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Crash and Learn

Crash and Learn
Colliers International's Richard Warshauer and Herzfeld & Rubin's James Kaplan
Did you know October has another tradition besides Halloween? Saturday, we joined Colliers International's Richard Warshauer and Herzfeld & Rubin's James Kaplan for their 22nd annual “Great Crashes of Wall Street” walking tour, the only regularly scheduled event that commemorates the Great Crash of 1929, the Panic of 1907, and the 1987 stock market collapse, also delving into the political, financial, real estate, and architectural history of Wall Street and NYC. Here, the duo discuss the building and impact of the Erie Canal on New York inside the park at Hanover Square, one of the many stops on the three-hour tour. It began at 48 Wall St.'s Museum of American Finance, the tour's host and once the location of the Bank of New York, founded by Alexander Hamilton in 1784.
Colliers International's Richard Warshauer and Herzfeld & Rubin's James Kaplan's walking tour
And there's always plenty of new things to talk about each year, Richard tells us. The tour is much different than it was in 1988. For one, “building after building is being converted to residential use,” with 50k people (and plenty of pooches) now living south of Fulton Street—and that's why Lower Manhattan's real estate situation is not as dire as it could have been. Here, the group learns about Drexel Burnham Lambert and Goldman Sachs in front of 85 Broad St., which GS vacated for its new HQ at 200 West St., negatively impacting absorption in Lower Manhattan (availability rate is 16%, or 50% higher than last year). The tour stopped at locations like Delmonico's, the Old Customs House, Chase Manhattan Plaza, and the New York Stock Exchange. But we won't spoil the rest—make sure to join them next October.