Celebrating historic 48 Wall Street at landmark ceremony.

The restoration and renovation of historic 48 Wall Street were celebrated at a ceremony rededicating it as a New York City landmark. The new landmarks plaque was unveiled below the original 1784 cornerstone that dates back to the first building on that site.

The ceremony and luncheon reception, which was held in the extraordinary 2-story former Grand Banking Hall for the Bank of New York, attracted a large gathering of real estate notables, civic and community leaders.

At the ceremony, Sherida E. Paulsen, chair of the Landmarks Preservation Commission, described 48 Wall Street as "a wonderful example of what a concerned development team can accomplish in the restoration of a City landmark." The event was hosted by owners, Swig Burns Equities, LLC, in association with MacDonald & Cie., who bought the 34-story tower in 1998 from The Bank of New York. They are now only the third owners of the site since the British acquired it from the Dutch and then sold it to the bank in 1796.

The guests had the opportunity to see how the new owners' improvements to the 324,000-square-foot building combine the best available 21st Century technology with an outstanding example of early 20th Century architecture. All the original 1927 architectural details have been maintained and the lobby has been restored and expanded, while all new communications, mechanical, electrical, security and elevator systems have been added.

The building is now more than 78% occupied, with major tenants including CII, a GMAC Commercial Mortgage Company; Rockefeller Center Business Centers; D.F. King & Co., Inc.; Gensler Architecture, Design and Planning Worldwide; and Wall Street Planning, a division of Metropolitan Life Insurance Company.