55 Water

Legal name: New Water Street Corp

Nonprofit profile at a glance

EIN
510292269
IRS 990 coverage
2010–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025
Location
New York, NY, USA
Phone
2127479120
Rating confidence
Limited

Official website

Reported finances

Revenue
$221,489,213
Expenses
$125,322,374
Assets
$803,713,863
Liabilities
$16,042,269

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • DR DAVID BRONNER (PRESIDENT & CHAIRMAN)
  • DANIEL PALINO (EXECUTIVE VICE-PRESIDENT,)
  • SCOTT BRIDGWOOD (VICE-PRESIDENT OF OPERATIO)
  • WILLIAM PAOLINI (VICE PRESIDENT OF CONSTRUC)

Highest reported compensation

  • DR DAVID BRONNER (PRESIDENT & CHAIRMAN): $749,063 total reported compensation
  • DANIEL PALINO (EXECUTIVE VICE-PRESIDENT,): $472,759 total reported compensation
  • TIMOTHY SALVEMINI (CHIEF FINANCIAL OFFICER): $402,511 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization owns and leases an office building. The net profits are distributed for the benefit of a qualified pension fund of the state of Alabama.

55 Water Street is a premier commercial office tower located in the Financial District of Lower Manhattan, New York. The building offers elevated amenities, expansive views, and a vibrant neighborhood experience. It is owned by NEW WATER STREET CORP and managed in partnership with leading real estate firms. The property provides tenant services and is part of a dynamic downtown ecosystem.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 66
  • Accountability: 75
  • Sustainability: 85
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 66th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 14th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 43.4%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 6.41; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 89; 89th percentile among comparable filings
  • Officer compensation ratio: 2%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.1% per year; rating input score 100; 13th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 9th percentile among comparable filings

Details

  • What they do: Mission, programs, and operating context captured from the official website.
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 4 of 5 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $749K · 14 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.1M reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 9 not reported.