Board for a $22 million tax abatement in January 1982. In the bank's application, Deputy Mayor John Zuccotti said the vacant lot "has long been an embarrassment to the city" and that "the Bank of New York is given a fighting chance" to revitalize the neighborhood if it were given the tax abatement. At the time, the lot was being used for drug deals. After protests by New York State Senator Franz S. Leichter and New York City Councilwoman Ruth Messinger, the board denied BNY's request for a tax abatement in February 1982. The denial was a change of routine for the board, which had previously distributed large tax breaks to AT&T and IBM for the development of new buildings to stimulate the city's economy. BNY had indicated that, if it were not granted a tax break, it would build a smaller structure. By August 1982, the lots at 52 and 60 Wall Street were both being placed for sale. The next month, BNY indicated that it planned to remain in 48 Wall Street and a neighboring building at 46 William Street rather than develop the vacant lots. The cleared sites collectively covered . Park Tower Realty By April 1983, BNY had entered a contract to sell the site to George Klein, head of the Park Tower Realty Company. The site could accommodate without any modifications, but the developer could acquire air rights and conduct improvements to the surrounding subway station to increase the tower's size. The sale came in spite of a slight decline in New York City's office market. That September, BNY sold the lots to Park Tower Realty, which planned a , 60-story office tower with a subway entrance, garage, and space for computer systems. Though an architect had not been selected, the developer had planned for construction to begin in 1984 and be complete by 1986. Park Tower vice president Neil Klarfeld said: "Sixty Wall Street will be a building of the 21st century, but its design will be compatible with the landmark structures that surround it." Roche and Dinkeloo were selected as the building's architects in 1984. They beat out the architect Helmut Jahn, who had submitted three designs for the proposed building: one each for an obelisk, a stone shaft, and a column reminiscent of Adolf Loos's entry in the Tribune Tower competition of 1922. To increase 60 Wall Street's height, Park Tower proposed