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Exchange Place (Manhattan)

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Exchange Place is a street in the Financial District of Lower Manhattan, New York City. The street runs five blocks between Trinity Place in the west and Hanover Street in the east.[1]

20 Exchange Place, located on the eastern end of Exchange Place

Exchange Place was created by 1657 as part of the street plan for the Dutch colony of New Amsterdam (modern-day Lower Manhattan), as recorded in the Castello Plan. It is composed of parts of two colonial Dutch roads and survives largely as it existed in 1660, although it has been renamed multiple times and was extended in 1836. The current name, which dates from 1827, was derived from the New York Stock Exchange's presence near Exchange Place. Several points of interest are located along Exchange Place, including the New York Stock Exchange Building, 20 Exchange Place, and 55 Wall Street.

History

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Exchange Place was created by 1657, as outlined in the Castello Plan, a street map for the Dutch colony of New Amsterdam (modern-day Lower Manhattan); the street still survives largely as it existed in 1660.[2]: 7  The street incorporates parts of two colonial Dutch roads: Heere Dwars Straet and Tuyn Straet.[2]: 10  Heere Dwars Street (literally The Lord's Cross Street[3]) ran two blocks between Broadway and Broad Street.[2]: 10  Tuyn Street, named after gardens,[4][5] ran one block from Broad Street to William Street.[2]: 10  In colonial times, the area was swampland;[6] to drain the swamp, a canal was dug from Exchange Place, along which Broad Street was subsequently built.[7] The area surrounding Broad Street and Exchange Place was known as the "Schaap Weyte" or sheep pasture.[5]

In 1692, a Dutch Reformed Church was erected at Exchange Place and Broad Street.[8] The first church building was replaced in 1807, and the second church building burned down in 1835. The church's congregation sold off the site in the 1840s rather than rebuild it.[5]

Tuyn Street was renamed Church Street in 1695 and Garden Street in 1797.[2]: 10  Garden Street and Oyster Pasty Alley were renamed Exchange Place in 1827,[9] after the Merchants Exchange Building at Wall and William Streets was built that year.[2]: 10 [10][11] In 1836, Exchange Place was extended from William Street to Hanover Street.[2]: 10  By the 1830s, the demand for commercial space had increased significantly on Exchange Place and surrounding streets. Many residential buildings on the street were subsequently demolished, and commercial buildings were erected in their place.[12]: 576  Exchange Place was a center for financial activity; in 1867, it was reported that $1.6 million had been stolen from one of the banks on Exchange Place.[13][12]: 999  The 1939 WPA Guide to New York City stated that Exchange Place, together with Wall and Broad Streets, formed the core of Manhattan's Financial District.[14]

Notable buildings

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Exchange Place contains several landmarks and other structures along its route.[1] 1 Wall Street, a New York City designated landmark, is located on the north side of the street between Broadway and New Street.[15] The New York Stock Exchange Building at 8–18 Broad Street, a National Historic Landmark and New York City designated landmark, is on the north side of Exchange Place between New and Broad Streets.[16] The Broad Exchange Building is located at the southeast corner of Broad Street and Exchange Place,[17] while the Continental Bank Building is on the southwest corner of that intersection[18] and 15 Broad Street is on the northeast corner.[19] The easternmost block of Exchange Place is taken up by two buildings: 55 Wall Street (a National Register of Historic Places listing and New York City landmark) on the north side[20] and 20 Exchange Place (a New York City landmark) on the south side.[21] In addition, the New York City Subway's Broad Street station, serving the J and ​Z trains, has entrances at Exchange Place and Broad Street.[22]

References

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  1. ^ a b "NYCityMap". NYC.gov. New York City Department of Information Technology and Telecommunications. Retrieved March 20, 2020.
  2. ^ a b c d e f g "Street Plan of New Amsterdam and Colonial New York" (PDF). New York City Landmarks Preservation Commission. June 14, 1983. Retrieved July 17, 2020.
  3. ^ Saraniero, Nicole (October 3, 2018). "10 NYC Streets from the Original Dutch Colonial Street Grid". Untapped New York. Retrieved July 22, 2020.
  4. ^ Innes, J.H. (1902). New Amsterdam and Its People: Studies, Social and Topographical, of the Town Under Dutch and Early English Rule. Empire State historical publications series. C.Scribner's sons. p. 151. Retrieved July 22, 2020.
  5. ^ a b c "A New Tower Rises Above "the Street"; Its Site Was Once a Pasture for the Sheep of Old Manhattan" (PDF). The New York Times. June 26, 1927. p. SM13. ISSN 0362-4331. Retrieved February 6, 2021.
  6. ^ City History Club of New York; Kelly, F.B. (1909). Historical Guide to the City of New York. F. A. Stokes Company. p. 31.
  7. ^ Bayles, W. Harrison (1915). Old taverns of New York. Frank Allaben genealogical company. p. 42. OL 17937702M – via Open Library.
  8. ^ A Summary Historical, Geographical, and Statistical View of the City of New York: Together with Some Notices of Brooklyn, Williamsburgh, &c. J. H. Colton. 1836. p. 29.
  9. ^ Stokes, Isaac Newton Phelps (1915). The iconography of Manhattan Island, 1498–1909 (PDF). Vol. 5. p. 1669 – via columbia.edu.
  10. ^ Feirstein, Sanna (2001). Naming New York : Manhattan places & how they got their names. New York: New York University Press. p. 26. ISBN 978-0-8147-2712-6. OCLC 45209072.
  11. ^ Moscow, Henry (1978). The Street Book: An Encyclopedia of Manhattan's Street Names and Their Origins. New York: Hagstrom Company. p. 48. ISBN 978-0-8232-1275-0.
  12. ^ a b Burrows, Edwin G. and Wallace, Mike (1999). Gotham: A History of New York City to 1898. New York: Oxford University Press. ISBN 0-195-11634-8.
  13. ^ "Death of Mr. Thomas Lord; the Story of His Successful Career. How He Became Possessed of Riches-His Experiments in Business-His Marriage to Mrs. Hicks and the Opposition of His Heirs". The New York Times. February 8, 1879. ISSN 0362-4331. Retrieved July 22, 2020.
  14. ^ Federal Writers' Project (1939). New York City Guide. New York: Random House. p. 84. ISBN 978-1-60354-055-1. (Reprinted by Scholarly Press, 1976; often referred to as WPA Guide to New York City.)
  15. ^ "1 Wall Street Building" (PDF). New York City Landmarks Preservation Commission. March 6, 2001. Retrieved February 17, 2020.
  16. ^ "Historic Structures Report: New York Stock Exchange" (PDF). National Register of Historic Places, National Park Service. June 2, 1978. Retrieved February 17, 2020.[permanent dead link‍]
    "New York Stock Exchange" (PDF). New York City Landmarks Preservation Commission. July 9, 1985. Retrieved February 17, 2020.
  17. ^ "Historic Structures Report: Broad Exchange Building" (PDF). National Register of Historic Places, National Park Service. April 13, 1998. Retrieved February 17, 2020.
    "Broad Exchange Building" (PDF). New York City Landmarks Preservation Commission. June 27, 2000. Retrieved February 17, 2020.
  18. ^ "City Investing Co. Buys Skyscraper in Broad St". The New York Times. May 20, 1943. ISSN 0362-4331. Retrieved July 23, 2020.
  19. ^ Chase, W. Parker (1983) [1932]. New York, the Wonder City. New York: New York Bound. p. 161. ISBN 978-0-9608788-2-6. OCLC 9946323.
  20. ^ "Historic Structures Report: National City Bank Building" (PDF). National Register of Historic Places, National Park Service. November 30, 1999. Retrieved February 17, 2020.
    "National City Bank Building" (PDF). New York City Landmarks Preservation Commission. December 21, 1965. Retrieved February 17, 2020.
    "National City Bank Building Interior" (PDF). New York City Landmarks Preservation Commission. January 12, 1999. Retrieved February 17, 2020.
  21. ^ "City Bank-Farmers Trust Company Building" (PDF). New York City Landmarks Preservation Commission. June 25, 1996. Retrieved July 28, 2019.
  22. ^ "MTA Neighborhood Maps: Lower Manhattan" (PDF). Metropolitan Transportation Authority. 2015. Retrieved October 1, 2018.
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