Posted in Real Estate News
Tagged condo, manhattan, NYC, Real Estate, the real deal
Streetscapes | Exchange Place
SURPRISING FIND The City Bank-Farmers Trust building, at left and above in 1931, has a plain facade except for 14 hooded figures at the 19th floor. The building’s two lavish lobbies were fashioned from 45 different kinds of marble. Today, the tower is being renovated for rental apartments and retail space.
Published: July 20, 2008
In 1929, the financial district was booming. The architects Cross & Cross were at work on a 50-story office building for Continental Bank at Broad Street and Exchange Place, which ultimately wasn’t built.
Then the National City Bank of New York merged with the Farmers’ Loan and Trust Company, and entered the skyscraper sweepstakes. When their architects, also Cross & Cross, filed plans at the Bureau of Buildings on Oct. 2, The New York Times described the new structure, at 71 stories and 846 feet, as the highest ever officially proposed.
The design for the City Bank-Farmers Trust tower called for an illuminated globe on top, but the stock market crash a few weeks after filing brought the project up short, and it was reduced to 59 stories.
Research by the Landmarks Preservation Commission gives the height as 685 feet, although just before completion The Times reported it as 750 feet. A partial set of engineering drawings from 1930 by the firm of Purdy & Henderson shows the 54th floor — several levels below the roof — as 670 feet high.
The exact height of the building remains unclear. But it is safe to say that, when completed, it trailed the Empire State Building (1,250 feet), the Chrysler Building (1,046 feet) and the Bank of the Manhattan (927 feet).
In August 1930, The Times reported that Gilbert Nicoll, a 20-year-old messenger, was near death after being hit by an iron bolt dropped from the 57th floor. He had been unemployed for months, according to the article, and the accident happened on his first day as a bank messenger.
The building was completed the next year. The outside is plain, even ho-hum, except for 14 moody hooded figures at the 19th floor. The magazine Through the Ages said in 1931 that they represented “giants of finance, seven smiling, seven scowling.” Figures of coins on the ground floor represented countries in which the bank had its main branches. The Times called the building “conservative modern.”
According to a 1931 article in Architecture and Building, the two lavish lobbies were fashioned from 45 different kinds of marble, quarried in Germany, Italy, Czechoslovakia, France, Spain, Belgium and elsewhere.
The brothers Eliot and John Walter Cross formed a talented and versatile partnership. Well born, well educated and socially connected, they did in-town mansions and country estates, banks and garages, lofts and skyscrapers — like the 1931 General Electric building at 51st Street and Lexington Avenue, with its Art Deco radio-wave imagery.
The architects’ niece Sarnia Marquand told a reporter in a 1980 interview that John Cross was the designer in the firm and Eliot handled the business side. Their most recognizable design is probably the sumptuously plain Tiffany & Company store at 57th Street and Fifth Avenue, which dates to 1940.
According to the 1996 Landmark designation report, City Bank-Farmers Trust went through several changes, evolving into First National City Bank, and then, in 1976, Citibank. Its move out of the skyscraper happened in stages, the last one in 1989.
The tower is easy to see from a distance but hard to find on the ground in the maze of irregular downtown streets. The City Bank-Farmers Trust banking hall runs along William Street. It is a high, columned space in English oak with polished marble and nickel trim, all handled in the Art Deco classicism that had become a safe alternative to radical European modernism.
At Exchange and William, the main entrance to the banking hall is a high rotunda, flush with varying marbles, the most striking a golden travertine from Czechoslovakia, quite different from the pallid ivory-colored stone popular in the 1960s. From the tower there are wide views to the harbor and around to old skyscrapers on the land side.
Today, a real estate firm, Metro Loft Management, is renovating the tower for rental apartments, and has 350 units ready on the floors from 16 to the top.
A second phase, lower down, will involve office tenants; the company that takes the high banking hall will have a most spectacular retail space.
Grove Street (Jersey City) published a new entry entitled “Hoboken / Downtown Jersey City” on 6/17/2008 5:19:32 PM, written by Grove Street JC.
In response to a JCList.com thread on “The State of the Hoboken (Real Estate) Market.”
So one poster posited that Hoboken real estate isn’t selling well, and another post stated that “all of the buyers are over in Jersey City.” Is this true? Our view, is yes, it is true. Let us examine:
Hoboken real estate, particularly in the areas more than a 10 min walk, is not selling well. The only desirable locations are really the places that are close to the PATH. Of course there are nice condos/apartments way out from the PATH, but typically it requires a shuttle bus or lightrail. While not terrible, your typical first-time homebuyer is looking for proximity to mass transportation. Especially if they work in Manhattan and would be taking the PATH or Ferry. Areas closer to the Hoboken PATH surely may be in higher demand, but there isn’t as much new construction (which is what homeowners are looking for
On the other hand,Jersey City is developing rapidly, and 95% of all the new developments/construction are located within a 5 minute walk to either the Grove Street, Exchange Place, or Newport PATH trains (depending on which neighborhood you are in, Paulus Hook, Powerhouse, Liberty Harbor, Hamilton Park, Newport, etc). Putting yourself in the shoes of a first-time homebuyer (most likely a NYC transplant looking for more space), why would anyone desire to live in a condo where a shuttle bus is required? In Hoboken, when RE was booming and before JC started to develop, homebuyers accepted the shuttle bus as they may have been priced out of waterfront Hoboken property (lack of supply as well). Now that Jersey City has started to revitalize (in the Grove Street area particularly), first-time homebuyers are flocking to downtown JC – because of its excellent proximity to PATH trains and also brand-new luxury construction/amenities. So, when faced with the choice of living in a brand-new apt 3 minutes from the PATH, or an older Hoboken apartment with the shuttle bus — obviously homebuyers are leaning toward downtown Jersey City.
Currently, in terms of neighborhood, Hoboken offers much more currently in the way of cafes, restaurants, nightlife, shopping. But for a first-time homebuyer, looking to invest in an area – JC is certainly a better value because much of the new construction is located near the waterfront and the PATH train. Add in the fact that you’re part of an exciting, growing neighborhood, and JC is the better option over (established) Hoboken. Already there are a number of excellent restaurants, cafes, and boutiqe shops lining the streets of Grove Street. To be fair, it’s nothing like (established) Hoboken, but it’s definitely a different feel — a type of urban, dynamic vibe that permeates through the streets, shops, and people.
Our view is that Hoboken real estate has seen a ceiling, while JC still has room to grow (once the US economy recovers, JC should soon exceed Hoboken RE growth).
Permalink: grovestreetjc.com/2008/06/17/hoboken–downtown-jersey-city.aspx
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Tagged Hoboken, Jersey City, manhattan, New Jersey, nj living solutions, Real Estate
