Erected in 1927, the building was formerly occupied by the Bank of New York. Swig Burris Equities LLC acquired it two years ago in association with MacDonald & Cie. They are only the third owners of the property since the Dutch conveyed the land to the bank in 1796.

48 Wall St. is now undergoing major renovations that include installation of a fiber-optic backbone for broadband Internet access, a tenant-controlled HVAC system, new electrical service incorporating a minimum of 6 watts per sf of electric power above that required by the HVAC system and an Otis Elevonic elevator system. Other enhancements include a new cooling tower and thermopane windows, ADA-compliant bathrooms, and private terraces on the upper floors.