1 William Street (New York City)

Office building in Manhattan, New York Banca Commerciale Italiana Building the historic building in Milan, Italy Palazzo della Banca Commerciale Italiana the Queensland Government building 1 William Street, Brisbane November 2019 December 2024 1 William Street J. & W. Seligman & Company Building Lehman Brothers Building OneWilliamStAug2026.jpg 1 William Street in 2026 Lower Manhattan, New York City yes 40.7048 -74.0100 region:US-NY inline,title 1906 1907 Francis KimballJulian Clarence Levi 11 https://www.emporis.com/buildings/115357 https://web.archive.org/web/20160307060517/https://www.emporis.com/buildings/115357 usurped March 7, 2016 1 William Street Emporis Renaissance Revival 157 ft George A. Fuller Company yes NYC February 13, 1996 1943 NRHP-CP Wall Street Historic District 07000063 February 20, 2007 1 William Street (formerly the J. & W. Seligman & Company Building and the Lehman Brothers Building; also the Banca Commerciale Italiana Building) is an office building in the Financial District of Lower Manhattan in New York City. The building was erected in 1906–1907 and was designed by Francis H. Kimball in conjunction with Julian Clarence Levi.Julian Clarence Levi architectural drawings and papers, 1895-1963 Avery Drawings & Archives Collections Columbia University Libraries Finding Aids https://findingaids-dev.library.columbia.edu/ead/nnc-a/ldpd_12011815/dsc/2 February 18, 2022 findingaids-dev.library.columbia.edu February 18, 2022 https://web.archive.org/web/20220218113017/https://findingaids-dev.library.columbia.edu/ead/nnc-a/ldpd_12011815/dsc/2 live It was created for the Seligmans, a prominent German Jewish family who founded an investment bank called J. & W. Seligman. From 1929 to 1980, the building was the headquarters of investment bank Lehman Brothers, and was subsequently bought by Banca Commerciale Italiana. The 11-story structure, clad in limestone with a steel frame, is located at the southern corner of the five-pointed intersection of William, South William, and Beaver Streets. It occupies a quadrilateral lot, with an acute angle between South William Street to the west and William Street to the east. In 1996, the building was designated as a landmark by the New York City Landmarks Preservation Commission.Landmarks Preservation Commission 1996 . 1 In 2007, the building was designated as a contributing property to the Wall Street Historic District,February 20, 2007 Wall Street Historic District https://catalog.archives.gov/medialz/electronic-records/rg-079/NPS_NY/05000988.pdf National Register of Historic Places, National Park Service February 9, 2021 4–5 February 19, 2021 https://web.archive.org/web/20210219214221/https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/05000988.pdf live a National Register of Historic Places district.2007 National Register of Historic Places 2007 Weekly Lists https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2007-national-register-of-historic-places.pdf July 20, 2020 National Park Service 65 December 28, 2019 https://web.archive.org/web/20191228214611/https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2007-national-register-of-historic-places.pdf live History Context and construction The Bavarian-born brothers Joseph and James Seligman, in conjunction with several other brothers, founded dry-goods businesses across the United States in the 1840s. They opened a New York City clothing store at 5 William Street by 1848.Landmarks Preservation Commission 1996 . 2https://books.google.com/books?id=KrtEAAAAIAAJ Over the Long Term: The Story of J. & W. Seligman & Co Muir R. L. White C. J. Seligman 1964 November 4, 2019https://archive.org/details/ourcrowd00step/page/43/mode/2up registration Our Crowd: The Great Jewish Families of New York Birmingham Stephen Harper & Row 1996 New York 43 978-0-8156-0411-2 1967 With profits from the creation of other branches worldwide, the family received contracts to create Union Army soldiers' uniforms during the American Civil War. After the war ended, the family founded an investment bank called J. & W. Seligman & Co., with headquarters at 59 Exchange Place. The company also developed branches around the world, each headed by one of the brothers, though these branches later became independent. In March 1905, The New York Times reported that Isaac Seligman bought the lots on the south side of William Street from Stone to South William Streets.https://www.nytimes.com/1905/03/22/archives/stormtossed-liners-in-bring-tales-of-heavy-weather-and-many-big.html Mr. Seligman Buys Site March 22, 1905 The New York Times November 4, 2019 en-US 0362-4331 November 4, 2019 https://web.archive.org/web/20191104144048/https://www.nytimes.com/1905/03/22/archives/stormtossed-liners-in-bring-tales-of-heavy-weather-and-many-big.html live The five lots purchased by Isaac included the Seligmans' old store, and were two blocks away from Wall Street, where many of New York City's major financial companies and commodities exchanges were located.Landmarks Preservation Commission 1996 . 4 The next year, architectural plans for the building were filed with the New York City Department of Buildings.117https://www.nytimes.com/1906/04/13/archives/in-the-real-estate-field-resale-of-block-front-near-pennsylvania.html In the Real Estate Field April 13, 1906 The New York Times November 4, 2019 en-US 0362-4331 November 4, 2019 https://web.archive.org/web/20191104144051/https://www.nytimes.com/1906/04/13/archives/in-the-real-estate-field-resale-of-block-front-near-pennsylvania.html live The New York Herald said, "It is to be of the Italian Renaissance type with facades of granite limestone y at the first story and limestone above, with decorative tower."117 Construction started in May 1906, July 13, 1907 The Construction of the Seligman Building, New York https://archive.org/details/engineering-record_1907-07-13_56_2/page/52/mode/1up The Engineering Record 56 2 New York 52–53 Internet Archive with work on the foundation beginning the next month. October 6, 1906 Foundation of Seligman Building https://babel.hathitrust.org/cgi/pt?id=nnc2.ark:/13960/t16m3nh58&seq=609 Real Estate Record and Builders Guide 78 2012 New York 563 HathiTrust The building was completed by July 1907 at a cost of $1 million, at which point J. & W. Seligman & Co. moved into the space. Originally, the front entrance was on South William Street.117 thumb|alt=A map published in 1905 showing the location of the lots on which the Seligman building was construced, in relation to William Street, South William Street, Stone Street, and Hanover Square.|Location of lots (here outlined in blue) on which Seligman Building was constructed, from a Sanborn fire insurance map published in 1905. 1905 Insurance Maps of the City of New York Borough of Manhattan 1 New York Sanborn Map Company 2 1 William Street, like other contemporary tall buildings nearby,Doty John W. Blum Max L. 1907 Foundations for Skyscrapers in New York City https://babel.hathitrust.org/cgi/pt?id=nyp.33433057643698&seq=214&q1=Seligman Municipal Engineers of the City of New York Proceedings for 1906 New York Municipal Engineers 140–157 HathiTrust rests on concrete piers sunk using pneumatic caissons and cofferdams down to the bedrock (here about 43 - 47 ft below curb level). The foundations for the walls formed a concrete dam 6 ft wide and 30 - 40 ft feet deep, which prevented water from entering the cellar dug out within it. Harper's Weekly reported in 1910 that during excavation of one of the caissons, an iridescent glass carafe or decanter of Dutch design had been found at a depth of 45 ft.Deutsch Maurice March 19, 1910 A Lesson in Stones https://babel.hathitrust.org/cgi/pt?id=mdp.39015036683103&seq=406 Harper's Weekly 54 2778 New York 11–12 HathiTrust Use In 1919, when Seligman & Co. relocated to nearby 54 Wall Street, 1 William Street was purchased by marine insurers Wilcox, Peck & Hughes (who were already tenants in the building).121 January 28, 1919 Seligman's to Sell House on William Street https://www.newspapers.com/article/new-york-tribune-seligmans-to-sell-hous/160941894/ December 15, 2024 New-York Tribune 14 newspapers.com May 18, 1919 Big Firms Buying Homes In Wall Street District https://www.nytimes.com/1919/05/18/archives/big-firms-buying-homes-in-wall-street-district-transactions-of.html subscription Section 9 The New York Times 68 22394 20 live https://web.archive.org/web/20191104224307/https://www.nytimes.com/1919/05/18/archives/big-firms-buying-homes-in-wall-street-district-transactions-of.html November 4, 2019 November 4, 2019 The same year, a renovation had split the two-story-high banking room into two regular-sized floors.Landmarks Preservation Commission 1996 . 5 By 1928, two floors of the building were occupied by insurance company Chubb & Son, which since 1892 had owned the adjacent premises at 5–7 South William Street (rebuilt to a design by Carrère and Hastings in 1899–1900).Chubb Thomas Caldecot Thomas Caldecot Chubb 1957 If There Were No Losses: The Story of Chubb & Son from its Founding in 1882 until 1957 New York Chubb & Son 17, 41 The investment bank Lehman Brothers bought 1 William Street in 1928. https://www.nytimes.com/1928/04/26/archives/latest-dealings-in-the-real-estate-field-lehman-bros-buy-on-william.html Latest Dealings In The Real Estate Field; Lehman Bros. Buy On William Street April 26, 1928 The New York Times November 4, 2019 en-US 0362-4331 November 5, 2019 https://web.archive.org/web/20191105002812/https://www.nytimes.com/1928/04/26/archives/latest-dealings-in-the-real-estate-field-lehman-bros-buy-on-william.html live At the time, they were located diagonally across the intersection of Beaver, William, and South William Streets. The firm had to move to make way for construction of 20 Exchange Place, and chose 1 William Street because it would provide more space. Lehman Brothers performed a $500,000 renovation of the structure, which included the relocation of the front entrance from South William Street to the corner with William and Beaver Street, as well as the replacement of the South William Street entrance with windows. Lehman Brothers moved into their offices at 1 William Street in June 1929. https://www.nytimes.com/1929/06/10/archives/lehman-bros-to-open-new-offices-today-banking-firm-has-made.html Lehman Bros. To Open New Offices Today; Banking Firm Has Made Extensive Alterations on Its Building in William Street. June 10, 1929 The New York Times November 4, 2019 en-US 0362-4331 November 5, 2019 https://web.archive.org/web/20191105002811/https://www.nytimes.com/1929/06/10/archives/lehman-bros-to-open-new-offices-today-banking-firm-has-made.html live Lehman Brothers originally took half the floor area in 1 William Street, but then occupied additional space vacated by tenants with expiring leases, as well as space in two adjacent buildings.Landmarks Preservation Commission 1996 . 8 By the 1970s, Lehman Brothers was seeing financial losses, and under chairman Peter G. Petersen, the company merged with Kuhn, Loeb & Co. in 1977.Landmarks Preservation Commission 1996 . 6https://www.nytimes.com/1977/11/29/archives/lehman-and-kuhn-loeb-to-merge-lehman-brothers-and-kuhn-loeb-sign.html Lehman and Kuhn Loeb to Merge Sloane Leonard November 29, 1977 The New York Times November 4, 2019 en-US 0362-4331 November 4, 2019 https://web.archive.org/web/20191104225815/https://www.nytimes.com/1977/11/29/archives/lehman-and-kuhn-loeb-to-merge-lehman-brothers-and-kuhn-loeb-sign.html live The combined company moved out of the building at the end of 1980, putting the structure on sale for $10 millionhttps://www.nytimes.com/1980/12/20/archives/lehmans-office-move-marks-end-of-an-aura-lehman-leaves-one-william.html Lehman's Office Move Marks End of an Aura; Lehman Leaves One William Street 'The Place Is a Pigsty' High Return on Capital Crittenden Ann December 20, 1980 The New York Times November 4, 2019 en-US 0362-4331 November 7, 2020 https://web.archive.org/web/20201107051825/https://www.nytimes.com/1980/12/20/archives/lehmans-office-move-marks-end-of-an-aura-lehman-leaves-one-william.html live and consolidating its operations at another facility on 55 Water Street.https://www.nytimes.com/1985/02/17/magazine/power-greed-and-glory-on-wall-street-the-fall-of-the-lehman-brothers.html Power, Greed and Glory on Wall Street: The Fall of the Lehman Brothers Auletta Ken February 17, 1985 The New York Times November 4, 2019 en-US 0362-4331 June 24, 2021 https://web.archive.org/web/20210624204702/https://www.nytimes.com/1985/02/17/magazine/power-greed-and-glory-on-wall-street-the-fall-of-the-lehman-brothers.html live The following year, the building was purchased by Banca Commerciale Italiana, which erected an 11-story addition to the south between 1982 and 1986. Designed by Italian architect Gino Valle, the annex is faced in limestone like the original structure, with the addition of black granite courses.Jacqz Margot November 1982 Gino Valle's New York Bank https://archive.org/details/usmodernist-skyl-1982-11/page/26/mode/1up Skyline New York 26 0162-6981 Internet Archive251–252 2000 In 1988, it received an Albert S. Bard Award for Excellence in Architecture and Urban Design from the City Club of New York. May 30, 1988 Architecture Awards for Restorations https://www.nytimes.com/1988/05/30/arts/architecture-awards-for-restorations.html The New York Times 0362-4331 17 live https://web.archive.org/web/20191104235512/https://www.nytimes.com/1988/05/30/arts/architecture-awards-for-restorations.html November 4, 2019 November 4, 2019 Through a series of mergers in the Italian banking industry,Giani Leonardo 2008 Ownership and control of Italian banks: A short inquiry into the roots of the current context https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1261925_code929781.pdf?abstractid=1261925 PDF Corporate Ownership & Control 6 1 87–98 10.22495/cocv6i1p9 free December 13, 2024 the building has been owned since 2008August 26, 2008 Confirmatory Deed https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentImageView?doc_id=2008090201065001 Office of the City Register, New York City Department of Finance CRFN: 2008090201065001 December 13, 2024 by Intesa Sanpaolo,A list of the property's owners since 1971 can be found via the Office of the City Register, New York City Department of Finance (search for Manhattan block 29 lot 36). Italy's largest bank.November 7, 2024 Leading banks in Italy as of November 2024, by market capitalization https://www.statista.com/statistics/709546/leading-banks-by-market-capitalization-italy-europe/ Statista Hamburg December 14, 2024 October 23, 2023 https://web.archive.org/web/20231023031955/https://www.statista.com/statistics/709546/leading-banks-by-market-capitalization-italy-europe/ live Description The building is designed in the Renaissance Revival style, with elements similar to the Baroque Revival style in Britain, such as a curving exterior, sculptural ornament, and towers at the corners. March 1908 Seligman Building https://babel.hathitrust.org/cgi/pt?id=umn.31951d00866459s&seq=247 The New York Architect 2 3 The Harwell-Evans Co. HathiTrust (See also plates). It was not well received by the Architectural Record, in which Montgomery Schuyler described it as "a rather frightful example of the unwisdom of trying to variegate and diversify the accepted type of skyscraper, especially by an architect whose work indicates that his forte lies much rather in conformity than in innovation".Schuyler Montgomery Montgomery Schuyler September 1907 Some Recent Skyscrapers https://archive.org/details/sim_architectural-record_1907-09_22_3/page/174/mode/1up The Architectural Record 22 3#108 New York 161–176 Internet Archive However, many considered it to be the most handsome building on Hanover Square.Korom Joseph J. Jr. 2008 The American Skyscraper 1850–1940: A Celebration of Height https://archive.org/details/bub_gb_JVzYO1TyZ6AC/page/286/mode/1up Wellesley, MA Branden Books 286–287 978-0828321884 Internet Archive Exterior The side facades have a granite water table. The windows on the ground floor contain elaborate entablatures on their frames, while those on the second floor are rectangular with ornate metal railings. On the third through eighth stories, the windows are rectangular with lintels containing voussoirs. A colonnade runs along the facade of the ninth and tenth floors, and the eleventh floor contains square windows. There are water towers on the roof and a chimney on the South William Street side.Landmarks Preservation Commission 1996 . 7 To smooth out the acute angle created by the intersection of William and South William Streets, where the building's main entrance is located, the designers included a curved facade at the lower floors, as well as a concave building corner element above the eighth floor. This element is capped by a corner tower, which is round and resembles a "tempietto". The doorway contains double doors made of glass and metal, as well as iron gates, a short flight of granite steps, a flagpole around the doors, a metal plaque, and decorative iron grilles on the transom and second story. The third through eighth floors on this section are rounded, and above the eighth-floor window is a sculpted cartouche. The South William Street side contained the original front doorway for the building, which comprised a door underneath an arch with glass screen. The magazine New York Architect characterized the building as being "the most complete private banking institution in the city", with a form and sculptural elements that provide a maximum "breadth and solidity in the treatment of the exterior." Studio Architetti Valle, along with Fred Liebmann and Jeremy P. Lang Architects, designed an 11-story annex in 1982. The annex, located south of the original building, contains black granite and limestone cladding, as well as a turret at the southern corner, which complements the other turret at the entrance of the original building. The annex features double doors facing South William Street, as well as a service entrance at Stone Street. Interior Upon the building's completion, the basement, ground floor, and mezzanine housed the banking offices, and there was a "richly decorated" board room on the mezzanine, as per the company's requirements. The two-story banking room included a barrel-vaulted ceiling and was split into two floors by 1919. The basement and first two floors were ventilated by a supply and exhaust fan unit. January 1911 Ventilating and Air Washing Installation in the Seligman Building, New York https://babel.hathitrust.org/cgi/pt?id=nyp.33433108246277&seq=73 Engineering Review 21 New York 59–61 HathiTrust In 1914, improvements were made to the building's lighting which reportedly had a transformative effect on its ambiance. May 1914 Progress in Lighting https://babel.hathitrust.org/cgi/pt?id=uiug.30112078112395&seq=449 The Real Estate Magazine 4 5 New York 93 HathiTrust When Lehman Brothers occupied 1 William Street, it maintained a fancy private dining facility for its employees in the building. In 1979 The New York Times deemed 1 William Street's lunchroom as the best corporate lunchroom in the Wall Street area, saying, "Perhaps nowhere on Wall Street is the food as good and Old World dining carried on with the same care and flair."Bogart Jeffrey D. August 5, 1979 The Wall Street Dining Rooms https://www.nytimes.com/1979/08/05/archives/the-wall-street-dining-rooms-the-wall-street-dining-rooms.html Business and Finance The New York Times November 4, 2019 en-US F1,F4 0362-4331 November 4, 2019 https://web.archive.org/web/20191104224305/https://www.nytimes.com/1979/08/05/archives/the-wall-street-dining-rooms-the-wall-street-dining-rooms.html live At the time, chef Pierre Colin prepared 75 meals a day for lunch. Colin said that the dinners were "much more elegant than eating at a midtown restaurant". During dinners, hors d'oeuvres were served on the third floor before guests moved to the eighth-floor Partners' Dining Room, which contained a table made of mahogany wood and silver inlays; Hepplewhite-brand chairs; linen napkins; crystal and china cutlery; oil paintings on the walls; and windows with slight views of the nearby East River. After Banca Commerciale Italiana took over the building, the original decor remained, but the dining facilities served "only Italian food and wine".Louie Elaine May 3, 1989 Private Domains: Inside Corporate Dining Preserves https://www.nytimes.com/1989/05/03/garden/private-domains-inside-corporate-dining-preserves.html The Living Section The New York Times en-US C1,C6 0362-4331 November 4, 2019 November 4, 2019 https://web.archive.org/web/20191104225817/https://www.nytimes.com/1989/05/03/garden/private-domains-inside-corporate-dining-preserves.html live See also Architecture Banks New York City List of New York City Designated Landmarks in Manhattan below 14th Street References Notes Citations Sources http://s-media.nyc.gov/agencies/lpc/lp/1943.pdf J. & W. Seligman & Company Building Shockley Jay February 13, 1996 New York City Landmarks Preservation Commission Landmarks Preservation Commission 1996 collapsed Category:1907 establishments in New York City Category:1900s architecture in the United States Category:Financial District, Manhattan Category:Lehman Brothers Category:New York City Designated Landmarks in Manhattan Category:Office buildings completed in 1907 Category:Office buildings in Manhattan Category:Historic district contributing properties in Manhattan