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Wall Street NYC Area: Apartments and Accommodation | NewYorkStay

WALL STREET

wall streetWall Street is the name given to the Financial District which runs from Broadway to South Street along the East River. It is the location of the New York Stock Exchange or NYSE as well as NASDAQ and the Federal Reserve. The area was first colonized in the Mid 1600's by Dutch Settlers and by the late 1600s with help from both colonists and slaves a wall was built around the shoreline beginning at what is now Pearl St and turning at what is now Trinity Place to end at the old fort. During this time many local merchants would get together at points along the wall to discuss business ad buy and sell goods and bonds. In the late 1700s the place the traders and merchants gathered became more specific with most business being conducted at the base of a buttonwood tree that stood on what is now Wall Street and in 1792 the traders created a formal association with the "Buttonwood Agreement" which would lay the groundwork for what is the New York Stock Exchange.

The first president of the United States was inaugurated into office on the 30 April 1789 on the balcony of Federal Hall. The Bill of Rights which is still in effect today was also passed in Federal Hall. During the early 19th Century the area began to shift from a mix of residential and business and post civil war with businesses such as the Rockefeller owned Standard Oil and J.P.Morgans huge trusts shifting base to New York and the nation as a whole shifting from Agriculture and Industrial development to financial the city was on par with London as the worlds financial capital. It remained so until the stock market crashed in October of 1929 which was the beginning of the Great Depression. The economy did not recover until the later part of the 1960s and by the mid 1970s thanks to multiple reforms of the Stocks and Securities Trading Commission following the Vietnam War things were slowly improving. With the advent of the Reagan Years and the push for de regulation of industries such as aviation and telecom Wall Street hit a boom which lasted until the the drop in 1987 which was followed by a short period of recession. To stimulate economic regrowth in the area the Lower Manhattan Revitalization Plan was created which encouraged the conversion of commercial properties to residential status with the hope of drawing tenants back to the area.

Things were looking up for Wall Street until September 11th when the destruction of the Twin Towers cost Lower Manhattan almost 50% of its prime office space and, due to relocation of multiple corporate headquarters billions of dollars in business. However beginning in 2006 with the construction starting on Goldman Sachs tower and construction increasing on the new WTC 1 building at the site of the original towers things have begun to pick up  with Wall St once again attracting both residential and commercial tenants. In 1970 only 833 people according to census lived south of Chambers street but that number now is over 25,000 with multiple grocery stores,hotels, restaurants and schools now open along with many high end retailers opening branches of their stores as the average resident  of the area now is quite wealthy in comparison to the rest of the East Side of Lower Manhattan.

Wall Street is a huge tourist stop with the Exchange floor,The Federal Reserve Gold Vaults, The WTC Site,Trinity Church, The Statue of Liberty and Battery Park being some of the prime destinations on any visitors agenda. It is a great location to base yourself if you have to be in the city for business or legal reasons or if you are looking to stay in a unique and developing location steeped in history.

 

PLACES TO CHECK OUT
NYSE
The Gold Vaults at the Federal Reserve
The Bowling Green Bull Sculpture
Federal Hall
Trinity Church and the Grave of Alexander Hamilton
South Street Seaport
The WTC Site and Memorial
Battery Park
The Statue of Liberty and Ellis Island
Take a walk from Chambers St to the West Side along the riverside from Battery Park which ends up at the Staten Island Ferry terminal
If you are visiting in the late spring till early fall check out the free ferry to Governors Island


PLACES TO EAT
Delmonicos
Fraunces Tavern
Smorga
MarkJoseph
The Bridge Cafe
Bayards
Harrys
Cafe Sage
Les Halles
Pain Latin
Rosarios