The cornerstone was officially laid on April 30, 1914, at a ceremony attended by mayor John Purroy Mitchel. The Equitable Building was the primary personal construction project in New York City the place the mayor attended the cornerstone-laying ceremony. By August 16, the construction had topped out at 38 stories above the bottom level. After the fire, Thompson–Starrett was employed to clear the site, and the plot was chosen as the placement for Equitable’s new headquarters building. Coleman du Pont, who later recalled that du Pont was involved within the “idea of proudly owning a gigantic constructing in New York”.
The building has a frontage measuring approximately 167 ft on Broadway, 312 ft on Cedar Street, 152 ft on Nassau Street, and 304 toes and on Pine Street. The plot is shaped like a trapezoid, with the Nassau Street and Broadway frontages being almost parallel. The plot covers about forty eight,000–49,000 sq. ft (4,500–4,600 m2); in accordance with the New York City Department of City Planning, the constructing has so much space of forty nine,614 square feet (4,609.three m2). The constructing is assigned its personal ZIP Code, 10271; it was one of forty one buildings in Manhattan that had their own ZIP Codes as of 2019. Enjoy handy devoted bike storage on-site with locker rooms and showers and direct in-building entry to the two, three, four, 5, J, and Z subway lines. Spanning a complete city block, regarded as Downtown Manhattan’s first emblem of energy and stature, that includes 1.9 million SF of office space.
Weil has also served as the unique sales agent for forty Rector Street, totaling more than four hundred,000 square ft of sales thus far. forty Rector Street is taken into account one of the largest industrial condominium projects in Manhattan, and as its brokers, Weil and his group have sold more industrial condominium space than any other New York group inside the last 5 years. After the Equitable Building’s completion, quite a few nearby property homeowners filed for decreased property valuation assessments on the basis that significant rental income had been taken by the shadow that the building forged.
The effort to put restrictions on land use in New York City led to the Standard State Zoning Enabling Act, a nationwide zoning legislation. The subsequent 1961 Zoning Resolution allowed the development of bulky towers in the event tiptonville tn topics that they contained plazas. During the 19th century, life insurance firms have been a variety of the first corporations to build high-profile skyscrapers.
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By the Forties, the Equitable Office Building Corporation was in poor monetary form. Bankruptcy proceedings began in 1940, but had been delayed due to World War II; three potential traders submitted dueling proposals in 1946. The building was refinanced in 1947, receiving a first-mortgage mortgage of $14.5 million, among the many largest ever in New York City’s historical past. There are quite a few buildings and structures immediately adjacent to the Equitable Building. Zuccotti Park is located to the northwest, whereas one hundred forty Broadway is to the north and 28 Liberty Street is to the northeast.
Erik S. Harris is an Executive Managing Director at Newmark’s Manhattan headquarters. Since joining the agency in 1995, Harris has provided real estate services to building homeowners and tenants throughout Manhattan’s industrial districts. With soaring vaulted ceilings, gold leaf accents, marble floors, and hand-carved architectural element, a hundred and twenty Broadway has been an icon of classic style for over a century.
The 1942 incident made the Equitable Building the first in New York City to endure struggle damage during World War II, and it subsequently took out an insurance coverage policy. In February 1953, a broken water main flooded the basements with 2 million US gallons of water, briefly disabling the elevators. In 1954, Webb and Knapp purchased all of the Equitable Office Building Corporation’s common stock, and thereby acquired ownership of the constructing. Lawrence Wien bought the lease for the land in 1956, although Webb and Knapp retained possession of the constructing in addition to its working sublease.
The operations of the Equitable Building were described as being akin to a small metropolis. When the constructing opened, there was an influence station 50 toes under ground level. It contained seven boilers with a mixed output of 3,500 horsepower , which took up an area measuring one hundred forty five by one hundred eighty toes . The power station originally burned oil, consuming 2.5 million barrels per 12 months, but started utilizing coal in 1934 because of an increase in fuel costs.