Marvel at the intricate facade of the Wallace Building. Originally known as the Wallace Building after its developer James Wallace it stands at 56-58 Pine Street. This architectural gem was constructed between 1893 and 1894. Oscar Wirz designed it in the Romanesque Revival style.
The Wallace Building’s facade is a sight to behold. Notice the use of brick, stone and terra cotta. Colonnettes, deeply inset windows and rounded arched openings define its character. The flowered panels and fantastic heads are some of the finest Byzantine carvings in New York.
James G. Wallace purchased the properties at 56-58 Pine Street in 1893. Passenger elevators were already advanced. The first safety elevator invented by Elisha Otis was installed in 1857. Alexander Miles’ 1887 elevator with automatic doors made walking up long flights of stairs unnecessary. Steel and iron framing allowed buildings to reach new heights.
Wallace directed Swiss-born Oswald Wirz to design an eye-catching structure. The twelve-story office building would be among the tallest downtown. Wallace planned to install his company headquarters here. He would lease the remaining office spaces.
Clustered columns and snaking sea serpents adorn the lobby entrance. Intricate carving completes the lush facade. Above the third floor cornice Wirz emphasized verticality. The overall design marks the transition from ground-hugging structures to soaring skyscrapers.
In the same year the Wallace Building was completed Wallace sold it. The Metropolitan Life Insurance Company bought it for $750000.
Let me share a story about one of the building’s tenants. Thomas C. Dutro an attorney once stayed at the St. Regis Hotel. He demanded the best accommodations and ran up a bill of $1164.17. He left without paying. The hotel manager said his clerk assumed Dutro was a man of wealth.
In 1913 Montgomery Ward & Co. opened its New York branch office here. The firm expected to carry practically every line of merchandise. Automobiles and undertakers’ supplies were the exceptions.
In 1919 three stories were added to meet the increased demand for office space. The architect of the addition made no attempt to harmonize it. However the additional floors are nearly invisible from street level. The original cornice hides them.
Throughout the 20th century the Wallace Building housed brokers and attorneys. In 2000 it was partially renovated. It became “The Cambridge Club” fully furnished apartments. These were for the sole use of Salomon Brothers Smith Barney and Lehman Brothers.
By 2007 the Wallace Building had been fully converted to residential space. It was modernized with a wired conference room. It also gained a fitness center a billiards room and a private club. The private club “TWO” on the second floor was for residents.
Oscar Wirz’s marvelously decorative Wallace Building was designated a New York City landmark in 1997. In 2003 it was added to the National Register of Historic Places. It is also a contributing property to the Wall Street Historic District.
Take one last look at the Wallace Building. Its history and architectural details make it a significant landmark in New York City. Its transformation over the years reflects the changing needs of the Financial District.