Showing posts with label Financial District. Show all posts
Showing posts with label Financial District. Show all posts

Sunday, January 4, 2015

Touring New York's "Cathedral of Commerce"

In 1878, Frank Woolworth invented the concept of the "five and dime" discount store - a place where everything cost either 5 or 10 cents, and all the merchandise was on display.  Shoppers could see and touch what they wanted to buy; they didn't need shop assistants to fetch things for them.  We take this practice for granted these days but back then, Woolworth's retail model was revolutionary.  And his customers loved it so much that by 1911, when Mr Woolworth formally founded his company, he was worth many millions of dollars.

Business was going so well that Woolworth hired a famous architect named Cass Gilbert to design his company's corporate headquarters on Broadway, further requesting that it should be the tallest building in the world.  Gilbert had designed the beautiful US Customs House in New York a few years before, so Woolworth was confident he would design something extra special.  Gilbert got to work and two years later, in 1913, The Woolworth Building was complete.

 It stood proud at 793 feet tall and was, as requested, the tallest building in the world (at that time).  To secure such a record, Woolworth is purported to have kicked in the cash for the building's tower out of his own pocket (more than $13 million!).  But the investment was worth it because at the opening ceremony, the majestic Woolworth Building was declared by many to be New York's "Cathedral of Commerce".

Now back in the early days of skyscrapers, the giant Woolworth Building would have been a tourist drawcard in itself.  People marveled at the neo-Gothic architecture, the gargoyles, and intricate carvings around the main entrance.  But inside, office workers had down time at the indoor swimming pool, the day spa, the observation deck, and the restaurant and retail stores in the lower level.  And the subway even used to run right underneath, so commuting to and from the tallest building in the world was a breeze.

All of these attractions aside, I reckon that even back when the Woolworth Building was first constructed, people must have remembered it for the same reason that we do today: the lobby.  When he designed the lobby, Cass Gilbert totally outdid himself.  It is a beautifully ornate, almost church-like space.  The ceiling has tiny mosaic tiles all over it,  some of which have been coated with gold leaf to give them extra sparkle.  Tiffany won the contract to design the lobby's elevator doors, and they are especially fancy.  There are marble carvings in the cornices - some of them depict leading figures of the time (including Cass Gilbert himself, cradling a plaster model of the building - see below), but other carvings are those of nonsense characters, put there for a bit of fun.



Another fun detail is the inclusion of salamanders in the carvings.  Did you know that according to legend, salamanders are impervious to flames and can actually extinguish fire?  Apparently, lots of buildings all across New York City have salamanders featured in their carvings and metalwork etc to protect the buildings from fire hazards (figuratively, at least).  The Woolworth Building was constructed to stand the test of time - fire safety was foremost in Cass Gilbert's mind and the only wood in the whole place was actually in the banisters in the internal stairwells.  Superstitious though it may be, you can see the salamanders in the gold work of the mailboxes in the Woolworth Building lobby (see him on the bottom left of the photo here?).  Needless to say, I will have to keep my eyes open for more salamanders in other buildings from now on!

You used to be able to wander in off the street and browse the Woolworth Building lobby but not anymore.  These days, access is by guided tour only (you can book them online here), but it's absolutely worth it.  The lobby of the Woolworth Building is just beautiful.  I did a one-hour tour yesterday and our guide (Lisa) was sensational.  She confessed to spending much of her private time at the New-York Historical Society, reviewing the original plans of the building and reading the original correspondence about its construction and development, which they have stored in their archives there.  The trivia Lisa shared with us came from her own exhaustive research, not from anything she parroted from the internet or read off some tired tour script.  It was absolutely wonderful and well worth the $30 ticket price.  I only pasted a couple of photos from the tour because so many of them were blurry, or just didn't do the splendor of the lobby justice.  I would definitely encourage you to add the Woolworth Building to your bucket list of NYC adventures.

Tuesday, June 24, 2014

It must be funny in a rich man's world

When you go to New York's Financial District, the imposing architecture and the matching NYPD presence are stark reminders that you are in the very heartland of the most powerful economy in the world.

On Wall Street, right at the centre of this commercial metropolis, you'll find the Museum of American Finance, the only institution in the United States that seeks to educate visitors about the country's finance and financial history.

Set in the former Bank of New York building (the oldest bank in the US), the Museum was founded in 1989 but was then known as the Museum of American Financial History.  In 2001 it became affiliated with the Smithsonian and 4 years later the Museum moved to its third - and current - premises, and was renamed to what we know today.

When I met my friend to tour the Museum this morning, I wasn't really sure what to expect.  The former Bank building looks quite sizable from the outside, and its entry way is very impressive.  Head up the spiral staircase and you're presented with a wide-open exhibition space that has been carefully curated to take you through the history of America's economy, from the very beginnings to its present day.  A collection like this sounds like it would take forever to absorb but really, unless you're enormously interested in stocks, bonds, and the way financial markets work, you can get a fair appreciation for the Museum within about 60-90 minutes.

We originally joined a free Museum tour, but it became quickly apparent that our guide was more inclined to mutter to the display cases than to clearly enunciate any trivia in the general direction of our small group.  Before long we made the decision to peel away from the tour, and this did not prove to be problematic, given that the Museum display cases and the little plaques/cards next to each one clearly explain what you're seeing in the exhibits.

I particularly liked the US Treasury war bonds from WW2, with the little Disney characters on them, and (of course) the solid gold and jewel-encrusted Monopoly set, currently on loan to the Museum and worth somewhere around $2 million.


I was also pleased to learn about Alexander Hamilton, former Secretary of the US Treasury who established the US Mint, the Customs Department, the tax system, the US Coast Guard, the Bank of New York, and the country's first central bank.  The Museum also features bronze statues that memorialise the politically-motivated "pistols at dawn" duel of 1804 between Hamilton and then Vice President Aaron Burr.  The conflict ultimately proved fatal for Hamilton.

With our thirst for knowledge quenched, it became clear that we needed to do something about our empty bellies.  Finding ourselves in the Financial District around lunch time meant that I was able to tick off another item on my NYC bucket list.

The original Delmonico's restaurant opened in 1827 just off Wall Street, at a time when New York's financial heart had just started beating strongly.  Back then though, Delmonico's was just a small shop operated by two brothers, to sell pastries, chocolates, and bonbons.  It wasn't until 10 years later that the Delmonico brothers opened the very first fine dining restaurant in the whole country.

As soon as it opened, Delmonico's restaurant offered its patrons the very finest in luxury dining.  The brothers were the first US restauranteurs to offer a prix fixe menu to their customers.  On the third floor of their premises they had private dining rooms, and in the basement they boasted the largest private wine cellar in the United States (with capacity for about 16,000 bottles).

The house special, Delmonico Steak, was developed by Chef Alessandro Fellippini and is still available on the menu today.  Likewise in 1862 when Chef Charles Ranhofer was running the show, he adapted a recipe he had been shown for what became known as Lobster Newburg.  Both dishes have been replicated in restaurants around the world, but they were both created here and remain sought-after items.

I did not splurge on such fancy dishes today; however - partly because in my blue jeans, I didn't really feel worthy of the opulent surroundings.  Instead, we walked through the beautifully-restored restaurant and closeted ourselves in the bar/grill area off to the side.  We enjoyed burgers and a glass of wine, while the male patrons (who outnumbered us 15:1 at least) ignored us completely and watched the Italy versus Uruguay World Cup match.

I will definitely have to come back to Delmonico's and sample the main restaurant's signature dishes and impeccable service for myself.  Although I finally dined at Delmonico's today, I don't think I can firmly cross it completely off my bucket list until some of that tasty steak and lobster makes it onto my fork.

The photos on this site are just a small collection of the ones I took today.  You can see the rest of the album at the link below:


Sunday, June 22, 2014

Tuning in to New York's largest music scene

From 10am to 10pm on Saturday June 21st, Make Music New York returned to the city for its summer solstice program.  Musicians of all ages turned over 400 public areas across New York into their own performance spaces.

I had a look at the website during the week but had no idea how I was going to make sense of a 1,300-concert program.  Should I confine myself to one particular neighbourhood or genre of music, or should I seek out the participatory gigs, the ones where I could actually join in and contribute to the noise?

Ultimately the event website made my decision for me, suggesting a "World Tour: By Sea" itinerary, with performers dotted along the East River Ferry route from Midtown Manhattan, across to Queens and Brooklyn, and then concluding in Lower Manhattan.  I could have done a different tour by land, of course, but Saturday's bright sunshine just seemed to lend itself perfectly to a self-guided East River cruise.

After a delicious diner breakfast back in my old Midtown hood, I wandered over to the East River Ferry terminal at 34th Street.  The queue for the ticket machine was already really long, but I could see the first band of the day playing for the small but appreciative crowd.  I couldn't exactly hear the band of course, owing to the jackhammers and construction activity across the street from the ferry.  But once I'd got hold of my ferry ticket, I came in for a closer look and listen.  Pangean Orchestra are a global ensemble based in New York that play instruments from all over the world, and they perform folk songs and traditional music.  Their rendition of "This Little Light of Mine" was a fun and bouncy start to my Make Music New York experience.

The first stop on our ferry tour was Long Island City in Queens.  I think South African performer Toya Delazy had the best backdrop of all, as she played her set in front of the sprawling Midtown Manhattan skyline.  The ferry terminal in Long Island City has a great little cafe and lots of seating right along the riverfront.  I have never disembarked the ferry in LIC before, and even though I was only here to listen to Toya's performance, I think it's definitely worth a visit back to look around (beyond the high-rise apartments going up).

Back on the ferry, we headed to Williamsburg in Brooklyn, where Jarana Beat had set up in the East River State Park next to Smorgasburg.  The band's Mexican tunes were lively, and upbeat - perfect for the young crowd, and somewhat of a subliminal influence on my dining choices (the beef and pork tacos were spicy and amazing).  As much as I like the diversity of the giant Smorgasburg food market, there isn't much in the way of shade there.  And with the Saturday sun at its hottest, I was more content to head back to the ferry and press on with the tour.

What a treat to pull up to the Fulton Ferry Landing in Brooklyn Bridge Park!  There were people everywhere, but unlike the congestion of Williamsburg, this crowd had more room to move and we were all taking full advance of the riverfront walkways, playgrounds, dining areas and some people were even having a go at canoeing.  But of course I was here for music, and so I peeked in at the unique Bargemusic venue to hear some classical music.  Known as "New York's floating music venue", Bargemusic really is just that: a barge that sways with the movement of the East River.  Throughout the year, the venue hosts a bunch of music concerts - mostly classical - and their Summer Concert series offers free concerts on Saturday afternoons at 3pm in June, July and August (though the catch is, you don't know what the concert will be until you get there).  I hardly think it matters though, because a free concert in a great venue like that, coupled with a refreshing glass of sparkling rose at the nearby Brooklyn Bridge Garden Bar will get your summer weekend off to an amazing start.

We weren't as pressed for time by this stage in the day, so I might have squeezed in a couple of glasses of sparkling rose in the shadow of the Brooklyn Bridge.  I am not sorry for it.

But Manhattan beckoned, and we took the ferry over to Pier 11 (Wall Street) and the short walk to South Street Seaport for the final music performance on our itinerary.  The seaport took a real battering after Super Storm Sandy and things are taking time to return to normal.  But events like the Make Music New York Festival are a great way to attract people back to the area and keep the businesses bustling.  We arrived at the seaport just as Gamelan Dharma Swara was taking its break, but we had a great time watching young kids from the crowd jump in and have a go at playing gamelan (Balinese percussion instruments).  The noise was about as deafening and uncoordinated as you'd imagine.

Feeling very proud that we managed to tick off all the performances on our suggested itinerary without getting lost once, we rewarded ourselves with a few beers and some dinner The Beekman pub.  The Irish bar has been open in the Financial District since 1936, and the bartender was playing a great 1970s playlist so clearly we were not going anywhere else.  It was a lovely way to finish up our music-filled sunny day.

The Make Music New York winter solstice program will take place on December 21st, when a similar 12-hour line up will be organised.  I will be in Australia that day, otherwise I know I would be braving the cold to hear some more great tunes.  But if you're going to be in NY then, try and get along to some of the gigs.  You definitely won't regret it.

The photos on this page are just a small selection of the ones I took during the day.  You can see the whole album by clicking here.

Thursday, February 20, 2014

The President with the golden grin

Federal Hall circa 1789
Image courtesy of
The National Parks Service
New York City was briefly the US capital from 1789 to 1790 and was the site of the first inauguration of George Washington as President on April 30, 1789 at Federal Hallon present-day Wall Street.

Not the Presidential grill

An aside, did you know that by the time Washington became President (at 57), he had lost all but one of his natural teeth?  At his first inauguration he wore a set of dentures made of carved hippopotamus ivory and gold.   Nice grill, Mr. President!

The site for the first inauguration was the first Capitol building in the US and where the US Bill of Rights was first introduced into Congress.  Federal Hall was demolished in 1812 and the National Memorial that was built in its place became a Customs House and is now a beautiful Museum to the nation's first President, and the beginnings of the United States of America.

Striking it rich in lower Manhattan

Aside from teaching us that Chester A. Arthur was the 21st President of the United States, “Die Hard: With A Vengeance” also gave many of us our first glimpse at the contents of the Federal Reserve Bank of New York on Wall Street. 

Eighty feet below the bank, resting on the very bedrock of Manhattan Island, you’ll find the gold vault, which today contains 25% of the world’s gold bullion.  Built during construction of the Federal Reserve building in the 1920s, the gold vault is now the largest stockpile of monetary gold in the world. 


Individuals or private businesses are not allowed to store gold in the vault; rather, it is a heavily-guarded fortress for the gold reserves belonging to US and foreign governments, central banks, and other international organisations.   

The majority of the gold came to the Federal Reserve after WW2, and at its peak the 122 compartments in the vault were safeguarding 12,000 tonnes of gold in total. 

The NY Federal Reserve runs free tours for the public, and a visit to the gold vault is included.  Maybe somebody should have mentioned that to Jeremy Irons and his goons, and saved them a whole lot of trouble.  Yippee-ki-yay!

Wednesday, February 19, 2014

The healing power of flowers


In the aftermath of the September 11 attacks, the Chair of New Yorkers for Parks Lynden Miller received a simple fax from a plant bulb wholesaler in the Netherlands named Hans van Waardenburg, expressing deep solidarity with the City of New York in its time of grief, and wondering if he could do anything to provide New Yorkers with some good cheer. 

Seizing the opportunity, Miller wrote back to ask whether van Waardenburg had any excess daffodil bulbs that he could spare.  Indeed, the idea of blanketing New York in bright yellow flowers (the colour of remembrance) received strong support from the New York Parks Commissioner at the time, and van Waardenburg swung into action.  New York’s Daffodil Project was born. 

The following autumn, ten thousand volunteer gardeners joined The Bulb Brigade, and got their hands dirty at planting sites across the city.   Since then, millions of bright yellow daffodils have bloomed in the spring sunshine in New York’s planter boxes, gardens, nursing homes, and schools. 

With every year that passes, the Daffodil Project just gets bigger.  In 2007, Mayor Bloomberg declared the daffodil to be the official flower of New York City, and in 2012, New Yorkers for Parks distributed five million free daffodil bulbs to schools, parks and gardening groups, civic organisations and corporate volunteers to help brighten public spaces in all five boroughs. 

Who could have imagined that such a simple fax, sent from so far away, could have spurred and sustained such community spirit in this concrete jungle?

Thursday, February 13, 2014

Cha-Ching!

On 17 May 1792, under the shade of a buttonwood/sycamore tree in lower Manhattan, 24 stockbrokers signed an agreement establishing the rules for buying and selling bonds and shares of companies.  In so doing, they established the New York Stock & Exchange Board, later (and better) known as the New York Stock Exchange.  

To accommodate rapidly-expanding trading activity in the early 20th Century, the NYSE moved into its current national landmark location at 18 Broad Street - made all the more special at the time for having air conditioning, several dining rooms, an emergency room with an in-house physician,  and a number of commissioned sculptures that were once marble, but have since been replaced by lead-coated replicas weighing 10 tonnes. 

Bells were first used at the NYSE when continuous trading was introduced in the 1870s.  These days, the beginning and end of each day's trading is signalled with the flick of a single switch that rings four bells in unison.  

Did you know that the most expensive stock currently being traded on the NYSE - or in any other market in the world, for that matter - is with Warren Buffet's company, Berkshire Hathaway?  Each share is worth more than $120,000 (USD) and a few shares are bought or sold every 5 minutes!

A case for caffeination

The first coffee house in the United States was established in New York City in 1696 and as they sprang up across the city they became centres of social, political, and business interaction. 

The popularity of coffee slowly grew but  the Boston Tea Party “incident” of 1773 officially made coffee-drinking a patriotic pursuit, and the consumption of tea was decidedly un-American.  As coffee production in Latin America increased, so too did North America’s taste for it.  In fact, coffee is still traded as a commodity on New York’s Board of Trade.