How a 60-story Manhattan skyscraper transformed the Financial District by closing a city street.
In short: In the 1950s, David Rockefeller sought to consolidate Chase Manhattan Bank's scattered workforce into a single, dramatic headquarters. The resulting tower, now known as 28 Liberty Street, required the unprecedented closure of a public street and a bold architectural gamble that reshaped the skyline of Lower Manhattan forever.
Proposed by David Rockefeller in the 1950s, the project aimed to keep the newly merged Chase Manhattan Bank in the Financial District. To achieve this, the bank acquired the Mutual Life Insurance block and successfully lobbied the city to close Cedar Street, a rare move for private development. This consolidation allowed for a massive 60-story tower, designed by Skidmore, Owings & Merrill, which opened in 1961. The building, standing 813 feet tall, was the first curtain-walled structure to exceed 800 feet in height.
The design was a departure from the city's 1916 Zoning Resolution, which typically required skyscrapers to feature setbacks. By occupying only about 28 percent of its 2.5-acre site, the tower avoided these requirements, allowing for a uniform slab design that maximized usable space. The structure is supported by 40 perimeter steel columns, a novel approach at the time that provided interior flexibility. Beneath the plaza, the building extended five levels deep, housing a massive vault that once sorted $35 billion in securities.
The project was more than just an office tower; it was envisioned as a catalyst for broader neighborhood redevelopment. Alongside city planner Robert Moses, Rockefeller promoted a wider plan that included housing and infrastructure improvements. The site also features a sunken Japanese rock garden by Isamu Noguchi and the monumental sculpture Group of Four Trees by Jean Dubuffet, reflecting the bank's commitment to integrating art into the corporate environment. Though Chase moved its headquarters in 1997, the building remains a landmark of mid-century modern design.
Today, the site is known as 28 Liberty Street, following its 2013 sale to Fosun International. The building's history reflects the tension between private corporate ambition and public urban space. By creating a large, private plaza in a dense financial hub, the developers created a distinct oasis that continues to serve as a focal point in Lower Manhattan, demonstrating how a single architectural intervention can alter the character of an entire district.
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- Summary by Intellect · source: 28 Liberty Street
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