Stock Exchange District Report
Stock Exchange District Report
Andy Golubitsky
Vice President - Development, Macklowe Properties
Elected Officials
Mark Gordon
Managing Partner, Tribeca Associates New York State Senator Brian Kavanagh
Marie Salerno
President/CEO & Co-Founder, National Parks of NY Harbor
Conservancy - Federal Hall National Memorial
Contents
Executive Summary 5
v. Renderings 51
vi. Conclusion 81
Broad Street, 1936
4 Stock Exchange District Study
Executive Summary
Wall and Broad — these two streets meet at one of the most heavily visited and historically important corners in
New York City. This is where early settlers over four centuries ago built a wall to mark the city’s northern boundary.
It’s where the Bill of Rights was first proposed and ratified, and where George Washington, the first president of the
United States, took the oath of office.
It’s also the site that gave rise to the American financial system. This corner is marked today by the imposing facade of the
New York Stock Exchange (NYSE) and the neoclassical grace of Federal Hall. It is instantly recognizable around the world.
Over the years, a special Stock Exchange District has formed around this corner, bounded by Pine Street to the north,
Beaver Street to the south, William Street to the east, and Broadway to the west.
Today, the Stock Exchange District is a vibrant crossroads in the heart of a thriving urban community. It’s a world in
miniature of the new Lower Manhattan: a 24/7 live/work/play business district. Internationally recognized luxury brands
stand beside mom-and-pops, radiating from the intersection. Over 2,000 residential units have been developed. More than
7.5M square feet of commercial office space, filled with companies from a diverse set of industries, completes the picture.
Millions of tourists come to take selfies or to sit next to locals at the ever growing number of restaurants.
Given the historic buildings and iconic importance of the district, and the modern day realities of protecting our city, the
New York Police Department (NYPD) mobilized quickly after September 11, 2001 to secure the area, with an understand-
able emphasis on protection, not pedestrian circulation or aesthetics. A 2008 redesign improved the area somewhat but
left many ill fitting and unsightly streetscape elements that are in place today.
What we have is a jumble of competing, unsightly design elements that fail to add coherence and programmatic opportunity
or enable sensible pedestrian flow. There is no sense of place. The paving is mismatched and hasn’t been maintained.
It’s hard to navigate the area, which lacks seating and greenery. This NYC jewel should be more welcoming, aesthetically
pleasing, and functional, while remaining safe.
In the summer of 2017, the Downtown Alliance convened a diverse group of over 30 stakeholders to develop a new
vision for the Stock Exchange District. This report is the result of that 9 month collective effort. Our vision is grounded in
the realities of a complex urban environment, security parameters established by the NYPD, and the needs of the district’s
diverse set of users. It’s designed to be implementable in stages, over several years, by both public and private sector
actors, and it articulates a joint vision for a more attractive and secure district.
Design features should highlight the entrances to the district, creating a sense of arrival, and should use more uniform
and attractive materials throughout the zone.
Recommendations:
• Use interactive sculptural elements to define the pedestrian gateways to the district.
• Invest in creative placemaking strategies and community appropriate programming.
• Enhance dark streets with overhead lighting concepts.
• Use architectural lighting to showcase the architecture at the Wall and Broad Street intersection.
Aligning the design of the district’s streets with how they’re actually used would create more room for pedestrians.
Eliminating redundant security devices would help ease pedestrian choke points.
Recommendations:
• Rebuild the street network with curbless, shared streets that create more room for pedestrians.
• Design new seating that can also serve as planting beds, historical markers and lighting.
• Simplify the security infrastructure to declutter and make navigation easier.
• Expand sidewalks at key entrances to the district.
Our vision creates new loading and unloading areas to accommodate the needs of the district’s residents and
workers. At the same time, the new street designs would improve pedestrian flow and discourage trucks from parking
on sidewalks and along Broad Street.
Recommendations:
• Expand loading bays and enhance curb regulations to encourage trucks to avoid parking in
pedestrian priority zones.
• Pilot an innovative urban delivery consolidation center that has the potential to dramatically reduce truck
parking in the district.
Over the last several decades, Lower Manhattan has undergone a stunning transformation. Once a traditional 9-to-5
central business district dominated by the financial services sector, Lower Manhattan is now a vibrant mixed use
community. Today, we are home to a growing residential population and a diverse mix of office and retail tenants
increasingly compromising of technology, advertising, media and information businesses.
Nowhere is that transformation more evident than in the blocks around the New York Stock Exchange: retail shops line
the street, now filled with tourists and residents. It’s hard to believe that in 2001 there were fewer than 800 residential
units in the Stock Exchange District. Today, the number tops out at around 2,000, with another 1,237 units in the pipeline.
The south side of Wall Street is now almost entirely residential.
Despite its evolution and growth, however, this dynamic and historic district lacks a well defined sense of place.
Nothing in the area’s urban design speaks to its unique nature.
This is an opportune moment to plan for change. Over the last few years, six properties within the security zone have
changed hands. Five buildings have undergone, or are in the process of undergoing residential conversion. Hundreds of
millions are being invested by private owners. Given the current level of activity and investment at marquee properties like
1 Wall Street and 45 Broad Street, now is the ideal time to work with the city and individual owners to look to the future.
The full committee included resident representatives from Community Board 1, as well as property owners,
commercial tenants, city government agencies, local schools, cultural organizations and retailers. The committee
met as a whole three times, at critical points, to help guide the project.
In addition, the Downtown Alliance convened twenty group or individual meetings and walkthroughs with stakeholders,
from both the committee and the public, to solicit feedback on different aspects of the project. The Alliance also conducted
a Web-based survey of Downtown workers and residents, to gauge their views on a set of specific potential strategies to
improve the area and on how the district functions.
77%
had a negative or
83%
agree additional
84%
support adding
39.5%
believe that the
71%
believe that more
neutral reaction to seating options are visual cues or current level of public programming
the area’s current necessary gateways that would programming is would help make
street conditions welcome pedestrians appropriate for the district a more
and add to a sense of the district attractive place to
place in the district live, work and visit
41.5%
Strongly Support
and aesthetics would be great!
The historic eight block street grid has witnessed some of the most signif-
icant events in New York City’s history, from the founding of the New York
Stock Exchange to the inauguration of the federal government. For four
centuries the district has both shaped and reflected the city around it.
New Street
Exchange Place
Broad Street
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BEAVER ST
Today the area is a study in miniature of how Lower Manhattan has been transformed into a mixed use live-work-play
community. The 32 buildings within the district contain over 11.9 million square feet of real estate. Primarily still
commercial, over 7.5 million square feet of office space accommodates approximately 30,000 daily office workers.
At the same time, more than 2,000 residential units and approximately 89 retailers call the area home. Two residential
conversions and one residential construction underway will collectively add another 1,237 units to the area as the
district continues to grow and evolve.
Cities around the world are struggling with how to create public spaces in dense urban environments that are secure,
welcoming and vibrant.
In 2008 the New York City Economic Development Corporation (NYCEDC) completed a streetscape project funded by the
Lower Manhattan Development Corporation (LMDC). This was intended to provide a long term solution to the district’s
security needs. The project added new seating (both fixed and movable) and replaced the existing asphalt roadbed on Wall
Street and Broad Street with a modular cobblestone paving system called “Eurocobble.”
Vehicle access was strictly limited, and the NYSE building was itself protected by a security fence. Seven new fixed security
posts were established around the district to control access.
Today, vehicles entering the district are screened, and a variety of additional vehicle interdiction devices control access.
Several key elements of the security infrastructure installed as part of this project are no longer fully functional, and the
NYPD reverted years ago to using the “temporary” security devices seen today.
Related to this planning exercise, and concurrent with our study, the NYPD and NYCEDC conducted a review of the security
in the area. That review determined that the existing Delta Barriers could potentially be swapped for newer devices, but the
city also concluded that the security footprint, locations, and number of interdiction devices could not be reduced
or altered at this time.
PIN
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Legend
Security Checkpoint
BEAVER ST
Cluttered security apparatus at Wall Street & William Street prevents accessibility
Truck and pedestrian conflicts on Broad Street Trucks parked on sidewalk of New Street
Turntables from past security redesign Delta barriers and No Gos at Broad and Beaver Streets
In particular, the approximately 7,000 sf of public space at the intersection of Wall and Broad lends itself to creative and
appropriate programming and placemaking. In addition, streets like Exchange Place represent opportunities to think
creatively about how the public realm can be used to support the needs of the neighborhood’s residents and families.
Property owners, the NYSE, cultural programmers and other stakeholders should work together to attract appropriate
programming for the public space at Wall and Broad. For example, the cultural offerings of LMCC, or productions by other
cultural or recreational partners, could be expanded. The world famous facades of the NYSE and Federal Hall lend them-
selves to creative, artistic, temporary lighting displays that could also serve to activate the district.
Exchange Place, particularly between Broad and William Streets, is especially well suited to creative placemaking efforts.
This currently dark street could be reclaimed for area residents during appropriate days and hours. The street could be
programmed as a play area for neighborhood children on the weekends. Throughout the week movable seating or public
art could be deployed to create a genuine sense of place framed by landmark buildings.
Aligning the design of the district’s streets with use patterns is a key goal of our plan. Vehicle volumes in the Stock
Exchange District are already low, and the area north of Exchange Place is currently almost completely closed to
non-emergency vehicles. In contrast with other parts of Lower Manhattan, none of the streets in the Stock Exchange
District are through streets, meaning they almost exclusively handle the limited traffic necessary to directly service
buildings within the security perimeter.
Our plan recommends a series of strategies that would redesign the district’s streets and sidewalks to better
accommodate pedestrians and promote more efficient movement.
Existing Proposed
W
al l
St
Addressing these issues can be difficult. Complex subgrade infrastructure makes anchoring new permanent
structures challenging as well as limiting the amount of planting possible. The finite amount of public space limits
how much additional street furniture could be added without further restricting pedestrian circulation. Also, the
historic nature of the district requires a sensitive approach.
Key to addressing this problem is recognizing that streetscape elements can serve multiple purposes: a planter
can provide seating and a bollard can be a light source. Streetscape elements that serve multiple functions can meet
the district’s needs without adding unnecessary clutter.
Well designed, multi-purpose seating along Broad Street and Wall Street would also help to define pedestrian and
vehicular zones. Planters, markers for historical interpretation, and creative lighting should be included.
The New York Police Department (NYPD) and the New York City Economic Development Corporation (NYCEDC),
working in partnership with us, have completed a study of the existing security infrastructure.
A simplified security design could remove redundant infrastructure. The large and unwieldy No Gos could be
replaced with slimmer bollards that would more easily facilitate pedestrian flow. The “turntable” that is no longer
functioning at Beaver and Williams Street can be replaced. The security fence surrounding the NYSE could be
rationalized or replaced with more attractive, permanent fencing.
Residents, workers and retailers require access both for deliveries and for private and for-hire-vehicle pickups
and dropoffs. While some buildings within the district have direct access to the surrounding road network to
accommodate some or all of these needs, many others are entirely reliant on the road network within the security
perimeter.
Currently the district lacks adequate facilities to accommodate loading and unloading. Consequently, once trucks
are inside the secure zone they scramble for loading space and access to buildings. Additionally, lax enforcement
allows trucks to park for long periods of time, ignoring parking restrictions. Trucks often park on sidewalks,
especially along New Street and Exchange Place. Property owners have placed large planters on the sidewalk in
some locations to deter this illegal parking on the curb, though they are poorly maintained and unintentionally
restrict pedestrian circulation. Residential sanitation pickup is also a challenge, and large quantities of residential
waste are a particular concern along Exchange Place.
The Downtown Alliance will be working with city agencies and elected officials to identify potential solutions for
this problem.
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PM - 31 VEHICLES ad L
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PM - 90 VEHICLES
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Loading Route
BEAVER ST Building dependent on
AM - 82 VEHICLES
street loading
PM - 99 VEHICLES
BEAVER ST
A partnership of delivery companies such as UPS and FedEx, and online retailers like Amazon and FreshDirect, as well
as residential building managers, could develop a pilot program that would identify one central location to receive all
packages delivered to the district. Deliveries to individual buildings would then be completed via hand-truck or small
vehicle, either by delivery company personnel or building staff.
Loading Zone
9’ 8’
24’ 32’
25’ 18’
St re
St re
N ew
N ew
Proposed Parking-control
Bollards (in green)
Area Occupied Proposed Curb (in blue)
Illegally by Trucks
Parking on the
7’
24’ Curb (in red) 9’
22’
9’ 9’
Loading Zone
Existing conditions and proposed changes to New Street loading between Exchange Place and Beaver Street
New Street
Exchange Place
Broad Street
A
B
• Architectural lighting
• Simplified security infrastructure
• Multi-functional seating
• Shared curbless streets
A Architectural lighting
• Durable and historically appropriate paving
• Placemaking and programming
D C Multi-functional seating
Cluttered security
infrastructure
Curb impedes
pedestrian traffic
Featureless, congested
entrance
W
all
St
re
et
ay
Broadw
W
al l
St
Proposed
existing
Haphazard loading
Ne
et
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St
w
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Exchange Place: The growing residential community in the Stock Exchange District is
supported by creating a flexible street that accommodates a variety of uses, including
community oriented programming.
• Cable lighting
• Loading bays and enhanced curb regulations
A Cable lighting
• Expanded pedestrian zones
• Shared curbless streets
• Placemaking and programming
Exc
han
ge
Plac
e
Unclear historical
references
Cluttered security infrastructure
Inadequate seating
Crowded sidewalks
Generic Lighting
C Multi-functional seating
But there is more work to do. This is the time to coalesce around
concepts that will make the Stock Exchange District more modern
and welcoming, yet retain its historic importance.
Kent Swig
Swig Equities, LLC
---
Jessica Lappin
President, Alliance for Downtown New York
Jessica Lappin
President
Taina Prado
Chief of Staff
Andrew Breslau
Senior Vice President, Communications and Marketing
Ron Wolfgang
Senior Vice President, Operations
Josh Nachowitz
Vice President, Economic Development
Elizabeth Lutz
Vice President, Communications & Marketing
Lauren O’Toole
Director of Planning, Economic Development
Frank Futia
Research and Planning Manager, Economic Development
Bathsheba Parker
Art Director, Communications & Marketing
www.DowntownNY.com
88 Stock Exchange District Study