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45 Wall St. Taken By Condemnation to Make Way for New York Stock Exchange

NEW YORK CITY-The plan to build a new facility for the New York Stock Exchange was first announced two years ago by the city. Now, one of the critical pieces of the project has been accomplished, but the dislocated residents may not be so happy.

By Amy Vaughn | Updated on February 07, 2001

NEW YORK CITY-The New York City Economic Development Corp. and the Empire State Development Corp. are taking the 28-story building at 45 Wall St. by condemnation. An agreement has been reached with the owner whereby residents and commercial tenants in the space will be given relocation assistance. This acquisition is one of the keys to development of the new complex for the New York Stock Exchange.

The EDC, ESDC, city and state have been working together to raise approximately $1.5 billion for a plan first announced two years ago. Not only do the plans call for a 650,000-sf trading facility, but also a 1.3-million-sf office tower. A total of five buildings had to be acquired to make way for the new stock market complex, leaving four with this deal.

City officials say there will be a relocation manager made available to the residents of 45 Wall St. on a full-time basis. This person will help them deal with being forced to move from their homes in what is still a tight residential market in the city–even if after two years of talks it came as little surprise. To ease some of the difficulty in moving in this market, the city plans to reimburse all tenants for real estate brokerage services as well as provide some compensation for moving services and other moving expenses.

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