33 Liberty Street
Encyclopedia
33 Liberty Street is the current home of the Federal Reserve Bank of New York
. It is located in downtown Manhattan
in New York City
, New York State, USA. Built in 1924, it is where the monetary policy of the United States is executed by trading dollars and United States Treasuries
. In addition, it reportedly holds 25% (unaudited) of the world's existing gold bullion, making it the largest known treasury in the world.
The building was designated a landmark by the New York City Landmarks Preservation Commission
on .
Built from 1919 through 1924, this massive building occupies an entire city block, reaching fourteen stories tall with five additional floors underground. The stone exterior is reminiscent of an early Italian Renaissance palace
with the horizontal and vertical joints of the stones deeply grooved or rusticated
. The building was purposely designed to resemble a Florentine palazzo
so as to inspire trust and confidence.
, 50 feet (15.24 m) below sea level. The weight of the vault and the gold inside would exceed the weight limits of almost any other foundation. The gold belongs to 36 governments and is stored for free, but every time a bar is moved, a handling fee is applied. There are elaborate procedures for the handling of the gold, with three different teams monitoring every transaction.
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
. It is located in downtown Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, New York State, USA. Built in 1924, it is where the monetary policy of the United States is executed by trading dollars and United States Treasuries
Treasury security
A United States Treasury security is government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury securities are the debt financing instruments of the United States federal government, and they are often referred to simply as Treasuries...
. In addition, it reportedly holds 25% (unaudited) of the world's existing gold bullion, making it the largest known treasury in the world.
The building was designated a landmark by the New York City Landmarks Preservation Commission
New York City Landmarks Preservation Commission
The New York City Landmarks Preservation Commission is the New York City agency charged with administering the city's Landmarks Preservation Law. The Commission was created in April 1965 by Mayor Robert F. Wagner following the destruction of Pennsylvania Station the previous year to make way for...
on .
The Building
The overall importance of the structure lies in its vast size, fortress-like appearance, fine proportions and overall quality of construction. It set the precedent for many later banks which were greatly influenced by its design.Built from 1919 through 1924, this massive building occupies an entire city block, reaching fourteen stories tall with five additional floors underground. The stone exterior is reminiscent of an early Italian Renaissance palace
Palace
A palace is a grand residence, especially a royal residence or the home of a head of state or some other high-ranking dignitary, such as a bishop or archbishop. The word itself is derived from the Latin name Palātium, for Palatine Hill, one of the seven hills in Rome. In many parts of Europe, the...
with the horizontal and vertical joints of the stones deeply grooved or rusticated
Rustication (architecture)
thumb|upright|Two different styles of rustication in the [[Palazzo Medici-Riccardi]] in [[Florence]].In classical architecture rustication is an architectural feature that contrasts in texture with the smoothly finished, squared block masonry surfaces called ashlar...
. The building was purposely designed to resemble a Florentine palazzo
Palazzo
Palazzo, an Italian word meaning a large building , may refer to:-Buildings:*Palazzo, an Italian type of building**Palazzo style architecture, imitative of Italian palazzi...
so as to inspire trust and confidence.
The Vault
The vault rests on Manhattan's bedrockBedrock
In stratigraphy, bedrock is the native consolidated rock underlying the surface of a terrestrial planet, usually the Earth. Above the bedrock is usually an area of broken and weathered unconsolidated rock in the basal subsoil...
, 50 feet (15.24 m) below sea level. The weight of the vault and the gold inside would exceed the weight limits of almost any other foundation. The gold belongs to 36 governments and is stored for free, but every time a bar is moved, a handling fee is applied. There are elaborate procedures for the handling of the gold, with three different teams monitoring every transaction.