Financial District, Manhattan in the context of "Financial centre"

⭐ In the context of financial centres, the primary characteristic that defines the Financial District, Manhattan, is its concentration of…

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⭐ Core Definition: Financial District, Manhattan

The Financial District of Lower Manhattan, also known as FiDi, is a neighborhood located on the southern tip of Manhattan in New York City. It is bounded by the West Side Highway on the west, Chambers Street and City Hall Park on the north, Brooklyn Bridge on the northeast, the East River to the southeast, and South Ferry and the Battery on the south.

The City of New York was created in the modern-day Financial District in 1624, and the neighborhood roughly overlaps with the boundaries of the New Amsterdam settlement in the late 17th century. The district comprises the offices and headquarters of many of the city's major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York. Anchored on Wall Street in the Financial District, New York City has been called both the leading financial center and the most economically powerful city of the world, and the New York Stock Exchange is the world's largest stock exchange by total market capitalization. Several other major exchanges have or had headquarters in the Financial District, including the New York Mercantile Exchange, NASDAQ, the New York Board of Trade, and the former American Stock Exchange.

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👉 Financial District, Manhattan in the context of Financial centre

A financial centre (financial center in American English) or financial hub is a location with a significant concentration of commerce in financial services.

The commercial activity that takes place in a financial centre may include banking, asset management, insurance, and provision of financial markets, with venues and supporting services for these activities. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments). Trading activity often takes place on venues such as exchanges and involves clearing houses, although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, private debt, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.

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Financial District, Manhattan in the context of Lower Manhattan

Lower Manhattan, also known as Downtown Manhattan, is the southernmost part of the New York City borough of Manhattan. The area is the historical birthplace of New York City and in the 17th and 18th centuries composed the entirety of the city. Lower Manhattan serves as the seat of government of both Manhattan and the entire City of New York because there are no municipally defined boundaries for the area. A precise population cannot be quoted, but several sources have suggested that it was one of the fastest-growing locations in New York City between 2010 and 2020, related to the influx of young adults and significant development of new housing units.

Despite various definitions of Lower Manhattan, they generally include all of Manhattan Island south of 14th Street, with the Bowling Green and the Battery near the southern end. Anchored by Wall Street and the Financial District in Lower Manhattan, New York City is the leading global center for finance and fintech. The Financial District houses the New York Stock Exchange, the Federal Reserve Bank of New York, and other major financial institutions. A center of culture and tourism, Lower Manhattan is home to many of New York City's most iconic structures, including New York City Hall, the Woolworth Building, the Stonewall Inn, the Bull of Wall Street, and One World Trade Center, the tallest skyscraper in the Western Hemisphere.

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Financial District, Manhattan in the context of World Trade Center (1973–2001)

The original World Trade Center (WTC) was a complex of seven buildings in the Financial District of Lower Manhattan in New York City. Built primarily between 1966 and 1975, it was dedicated on April 4, 1973, and was destroyed on September 11, 2001. The complex included the 110-story-tall Twin Towers, at the time of their completion the tallest buildings in the world, with the original 1 World Trade Center (the North Tower) at 1,368 feet (417 m), and 2 World Trade Center (the South Tower) at 1,362 feet (415.1 m); they were also the tallest twin skyscrapers in the world until 1996, when the Petronas Towers opened in Kuala Lumpur, Malaysia. The other buildings in the complex were the Marriott World Trade Center (3 WTC), 4 WTC, 5 WTC, 6 WTC, and 7 WTC. The complex contained 13,400,000 square feet (1,240,000 m) of office space and, prior to its completion, was projected to accommodate an estimated 130,000 people.

The core complex cost about $400 million (equivalent to $2.37 billion in 2024). David Rockefeller suggested the construction of a large office building complex to help stimulate urban renewal in Lower Manhattan, and his brother Nelson, then New York's 49th governor, signed the legislation to build it. The buildings at the complex were designed by Minoru Yamasaki. In 1998, the Port Authority of New York and New Jersey decided to privatize it by leasing the buildings to a private company to manage. It awarded the lease to Silverstein Properties in July 2001. During its existence, the World Trade Center symbolized globalization and the economic power and prosperity of the United States. Although its design was initially criticized by New Yorkers and architectural critics, the Twin Towers became an icon of New York City. It had a major role in popular culture, and according to one estimate was depicted in 472 films. The Twin Towers were also used in Philippe Petit's tightrope-walking performance on August 7, 1974. Following the September 11 attacks, mentions of the complex in various media were altered or deleted, and several dozen "memorial films" were created.

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Financial District, Manhattan in the context of Wall Street

Wall Street is a street in the Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway in the west and South Street and the East River in the east with a length of just under 2,000 feet. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center.

The street was originally known in Dutch as Het Cingel ("the Belt") when it was part of New Amsterdam during the 17th century. An actual city wall existed on the street from 1653 to 1699. During the 18th century, the location served as a slave market and securities trading site, and from 1703 onward, the location of New York's city hall, which became Federal Hall. In the early 19th century, both residences and businesses occupied the area, but increasingly the latter predominated, and New York's financial industry became centered on Wall Street. During the 20th century, several early skyscrapers were built on Wall Street, including 40 Wall Street, once the world's tallest building. The street is near multiple subway stations and ferry terminals.

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Financial District, Manhattan in the context of New York Stock Exchange

The New York Stock Exchange (NYSE, nicknamed "the Big Board") is an American stock exchange headquartered at the New York Stock Exchange Building in the Financial District of Lower Manhattan in New York City. It is the largest stock exchange in the world by market capitalization, exceeding $25 trillion in July 2024. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists (ticker symbol ICE). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE's 2007 merger with Euronext. According to a Gallup poll conducted in 2022, approximately 58% of American adults reported having money invested in the stock market, either through individual stocks, mutual funds, or retirement accounts.

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Financial District, Manhattan in the context of Bowling Green (New York City)

Bowling Green is a small historic public park in the Financial District of Lower Manhattan in New York City, at the southern end of Broadway. Built in the 18th century next to the site of the original Dutch fort of New Amsterdam, it served as a public gathering place and under the British was designated as a park in 1733. It is the oldest public park in New York City and is surrounded by its original 18th-century cast iron fence. The park included an actual bowling green and a monumental equestrian statue of King George III prior to the American Revolutionary War. Pulled down in 1776, the 4000-pound statue is said to have been melted for ammunition to fight the British.

Bowling Green is adjacent to another historic park, the Battery, located to the southwest. It is surrounded by several buildings, including the Alexander Hamilton U.S. Custom House (with the NYC office of the National Archives), the International Mercantile Marine Company Building, Bowling Green Offices Building, Cunard Building, 26 Broadway, and 2 Broadway. The Charging Bull sculpture is located on the northern end of the park. The park is listed on the U.S. National Register of Historic Places under the name Bowling Green Fence and Park. It is also a contributing property to the Wall Street Historic District, an NRHP district created in 2007.

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Financial District, Manhattan in the context of Tourism in New York City

New York City received a ninth consecutive annual record of approximately 65.2 million tourists in 2018, the busiest tourist city attraction, and one of the world's overall busiest tourist attractions, counting not just overnight visitors but anyone visiting for the day from over 50 miles away, including commuters. Overall the city welcomed 37.9 million visitors who stayed overnight in 2018, of whom 13.6 million were international. Major destinations include the Empire State Building, Ellis Island, the Statue of Liberty on Liberty Island, Broadway theatre productions, Central Park, Times Square, Coney Island, the Financial District, museums, and sports stadiums. Other major visitor activities include luxury shopping along Fifth and Madison Avenues; entertainment events such as the Tribeca Film Festival; Randalls Island music festivals such as Governors Ball, Panorama and Electric Zoo; and free performances in Central Park at Summerstage and Delacorte Theater. Many New York City ethnic enclaves, such as Jackson Heights, Flushing, and Brighton Beach are major shopping destinations for first and second generation Americans.

New York City has over 28,000 acres (110 km) of parkland and 14 linear miles (22 km) of public beaches. Manhattan's Central Park, designed by Frederick Law Olmsted and Calvert Vaux, is the most visited city park in the United States. Prospect Park in Brooklyn, also designed by Olmsted and Vaux, has a 90-acre (36 ha) meadow. Flushing Meadows–Corona Park in Queens, the city's fourth-largest, was the setting for the 1939 World's Fair and 1964 World's Fair.

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Financial District, Manhattan in the context of Charging Bull

Charging Bull (sometimes referred to as the Bull of Wall Street or the Bowling Green Bull) is a bronze sculpture that stands on Broadway just north of Bowling Green in the Financial District of Manhattan in New York City. The 7,100-pound (3,200 kg) bronze sculpture, standing 11 feet (3.4 m) tall and measuring 16 feet (4.9 m) long, depicts a bull, the symbol of financial optimism and prosperity. Charging Bull is a popular tourist destination that draws thousands of people a day, symbolizing Wall Street and the Financial District.

The sculpture was created by Italian artist Arturo Di Modica in the wake of the 1987 Black Monday stock market crash. Late in the evening of Thursday, December 14, 1989, Di Modica arrived on Wall Street with Charging Bull on the back of a truck and illegally dropped the sculpture outside of the New York Stock Exchange Building. After being removed by the New York City Police Department later that day, Charging Bull was installed at Bowling Green on December 20, 1989. Despite initially having only a temporary permit to be located at Bowling Green, Charging Bull became a popular tourist attraction. Di Modica may have been influenced by a pair of huge metallic sculptures, a charging bull and a bear, placed in front of the Frankfurt Stock Exchange in 1985 as part of the 400th anniversary celebration of the exchange.

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