Top of the Rock – a history

On a recent trip to NYC, one of the first attractions I visited in NYC was Top of the Rock. I’d already been on the Empire State Building, so now it was time to experience something new. I hadn’t bargained that I’d learn a hell of a lot more about the circumstances of the construction of 30 Rock Plaza as part of the process. In fact, if the 1929 Wall Street Crash hadn’t happened, it’s possible that the iconic building might not exist at all.

Rockefeller Center

For those of you that don’t know, Top of the Rock is a building in the Rockefeller Center complex, which has no fewer than 19 commercial buildings. Situated just off the famous 5th Avenue in Midtown Manhattan, the complex consists of 14 iconoic Art Deco buildings (and a private street called Rockefeller Plaza). Five more buildings were later added, bringing the total to 19.

Rockefeller Family

And the name? Yep, you guessed it, named after the eminent investor John D. Rockefeller (Jr). In 1928, the site was owned by Columbia University. They leased the land to Rockefeller, envisioning that it would be the site for the new Metropolitan Opera Building. But things didn’t go quite according to plan…

The Great Depression

The site (which was originally a botanical garden in the early 1800s) was cited from 1926 as a potential place for the new Met Opera Building. In 1928, Benjamin Wistar Morris and Joseph Urban were hired to come up with blueprints for the Opera Building. When it became clear that the Met couldn’t fund their plans itself, John D. Rockefeller Jr was recruited as an investor (though his father John D. Sr was not involved). New designers were hired, and Columbia agreed an 87 year lease for the plot to Rockefeller.

The principal architect was Raymond Hood, a student of the Art Deco movement which was gaining pace in the late 1920s. By December 1928, was all-systems-go, but two factors were to trouble the plans…

The Great Depression

The first of these factors was the fact that Met was becoming increasingly worried. It didn’t think the proposed site for it’s new opera house was going to be profitable.

And 10 months later, everything came to a halt with the 1929 stock market crash. A few weeks later, on December 6, 1929, the Met confirmed it could not afford a new opera house afterall. Plans were halted. The era of the Great Depression had begun. 

It was a dilemma for Rockefeller, however, who had signed an 87-year lease on the site. He needed to act quickly. Within a month, he had devised new plans to make the site profitable. He entered into talks with Radio Corporation of America, to build a mass-media entertainment complex on the site. Radio City was born. 

And thus, building began – well, that was, after a few plans fell by the wayside, mainly due to the public giving negative feedback. Four small retail buildings and a 41-story tower earmarked the beginning of Rockefeller Plaza in 1931. This was despite the fact that Rockefeller initially did not want the Rockefeller family name associated with the commercial project, but was persuaded on the grounds that the name would attract far more tenants.

After more plan changes, the plan for the building that was to become 30 Rockefeller Plaza opened in 1933.

Building the Tower

(Photo from https://www.rockefellercenter.com/blog/2014/03/12/rock-history/)

“Lunchtime Atop a Skyscraper” is on the of the most famous photographs ever taken in New York City. It was taken on September 20, 1932, showing The Rock construction workers having their lunch with no regard for Health and Safety! According to the Rockefeller Website, the photo was taken 840-feet above the ground – about the 69th floor, during the final months of construction in 1932. And the website confirms that these men are not actors – they are genuine construction workers. Whether or not the photo was staged is another debate!

The website gives a very accurate description of what this photo represents historically:

“Regardless of the specifics, this image came to represent a specific time in modern New York’s history. There’s a nod toward the Depression, when workers were happy to have a job (despite the lack of safety harnesses), as well as a strong representation of the exciting period when New York City grew vertically at a rapid rate. A 2012 film called Men at Lunch explores the immigrant backgrounds of the men in the photo, identifying some as Irish and Swedish.”

‘Men at Lunch’ – documentary

In 2010, two Irish brothers happened upon the photo in a pub in Co. Galway. Upon learning that two men from the region were claimed to be in the photograph, the brothers began researching a documentary on the origins of the men, discovering that they were mainly Irish and Swedish. In 2012, their documentary ‘Men at Lunch’ was released. 

Conclusion

So that’s how a supposedly panoramic view of the city I’m calling home for the next three months left me realising there is always a much bigger story behind such iconic buildings. Who knows what might be on the Rockefeller Center site today if the 1929 Crash hadn’t happened? 

 

Hetty Green: The Witch of Wall Street, and an eminent investor

I recently read Charles Stack’s biography of Henrietta Howland Robinson Green, the American businesswoman and financier nicknamed as the “Witch of Wall Street”, who was one of the richest women in America during the Gilded Age, one of the few women on Wall Street. The book is entitled ‘Hetty Green: The Genius and Madness of America’s first female tycoon’, and both descriptions of her in the title are hugely appropriate.

Born in 1834, Henrietta ‘Hetty’ Green (nee Howland Robinson) was born into a rich whaling family in Massachusetts. The only surviving child of Edward Mott Robinson and Abby Howland, Hetty honed her craft reading the financial papers to her maternal grandfather and her father. At age 13, she became the family bookkeeper and was incredibly knowledgeable in financial affairs.

When Hetty was 26, her mother died, leaving her daughter $8,000 dollars (nearly $200,000 today’s money). But just a few short years later, Hetty would become embroiled in a bitter battle to inherit her mother’s sister’s fortune, which would ensure that all inheritance from her grandfather’s company would go to her.

From her mother’s death, Hetty was determined to ensure every penny of Aunt Sylvia’s fortune went to her. But the invalided Aunt Sylvia, whose relied on the care of servants and health professionals, had other ideas. Sylvia was aware of her niece’s greediness, and temper, and wanted to be sure that all the people who had given their lives to make hers a bit better were remembered. Hetty, knowing this, hastened to her aunt’s home to discourage Aunt Sylvia from bequeathing any money to anyone escape her, Hetty. When Hetty realised Aunt Sylvia’s plans to leave money with her servants, Hetty got so angry she pushed one of them down the stairs. Aunt Sylvia eventually relented and signed a will in Hetty’s presence, bequeathing her entire fortune to her niece.

Hetty was horrified to learn that Sylvia had created a new will after signing the aforementioned with Hetty, leaving most of her $2 million estate (nearly $31 million) to charity. Hetty challenged the will’s validity in court by producing an earlier will that would have bequeathed all of her aunt’s fortune to her. The case, Robinson v. Mandell, which is notable as an early example of the forensic use of mathematics. The court ultimately decided that the earlier will produced by Hetty was a forgery, although she was awarded $600,000 after five years of legal battles.

In 1865, Edward Robinson died, leaving Hetty approximately $5 million (equivalent to $77,293,000 in 2015) which included a $4 million trust fund that drew annual earnings, something she wasn’t pleased about.

Two years after her father’s death, at the age of 33, Hetty married 44 year-old Edward Henry Green, a Vermont businessman who had lived in Asia for several years making his fortune. Hetty requested that Edward sign a prenuptial agreement before the wedding, renouncing all his rights to her money. The couple soon fled to London, probably to get away from the hype created by the Robinson vs. Mandell case. They spent seven years living in the Langham Hotel off Regent Street, during which time Hetty bore two children – Edward Howland Robinson “Ned” Green, and Harriet Sylvia Ann Howland Green (known as Sylvia).

When her children were small, Hetty took to being a mother while her husband pursued investments. However, she soon wanted to make use of her astonishing fortune, and formulated her investment strategy which she stuck to all her life. She made conservative investments, always had substantial cash reserves, and never lost her cool. She began by investing in greenbacks, the notes printed by the U.S. government immediately after the Civil War. When more timid investors were wary of notes put forth by the still-recovering government, Hetty bought in majorly. She claimed to has amassed a fortune of $1.25 million from her bond investments in one year alone.

The family returned to the US in the mid 1870s, settling in Edward’s hometown of Bellows Falls, Vermont. Hetty spent a few years living her with the reputation of an eccentric. She famously quarrelled with all her in laws, servants and neighbours, and was noted for her stinginess in spite of her growing fortune.

The largest investor in the financial house John J. Cisco & Son, Hetty was horrified when the bank collapsed, in 1885 and hastened to New York. She soon learned that the bank’s greatest debtor was none other than her husband, Edward Green. The firm’s management had surreptitiously used her wealth as the basis for their loans to Edward. Emphasizing that their finances were separate, Green withdrew her securities and deposited them in Chemical Bank of New York. Enraged by his dealings, she and Edward would never live together again (although there is evidence that they did reconcile in later years).

Throughout her life, Hetty had a reputation for her stingyness – an ironic fact considering her enormous wealth. While most Wall Street tycoons took a coach in the mornings, Hetty opted to walk. She could have afforded numerous houses in the most affluent parts of New York, a mere stone’s throw to Wall Street, but instead she spent most of her later years in a simple apartment across the river in Hoboken, New Jersey (this was possibly also to avoid having a permanent residence that would bring her to the attention of any tax officials).

One tale claims that Green spent half a night searching her carriage for a lost stamp worth two cents. Another asserts that she instructed her laundress to wash only the dirtiest parts of her dresses (the hems) to save money on soap. Perhaps most interesting, instead of enjoying the new restaurants that were springing up in Downtown New York, Hetty’s lunch while she worked at a Wall Street bank (because she didn’t want to pay rent for her own office) in New York consisted of oatmeal cooked in a big vat on radiator. Her stingyness, combined with her dour dress-habits and austere personality would nickname her ‘The Witch of Wall Street’.

But for all her eccentricity, Hetty was a phenomenally successful businesswoman. While she often dealt in real estate, lending and mines, her main investments were to be in railroads during a golden era of railroad building across America. As soon as Ned became old enough, she stationed in him in Texas, where he learned the tricks of the trade while managing their railroad investments.

The City of New York came to Green for loans to keep the city afloat on several occasions, most particularly during the Panic of 1907. She would travel thousands of miles alone—in an era when few women would dare travel unescorted—to collect a debt of a few hundred dollars.

Edward and Hetty never lived as husband and wife after the John J. Cisco debacle, but there is evidence that they reconciled in later years. Hetty nursed Edward for a few months until his death in 1902.

Hetty was notoriously disapproving of all of Sylvia’s suitors, believing them to just be after her fortune. When Sylvia was in her late 30s, Hetty finally agreed for her daughter to marry Matthew Astor Wilks, a minor heir to the Astor fortune. With $2 million of his own, it was enough to convince Hetty that he wasn’t just a gold-digger. Nonetheless, she compelled him to sign a prenuptial agreement waiving his right to inherit Sylvia’s fortune.

Hetty Green died aged 81 at her son’s New York City home. She earned the title of ‘World’s Greatest Miser’ in the Guinness Book of Records, but left an estimated net work of somewhere between $100 and $200 million, equivalent to around $2-4 billion in today’s money.She was buried in Bellows Falls, Vermont, next to her husband. She had converted late in life to his Episcopalian faith (from her Quakerism) so that she could be interred with him.

You can buy Charles Stack’s biography of Hetty Green here.