In FiDi, a Onetime Tabernacle of Capitalism Deteriorates
Abandoned and empty for almost two decades, the century-old American Stock Exchange building, a National Historic Landmark at 86 Trinity Place, has fallen into such disrepair that it is a safety hazard to pedestrians and occupants of nearby buildings, according to representatives of Trinity Church (headquartered next door).
The historic limestone structure, a blend of Art Deco, neoclassical, and Renaissance Revival styles, opened in 1921 as the New York Curb Exchange Building. Until then, traders who were not members of the New York Stock Exchange (NYSE) had conducted business outdoors “on the curb.” After the curbside exchange moved indoors, the New York Curb Exchange was renamed the American Stock Exchange (AMEX).
The building was shuttered in 2008 after AMEX trading operations were consolidated with those of the NYSE. Since then, a succession of plans has been floated by multiple developers. In 2015, Clarion Partners proposed to convert the building into a boutique hotel. The next year, Latitude 360 proposed launching a combination restaurant, comedy club, bowling alley, and video arcade there, but later went bankrupt amid allegations of tax fraud. Four years later, Live Nation Entertainment and Legends Hospitality partnered on a scheme to create a concert venue in the building large enough to host an audience of 3,000. Next up, in 2022, was Ron Burkle, who made his first fortune buying and consolidating chains of supermarkets in California during the 1980s. Mr. Burkle, who paid $155 million for the building, owns several other quixotic trophy properties, such as the 2,700-acre Neverland Ranch in California, the home of singer Michael Jackson. He announced plans to establish an outpost of his exclusive social club, the Ned, at the former American Stock Exchange. Since then, however, there has been no activity at the site.
At the January 21 meeting of the Quality of Life Committee of Community Board 1 (CB1), Natasha Lifton, managing director of external affairs for Trinity Church, said, “our neighbor directly to the north is the former American Stock Exchange building. As you might all be aware, despite multiple plans to develop the site, it remains fallow and has fallen into a state of significant disrepair.” She pointed out that there are three public schools headquartered adjacent to 86 Trinity: the High School for Leadership and Public Service, the School Without Walls, and the High School for Economics and Finance.
“The principals of these schools are also very concerned about the conditions in the American Exchange Building,” Ms. Lifton added. “There have been issues with kids being able to get up on the roof from the school building, which is directly north of 86 Trinity Place, because it wasn’t secured. That has been taken care of, because the principals figured out a solution, but this has definitely been a significant safety concern.”
“One of the safety hazards that we’re dealing with is debris falling from the southern exterior wall, which has an unstable parapet,” she continued. “We just found out about this, and it is in need of immediate attention. We have had to erect sheds on the terraces of our building that face this wall, to protect from fallen debris. We are also unable to use our outdoor terraces.”
“Other issues include rodents, the accumulation of trash, and loitering” beneath a sidewalk shed that has been in place since 2018, Ms. Lifton said. “All of these issues have been the subject of numerous violation notices issued by the City’s Department of Buildings. The building has at least 20 violations. We have made repeated efforts to work with the owners of 86 Trinity Place, but they have thus far failed to remediate the situation.”
Committee chair Pat Moore asked if Trinity had tried contacting Mr. Burkle’s company directly. Kenneth Austin, Trinity’s chief legal officer, said, “our primary point of contact is their attorneys. And the attorney says, I have to get back to my client.’ This has been going on since August, but we have not had any direct contact with them.”
Incredulous, Ms. Moore said, “and their attorney has said nothing about the fact that their debris could kill someone?”
The Board’s district manager, Zach Bommer, said that CB1 had invited representatives of Mr. Burkle’s company to attend the January 21 meeting. “They said they couldn’t make it on short notice,” he reported. “They asked that we postpone this discussion, but didn’t say when they could attend.” (A press representative for Mr. Burkle’s company did not respond to a request for comment.)
At the conclusion of this discussion, CB1’s Quality of Life Committee voted to support a resolution demanding that Mr. Burkle’s company “immediately repair exterior walls, including the southern wall and the parapet, to bring the building into compliance with Department of Buildings regulations and to eliminate any safety hazards posed to the public and to the Church office building.” This resolution will next be considered by CB1 as a whole, at its monthly meeting on January 27.