Drexel Burnham Lambert

Drexel Burnham Lambert Inc. was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States. The firm had its most profitable fiscal year in 1986, netting $545.5 million, which represented the most profitable year ever for a Wall Street firm at the time, equivalent to $1.32 billion in 2024. Milken, who was Drexel's head of high-yield securities, was paid $295 million, the highest salary that an employee in the modern history of the world had ever received. Even so, Milken deemed his salary to be insufficient for his contributions to the bank, and received $550 million the next fiscal year. Drexel steered numerous large corporate takeovers during the 1980s. However, Drexel's excessive ambition caused the firm to veer into criminal behavior. Eventually, it abused the junk bond market and became involved in insider trading. In February 1990, Drexel filed for Chapter 11 bankruptcy to avoid being seized by the Securities and Exchange Commission. It was the first Wall Street firm to be forced into bankruptcy since the Great Depression.

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Broad Street (Manhattan)

Broad Street is a north–south street in the Financial District of Lower Manhattan in New York City. Originally the Broad Canal in New Amsterdam, it stretches from today's South Street to Wall Street. The canal drew its water from the East River, and was infilled in 1676 after numerous fruit and vegetable vendors made it difficult for boats to enter the canal. Early establishments on Broad Street in the 1600s included the Fraunces Tavern and the Royal Exchange. Later on the area became the center of financial activity, and all smaller buildings in turn were replaced with grand banks and stock exchange buildings. Most of the structures that stand today date from the turn of the 20th century, along with more modern buildings constructed after the 1950s.

Landmark Neighbourhood

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45 Broad Street

45 Broad Street is a residential building being constructed in the Financial District of Manhattan in New York City. The building was originally planned as Lower Manhattan's tallest residential tower. Excavation started in 2017, but as of 2020, construction is on hold. New signage at the site indicates that construction will resume shortly with Suffolk Construction as the prime contractor and the project is expected to be completed in Summer 2030.

Landmark Neighbourhood

Lee, Higginson & Company Bank Building

The Lee, Higginson & Company Bank Building is a historic bank building located at 41 Broad Street in the Financial District of Lower Manhattan, New York City. The structure was designed by architects Cross & Cross and built in 1928–1929. It is a 10-story, Classical Revival style, with a top floor penthouse. It features a slightly curved front facade, architectural sculpture by Leo Friedlander, and murals by Griffith B. Coale. It was added to the National Register of Historic Places on June 7, 2006. In 2007, it was designated as a contributing property to the Wall Street Historic District, a NRHP district.

Bank Historic Site

American Bank Note Company Building

The American Bank Note Company Building is a five-story building at 70 Broad Street in the Financial District of Manhattan in New York City. The building was designed by architects Kirby, Petit & Green in the neo-classical style, and contains almost 20,000 square feet (1,900 m2) of space, with offices and residences on the upper floors. The exterior consists of a main facade on Broad Street with two columns, as well as side facades with pilasters on Beaver and Marketfield Streets. The building was erected in 1908 as the home of the American Bank Note Company, a leading engraving company that produced banknotes, currency, stamps, and stock certificates. The company had previously occupied several other sites in Lower Manhattan, and it developed a printing plant in the Bronx after 70 Broad Street was completed. After the company sold the American Bank Note Company Building in 1988, the structure was sold to numerous owners, and renovated into offices and residences. The American Bank Note Company Building is a New York City designated landmark and listed on the National Register of Historic Places (NRHP). It is also a contributing property to the Wall Street Historic District, a NRHP district created in 2007.

Historic Site Landmark