833 74 00861Built1919 1924 1935 eastern extension ArchitectYork and SawyerArchitectural styleFlorentine RenaissancePart ofWall Street Historic District ID07000063 NRHP reference No 80002688NYCL No 0054Significant datesAdded to NRHPMay 6 1980 2 Designated NYCLDecember 21 1965 1 The Federal Reserve Building has fourteen above ground stories and five basement levels designed by York and Sawyer with decorative ironwork by Samuel Yellin of Philadelphia Its facade is separated horizontally into three sections a base midsection and top section The stone exterior is reminiscent of early Italian Renaissance palaces such as Florence s Palazzo Strozzi and Palazzo Vecchio The horizontal and vertical joints of the facade s stones are deeply rusticated The Federal Reserve Building s gold vault rests on Manhattan s bedrock 80 feet 24 m below street level and 50 feet 15 m below sea level The vault contains the largest known monetary gold reserve in the world with about 6 190 short tons 5 620 metric tons in storage as of 2019 update The building was erected from 1919 to 1924 with an eastward extension built in 1935 The Federal Reserve Building s design and scale was largely praised upon its completion The building was designated a city landmark by the New York City Landmarks Preservation Commission in 1966 and was added to the National Register of Historic Places NRHP in 1980 It is a contributing property to the Wall Street Historic District an NRHP district created in 2007 Contents 1 Site 1 1 33 Maiden Lane 2 Architecture 2 1 Facade 2 2 Interior 2 2 1 Gold vault 3 History 3 1 Planning 3 2 Construction and early years 3 3 Mid and late 20th century 3 4 21st century 4 Impact 4 1 Critical reception 4 2 Landmark designations 5 See also 6 References 6 1 Notes 6 2 Citations 6 3 Sources 7 External linksSite editThe Federal Reserve Bank of New York Building is in the Financial District of Manhattan in New York City It occupies the entire block bounded by Nassau Street to the west Liberty Street to the south William Street to the east and Maiden Lane to the north 3 4 The Federal Reserve Building is surrounded by numerous other structures including the John Street Methodist Church Home Insurance Plaza and 63 Nassau Street to the north 28 Liberty Street to the south 140 Broadway to the southwest and the Liberty Tower and the Chamber of Commerce Building to the west 3 The building s land lot has a total area of 49 440 square feet 4 593 m2 5 The site slopes downward from southwest to northeast 6 7 The Liberty Street facade contains a gradual slope with the western end being about 17 5 feet 5 m higher than the eastern end 7 There is also a steeper slope downward along Nassau Street from Liberty Street northward to Maiden Lane Much of the Maiden Lane side faces the building s raised basement 6 8 The Federal Reserve Building s lot has a frontage of 408 08 feet 124 m on Liberty Street and extends 164 75 feet 50 m deep 5 The building narrows at its east end following the footprint of the block 4 As built the Federal Reserve Building occupied all except the east end of the block with frontage of 365 feet 111 m on Liberty Street 388 feet 118 m on Maiden Lane and 152 11 feet 46 36 m on Nassau Street 6 7 The annex at the east end of the block has 44 feet 13 m of frontage on Liberty Street 79 feet 24 m of frontage on William Street and 24 feet 7 3 m on Maiden Lane 9 10 33 Maiden Lane edit nbsp The street level facade of 33 Maiden Lane designed by Philip Johnson and John Burgee In addition to the main building the Federal Reserve Bank of New York occupies a neighboring structure immediately to the north at 33 Maiden Lane 11 12 also known as 2 Federal Plaza 13 The New York Fed had acquired the site at Maiden Lane and Nassau Street in the 1960s with plans to build an annex designed by Kevin Roche John Dinkeloo and Associates but canceled the plans in 1976 14 15 The site was then sold to Park Tower Realty in 1980 15 16 The building at 33 Maiden Lane designed by Philip Johnson and John Burgee 17 15 was completed in 1986 13 It is 27 stories tall 13 15 with 570 000 square feet 53 000 m2 of floor area 15 The facade is made of tan brick with an arcade of 43 foot high 13 m columns at ground level and turrets on the roofline to match the Federal Reserve Bank of New York Building s design 15 The building contains a privately owned public space POPS 18 From 1988 to 1992 the building held a branch of the Whitney Museum of American Art designed by Tod Williams Billie Tsien Architects 19 20 The New York Fed purchased 33 Maiden Lane for 208 million in 2012 11 12 Architecture editThe Federal Reserve Building is where the monetary policy of the United States is executed by trading United States dollars and United States Treasury securities 21 The original 1924 building and its 1935 annex were both designed for the Federal Reserve Bank of New York by York and Sawyer in the neo Renaissance style 4 22 Marc Eidlitz amp Son was the main contractor for both structures 23 22 Numerous other engineers and contractors were involved in the building s construction 22 a The building has fourteen above ground stories and five basement levels 4 24 25 Because the design was intended to accommodate up to 4 000 employees the placement of elevators and entrances was a main consideration 7 Since Nassau Street was such a busy street and because the slope was so steep the architects decided to place the main entrance at Liberty Street instead with the service entrance along the raised basement at Maiden Lane 8 26 The facade and interior contain ironwork manufactured by Samuel Yellin of Philadelphia 24 27 28 The iron decorations which weigh a collective 200 short tons 180 long tons 180 t depict animal heads and unusual motifs such as smileys 29 The design is reminiscent of early Italian Renaissance palaces such as Florence s Palazzo Strozzi and Palazzo Vecchio which was deliberately intended to inspire trust and confidence in the institution within 4 30 The building s Italian Renaissance style motifs were also designed to fit the building to its irregular land lot Further enhancing the building s sense of scale was the fact that prior to the construction of 28 Liberty Street to the south b the Federal Reserve Building could only be viewed at an irregular angle due to the presence of other nearby buildings 24 Upon its completion in 1924 the Federal Reserve Building was one of the largest bank buildings in the world 32 Facade edit nbsp Main entrance arch The facade is made of limestone and sandstone which serve as cladding for the steel interior superstructure It is separated horizontally into three sections a two story base seven story midsection and five story top section 33 34 The stones of the facade are rusticated with deep horizontal and vertical grooves separating each block 4 1 The far eastern end of the building is topped by a round tower 35 The lowest two stories of the facade comprise the building s base and are deeply rusticated The main entrance is through a double height arch on the Liberty Street elevation flanked by wrought iron lanterns 36 This entrance about 100 feet 30 m east of Nassau Street 6 was intended for bank officers and visitors A smaller entrance on Maiden Lane provided an entrance for most employees and a truck driveway on Maiden Lane allowed the delivery of large shipments of money 7 26 The other windows at the first story contain round arches covered by wrought iron window grilles 4 24 1 The second story contains rectangular window openings 24 37 The third story is surrounded by a balcony with a stone balustrade At the third through ninth stories each vertical bay generally contains two windows per story with round arched window openings at the third story and rectangular windows on the other stories 24 37 Near the extreme ends of each side are vertical bays that contain one rectangular window per story 37 The tenth story contains smaller arched windows set between the corbels of a cornice that runs atop that story The upper floors are above the cornice The eleventh floor contains a single rectangular window corresponding to each of the vertical bays on the lower stories 37 The twelfth and thirteenth floors are contained within an arched loggia that runs around the exterior 36 37 These stories are slightly set back behind a 14 foot wide 4 3 m balcony running around the building 6 8 The roof is clad in quarry tile 24 Interior edit The main entrance arch on Liberty Street leads to a large entrance hall with a vaulted ceiling as well as walls clad with stone 24 On the west side of the main hall perpendicular to the entrance hall is a corridor with doorways to the bank directors offices and conference rooms 38 39 These doorways are made of ironwork and are closed to the public 24 A reception room measuring 34 feet 10 m wide by 71 feet 22 m long runs west of the entrance hall 6 8 A tellers room with a vaulted ceiling and ornamental tellers cages 24 is east of the entrance hall 6 8 38 The vaulted ceilings were made in Guastavino tile 40 29 The other portions of the ground floor contained numerous public departments such as the cash and collections department 33 By the 21st century the interior contained a security checkpoint 41 and the ground floor also had an exhibition space that displayed numismatic artifacts 42 43 Most of the remaining interior was described as being of standard office building construction according to The Wall Street Journal 33 The structure was designed with just over 462 000 square feet 42 900 m2 of office space 6 8 Numerous corridors were built on the second floor connecting to the offices there 38 and a conference room originally occupied one side of the second floor 6 8 The third through twelfth floors contained loft working spaces that could accommodate several thousand employees Each of these stories originally contained 32 000 square feet 3 000 m2 6 8 39 The tenth floor contained the officers quarters 33 Recreational facilities for employees were placed on the top floors The thirteenth and fourteenth floors contained cafeterias which were originally separate facilities for women men and bank officers There was also an employee s hospital and a gymnasium 6 7 8 In the basement are six vaults that store money and securities The gold vault and two other vaults are guarded by 230 short ton 210 long ton 210 t doors and frames while the remaining vaults are guarded by smaller 185 short ton 165 long ton 168 t doors and frames 33 44 45 Also in the basement were the building s mechanical equipment which included electric generators and ventilation systems 33 The vaults are also protected by armed security forces who have their own firing range in the building 41 Gold vault edit nbsp A gold compartment at the Federal Reserve Bank of New York The Federal Reserve Building s three story gold vault is toward the western end of the site adjoining Nassau Street 33 The vault rests on Manhattan s bedrock 80 feet 24 m below street level and 50 feet 15 m below sea level and contains the largest known monetary gold storage reserve in the world 46 As of 2019 update the vault housed approximately 497 000 bars of gold weighing about 6 190 short tons 5 620 metric tons 46 The Fed serves as a guardian for the gold and does not own it outright Nearly 98 percent of the building s gold is owned by the central banks of 36 foreign nations 47 48 The remaining two percent is owned by the United States and international organizations such as the IMF As of August 2016 update the building s vault holds 13 4 million troy ounces 460 short tons of gold bullion and 3 million book value in gold coins for the United States just over 5 percent of the United States total gold reserve 49 50 The vault is 30 feet 9 1 m below and 100 feet 30 m away from the nearest New York City Subway tunnels 29 The foundations of the Federal Reserve Building were constructed to withstand the weight of the gold vault and its contents which would have exceeded the weight limits of almost any other foundation 29 46 Ninety nine concrete piers extending to the underlying bedrock were poured to support the weight of the building 33 44 The vault walls consist of steel layers reinforced with concrete 29 46 The eastern wall of the vault is about 10 feet 3 0 m thick while the other three walls are about 8 feet 2 4 m thick 33 The only entrance is 90 short ton 80 long ton 82 t circular door inside a 140 short ton 120 long ton 130 t frame when closed the vault door forms a complete hermetic seal 29 46 The vault is additionally secured by listening devices motion sensors and cameras 46 51 As of 2018 update there has never been a successful break in attempt 29 though a fictional robbery of the vault was depicted in the 1995 film Die Hard with a Vengeance 41 52 Inside the vault are 122 gold compartments each containing the deposits of one account holder as well as various shelves for smaller account holders The account holders are identified by numbers for anonymity 29 41 46 Gold bars are weighed and tested for purity whenever they are deposited 46 The Fed charges 1 75 to move each bar of gold 41 50 Gold bars are moved between the compartments whenever one account holder pays another Staff wear steel toe footwear to protect their feet in case they drop one of the gold bars weighing 28 pounds 13 kg 41 50 Every time the compartments are opened or gold is moved three Fed staff members are required to oversee the transaction Each compartment is further locked behind a padlock two combination locks and the seal of the Fed s auditor 29 50 The Fed does not publicly record whenever gold bars are moved in and out of the vault and no one except account holders or auditors is allowed to look at the bars While the Fed does conduct public tours of the vault visitors are only allowed to see a display sample of gold 35 50 History edit nbsp The top of the building seen from Maiden Lane with 28 Liberty Street in the background In 1913 the United States Congress passed the Federal Reserve Act thereby creating the Federal Reserve System 53 The act established twelve regional Federal Reserve Banks including the Federal Reserve Bank of New York which was originally led by Benjamin Strong Jr 54 55 Originally the Federal Reserve Bank of New York was housed at a small office on 62 Cedar Street 56 By the late 1910s the Fed s employees were working in several locations including 50 Wall Street and part of the Equitable Building 56 57 Much of the space leased by the Fed was poorly lit or ventilated and did not include enough space for employees 56 Furthermore the Federal Reserve Board was constructing buildings for the other Federal Reserve banks and branches at the time and the Fed wanted each bank s design to be architecturally appropriate to each branch s needs 45 58 Planning edit The New York Fed s directors passed a resolution on October 24 1917 providing for the construction of a new headquarters building 33 56 The Fed decided to buy the entire city block bounded by Nassau Liberty and William Streets and Maiden Lane 6 In May 1918 the Fed bought about 33 000 square feet 3 100 m2 on the block The New York Fed s staff had grown from 175 to 1 200 in the past year but the bank wished to wait until the end of World War I to build its headquarters 57 59 By early 1919 the Fed had bought more land on Liberty Street and Maiden Lane increasing its land holdings to 43 500 square feet 4 040 m2 60 61 The only structure on the block that the Fed did not acquire was the Montauk Building on William Street as the Fed and the Montauk Building s owners could not agree on a sale price 62 63 c The site had been fully acquired by June 1919 64 at a total cost of close to 5 million 33 56 65 d Several lots were also acquired on nearby Gold Street for a storage facility 66 Six architectural firms were invited to take part in an architectural design competition in August 1919 67 68 Alexander Trowbridge the Federal Reserve Board s consulting architect was the adviser for the design competition 7 56 York and Sawyer submitted the winning design which was approved by the Fed s directors in November 1919 6 The plans for a 14 story structure ran contrary to the expectations of observers who thought the site would be developed with a low rise building 69 Marc Eidlitz amp Son was hired as the building s general contractor 70 while Samuel Yellin successfully submitted a bid to install ornamental ironwork 56 Former Currency controller John Skelton Williams objected to the building s projected 25 million cost including land expenses and claimed the architects and engineers fees alone were to cost 1 1 million 71 In response Federal Reserve chairman William P G Harding said that the original estimated cost was only about 18 million and that the new building s cost was justified by the size of the New York Fed s staff 72 73 The Fed was able to reduce the construction cost by 5 million by early 1924 This was largely because of reduced construction costs after adjusting for inflation 74 Ultimately the building cost 13 865 million excluding land acquisition or 18 715 million in total 40 Construction and early years edit nbsp Cornerstone The structures on the building site were torn down starting in May 1921 and the site was cleared by that September 56 The architects filed construction plans with the Manhattan Bureau of Buildings in July 1921 75 The foundation was dug to the underlying layer of bedrock up to 117 feet 36 m deep Afterward the vault s door and frame were lowered into the foundation 56 According to the Wall Street Journal it was the largest ever foundation to be built in New York City at the time About 121 000 cubic yards 93 000 m3 of material was removed 33 This process was made more difficult due to the presence of numerous buildings nearby which had to be shored up during the excavation 33 56 The cornerstone was laid with a brief ceremony on May 31 1922 after the foundations had been completed 65 76 Marc Eidlitz amp Son started constructing the Federal Reserve Building s structural system after the excavations had finished The steel framework was in place by the end of 1922 followed by the facade in mid 1923 Some of the 2 600 employees of the New York Fed started occupying their new offices in June 1924 56 That September three billion dollars in cash and securities were moved to the vault The relocation requiring one hundred round trips represented the largest ever such movement of money at any one time 77 Employees had moved into the new structure by the next month The new building s vault replaced what was formerly eleven separate vaults in five buildings throughout the Financial District 33 By 1927 ten percent of the official gold reserves worldwide were stored in the vault 78 29 By January 1934 the Fed purchased the Montauk Building for less than 400 000 9 10 thereby acquiring a land lot of 2 900 square feet 270 m2 79 This had been the only structure on the city block that the Fed had been unable to acquire when it started assembling land for the Federal Reserve Building fifteen years prior 9 10 York and Sawyer was hired to design the addition while Marc Eidlitz amp Son was hired as the main construction contractor The Montauk Building s last tenants vacated the building in June 1934 and demolition of the Montauk Building started 23 80 By the next month plans for the annex were filed with the Manhattan Department of Buildings 81 The executive offices of the annex were formally opened in December 1935 but some of the lower floors were occupied several weeks before that 79 Mid and late 20th century edit nbsp The eastern section of the building completed in 1935The building came to be known as the Old Lady of Liberty Street 82 It initially did not contain a name identification sign above its main entrance because the Fed had thought the building to be distinctive enough A name sign was installed in 1944 after numerous war bondholders complained that they had gotten lost for several hours in the Financial District while looking for the building 82 By that decade the New York Fed had outgrown its headquarters and had leased additional space at 51 Pine Street 70 Pine Street and 95 Maiden Lane 83 The New York Fed also acquired some land in 1964 on Maiden Lane between Nassau and John Streets intending to construct an office tower just north of 33 Liberty Street The tower was intended to house 1 500 of the New York Fed s 4 500 employees which worked at four separate structures near the Federal Reserve Building However the project was canceled in 1976 due to rising costs 84 Much of the building s gold arrived during and after World War II as countries sought to store their gold in a safe location By the end of World War II the reserves of gold inside the vault were valued at 4 billion equivalent to 54 billion in 2023 35 At its peak in 1973 the vault contained over 12 000 short tons 11 000 metric tons of gold 46 The reserves declined in subsequent years because in 1971 the direct international convertibility of the United States dollar to gold had been canceled in what was called the Nixon shock 35 Between December 1973 and May 1974 a replica of the Diana statue by Augustus Saint Gaudens was exhibited in the building s lobby 85 Meanwhile the exterior of the Federal Reserve Building deteriorated over the years Because the sandstone was more porous compared to the limestone dirt particles accumulated in the sandstone blocks giving the facade a checkerboard appearance 51 The facade was cleaned between 1999 and 2000 under the supervision of Beyer Blinder Belle and Turner Construction the first major cleaning in the building s history 86 In addition by the 1990s the Federal Reserve Building had outdated mechanical facilities and security infrastructure 56 The New York Fed signed a lease for the adjoining building at 33 Maiden Lane in 1997 87 and became that building s primary occupant in 1998 88 The New York Fed also leased space at 3 World Financial Center but the original 33 Liberty Street structure remained its primary building 56 21st century edit Following the September 11 attacks in 2001 which resulted in the collapse of the World Trade Center nearby the New York Fed continued to operate The building was temporarily evacuated after the attacks because of fears the nearby One Liberty Plaza would collapse For several weeks after the attacks the Federal Reserve used its building to provide assistance to first responders working at the World Trade Center site 56 The building was not damaged during the attacks though dust from the collapse of the World Trade Center settled onto the facade 56 The Federal Reserve Building was renovated between 2007 and 2008 and the Federal Reserve Bank of New York Buffalo Branch was closed 56 The New York Fed purchased the neighboring 33 Maiden Lane in 2012 11 12 An audit of the New York Fed s gold was conducted in 2012 after politicians and investors expressed concern that the New York Fed was not accurately stating how much gold was in the vault 35 The vast majority of the bars audited were found to be of sufficient purity 50 Also in 2012 a 21 year old man was arrested while attempting to detonate a bomb outside the Federal Reserve Building The device was actually a decoy given by undercover law enforcement and he was sentenced to 30 years in federal prison 89 Impact editCritical reception edit The Federal Reserve Building was largely praised upon its completion especially for its large scale Margaret Law writing for Architecture magazine in 1927 stated that the building carried a quality which for lack of a better word I can best describe as epic 51 The New York City Landmarks Preservation Commission LPC stated that the visual impact of the structure derives from its vast size fortress like appearance fine proportions and in the superb quality of construction 1 The 1939 WPA Guide to New York City characterized the building s Florentine design and iron grilles as completing the picture of a building ready for a siege 25 The Federal Reserve Building was larger than even the buildings in Italy from which its design was inspired John Brooks wrote of the Federal Reserve Building in The New Yorker In fact it is a bigger Florentine palace than has ever stood in Florence 90 while the Architectural Record wrote There is no building in Italy which remotely resembles this design 7 At the time of the Federal Reserve Building s construction many bank buildings in the United States had been built in the neoclassical style 39 91 The Architectural Record praised the Federal Reserve Building s design as being distinctive without resorting to the usual orders of architecture namely neoclassical designs 91 The design of the Federal Reserve Building inspired that of other subsequent bank buildings 4 1 39 Architectural writer Robert A M Stern stated that the building s innovative Florentine design had inspired other banks to be built in a similar style Stern wrote that the structure demonstrate d how a bank could achieve strong visual identity even if located within an office building 39 Landmark designations edit The building was designated a landmark by the LPC on December 21 1965 It was one of the first landmarks to be designated by the LPC in Manhattan 1 92 93 The city landmark designation was opposed by the building s owner the Fed which wrote that federal property could not be regulated by local governments 1 The Federal Reserve Building was added to the National Register of Historic Places NRHP on May 6 1980 2 It is also a contributing property to the Wall Street Historic District 94 an NRHP district created in 2007 95 See also edit nbsp Architecture portal nbsp National Register of Historic Places portal nbsp New York City portal List of New York City Designated Landmarks in Manhattan below 14th Street National Register of Historic Places listings in Manhattan below 14th StreetReferences editNotes edit The contractors included 22 Emil Angelon painter and decorator Atlantic Elevator Company elevators William Bradley amp Son stone R Guastavino Company tile arches Indiana Flooring Co Ten Eyck amp Dahlander Flooring Co and Cement Finish Co floors Post and McCord structural steel Thomas W Williams Inc other ironwork York Safe amp Lock Co vault The engineers included 22 Abell Smalley amp Meyers equipment engineer Frederick S Holmes vault engineer Moran Maurice amp Proctor foundation engineer Meyer Strong amp Jones Inc mechanical and electric equipment 28 Liberty Street completed in 1961 was originally known as One Chase Manhattan Plaza 31 According to The New York Times the Fed initially offered 400 000 for the Montauk Building but the owners refused to sell 62 The Fed s official website states that a real estate speculator later bought the structure for 425 000 and offered it for 1 25 million 56 A New York Herald Tribune article from 1934 stated that the dispute was over a smaller amount the Fed wanted to pay 800 000 but the owners had wanted more than 1 million 10 According to a New York Tribune article in 1920 the site cost 4 74 million 26 According to The Wall Street Journal in 1924 the site was about 4 798 million 33 Citations edit a b c d e f g Federal Reserve Bank of New York PDF New York City Landmarks Preservation Commission December 21 1965 Archived PDF from the original on September 21 2020 Retrieved February 18 2021 a b Federal Register 46 Fed Reg 10451 Feb 3 1981 PDF Library of Congress February 3 1981 p 10649 PDF p 179 Archived PDF from the original on February 1 2021 Retrieved March 8 2020 a b NYCityMap NYC gov New York City Department of Information Technology and Telecommunications Archived from the original on May 24 2015 Retrieved March 20 2020 a b c d e f g h Diamonstein Spielvogel Barbaralee 2011 The Landmarks of New York 5th ed Albany New York State University of New York Press p 548 ISBN 978 1 4384 3769 9 a b 19 Liberty Street 10045 New York City Department of City Planning Archived from the original on May 1 2022 Retrieved September 8 2020 a b c d e f g h i j k l m Greatest Banking House in the World Planned for New York Federal Reserve Bank to Occupy Nearly Whole Block in Financial District New York Tribune November 16 1919 p A12 Archived from the original on May 1 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1924 p 6 ISSN 0099 9660 ProQuest 130129260 Archived from the original on May 1 2022 Retrieved February 18 2021 via ProQuest National Park Service 1980 pp 2 3 a b c d e Tangel Andrew August 2 2012 What s in your vault Uncle Sam audits its stash of gold at the New York Fed Los Angeles Times Archived from the original on March 22 2021 Retrieved February 18 2021 a b National Park Service 1980 p 2 Stern Gilmartin amp Mellins 1987 p 174 a b c d e Architectural Forum 1919 plate 95 PDF p 400 a b c Architectural Forum 1919 plate 96 PDF p 402 a b c d e Stern Robert A M Gilmartin Patrick Mellins Thomas 1987 New York 1930 Architecture and Urbanism Between the Two World Wars New York Rizzoli p 174 ISBN 978 0 8478 3096 1 OCLC 13860977 a b Architecture and Building 1925 p 58 a b c d e f Mayerowitz Scott September 18 2008 Welcome to the World s Largest Gold Vault ABC News Archived from the original on March 9 2021 Retrieved February 16 2021 Collins Glenn January 10 2005 On View for Public Coveting The 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1992 The Presidency of Woodrow Wilson University Press of Kansas pp 40 42 ISBN 978 0 7006 0523 1 The Founding of the Fed Federal Reserve Bank of New York December 26 1912 Archived from the original on November 18 2015 Retrieved February 15 2021 Patman Wright 1976 The Federal Reserve System A Study Prepared for the Use of the Joint Economic Committee Congress of the United States U S Government Printing Office p 32 Archived from the original on May 1 2022 Retrieved March 20 2021 a b c d e f g h i j k l m n o p q About the Building Federal Reserve Bank of New York November 16 1914 Archived from the original on February 25 2021 Retrieved February 15 2021 a b Federal Bank Buys Nassau St Block New York Herald May 30 1918 p 9 Archived from the original on May 1 2022 Retrieved February 15 2021 via newspapers com nbsp Architectural Forum 1919 p 201 PDF p 404 Reserve Bank Buys Site for a Home New York Institution Purchases a Nassau St Block Front for Its Permanent Headquarters PDF The New York 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Herald New York Tribune September 22 1924 p 1 ProQuest 1113211475 Archived from the original on February 26 2024 Retrieved February 18 2021 via ProQuest The Founding of the Fed Federal Reserve Bank of New York December 26 1912 Archived from the original on February 12 2021 Retrieved February 15 2021 a b Executives in New Wing In Federal Reserve Bank PDF The New York Times December 3 1935 p 37 ISSN 0362 4331 Retrieved February 17 2021 Razing Obstruction to Reserve Bank William St Building That Shuts Off Reserve Centre Being Demolished PDF The New York Times June 19 1934 p 21 ISSN 0362 4331 Retrieved February 18 2021 Federal Reserve Addition Cost Placed at 800 000 Thirteen Story Structure Will Replace Montauk Building New York Herald Tribune July 17 1934 p 30 ProQuest 1242850792 Archived from the original on February 26 2024 Retrieved February 18 2021 via ProQuest a b Bank Breaks Tradition By Hanging Up Name PDF The New York Times April 7 1944 p 11 ISSN 0362 4331 Retrieved February 18 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Archived from the original on February 12 2021 Retrieved March 23 2024 Secret Mosi August 9 2013 30 Year Prison Sentence in Plot to Bomb U S Bank The New York Times ISSN 0362 4331 Archived from the original on November 13 2020 Retrieved February 17 2021 Brooks John 1969 Business Adventures Twelve Classic Tales from the World of Wall Street 2014 ed New York Open Road Integrated Media p 358 ISBN 9781497644892 Archived from the original on February 21 2024 Retrieved February 13 2021 a b Architectural Forum 1919 pp 201 202 PDF pp 404 405 Seven More Landmarks Chosen in Manhattan PDF The New York Times January 29 1966 p 29 ISSN 0362 4331 Retrieved February 9 2021 Pick 7 More Landmarks New York Daily News December 28 1965 p 299 Archived from the original on February 13 2021 Retrieved February 6 2021 via newspapers com nbsp Wall Street Historic District PDF National Register of Historic Places National Park Service February 20 2007 pp 4 5 Archived PDF from the original on February 19 2021 Retrieved February 9 2021 National Register of Historic Places 2007 Weekly Lists PDF National Park Service 2007 p 65 Archived PDF from the original on December 28 2019 Retrieved July 20 2020 Sources edit The Federal Reserve Bank of New York PDF Architectural Forum Vol 31 no 6 December 1919 pp 199 202 nbsp This article incorporates text from this source which is in the public domain a href Template Cite magazine html title Template Cite magazine cite magazine a CS1 maint postscript link Federal Reserve Bank of New York PDF National Register of Historic Places National Park Service May 6 1980 Federal Reserve Bank New York City Architecture Vol 55 May 1927 pp 41 50 Federal Reserve Banks Architecture and Building Vol 57 June 1925 pp 57 63 Stern Robert A M Fishman David Tilove Jacob 2006 New York 2000 Architecture and Urbanism Between the Bicentennial and the Millennium New York Monacelli Press ISBN 978 1 58093 177 9 OCLC 70267065 OL 22741487M External links edit nbsp Wikimedia Commons has 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