Heather Trazino, Paul Menestrier, David Mashkevich
IDC1001H – Arts in New York City – Professor David Hoffman
An Historic Overview
Even at first glance, it is clear that the Financial District of New York City carries along with it a rich history, in addition to an enduring and prominent role in today’s society. The prime location of New York City’s Financial District has set the stage for its extraordinary history, as it is the oldest part of the city. Prior to the dawn of European exploration in the “New World,” Native Americans were the sole inhabitants of what is now considered NYC’s Financial District. The voyages to the New World by European explorers such as those of Giovanni da Verrazano in 1524 and Henry Hudson in 1609, disrupted the peaceful settlements of Native Americans already present. Backed by the sponsorship of the Dutch East India Company, Henry Hudson’s voyage ultimately led to the creation of a Dutch fur trading post and settlement at the southern tip of Manhattan by 1624. Just a couple years later, the settlement built Fort Amsterdam to protect Dutch interests nearby their new trading post establishment. In 1647, Peter Stuyvesant was sent by the Dutch to New Amsterdam and was appointed Director-General of the colony New Netherland. With his appointment, the southern tip of Manhattan was truly remodeled by Stuyvesant’s vast expansions of the current colony as well as by his infrastructural transformations that he accomplished in his time. He went above and beyond in his job to restructure the whole colony so that it may stand on its own two feet again after some hard years prior. In addition to other contributions, Stuyvesant was responsible for the construction of a famously large protective wall, intended to protect the Dutch citizens from the attacks of the English and the Native Americans. It is this wall that gives its name to the famed financial street of New York City: Wall Street.
Peter Stuyvesant would be the final Dutch Director-General of the colony of New Netherland. In 1664, the British throne sent four large war ships to the Dutch colony to seize the it for the empire. Though Stuyvesant was ready to fight back forcefully, popular opinion among civilians persuaded him to peacefully surrender the colony to the British. Ultimately, New York would become a major point of interest during the American Revolution after the British assumed control of it in 1664, as several battles between General Washington and the British Army occurred within close distance to the island of Manhattan. In 1783, the American colonists asserted final control of Manhattan when they defeated the British in the American Revolution and liberated the island. Following the difficulties of the Revolutionary War, Americans realized the need for updated forts to sustain any later war efforts, which sparked the construction of Castle Clinton beginning in 1808, to protect American exports from foreign threats. For many years to come, New York would continue to serve as a major trading center that would make it enormously famous for its economic success and wealth.
Switching gears to the political arena, New York later became more than just an asset in the economic, trading, or military sectors. For a little over a year, from 1789 to 1790, the capitol of the United States was New York City. More specifically, the capital building was named Federal Hall, situated on Wall street right in the heart of the financial district. This first location for the nation’s capital made perfect sense, considering the major role New York played in the importing and exporting of commodities, especially in its early years. However, later disputes between politicians Alexander Hamilton and Thomas Jefferson about New York City becoming too powerful of a city ultimately moved the capital of the United States to the South.
In 1792, The New York Stock Exchange was founded and began its legacy as New York City’s greatest symbol of wealth and finance. Shifting only a few blocks from its original location, The New York Stock Exchange was completely rebuilt in 1903 and has since been modified and updated in accordance with the current finance and trading practices.
In May 1914, New York City exemplified its economic influence in America once more when the Federal Reserve Bank of New York was incorporated. Though created as only one of twelve Federal Reserve banks throughout the country, the New York Fed quickly asserted itself as the largest and most powerful district banks in the country. Although monetary policy is decided in Washington, the New York Fed is where the implementation of these policies occur. Though the New York Fed has been subject to accusations and criticisms concerning political corruption in the more recent years, it maintains its role as the most influential federal bank in the country.
A history of the Financial District would be incomplete without mention of the infamous Wall Street Bombing on September 16, 1920. At approximately noon on this day, a horse-drawn carriage exploded on Wall Street just a few feet away from the JP Morgan building, leading to the death of almost 40 people. While the United States would go on to experience far worst bombings with much higher death totals, this bombing in not without significance, as the mere fact that New York was a target for terrorism indicates its importance at the time.
After the great economic prosperity of the 1920s, The Financial District experienced an unusual period of unrest and anxiety after the crash of 1929. The Great Depression gave the district and the people who worked at the heart of it a very poor reputation, as many were furious with the corruption, over speculation, and questionable business practices encouraged by members of the Wall Street community- all of which heavily influenced the emergence of Great Depression. Following the years of the Great Depression, it took the help of New Deal programs and the economic boom accompanied by World War II in order for the American public to fully restore their trust in the market and Wall Street Bankers.
In 1973, the World Trade Center was built in the financial district. The most notable feature of the WTC was the Twin Towers, the tallest buildings in New York City at the time, and in the world at the time of their construction. On September 11th, 2001, two hijacked planes flew into the Twin Towers in an act of terrorism, bringing them crumbling to the ground. After eight months of cleaning up the debris, plans for the new World Trade Center complex began. Still currently under construction, the complex’s most notable features are the 9/11 memorial and the One World Trade Center, formerly known as the Freedom Tower, which is currently the tallest building in the United States.
The importance of the Financial District at the southern tip of Manhattan cannot be understated given its incredible influence on New York City and America in both historical and current contexts. It has, at one point or another, played a crucial role in the development in the political, social, and economic arenas of the entirety of the United States.
Cultural Overview
Due to its rich history, the Financial District is full of significant institutions and unique cultural markers. The Financial District is home to some of the most important financial institutions in the country including the Federal Reserve Bank of New York and the New York Stock Exchange. Unlike the some buildings near them–Federal Hall, the Chamber of Commerce–they are still functioning and playing a role in our economy. The Federal Reserve works to maintain balance within the U.S. economy, supervising financial institutions. Each day, traders buy and sell stocks on the floor of the New York Stock Exchange; they can win it big or lose everything. From 9:30 AM to 4:00 PM, skill, predictions, and anxiety dictate the flow of money through the Stock Exchange.
Looking beyond the district’s financial institutions, you will find the National Museum of the American Indian, the Fraunces Tavern Museum, the Museum of Jewish Heritage, and the Museum of American Finance. These four museums have extensive collections and and enthusiastic employees. If one is passionate about their heritage, American History, their religion, or the economy, he or she should definitely take a look at one–or even all–of these enlightening institutions. Recently opened, the 9/11 Museum also resides in the Financial District. However, at the moment, it is still quite difficult to secure ticket, although those deeply affected by the tragedy may not wish to relive it through their collection.
In order to fully experience the Financial District, one should consider attending some of its well-known cultural events. Firstly, there is the Tunnel to Towers 5K Run. This athletic event commemorates the brave firefighters that ran through the Brooklyn Battery Tunnel to aid victims of the terrorist attacks. If you are not an athlete or if this story hits too close to home, consider attending Fleet Week. Each summer, in an event that honors the area’s maritime past, Navy, Marine, and Coast Guard ships dock in New York City, opening their gangways to visitors. Here, you can learn about how the ships operate and how the crew lives. Having run for 28 years, this event is loved by those living in and around the Financial District.
Zuccoti Park
A photograph of Zuccotti Park prominently featuring the sculpture “Joie de Vivre.”
Photo Source: https://en.wikipedia.org/wiki/Joie_de_Vivre
Between Broadway, Liberty Street, Trinity Place, and Cedar Street, you will find Zuccotti park. This small park is popular with New Yorkers, who often eat lunch or relax here, and with tourists, as it is close to One World Trade. Before 2001, it had been known as Liberty Park. Due to its location, it was severely damaged in the September 11th terrorist attacks. Brookfield Properties, the corporation that owns the park, reopened it in 2006 after spending roughly eight-million dollars for repairs and renovations (Coley). The park was renamed Zuccotti Park in honor of John E. Zuccotti, the U.S. chairman of the corporation (Coley).
“Double Check,” the bronze businessman, is a staple of Zuccotti Park and a symbol of strength.
Two iconic sculptures reside within Zuccotti Park. J. Seward Johnson’s “Double Check” depicts a seated bronze businessman looking inside of a briefcase (Dunlap). This figure has become a symbol of resilience after surviving the September 11th attacks (Dunlap). Although he took a vacation during the park’s reconstruction, he returned home in 2006, shortly after the park reopened. The statue is popular with New Yorkers and tourists alike. For many New Yorkers, he is quite relatable. For many tourists, he is fun to take photos with and decorate in souvenirs. The other sculpture in the park is “Joie de Vivre” (Joy of Life) by Mark de Suvero (Genocchio). This sculpture is 70-feet tall and constructed from red I-beams (Genocchio). “Joie de Vivre” arrived in 2006, having resided by the Holland Tunnel and in the Storm King Art Center in the past (Genocchio).
Zuccotti Park fell into national attention in September 2011, when protesters from a group known as Occupy Wall Street settled in the park. The group wanted to make a statement against social injustices and economic inequality. Occupying this park was easy, as it is not fenced in like city-owned parks, so a curfew could not be enforced. Brookfield Properties, the private owners of the park, were able to oust protesters in November 2011 by establishing rules against camping and sleeping in the park (Fodarero).
World Trade Center (September 11th Memorial / Freedom Tower / The Oculus)
The September 11th Memorial is located where the World Trade Towers once stood.
Source:http://911memorialmuseum.tumblr.com/post/129307259129/then-and-now-aerial-shots-of-the-911-memorial
One World Trade stands tall in Manhattan’s skyline.
Source:http://www.archdaily.com/563663/som-s-one-world-trade-center-opens-in-new-york/54594876e58ece479000003d-som-s-one-world-trade-center-opens-in-new-york-photo
The Oculus, with its skeletal appearance and bright white coloration, truly stands out.
Source:http://rew-online.com/2016/03/16/banks-oculus-vital-link-for-growing-nyc-workforce/
Fifteen years after the tragic terror attacks of September 11th, 2001, the World Trade Center complex is bustling once more. The September 11th Memorial consists of two reflecting pools constructed where the Twin Towers once stood. The names of the 2,606 victims of the attack are engraved around the pools. While many tourists visit the pools, many New Yorkers, sometimes family and friends of those lost, visit the pools to reflect back on that fateful day. It is not uncommon to see a rose placed beside a name. Several yards away stands The Oculus, a white, skeletal structure that serves as both a shopping center and a transportation hub. Completed in 2016, it was designed by renowned architect Santiago Calatrava. Last but not least, there is the One World Trade Tower, which was completed in 2013. This building is often referred to as the “Freedom Tower,” as it was originally set to be named that by Governor George Pataki two years after the attacks. At this time, the wounds from the attack were still fresh; this name was meant to be a reflection of New York’s resilience (Rose). In 2009, however, the Port Authority changed the name of the building to One World Trade (Rose). They felt that the name was too politically charged and bring back too many negative memories, harming the building commercially (Rose). They did not want prospective tenants to fear the security of this building (Rose). Yet, the name “Freedom Tower” has stuck. Some suggest that this is because the tower continues to be viewed as a symbol of pride, strength, and American values. Others suggest that many simply failed to notice the change, continuing to refer to the tower by the name they had always known it by. At 104 stories tall, One World Trade is the tallest structure in New York City. Due to its unique, flat sides, the tower reflects sunlight vividly, making it an excellent subject for photographs. While most of the tower is offices, there is an observation deck that is open to the public. At the price of $45 a ticket, tourists can get an amazing view of the city and the experience of a lifetime.
Bowling Green
A photograph of Bowling Green today.
Source:https://commons.wikimedia.org/wiki/File:USA-NYC-Bowling_Green.jpg
Bowling Green may be 283 years old, but it remains one of the most iconic and picturesque parks in New York City. The park was first created in 1686, when the British declared it public property (Sewell). In 1733, at the price of one peppercorn per year, the area was leased to Peter Bayard, John Chambers, and Peter Jay, who improved the park with trees, flowers, and a wooden fence (Sewell). In 1770, the infamous gilded statue of King George III was added to the park. The iron fence surrounding the park today was erected in 1771 (Sewell). On July 9, 1776, after the first reading of The Declaration of Independence, enraged New Yorkers pulled down the statue of King George III and melted it into ammunition. Atop the tall spikes of the fence sat crowns, which were sawed off during this riot. Today, if you touch the tops of the spikes, they still feel rough, as they were never sanded down. In 1819, the park was only open to the families of those who tended to it (Sewell). But, by the years 1850, all were allowed access to the park (Sewell). Due to subway construction and financial difficulties, the park was neglected for much of the 20th century (Sewell). Luckily, in 1977, the park was restored and a central fountain, donated by George T. Delacorte, was installed (Sewell). Today, many New Yorker’s in the Financial District use Bowling Green as a retreat. It’s a nice, quiet place, whether you are eating lunch, reading, or just relaxing. Tourists, unless interested in New York City History, tend to overlook Bowling Green. However, it still appears in many tourist photos as a backdrop for another popular attraction: the charging bull statue.
A photograph of Bowling Green from 1898.
Source:https://commons.wikimedia.org/wiki/File:Bowling_Green_New_York_1898.jpg
St. Paul’s Chapel
St. Paul’s Chapel, once attended by George Washington, remains open to the public for religious services and social programs.
Source:https://www.trinitywallstreet.org
In the shadow of One World Trade, on Broadway between Fulton and Vesey street, sits St. Paul’s Chapel, an Episcopal church. Originally built in 1766 for convenience, St. Paul’s Chapel has become a symbol of strength in New York. When the Great Fire of 1776 destroyed Trinity Church, St. Paul’s Chapel survived, sustaining only minor damage (“St. Paul’s Chapel”). As Trinity Church was being rebuilt, many prominent historical figures, including George Washington, attended services here (“St. Paul’s Chapel”). Even after becoming president, Washington still attended many services at this chapel. On September 11th, 2001, St. Paul’s Chapel proved its power again. The chapel was not damaged during the attacks and became site of relief for recovery workers for the next nine months. St. Paul’s Chapel received a new, fitting nickname “the little chapel that stood.” The chapel remains important to the lives of many New Yorkers, offering religious services, historical programs, art classes, social clubs, and social justice outreach programs (“St. Paul’s Chapel”).
Fraunces Tavern
Fraunces Tavern continues to function as a restaurant, honoring its rich history with a museum as well.
Source:https://en.wikipedia.org/wiki/Fraunces_Tavern
Fraunces Tavern, located on Pearl Street, is a unique place because it is both a restaurant and a museum. In 1762, this tavern, known at the time as the Sign of Queen Charlotte or Queen’s Head Tavern, was opened by Samuel Fraunces (Fraunces Tavern Museum). The tavern served as a community center in which locals and travellers shared news, ideas, and opinions (Fraunces Tavern Museum). In 1768, the New York Chamber of Commerce was founded within the tavern (Fraunces Tavern Museum). During the American Revolution, service at the tavern was intermittent until 1783 (Fraunces Tavern Museum). When the British evacuated New York, both General George Washington and Governor George Clinton celebrated here (Fraunces Tavern Museum). Nine days later, George Washington invited the officers of the Continental Army to the tavern to bid farewell; they had won the war (Fraunces Tavern Museum). The tavern has witnessed many owners, countless renovations, three fires, and one murder, but it is still open to this day (Fraunces Tavern Museum). Anyone interested in New York’s history should consider touring the tavern’s museum, which contains both art and furniture from its fascinating past. Fraunces Tavern also offers an extensive menu of delicious food at a moderate price. It may not be the finest restaurant in the city, but not many people get a chance to say that they ate at the same tavern as George Washington.
National Museum of the American Indian (George Gustav Heye Center)
The George Gustav Heye Center is a branch of the National Museum of the American Indian in Manhattan, New York, and is part of the Smithsonian Institution. The Center includes both modern and historical exhibits and artifacts by and about the Native Americans. The center is named after George Gustav Heye, who collected Native American artifacts in 1903 and opened the Museum of the American Indian on Audubon Terrace, which closed in 1994. The Heye Center offers many exhibitions, film and video screenings, and programs and culture presentations throughout the year. The permanent collection of the Heye Center is called Infinity of Nations, which shows the broad range of the Smithsonian’s collection. The exhibit displays over 700 items from ethnology to art. Audio and video recordings are used for commentary by historians on the specific objects presented. The rotunda is mostly used as a performance space, featuring murals that reflect the history of the building. Other galleries of the George Gustav Heye Center include the Photography Gallery, Special Exhibit Galleries, Contemporary Galleries, the Haudenosaunee Discovery Room, the Resource Center Reference Library, a small theater, and the museum store.
Delmonico’s
Delmonico’s refers to the chain of New York City restaurants that was started by the Delmonico family. The most famous store was the one located at 2 South William Street in Lower Manhattan, which was open during the 19th and early 20th centuries. It eventually gained a reputation as one of America’s top fine dining establishments. The restaurant is known for being the first American restaurant to allow customers order from a menu and is also the first to include a separate wine list. The very first Delmonico’s was opened in 1827 in a rented pastry shop at 23 William Street, which was opened by John and Peter Delmonico from Ticino, Switzerland. Soon, they were joined by their nephew, Lorenzo, who was in charge of the restaurant’s wine list and menu. Eventually, the family opened more restaurants, ultimately ending with 10 in total in 1923. Then, in 1927, Oscar Tucci purchased the 70,000 square foot building at 56 Beaver Street, eventually opening a Oscar’s Delmonico’s. The restaurant invented the Delmonico Potatoes, although the most popular item on the menu is the Delmonico steak. Under Oscar Tucci’s ownership of Delmonico’s, he also created the Wedge Salad, for which he carefully selected ingredients. The salad was immediately a favorite and is regarded as one of the most famous salads of our time.
Federal Reserve
In the Financial District, at 33 Liberty Street, stands the Federal Reserve Bank of New York, one of the most important financial buildings. This is where national monetary policy is executed. The building contains a vault that holds the world’s largest depository of gold, stored for the many government institutions from all around the world. In 2015, total gold holdings was approximately 6,350 tons. The building was called a landmark in 1965, by the New York City Landmarks Preservation Commission, and was soon added to the National Register of Historic Places. The design of the building, the neo-Renaissance structure, actually set the precedent for many banks later on, with its monumental size and fortress-like appearance. It was built between 1919 and 1924, occupying an entire block and is fourteen stories tall and five floors underground. The stone exterior of the building is suggestive of a palace, to inspire trust and confidence in the institution.
Charging Bull
The Charging Bull, often called the Wall Street Bull or the Bowling Green Bull, is the bronze sculpture that stands in the Financial District in Manhattan, New York City. It was originally a guerilla art by Arturo Di Modica, but because of its popularity, it remained a permanent feature. The 3,200 kilogram or 7,100 pound sculpture stands at 11 feet tall and is 16 feet long, and depicts a bull, which is a symbol of aggressive financial optimism and prosperity. The structure is a very popular tourist destination, drawing thousands of people a day, and is one of the most iconic images of New York. Di Modica spent about $360,000 to create this sculpture to symbolize the strength and power of the American people even after the 1987 stock market crash. The sculpture became an instant hit when it was installed, and is one of the city’s most photographed artworks and is perhaps the most loved and recognized statue of New York City.
Trinity Church
The Financial District is also home to the first Anglican Church built in Manhattan. Located near the intersection of Wall Street and Broadway, Trinity Church has been part of New York’s history for over 300 years. In 1697, Royal Governor Benjamin Fletcher granted a charter to a small group of Anglican immigrants to legalize its construction (Trinity Church). However, repairs eventually became necessary to keep the structure standing. The church was one of the 493 structures destroyed in the New York City Fire of 1776 (New York City Fire), and had to be rebuilt between 1788 and 1790. In 1838, support beams of the Second Trinity Church buckled causing structural damage to the church. Richard Upjohn was the architect hired to repair the building; he designed a new building that resembled a 14th century English parish church (Trinity Church). This new building was the tallest in New York City until 1890. Throughout its 300-year history, Trinity Parish has had a total of eleven different chapels. In addition, there is a cemetery located right next to the church, Trinity Church Cemetery. It has served as the final resting place for many historical figures in the city, dating back to the Revolutionary War.
Map (important location overview)
loading map - please wait... Zuccotti Park, known as Liberty Park before the September 11th terrorists attacks, is a staple of the Financial District. A popular spot for officer workers to relax at, it is known for its two unique sculptures, "Double Check" and "Joie de Vivre." In 2011, this park gained attention when it became home to the controversial Occupy Wall Street movement. While the World Trade Towers may be gone, the World Trade Center is coming to life once more. Two reflecting pools sit where the towers once stood, honoring all victims of the September 11th attacks. A new tower name One World Trade--often erroneously referred to as the Freedom Tower--has been constructed on the site. In addition, a unique, skeletal transportation hub and shopping center know as the Oculus was built on the site, reaching completion in the spring of 2016. At the age of 283 years, Bowling Green is one of the oldest and iconic parks in New York City. This park once housed a statue of King George III, which was famously torn down and melted into bullets after the first reading of the Declaration of Independence in 1776. Today, it serves as a rest stop for New Yorkers, often ignored by tourists in favor of other attractions in the Financial District. St. Paul's Chapel was built in 1766 as a convenient annex to Trinity Church. This chapel was a place of worship for many important historical figures such as George Washington. Having survived the Great Fire of 1776 and the September 11th attacks, St. Paul's Chapel has become a symbol of strength within the Financial District. St. Paul's Chapel remains open to this day for both religious and social events. In 1762, this tavern was first opened by Samuel Fraunces. In 1768, the New York Chamber of Commerce was founded in this tavern. At the end of the American Revolution, Washington bid farewell to his troops in this tavern. With its historically rich past, Fraunces Tavern is open as both a museum and a restaurant. How many people can say they got to eat in the same restaurant as George Washington? Located at 1 Bowling Green, the George Gustav Heye Center contains modern and historical exhibits and artifacts related to Native American culture. It is a part of the Smithsonian Institution, and is named after George Gustav Heye, who was a collector of Native American artifacts in the early 20th century. The museum features an impressive rotunda, which is contains murals reflecting the history of the building. One of New York's most famous steakhouses, Delmonico's, is located in the Financial District. It made its name as being the first American restaurant to allow customers to order from a menu. Delmonico's remains a popular destination for food enthusiasts around the city. The Federal Reserve Bank of New York, one of the country's most important financial buildings, can be found at 33 Liberty Street. The basement vault of this building contains over 6,000 tons of gold, which is valued at over $400 billion dollars (as of 2015). The New York City Landmarks Preservation Commission declared building to be a landmark in 1965. The Charging Bull, also known as the Wall Street Bull or the Bowling Green Bull, is a symbolic sculpture at the heart of the Financial District. It was originally created by Arturo Di Modica as a work of guerilla art, meant to restore confidence in the economy after the 1987 stock market crash. However, due to its immediate popularity, it became a permanent installation, and remains a very popular landmark for tourists to visit and photograph. The first Anglican Church built in Manhattan, Trinity Church, still stands at the intersection of Wall Street and Broadway. The building was originally built in the 19th century, but had to be rebuilt several times due to structural damage. Trinity Church cemetery is located right next to the chapel; Trinity Church is one of the oldest historical landmarks in the Financial District.
Bibliography
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Thanks for this longread!
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