GO US:Tales of New York City's financial district make for a compelling if somewhat sobering walking tour, writes ALANNA GALLAGHER, while SEÁN FLYNNdiscovers just what makes the Big Apple such an attractive destination for Irish visitors
IN THE movie Wall Street Money Never SleepsMichael Douglas reprises his role as Gordon Gekko, he who uttered the immortal and some would say immoral words "greed is good". After a long stint in jail he emerges somewhat chastened. Now author of a book, he is on a mission to alert the financial community to the coming doom. Greed got greedier, he tells an audience at a book launch.
The city’s capitalist heart has already inspired numerous writers and its recent financial crash prompted Andrew Luan, a former vice president at Deutsche Bank, to set up The Wall Street Experience, a walking tour that sifts through the fiscal debris while exploring the financial district’s landmark architecture. the zombie banks and other cadavers of the financial world while exploring the financial district’s landmark architecture. And it’s attracting rubberneckers in their droves.
The tour starts at the New York Stock Exchange (NYSE), sadly no longer open to the public. Tom Comerford is our guide. A giant of a man whose family originally came from Co Wexford, he too worked in finance, in Goldman Sachs, albeit in the presentation graphics department. Also a professional opera singer, he can project his voice so you hear every nuanced detail, adding drama to even the most mundane detail.
Across from the NYSE is Downtown, a condominium by Philippe Starck whose footprint includes the five-storey building at 23 Wall Street, the originally headquarters of JP Morgan’s banking operations. A ghostly grey 1,900-piece Louis XV chandelier that hung in the main banking hall has been installed in the lobby at Broad Street. It hovers spectrally, a reminder of past, present and perhaps future crises.
While luxury goods boutiques Tiffany, Hermes and alpha watch outlet Tourbillon line the street, conspicuous consumption is very much a thing of the past here. These days bankers and traders ask for brown paper bags to hide their high-end purchases.
THERE IS A dearth of financial types visible on the street. This is because they dine at their desks, explains Luan, who joins the tour at Deutsche Bank headquarters, his former employer. This is where he worked a $1 billion trading desk, dealing in structured credit bonds, specifically collateralised debt obligations or CDOs, which he describes as “a toxic asset, a weapon of mass destruction”. He calls them “Frankenstein securities”, amassed from “garbage or dead body parts” to make “an amazing superhuman”. It was, he says, “making gold from garbage”.
With that he produces the first page of an indenture, a term that mere mortals are familiar with from news broadcasts but limited in our understanding of how they work. This one was issued in October 2006 and due to mature in November 2046. The details are blacked-out but he explains the different levels of risk buy-in. The top tranche was rated triple A by credit agencies Standard and Poor’s, Fitch and Moody’s, names lamentably familiar to Irish visitors. When a notice of default came one year later, the triple-A rated investor received 20 cents in the dollar. The double-A rated investor got nothing.
“The technology of securitisation meant credit now had a shadow banking system, which eliminated moral hazard, meaning that the person selling you the product didn’t need to care whether you were good for the money or not,” he explains. Pension funds lost 80 per cent. Does he feel guilty? No, a great systemic collapse is what caused the crash, is all he says.
The tour is a cautionary trail through history cycles of greed. While standing outside insurance giant AIG’s former headquarters, Comerford takes you through its near-collapse and government rescue. The building is now for sale.
Nearby, 40 Wall Street, also known as the Trump Building, is notable for what it was briefly – the world’s tallest building, but its title was shortlived. The Chrysler Building, under construction at the same time, superseded it. In 1931, the Empire State Building surpassed them both.
The boom for building high into the sky illustrates what Luan calls the “Skyscraper Trade”. “When high skyscrapers are being built, optimism is at an all-time high and credit is loose. It’s also an indicator that things are overheating. This happens again in the early 1970s with the construction of towers one and two of the World Trade Center which was followed by the oil crisis, again in the dot-com boom with Kuala Lumpar’s Petronas and in 2008 with Shanghai’s World Financial Centre.”
It is food for thought. Even the bronze Charging Bullof Wall Street has a financial story to tell. Created by artist Arturo Di Modica following the 1987 stock market crash, it was placed under the Christmas tree outside the New York Stock Exchange and gifted to the city by the artist. Standing in full charge on Bowling Green, the oldest part in New York, the sculpture is for sale. The asking price is $1.5 million (€1.1 million), but there's a catch – it has to stay in situ.
THE LAST STOP is the Federal Reserve where a 90-ton vault door protects one-tenth of the world’s gold from thieves. It is also the site of the Lehman Brothers bailout talks, where, as Comerford puts it, the biggest game of chicken was played as financial institutions tried to get each other to carry the can.
The tour takes place in the shadow of the World Trade Center site. This September will mark the 10th anniversary of the 9/11 terrorist attacks. A visit to St Paul’s Chapel, on the corner of Broadway and Fulton, and trauma HQ during those September days provides a very poignant moment.
So what's next for Wall Street? There needs to be intelligent financial regulation, says trader Thomas Belesis, chief executive of John Thomas Financial and adviser on Wall Street: Money Never Sleeps. The character Jake Moore played by Shia LaBeof was based on him. "People got very greedy."
* The Wall Street Experience walking tour (15 Broad Street, 00-1-212-608-0130, thewall street experience.com).
* You can also visit the Federal Reserve Bank for free by writing in advance. E-mail frbnytours @ny.frb.org or write to the Federal Reserve Bank of New York, Public Affairs, 33 Liberty Street, New York, NY 10045.
* Wall Street: Money Never Sleepsis available on Blu-ray and DVD on January 31st from Twentieth Century Fox Home Entertainment.
Where to stay, where to eat and where to go in the city that never sleeps
Where to stay
* Holiday Inn. 138 Lafayette Street, 00-1-212-966-8898, hidowntown-nyc.com. Downtown in Soho, this Holiday Inn is recently refurbished, well-located and ideal for families. Rooms from $120 (€88).
* Room Mate Grace. 125 West 45th Street. 00-1-212-354-2323, room-matehotels.com. This is a chic boutique establishment near Times Square and ideal for singletons or couples looking to live it up. Rooms from $196 (€143).
* Gansevoort Hotels. 00-1-646-380-5287, gansevoortpark.com. Blow the budget at Gansevoort Hotels in either achingly hip Meatpacker or on Park Avenue where Dubliner Michael Ryan is director of front office and hospitality is high on the establishment’s checklist. Rooms from $315 (€230).
Where to eat
* Trinity Place. 115 Broadway, 00-1-212-964-0939, trinityplacenyc.com. Lunch may be for wimps but at Trinity Place you will see traders in their own milieu. Housed inside a bank vault in a landmark financial district building, the interior was designed by Dublin-based Brian McDonald of Design Farm.
* The Full Shilling. 160 Pearl Street, 00-1-212-422-3855, thefullshilling.com. In the evenings, off-duty traders retire to The Full Shilling situated on what was the edge of the original island of Manhattan. Nearby Stone Street’s numerous bars are also beacons for the after-work banker and trader.
* Eataly. 200 5th Avenue, 00-1-646-398-5100, eatalyny.com. The latest food market to thrill the palates of New Yorkers is the brainchild of culinary bigwig Oscar Farinetti. Sip champagne at the bar or sample a plate of oysters at this 4,645sq m of mouth-watering space that is based on his venture in Turin.
* Nobu. 105 Hudson Street, 00-1-212-219-0500, noburestaurants.com. Nobu’s celebrity status makes it the preferred choice of traders and bankers. It’s Omakase or chef’s choice starts from $100 (€73) per person at dinner.
* Momofuku Saam Bar. 207 2nd Avenue, 00-1-212-254-3500, momofuku.com. A more reasonably priced option than Nobu where the steamed buns are a must.
* Sushi Samba. 245 Park Avenue, 00-1-212-475-9377, and 87 Seventh Avenue, 00-1-212-691-7885, sushisamba.com. This establishment offers the intriguing mix of Japanese flavours fused with Brazilian cuisine.
Where to go
* Exchange gritty real-life drama for a glossier alternative. Get genuinely star stuck in New York's theatre district. Al Pacino may have just finished his run in The Merchant of Venice, but Kelsey Grammar stars as Georges in La Cage aux Folles at Broadway's Longacre Theater, while off Broadway Maggie Gyllenhaal and her husband, Peter Sarsgaard, appear in a new adaptation of Anton Chekov's Three Sisters. Broadway.com has tickets or you can try getting them on the day of performance at TKTS Times Square, (47th Street at Broadway, 00-1-212-221-0013, tdf.org) at up to 50 per cent off.
* Enjoy one of the most scenic boat rides in the world for free. The Statten Island ferry offers a slice of real New York life and is used by commuters daily. As you depart Manhattan, you will see the Statue of Liberty on the right, with the sleek Verrazano-Narrows Bridge dominating the left. The Manhattan skyline recedes as the Brooklyn Bridge comes into view. Avoid the newer, faster ferries which don’t have an outside deck. The ferry terminal on Peter Minuit Plaza is at the end of South and State streets.
* Morgan Library Museum. 225 Madison Avenue, 00-1-212-685-0008, themorgan.org. In an era of fetishised spontaneous journalism from Tweeting to blogs, The Diary: Three Centuries of Private Livesexhibition shows the random and also considered thoughts of other eras. It features the thoughts of JP Morgan, Bob Dylan, and Sir Walter Scott among others.
* Obscura Antiques and Oddities. 280 East 10th Street, 00-1-212-505-9251, obscuraantiques.blogspot.com. This is a curiosity shop that sells Victorian-style freak show oddities among other collectibles. A great place for browsers.
Why New York is still top of the heap
IT MIGHT SEEM strange to begin a New York review with a hotel recommendation but the comfort, friendliness and, critically, the location of the Hotel Beacon was the key building block of our trip. It is on the Upper West Side close to the Museum of Natural History and Central Park.
It was also across the road from the legendary Fairway Market, the grocery chain dating from the 1930s that has acquired a cult following among foodies. It’s the kind of place you would expect to encounter Woody Allen checking out the Gorgonzola or the fresh melons piled high along the pavement outside.
Maybe we were fortunate. A teacher friend had recommended the Hotel Beacon quite by chance. We discovered that it is a popular choice with Irish people. Apparently, Ireland is the third biggest source of guests for the hotel, after the US and Britain.
So you travel 12,000km, stay on the 23rd floor of a New York skyscraper and find yourself in a hotel where all of the senior staff have proud Irish roots and fond memories of such places as Dublin or Cavan.
To get our bearings, we took a three-hour Circle Line cruise on the Hudson River. It costs $35 (€25) for adults and $22 (€16) for children, but it’s money well spent as it takes you close to such attractions as the Statue of Liberty, Ellis Island and Brooklyn Bridge.
Better still, it gives you a sense of the geography of the city. You circumnavigate Manhattan Island and see it all: three rivers, 75 major bridges, five boroughs and more than two dozen famous landmarks.
The best way to get a sense of the city is to amble around. The tourist guides will tell you all human life is there and they are not exaggerating.
In the course of one three-hour walk, we were met with a blizzard of sights and sounds: a rock band playing Tom Petty tunes to well-heeled office workers; an ethnic food market; two movies in production and a celebration of Korean culture.
You might also pass what they casually call the “world headquarters’’ of most major multinationals, a reminder that you are in the world’s capital city. We took in the usual tourist attractions, some good, some bad.
The Natural History Museum was curiously disappointing even for our starry-eyed 10-year-old. But the Metropolitan Museum of Art (The Met) more than compensated. This presents nothing less than a history of human creativity. You can stroll through a Roman courtyard, introduce yourself to Van Gogh or take the kids to see the wonders of Ancient Egypt.
We spent an entire day at the Met and had time allowed would have gone back for more. One tip: take the lift to the bamboo-encased restaurant on the top floor: it has one of the best views of the New York skyline.
At night, you will find yourself drawn to Times Square. The place was always associated in my mind with the 1976 movie Taxi Driver.Times Square was the epicentre of a toxic, dangerous and amoral world.
Today, the crime and the squalor appear to have been swept away, replaced by sidewalk cafes and chic retail outlets. Crowds still mill around and there is frenzy in the air, but this is a place where you fee safe and secure, even after dark. Could we say the same about O’Connell Street in Dublin?
Taking in a Broadway show is an essential part of the New York experience. Last-minute tickets at discounted prices can be purchased from the ticket booth in Times Square.
We saw the musical Chicagoat the Ambassador Theatre. It was a good choice. Chicago is the kind of big budget, in- your-face show that could only find its true home on Broadway.
It’s a sharp-edged tale of murder, corruption and adultery. Expect top-class acting (kids will recognise many of the stars from various TV dramas ). Better still, its core message – that celebrity is the biggest scam of all – still has a resonance.
On food, the best advice is to avoid the fast-food joints and stay with those famed New York delis. Try a mile-high pastrami sandwich in the Carnegie Deli on 55th Street or break out with a cheesecake at Junior’s deli in Brooklyn.
At night we went to Greenwich village, only to encounter those tourist-trap restaurants with high prices and low quality.
Hells’s Kitchen on the following night was much better. Try Zigolinis, a newly opened pizza bar between 46th and 47th Street, and see trendy New Yorkers taking time out from a day at the office.
That was my first experience in New York and I can't wait to return. If you are still mulling over a first visit, don't wait a minute longer. New York is King of the Hill. Top of the Heap. Head of the List. Start spreading the news. – SEÁN FLYNN
* Hotel Beacon is at 2130 Broadway and 75th Street, beaconhotel.com
* Chicagois playing at the Ambassador Theatre, 219 West 49th Street. Tickets from ambassadortheater.com
* Zigolinis is at 675A 9th Avenue, pizzabarnyc.com
What to do: top tips for non-native New Yorkers
Take a taxi. For short trips taxis will work out at about $10 (€7). Great value for a group of four.
Visit John Lennon’s apartment at the Dakota building and walk through the Strawberry Fields in Central Park.
Rent a bike in Central Park.
Buy discounted theatre tickets at a booth in Times Square.
Don’t bother venturing out to those big shopping outlets out of town. New York shopping is just as cheap and much more fun.
Make sure to visit the Met, New York’s number one tourist attraction.
Eat at New York’s famed delis instead of the fast-food joints.
The Official NYC Information Centre at 810 Seventh Avenue is an essential first stop for orientation and advice.
Buy a New York Pass, which offers discounts on entry to all major tourist attractions. It is ideal for those visiting for four or five days. Available everywhere.
Make a resolution to go back – soon.