A More Welcoming Wall & Broad: A Vision for Improving the Stock Exchange District
Alliance for Downtown New York In collaboration with WXY Architecture + Urban Design Released May 2018
Stock Exchange District Study This study was commissioned by the Alliance for Downtown New York under guidance from the Stock Exchange District ad hoc Committee.
Committee Chairs Thomas Farley* President, NYSE Group Cynthia Rojas Sejas* VP - Global Risk Services, S&P Global Market Intelligence
Committee Nathan Berman Managing Principal, Metro Loft Management Roger Byrom Co-Chair, CB 1 Landmarks Committee Maria Castelluccio Head of School, Léman Manhattan Preparatory School Bruce Ehrmann Co-Chair, CB 1 Landmarks Committee Robert Gladstone CEO, Madison Equities Andy Golubitsky Vice President - Development, Macklowe Properties Mark Gordon Managing Partner, Tribeca Associates Daniel Haimovic Managing Partner, DTH Capital
Frank J. Sciame Jr.* CEO/Chairman, F.J. Sciame Construction Co., Inc. Diego Segalini Executive Director, Finance & Administration, Lower Manhattan Cultural Council Kevin Singleton Executive Vice President, TF Cornerstone Inc. Brian Steinwurtzel* Co-CEO, GFP Real Estate Kent Swig* President, Swig Equities, LLC Jack Terzi CEO & Founder, JTRE Holdings Reggie Thomas Co-Chair, CB 1 Land Use Committee John Wheeler, Jr. Managing Director, Jones Lang LaSalle Denotes Alliance for Downtown New York Board Member
*
Elected Officials New York State Senator Brian Kavanagh New York State Assemblywoman Yuh-line Niou Manhattan Borough President Gale Brewer
Kelly Harbison General Manager, Bobby Vans
New York City Councilwoman Margaret Chin
Rev. Phillip A. Jackson* Vicar, Trinity Church Wall Street
City Agencies
Patrick Kennell Co-Chair, CB 1 Land Use Committee and FiDi Neighborhood Association
Deputy Mayor’s Office of Operations & Deputy Mayor’s Office of Economic Development Mayor’s Office of Capital Project Development
Michael H. Krupa President, Gemdale USA Corporation
New York City Department of Transportation
Jessica Lappin President, Alliance for Downtown New York
New York City Economic Development Corporation
Anthony Notaro* Chairperson, Community Board 1 William C. Rudin* CEO & Co-Chairman, Rudin Management Company Marie Salerno President/CEO & Co-Founder, National Parks of NY Harbor Conservancy - Federal Hall National Memorial
New York City Police Department
New York City Department of City Planning
In collaboration with
Contents Executive Summary
5
i.
Introduction: Why Now is the Time to Act
9
ii.
Existing Conditions
15
iii.
Our Vision for a New Stock Exchange District
25
iv.
Design Strategies and Recommendations
29
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. Yet this area isn’t living up to its vast potential. 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 understandable 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.
Alliance for Downtown New York
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The main goal of our plan is to create a dynamic urban space that works for all its users while celebrating the four centuries of history that have defined the heart of Lower Manhattan. To achieve that goal, this document is organized around 3 guiding principles:
1.) Create identity and a sense of place We believe the Stock Exchange District requires an attractive and cohesive streetscape, with a focus on identifying the area as unique. 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.
2.) Enhance pedestrian environment and improve mobility People need to move more easily through the zone. Through redesign, we can enhance the experience of pedestrians in the district while creating more attractive sitting areas. 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.
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Stock Exchange District Study
3.) Rationalize deliveries and separate trucks from pedestrians This thriving mixed use district needs to better accommodate a range of vehicles, from private cars to daily commercial deliveries. 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.
Alliance for Downtown New York
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i.
Alliance for Downtown New York
Introduction: Why Now is the Time to Act
9
Why Now?
View of the intersection of Wall Street and Broad Street
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.
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Stock Exchange District Study
Broad Street Looking North
Exchange Place Looking East
Alliance for Downtown New York
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A Community Based Plan In the summer of 2017, the Downtown Alliance convened a steering committee made up of 34 area stakeholders. The committee was co-chaired by Thomas Farley, President, NYSE Group and Cynthia Rojas Sejas, Lower Manhattan resident and Vice President of Global Risk Services at S&P Global Market Intelligence. 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.
Results of a public survey:
77%
had a negative or neutral reaction to the area’s current street conditions
12
83%
agree additional seating options are necessary
84%
support adding visual cues or gateways that would welcome pedestrians and add to a sense of place in the district
39.5% believe that the current level of programming is appropriate for the district
71%
believe that more public programming would help make the district a more attractive place to live, work and visit
Stock Exchange District Study
Selected Survey Quotes
80% supported replacing inadequate lighting in the area, especially on New Street and Exchange Place.
Making bollards that could both restrict vehicle traffic while doubling as seating or planters for more greenery or other combination of function and aesthetics would be great!
41.5%
I use a mobility scooter to get around
38.3%
so hope that you consider the needs of wheeled device users. The use of strollers, wheelchairs, scooters, delivery carts, etc is very common so eliminating curbs & cobblestone would be a big improvement.
7.3% 1.7%
11.1%
Strongly Support
Support Disagree Strongly Disagree No Opinion
Huge potential for up lighting buildings (like is common for historical buildings in Europe)...
We NEED better public space, better streets, lighting and streets/sidewalks.
Do you support replacing the existing cobblestone with more durable and accessible materials?
The bollards and extreme security measures make the area uninviting and create dangerous pinch points at the entrances. Please consider more elegant solutions that actually make a practical difference with respect to security and terrorism. *Quotes from over 480 Survey responses. Alliance for Downtown New York
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Stock Exchange District Study
ii.
Existing Conditions The Stock Exchange District is bounded by Pine Street to the north, Beaver Street to the south, William Street to the east and Broadway to the west. The historic eight block street grid has witnessed some of the most significant 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.
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Existing Stock Exchange District Plan Wall Street & Broadway
NYSE / Federal Hall
New Street
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Stock Exchange District Study
Wall Street
Exchange Place
Broad Street
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An Evolving and Growing District Land Use in the Stock Exchange District
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Legend Government/ Institutional Repositioned Office
45 Broad
(Under Construction)
Bro
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Commercial 60 Broad
BEAVER ST
15 William 55 Broad
Residential Residential (Under Construction)
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.
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Stock Exchange District Study
Securing The Heart Of Lower Manhattan In the wake of the attacks on September 11th, New York took immediate steps to protect the extraordinary historic resources in the Stock Exchange District. The NYPD defined the security perimeter and mandated both the locations and the type of devices that were installed. 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.
Existing Security Infrastructure
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Legend NYSE Security Fence BEAVER ST
Alliance for Downtown New York
Security Checkpoint
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The Stock Exchange District Today Appearance Today’s Stock Exchange District is a jumble of different and competing streetscape elements that fail to cohere into an attractive and welcoming whole. It is not visually welcoming. There is a mishmash of different security devices, including bollards, bronze colored “No Gos,” and concrete benches. Street furniture is mismatched and cluttered. There is little obvious wayfinding or informational signage identifying the district as a unique place. The result is an area that can be confusing to navigate.
Accessibility and Circulation Pedestrian volumes far exceed vehicle volumes in the district. At the same time, the Stock Exchange District is a diverse area which must accommodate the needs of businesses, retailers and residents for private vehicle access and deliveries. And all of this must be done with an eye towards making sure that the district is a safe space.
Concrete Benches on Broad Street
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No Gos and Bollards on Wall Street
Stock Exchange District Study
Currently, vehicle entry to the Stock Exchange District is controlled by checkpoints located at each entrance (see map on page 19). The checkpoint at Broad and Beaver is the primary entrance for cars and trucks, while the two checkpoints located at Exchange Place and New Street are the primary exits. Pedestrians are restricted in two locations: around the Stock Exchange building itself and at the Broad Street vehicle inspection area. The current street design makes it needlessly difficult for pedestrians and drivers to understand how to circulate. For example, the sidewalk on Wall between Broadway and Broad Streets is unnecessary, given the restriction against cars on that street. This poor street design creates a pedestrian choke point. The same is true in other locations. Pedestrian choke point at Wall Street between Broadway and Beaver Street
Cluttered security apparatus at Wall Street & William Street prevents accessibility
Alliance for Downtown New York
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Function and Design As the Stock Exchange District continues to evolve, the street system and urban design need to grow with it. New residential developments and retail will generate additional vehicle traffic, yet the district currently lacks clearly defined truck loading and unloading locations. Trucks and other vehicles park wherever they can– including on sidewalks. Vehicles aren’t well separated from pedestrians. Broad Street’s iconic view corridor toward the Stock Exchange and Federal Hall is too often obscured by illegally parked delivery vehicles. The existing paving is inconsistent, hasn’t aged well or been maintained, and presents challenges for the mobility challenged. The district’s streets are currently paved with a mix of standard asphalt and Eurocobble, a modular cobblestone installed in 2008. Prior to 2008, there was no cobble within the zone. Elements in the current pavement are designed to recognize historic features of the district including the colonial era canal on Broad Street and the location of the wall along Wall Street. Unfortunately this paving is not a standard paving material used by the city and has not held up well.
Truck and pedestrian conflicts on Broad Street
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Eurocobble paving on Broad Street
Trucks parked on sidewalk of New Street
Stock Exchange District Study
Security Infrastructure The district’s security infrastructure is characterized by a profusion of different fixed and operable devices. Remnants from older security systems coexist with newer devices, creating redundancies. The cumulative effect projects a fortress like appearance for many locations. Temporary vehicle interdiction devices, fences and French barricades add to the clutter. The NYSE is required to maintain a critical distance of 27’ from the edge of the building which is done through a fence that surrounds the building. Replacing these elements with a coherent and unified infrastructure would protect the millions of New Yorkers and visitors who use the area while creating a more welcoming environment. A 2017 Web-based survey conducted by the Downtown Alliance found that over 52% of respondents had a negative or neutral reaction to the current conditions.
NYSE Security Fence
Turntables from past security redesign
Alliance for Downtown New York
Delta barriers and No Gos at Broad and Beaver Streets
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Stock Exchange District Study
iii.
Our Vision for a New Stock Exchange District In 2017, the Downtown Alliance convened a stakeholder steering committee made up of residents, retailers, property owners, government agencies, cultural organizations, schools and commercial tenants. This ad-hoc committee was co-chaired by Thomas Farley, President of the NYSE Group and Cynthia Rojas Sejas, Vice President of Global Risk Services at S&P Global Market Intelligence, who lives and works in Lower Manhattan (see page 2 for a full list of committee members). Throughout the design process stakeholders emphasized the importance of highlighting the long history of the district. Our vision puts the area’s historic assets front and center. The plan described in this report celebrates the four centuries of history that have defined the Stock Exchange District, while recognizing that the district must function as an active, 21st century urban space.
Alliance for Downtown New York
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Vision Plan Working with our design partners, WXY Architecture + Urban Design, a local firm headed by Lower Manhattan resident Claire Weisz, our stakeholders identified a set of three goals that guide our vision for the future of the Stock Exchange District. The design strategies that will be described in the next section of this report follow these guiding principles and are intended to be flexible approaches to meeting our stakeholders’ goals while respecting the city’s security requirements. While several of our recommended strategies would require a substantial city capital commitment, many others can be deployed independently from a broader capital project.
26
Create Identity and a Sense of Place We recognize that the Stock Exchange District needs an attractive and cohesive streetscape with a focus on identifying the district as a special, unique area. Design features should highlight the entrances to the district, create a sense of arrival in a special place, and use more uniform and attractive materials throughout the zone.
Stock Exchange District Study
Enhance Pedestrian Environment and Improve Mobility
Rationalize Deliveries and Separate Trucks from Pedestrians
People need to move better through
This thriving mixed use district needs
the zone. By redesigning streets, we can
to better accommodate a range of vehicles,
enhance the experience of pedestrians
from private cars to daily commercial
in the district while creating more attractive
deliveries. Our vision creates new loading
areas for people to sit, relax and enjoy the
and unloading areas to better accommodate
views. Aligning the design of the district’s
the needs of the district’s residents and
streets with how they’re actually used
workers. At the same time, the new street
would create more room for pedestrians.
design would improve pedestrian flow and
Eliminating redundant security devices
discourage truck parking on sidewalks
would help ease pedestrian choke points.
and along Broad Street.
Alliance for Downtown New York
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Stock Exchange District Study
iv.
Alliance for Downtown New York
Design Strategies and Recommendations
29
Create Identity and a Sense of Place Creating a cohesive identity for the Stock Exchange District quickly emerged as a top priority for stakeholders. The existing streetscape elements around the NYSE are a mishmash of different styles and elements that detract from the historic architecture. A unified design plan with coordinated amenities, and a palette of complementary design materials, are essential. Streetscape elements should focus on the district’s landmarks and frame iconic views while improving access and functionality.
Interactive Gateway Markers The Stock Exchange District is clearly defined by the existing security perimeter. However, the thresholds to the district are not clearly legible to pedestrians, who have little indication beyond the presence of security devices that they are entering a special district. Custom designed gateway markers located at entrances around the district could serve a number of roles. These gateways should be distinctive architectural features in their own right. They can be interactive, providing visitors with wayfinding, historical interpretation and other district related information. And strategically placed and well defined gateway markers can help highlight different pedestrian approaches to the district. This would Gateway Markers, Lake Constance, Germany
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help reduce pedestrian confusion and crowding by encouraging pedestrians to use multiple entrances.
Stock Exchange District Study
Potential Gateway Locations
Alliance for Downtown New York
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Placemaking and Programming The Stock Exchange District has long been a venue for public gathering and activation. Today the district is enlivened by the NYSE’s annual holiday tree lighting and decorations, as well as by cultural programming sponsored by the Lower Manhattan Cultural Council (LMCC) as part of its River to River festival. But more can be done. 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 themselves 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.
Placemaking and programming in an active alleyway in downtown Vancouver
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Stock Exchange District Study
Potential locations for placemaking and programming
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Cable Lighting New Street and Exchange Place, currently narrow, dark corridors with little to no direct sunlight at any time, are a contrast to the wide pedestrian spaces available on Broad and Wall Streets. Both offer opportunities to use innovative techniques to improve lighting and create an enhanced sense of place. Cable or catenary lighting, strung between the buildings, could provide consistent overall illumination while affording additional space on the sidewalk. Brighter streets would increase foot traffic and activity. This solution would also eliminate the existing DOT standard “cobra heads,� whose large bases further constrict the already limited pedestrian space.
Cable Lighting, Graz, Austria
Potential Cable Lighting Locations
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Stock Exchange District Study
Architectural Lighting There are 9 individually landmarked buildings in the Stock Exchange District. The intersection of Wall and Broad Streets, in particular, is framed on all four corners by landmarked facades. Specially designed architectural lighting could be deployed to highlight these facades and to complement the existing lighting at the NYSE and Federal Hall.
Federal Hall, New York City
Potential Architectural Lighting Locations
Alliance for Downtown New York
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Enhance the Pedestrian Environment and Improve Mobility The Stock Exchange District’s limited traffic volumes make it among the most pedestrian oriented areas in Lower Manhattan, and indeed in the entire city. Average hourly pedestrian volumes at the intersection of Wall and Broad are almost 45% higher than at the next busiest location in Lower Manhattan tracked by the Downtown Alliance’s pedestrian counts. In fact, pedestrian to vehicle ratios in the district are dramatically higher than in comparable locations in other Manhattan central business districts. Responses to the Downtown Alliance’s online survey revealed frustration with impediments to pedestrian mobility throughout the district. 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.
Broad Street
26 :1 Pedestrian to vehicle ratio
2,316
Pedestrians per Hour
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New Street
17: 1 Pedestrian to vehicle ratio
354
Pedestrians per Hour
Union Square
(East 14th Street)
Herald Square (6th Avenue)
1.4:1
1.9:1
Pedestrian to vehicle ratio
Pedestrian to vehicle ratio
4,520
Pedestrians per Hour
5,517
Pedestrians per Hour
Stock Exchange District Study
Existing Traffic Flow and Pedestrian Priority Locations
Alliance for Downtown New York
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Shared Curbless Streets That Respect The Historic Street Grid Shared streets are ideally suited for the low vehicle volumes of the Stock Exchange District. This concept allows freer pedestrian movement and reduces sidewalk crowding. Curbless streets would provide a single surface roadway to support low-speed sharing of the street between vehicles and pedestrians. Removing curbs throughout the district would dramatically expand pedestrian circulation space and signal a clear priority within the district for pedestrians. A curbless street design would provide additional space for pedestrians without obstruction between the elevation of the sidewalk and street. A well considered and executed paving plan is also critical in establishing an identity for the district while indicating the outlines of the original colonial street grid. Uniform, durable and historically appropriate Kings Cross Square, London
pavement treatment would respect the history of the district while being modern in functionality. Granite pavers, for instance, are sturdy enough to sustain years of the intensive multi-purpose use. Granite allows for variations of tone and size of pavement, to designate the historic road bed, colonial era canal, and other features. In locations where vehicle volumes are higher, such as Exchange Place, New Street and Broad Street south of Exchange Place, bollards can be installed at the existing curb line for pedestrian safety. A mix of granite and cobblestones could be used to distinguish between pedestrian and vehicle zones. Applying a consistent street design and paving strategy throughout would also help unify the area’s appearance and enhance a sense of place.
Borough Hall Plaza, Brooklyn 38
Stock Exchange District Study
NYSE / Federal Hall
Strategy
Sectional Drawings of Wall Street Wall Street looking East
Securi ty Fence
Securi ty Fence
Flush curbs allow for enl arged sidewalk width along Wall St 34’
Secure Zone
2’- 6”
27’
12’
Sidewalk
Existing
Secure Zone
21’- 6”
Sidewalk
Proposed W al l
ADNY / WX Y - Stock Excha ng e District Study
St
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Proposed Broad Street Sectional Drawings
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Multi-functional Seating The need for more seating in the Stock Exchange District is readily apparent. Visitors already utilize streetscape elements not designed for seating—including security devices. Additionally the district lacks almost any greenery or landscaping. 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.
Astor Place, New York City
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Stock Exchange District Study
Proposed Seating Locations
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Simplified Security Infrastructure Safety in the Stock Exchange District is of the utmost importance. The current layers of security infrastructure installed over at least two decades no longer function as planned, necessitating the placement of temporary vehicle interdiction devices. Several different styles of bollards have been installed. Brass “No Gos” which are designed to facilitate pedestrian movement while restricting vehicle movement have been placed at various entrances. The Stock Exchange itself is surrounded by an irregularly placed security fence that adds to pedestrian congestion on Wall Street. 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.
Simplified Security Locations
Times Square, New York City
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Stock Exchange District Study
Expanded Pedestrian Zones The entrances to the Stock Exchange District handle pedestrians entering the historic area, but also substantial volumes of through traffic, particularly on Broadway. Extending the curb into adjacent underutilized parking lanes could relieve sidewalk crowding and provide space for functional elements such as the gateways mentioned previously. These extensions would also enhance pedestrian safety by reducing crossing distances. At the Wall Street and Broadway entrance to the district a new, larger crosswalk could directly connect Trinity Church to Wall Street, providing much needed additional pedestrian space.
Pedestrian Zone, Union Square, New York City
Expanded Pedestrian Zone Locations
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Rationalize Deliveries and Separate Trucks from Pedestrians While the Stock Exchange District’s street network should prioritize pedestrians, it also must accommodate necessary vehicular traffic. Currently, any vehicle can access the district via the screening checkpoint at Beaver Street and Broad Street, and exit via either Exchange Place and William Street or New Street and Beaver Street. Traffic in much of the district is restricted to emergency vehicles. Broad Street north of Exchange Place and Wall Street are today effectively a pedestrianized zone. 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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Stock Exchange District Study
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Loading Route and Buildings with Loading Dependent on Interior Streets
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Building dependent on street loading
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Expand Loading bays and enhance curb regulations New Street offers an opportunity to help address this challenge by creating additional loading and unloading space. Under its current configuration, New Street can accommodate approximately 352 linear feet of parking. By leveraging the sidewalk and plaza space behind 40 Broad Street, and reconfiguring the existing parking, an additional 210 linear feet of legal truck parking could be created. Creating new legal parking on New Street can help eliminate existing illegal parking on Broad Street. Redesigning the street with bollards to clearly delineate vehicle and pedestrian space would obviate the need for the concrete planters that currently limit pedestrian space along the western side of the street. Similar to Mayor de Blasio’s Clear Curbs program, this redesign, when paired with much stricter enforcement, would facilitate more efficient movement of vehicles along New Street and lessen congestion. Existing city agency parking on New Street should also be eliminated and placard parking prohibitions Exhibition Road, London
should be enforced.
Pilot an urban delivery consolidation center Deliveries to both residential and office buildings account for an increasing amount of traffic. As e-commerce continues to expand, the demand will only increase. The Stock Exchange District’s compact nature, as well as its limited number of large residential buildings, make it an ideal location to pilot a consolidated delivery center concept. 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.
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Stock Exchange District Study
Existing Actual 350 Feet Allowed, 490+ Feet Used Ex
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Existing conditions and proposed changes to New Street loading between Exchange Place and Beaver Street
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A Vision for a New Stock Exchange District Gateways
NYSE / Federal Hall
New Street
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Stock Exchange District Study
Wall Street
Exchange Place
Broad Street
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v.
Renderings
The following renderings demonstrate how the design strategies articulated in the preceding sections can be applied at specific locations in the district. These plans and illustrations are meant to be illustrative of the possibilities for a transformed Stock Exchange District. Each set of illustrations will indicate which of our design strategies are being applied to each location.
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existing
Wall and Broad: The Historic Heart Of The Stock Exchange District Existing Wall and Broad Street Intersection
Broad Street Looking South
Unclear historical references Cluttered security infrastructure Inadequate seating Crowded sidewalks Generic lighting
Wall Street Looking West
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proposed
Wall and Broad: the Historic Heart of the Stock Exchange District Proposed Wall and Broad Street Intersection
A B
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Stock Exchange District Study
The remarkable collection of historic buildings at the heart of the district is showcased by a transformed public realm that is open, programmable and welcoming. Design strategies used:
• Architectural lighting • Simplified security infrastructure • Multi-functional seating • Shared curbless streets • Durable and historically appropriate paving • Placemaking and programming
D
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Architectural lighting
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Simplified security infrastructure
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Multi-functional seating
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Shared curbless streets
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Broadway and Wall Street: Gateway to the Stock Exchange District Existing Broadway at Wall Street
Cluttered security infrastructure Curb impedes pedestrian traffic Featureless, congested entrance
Views of Wall Street Looking East from Broadway
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proposed
Broadway and Wall Street: Gateway to the Stock Exchange District Proposed Broadway at Wall Street
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A unique and attractive gateway to the district establishes a sense of place while creating more room for pedestrians. Design strategies used:
• Shared curbless street • Simplified security infrastructure • Interactive gateway markers • Expanded pedestrian entrances
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Shared curbless street
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Simplified security infrastructure
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Interactive gateway markers
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Expanded pedestrian entrances
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Br oa d wa y
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New Street and Exchange Place: Enhanced functionality and a more attractive pedestrian environment Existing New Street at Exchange Place
Haphazard Loading on New Street Looking South
Narrow Sidewalk on New Street Looking North
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Haphazard loading Narrow cluttered sidewalk Ineffective bollards and planters Inconsistent lighting
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proposed
New Street and Exchange Place: Enhanced functionality and a more attractive pedestrian environment Proposed New Street at Exchange Place
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Stock Exchange District Study
New Street: A poorly lit and underutilized side street is transformed into an attractive space with ample room for both pedestrians and deliveries. 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. Design strategies used:
• Cable lighting • Loading bays and enhanced curb regulations • Expanded pedestrian zones • Shared curbless streets • Placemaking and programming
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Cable lighting
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Loading bays and enhanced curb regulations
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Expanded pedestrian zones
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Shared curbless streets
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C
Exc han ge
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Broad Street: Better integrated security and enhanced pedestrian amenities Existing Broad Street at Exchange Place
Unclear historical references Cluttered security infrastructure Inadequate seating Crowded sidewalks Generic Lighting
Broad Street Looking North
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proposed
Broad Street: Better integrated security and enhanced pedestrian amenities Proposed Broad Street at Exchange Place
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Feature historic grid
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Durable and historically appropriate paving
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Multi-functional seating
Stock Exchange District Study
Pedestrians are prioritized with new seating, expanded pedestrian areas and a clearly delineated vehicle travel lane. Simplified security continues to provide first class protection for workers, residents and visitors. Design strategies used:
• Shared, curbless street • Simplified security infrastructure • Multi-functional seating • Durable and historically appropriate paving
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vi.
Conclusion The remarkable rebirth of Lower Manhattan since the dark days of 9/11 is a testament to collective enterprise and the nation’s civic culture. The excitement and energy that emanates from the area around Wall and Broad Streets is due to the imagination and commitment of countless planners, first responders, property owners, and the area’s growing number of residents. 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. This plan presents a set of realistic, achievable steps that will continue the exciting transformation of the area. We look forward to continuing our work with local stakeholders and city officials to put these design recommendations into action and to bring this vision to life.
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Summary: Essential Strategies to Achieve a New Vision Enhance the Pedestrian Environment and Improve Mobility • Shared curbless streets that respect the historic street grid
• Multi-functional seating • Simplified security infrastructure
• Expanded pedestrian zones
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Create Identity and a Sense of Place • Interactive Gateway Markers
Rationalize deliveries and separate trucks from pedestrians
• Placemaking and
• Expand Loading bays and
• Cable lighting
• Pilot an urban delivery
programming
• Architectural lighting
Alliance for Downtown New York
enhance curb regulations consolidation center
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Alliance for Downtown New York Board of Directors
Stephen Lefkowitz Fried, Frank, Harris, Shriver & Jacobson LLP
Ric Clark Brookfield Asset Management Chairperson, Alliance for Downtown New York
Thomas Leonardi AIG
Adam Barsky The Port Authority of New York & New Jersey Cameron Blanchard CondĂŠ Nast Hon. Bill de Blasio Mayor of the City of New York Hon. Gale Brewer Manhattan Borough President Hon. Margaret Chin New York City Council Member Betty Cohen Century 21 Department Stores John Connorton, Jr. Hawkins Delafield & Wood LLP Fern Cunningham The Nielsen Company K. Thomas Elghanayan TF Cornerstone Inc. Thomas Farley NYSE Group David Fowler The Bank of New York Mellon Brett Greenberg Jack Resnick & Sons Francis Greenburger Time Equities, Inc. Thomas Hughes Residential Representative Rev. Phillip A. Jackson Trinity Wall Street Marvin Krislov Pace University Sarah Miyazawa LaFleur MM.LaFleur 84
Josh Marwell HarperCollins Publications Miguel McKelvey WeWork Ross Moskowitz Stroock & Stroock & Lavan LLP Jeremy Moss Silverstein Properties Anthony Notaro Manhattan Community Board 1 Dan Palino New Water Street Corporation Dr. Antonio Perez Borough of Manhattan Community College Edward Piccinich SL Green Realty Corporation Seth Pinsky RXR Realty Charles C. Platt WilmerHale Peter Poulakakos Ahead Realty/HPH Hospitality Group Cynthia C. Rojas Sejas S&P Global Market Intelligence Joel Rosen GFI Development William Rudin Rudin Management Company, Inc. Frank Sciame F.J. Sciame Construction Co., Inc. Allan Sperling Cleary, Gottlieb, Steen & Hamilton, LLP Brian R. Steinwurtzel GFP Real Estate Stock Exchange District Study
Hon. Scott Stringer Comptroller, City of New York Kent Swig Swig Equities, LLC Matt Van Buren CBRE Group, Inc. --Jessica Lappin President, Alliance for Downtown New York
This study was commissioned by the Alliance for Downtown New York Ric Clark Chairperson 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
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The Alliance for Downtown New York, Inc. 120 Broadway, Suite 3340 New York, New York 10271 T: (212) 566-6700 F: (212) 566-6707 E: ContactUs@DowntownNY.com
The mission of the Alliance for Downtown New York is to provide service, advocacy, research and information to advance Lower Manhattan as a global model of a 21st century Central Business District for businesses, residents and visitors. The Downtown Alliance manages the Downtown-Lower Manhattan Business Improvement District (BID), serving an area roughly from City Hall to the Battery, from the East River to West Street.
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