Architecture: The Federal Reserve Bank of New York

As we come up on the centenary of the Federal Reserve Act we'll be looking at various aspect of how we got to the current state of affairs. This is from the Federal Reserve Bank of New York:
About the Building

...The 22-floor, limestone and sandstone headquarters of the Federal Reserve Bank of New York contrasts sharply with the neighboring steel and glass skyscrapers of the Manhattan’s downtown financial district.
Architecturally, the building is reminiscent of the Italian Renaissance period, featuring a robust palazzo design recalling the appearance of Florentine banking houses and elements of Florentine palazzos such as the Strozzi Palace and the Palazzo Vecchio.

The Bank’s 20th century American designers, like their 15th century Italian predecessors, sought a structural expression of strength, stability and security. These planners intended to inspire public confidence in the recently formed Federal Reserve System through the architecture.

The Early Days

On November 16, 1914, less than one year after Congress established the Federal Reserve System, the Federal Reserve Bank of New York opened for business in subleased offices at 62 Cedar Street in lower Manhattan. On that first business day, the staff of seven officers and 85 clerical employees—most borrowed from New York City banks and the Sub-Treasury—received $99,814,000 in deposits from 479 commercial banks.

Over the next four years, the Federal Reserve’s responsibilities and functions multiplied. It had to serve a growing number of member banks. The nationwide collection system was introduced in 1916, greatly increasing the volume of transactions. The entry of the United States into World War I the following year added to the responsibilities of the young Federal Reserve Bank: it helped finance U.S. military expenditures by selling and distributing government bonds and by becoming the fiscal agent of the federal government.

As the Bank’s need for space grew, new quarters were secured. By the end of 1918, the Federal Reserve Bank of New York was housed in six locations. It occupied several floors of the Equitable Building at 120 Broadway, the entire building at 50 Wall Street, 37 Liberty Street and miscellaneous facilities on Liberty and West 44th streets. The total square footage surpassed 203,000, more than a nine-fold increase since the end of 1914.

Despite the rapid acquisition of facilities during this time, the Bank’s space problems persisted. The main difficulty was that much of the space leased during this period of expansion was inappropriate for the Bank’s functions. The Fed’s large currency and check operations areas were in offices that were too small, and the ventilation and lighting was inadequate for these functions. On October 24, 1917, the Bank’s directors and officers issued a resolution calling for the construction of a new building suited to the special needs of the Bank. A real estate committee was appointed to oversee the acquisition of the property.

The Site

In 1918 and 1919, the Federal Reserve Bank purchased plot by plot, the site for the proposed building. A block in lower Manhattan bounded by Liberty, Nassau and William Streets and Maiden Lane was selected. The site, which was once part of a Dutch farm, contained an assortment of 19th century buildings. Because of the war, construction costs were increasing, so a decision was made to postpone starting work on the building until after the war had ended. In 1918 and 1919, the Bank purchased all but one of the buildings on the block for $4.8 million. The buildings (except the Montauk Building, fronting on William Street, which was acquired later) were demolished between May and September 1921.

Planning

In early 1921, a building committee responsible for overseeing construction of the new facility was appointed by the board of directors of the Federal Reserve Bank. A consulting engineer, Alexander B. Trowbridge, was engaged to analyze the Bank’s office space needs and other requirements. The resulting 33 pages of specifications became the criteria for judging an architectural competition for the building contract. The designs of six competing firms were submitted anonymously and Trowbridge deemed York and Sawyer’s 800,000 square foot concept best suited to the Bank’s requirements.

Though architecturally out of sync with its time, Philip Sawyer’s design was commended for its simplicity, economy and restraint. His design popularized an architectural style for banks that was to be repeated throughout the country. York and Sawyer was awarded a prize of $10,000 and paid a fee of 6 percent of the cost of the new structure. The total costs were estimated at slightly less than $23 million.

Design

Following the architectural competition, an ambitious and talented metal worker, Samuel Yellin, approached York and Sawyer with sketches of ornamental but functional ironwork to complement their conservative concept. The architects accepted Yellin’s bid. The Polish-American artisan’s first task was to double the manpower at his Philadelphia workshop to more than 200 people so that the new Bank’s wrought iron could be completed on time.

Although Yellin would accept many commissions for decorating churches such as the Cathedral of St. John the Divine and the Washington Cathedral; universities such as Harvard, Oberlin and Yale; private residences such as Edsel Ford’s and the Vanderbilt’s, none would call for the tonnage of iron required for the Federal Reserve Bank of New York.

Although Yellin was proficient in several styles, the designer employed an Italian technique consistent with the concept of the principal architect, Philip Sawyer. Many of Sawyer’s ideas were borrowed from Florentine palaces that had influenced him while studying in Italy. Specifically, the New York Fed’s monumental size suggests the Pitti Palazzo. The structure’s façade molding recalls the Vecchio Palazzo. Finally, the building’s stonework, arches and ironwork reflect the Strozzi Palazzo. It is notable that Yellin’s twin lanterns at the Bank’s public entrance are virtually identical to lanterns of the Strozzi....MORE