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

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).

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)

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

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.

St. Paul’s Chapel

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, 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 building that

houses the center is impressive in on its own. It was designed by American architect Cass

Gilbert, in a Beaux-Arts style, and completed in 1907 (Cass Gilbert Society). Prior to hosting the

National Museum of the American Indian, it housed duty collections for the Port of New York,

and the National Archives of New York City (GSA). The Center now 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

(National Museum of the American Indian) .

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 (National Museum of the American Indian) . 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 (Steak

Perfection). Soon, they were joined by their nephew, Lorenzo, who was in charge of the

restaurant’s wine list and menu (Delmonico’s Restaurant ). 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

(Delmonico’s Restaurant ). 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

(Delmonico’s Restaurant) . 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 (New York Federal Reserve) . 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 (New York

Federal Reserve) . 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 (Charging Bull NYC). 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 (Charging Bull NYC). 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.

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