REAL ESTATE: Face Lifting in Wall Street

The building boom that has face-lifted mid-Manhattan (16 skyscrapers currently under construction) has bypassed almost completely the Wall Street financial district at the island's tip. Last week the Street, which has financed much of the uptown modernization, turned to do something about its own grimy buildings and dark canyons. Chase Manhattan Bank Chairman John J. McCloy announced tentative plans to construct a $75,000,000 downtown Rockefeller Center type of development: a 50-to 60-story Chase Bank headquarters flanked by a broad, tree-lined plaza and a 1,000-car garage.

Chase Manhattan's new quarters, scheduled for possible 1958 completion, would consolidate under one roof 8,700...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!