| Diamond Exchange | |
|---|---|
 1894 rendering fromReal Estate Record and Builders' Guide | |
  14 Maiden Lane Location in Manhattan | |
| General information | |
| Type | Residential (formerly offices) |
| Location | 14 Maiden Lane, New York, United States |
| Coordinates | 40°42′33″N74°00′34″W / 40.70930°N 74.00937°W /40.70930; -74.00937 |
| Construction started | 1893 |
| Construction stopped | 1894 |
| Cost | $275,000 |
| Height | 120 feet (37 m) |
| Technical details | |
| Structural system | Wall-braced cage |
| Material | Steel, iron and brick |
| Floor count | 10 |
| Lifts/elevators | 1 |
| Design and construction | |
| Architect | Gilbert A. Schellenger |
| Developer | Boehm & Coon |
| References | |
| [1] | |
14 Maiden Lane, or the Diamond Exchange, is an early example of a New Yorkskyscraper in what is now theFinancial District ofManhattan. Completed in 1894, it is still standing.
At the end of the 19th and beginning of the 20th centuries, the area aroundMaiden Lane and John Street became home to a number of early skyscrapers built speculatively to house businesses attracted to the booming financial district, which was expanding north.[2] Maiden Lane was already established as the center of the city'sjewelry district as early as 1795, and the area nearBroadway was a busy shopping district.[3] In 1892,Manhattan real-estate developers Abraham Boehm and Lewis Coon announced that they had acquired the property at 14 Maiden Lane and intended to demolish the existing structure, replacing it with a ten-story tower specifically intended for thediamond trade.[4] At the time, the planned building would be among the tallest in the city, as elevators and new building techniques permitted ever higher construction and the city's rapid growth created an insatiable real-estate market.[1]
Boehm and Coon hired prolificNew York Cityarchitect Gilbert A. Schellenger to design the building for the specific requirements of diamond merchants and jewelers.[2][5] The building was offireproof construction, with acast-iron andsteel frame, and hollow-brick floor arches.[5] The frame and floors were made unusually strong in order to accommodate the heavysafes required by thetrade, large windows provided ample daylight, augmented bygas andelectric lights, and thefacade was ornately decorated.[5] Constrained by the narrow 23.5 foot (7.2 m) lot, Schellenger emphasized the building's slenderness with three slim brick colonnettes flanking the largebay windows on the building's face.[1][6] The tall, narrow building towered over the older, neighboring structures.[5]
Cast-iron and steel construction were both relatively new techniques, and construction of the Diamond Exchange suffered a major setback in October 1893 when a powerful windstorm caused the incomplete cage to shift about 10 inches (250 mm) from plumb.[7][8] The problem was eventually traced back to oversized holes in splices on the cast-iron columns. Each new story added to the cage permitted additional movement, and the force of the wind was sufficient to cause the whole structure to tilt.[8][9] To resolve the problem, the builders were forced to install "knee braces" at the ceiling line of each story, converting the original unbraced cage to a braced design.[7][8] In 1904 the same flaw led to the collapse of the eleven-story Darlington Hotel, also in New York, which killed 25 construction workers.[8]
Construction was completed in 1894 and the building was occupied by jewelers and diamond dealers. One year after it was completed, the developers sold the building for $375,000 (it had cost approximately $275,000 to build).[10] The ground floor, decorated in polished granite, was leased to retail tenants;[5] in 1915 it became home to Tessaro's, a dealer in rare books.[11]
While many early skyscrapers have been demolished or dwarfed by modern neighbors, the Diamond Exchange, as of 2022[update], still stands above the adjacent buildings.[12] In 1920, the buildings to the east were destroyed in a fire which killed several people.[13] The buildings to the west were demolished in 2015 to make way for a planned hotel.[14] As of 2024[update] Maiden Lane 8-12 remains an empty lot.
By 2001 the building had been converted to residential use with one large apartment on each floor.[12] In January 2022, it was sold for $9.5 million and the remaining tenants, mostly artists, were evicted.[12]