Business Desk

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

The New York Sun
NY Sun
NEW YORK SUN CONTRIBUTOR

REAL ESTATE


MUSEUM OF AMERICAN FINANCE SIGNS LEASE FOR WALL STREET BUILDING


The Museum of American Finance yesterday signed a 15-year lease at 48 Wall St., the historic former headquarters of the Bank of America, the oldest bank in New York, founded by Alexander Hamilton. The 30,000-square-foot space, which is expected to be open to the public in the fall of 2006, will educate visitors on free markets, entrepreneurship, and financial literacy.


“We’ve been suffocating in our current space [on lower Broadway]. Since the New York Stock Exchange closed after September 11, there are throngs of people downtown hoping to touch and feel the capital markets – we’ll give them that chance,” a trustee of the museum, Timothy Schantz, said.


“If you went and designed a tenant to fit the space, you’d come up with this,” said Kent Swig, the president of Swig Equities, which owns the building and is the fourth largest landlord in Lower Manhattan.


At a reception in the penthouse of the Pierre last night, the museum’s founder, John Herzog, announced a $10 million capital campaign. The museum expects to welcome 150,000 visitors annually at its new home, its executive director, Lee Kjelleren, said. The chairman of the Lower Manhattan Development Corporation, John Whitehead, said that the museum’s expanded presence “will be a terrific asset for all the Wall Street firms” and help reinforce “the concept that New York City is the financial capital of the world.”


– Staff Reporter of the Sun


SPORTS


YANKEE ORGAN AMONG ITEMS TO BE AUCTIONED


An organ played during baseball games at Yankee Stadium will be among 200 items up for bid next month in the first auction ever held at the New York ballpark.


Other items at the December 9 auction, which will take place in the stadium’s seats behind the visitors’ dugout on the third-base side of the field, include a section of the outfield wall padding and the desk chair of Joe Torre, the Major League Baseball club’s manager. Many of the 200 items in the auction, such as a water cooler from the Yankees’ dugout and chairs used by the players in the clubhouse, are replaced by the team on a regular basis, said Sean Mahoney, executive vice president of Yankees-Steiner, a joint venture between the team and New York-based Steiner Sports marketing company.


– Bloomberg News


HOUSING


HOME SALES FALL AS RATES AND PRICES RISE


Rising mortgage rates and skyrocketing prices put home-buying out of reach for more Americans in October, a new report showed. Sales of previously owned U.S. homes fell a greater-than-expected 2.7% last month to a 7.09 million annual rate, the slowest since March, the National Association of Realtors said yesterday in Washington. The number of unsold homes was the highest since April 1986.


– Bloomberg News


PUBLISHING


KNIGHT RIDDER HIRES MORGAN STANLEY


Knight Ridder has hired Morgan Stanley to help advise the newspaper publisher as it explores strategic alternatives, including the possible sale of itself. Morgan Stanley will provide a second opinion to Goldman Sachs, financial advisor to Knight Ridder since its creation in 1974. A Knight Ridder spokesman, Polk Laffoon, said that Morgan Stanley had been hired just over a week ago.


– Dow Jones Newswires

NY Sun
NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


The New York Sun

© 2025 The New York Sun Company, LLC. All rights reserved.

Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used.

The New York Sun

Sign in or  Create a free account

or
By continuing you agree to our Privacy Policy and Terms of Use