Nonprofit · EIN 51-0292269
NEW WATER STREET CORPORATION
Tax-exempt · NEW YORK, NY 10041
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $221,489,213 | $125,322,374 | $96,166,839 | $803,713,863 | $16,042,269 | $787,671,594 |
| December 31, 2024 | 990 | $180,525,641 | $125,071,918 | $55,453,723 | $798,651,610 | $17,146,855 | $781,504,755 |
| December 31, 2023 | 990 | $184,410,475 | $124,575,885 | $59,834,590 | $805,937,141 | $14,886,109 | $791,051,032 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $218,033,535
- Investment income
- $3,455,678
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $1,338,541
- Other salaries and wages
- $4,218,060
- Salaries, compensation and benefits (total)
- $8,247,388
- Professional fundraising fees
- $0
- Legal fees
- $130,887
- Accounting fees
- $293,303
- Occupancy
- $26,943,706
- Depreciation
- $37,861,968
Balance sheet and other
- Total assets, start of year
- $798,651,610
- Total assets, end of year
- $803,713,863
- Total liabilities, end of year
- $16,042,269
- Net assets, end of year
- $787,671,594
- Land, buildings and equipment
- $422,280,664
- Gross receipts
- $221,489,213
- Employees
- 53
- Volunteers
- 0
- Year formed
- 1986
- State of legal domicile
- DE
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| DR DAVID BRONNER | PRESIDENT & CHAIRMAN Trustee or director, Officer | 5 | $0 | $749,063 | $0 |
| DANIEL PALINO | EXECUTIVE VICE-PRESIDENT, Officer | 40 | $432,151 | $0 | $40,608 |
| TIMOTHY SALVEMINI | CHIEF FINANCIAL OFFICER Officer | 40 | $352,960 | $0 | $49,551 |
| WILLIAM PAOLINI | VICE PRESIDENT OF CONSTRUC Highest-paid employee | 40 | $229,950 | $0 | $34,664 |
| SCOTT BRIDGWOOD | VICE-PRESIDENT OF OPERATIO Officer | 40 | $237,868 | $0 | $10,987 |
| ERIC GATCHALIAN | SR PROJECT MANAGER II Highest-paid employee | 40 | $207,678 | $0 | $33,953 |
| RICHARD NEAL | CONTROLLER Highest-paid employee | 40 | $206,373 | $0 | $20,711 |
| FRANK GRADY | SR PROJECT MANAGER I Highest-paid employee | 40 | $203,503 | $0 | $21,974 |
| DENNIS GOMEZ | CHIEF ENGINEER Key employee | 40 | $214,415 | $0 | $0 |
| SEAN EVANS | CONTROLLER Highest-paid employee | 40 | $195,439 | $0 | $0 |
| R MARC GREEN | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| BRUCE W HODGES SR | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| GEORGE PHILIP | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| THOMAS MILNE | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
990 for the year ended December 31, 2024: 14 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| DR DAVID BRONNER | PRESIDENT & CHAIRMAN Trustee or director, Officer | 5 | $0 | $699,516 | $0 |
| DANIEL PALINO | EXECUTIVE VICE-PRESIDENT, Officer | 40 | $433,808 | $0 | $38,126 |
| TIMOTHY SALVEMINI | CHIEF FINANCIAL OFFICER Officer | 40 | $346,131 | $0 | $46,208 |
| WILLIAM PAOLINI | VICE PRESIDENT OF CONSTRUC Highest-paid employee | 40 | $227,296 | $0 | $32,534 |
| ERIC GATCHALIAN | SR PROJECT MANAGER II Highest-paid employee | 40 | $207,404 | $0 | $31,699 |
| DENNIS GOMEZ | CHIEF ENGINEER Key employee | 40 | $237,381 | $0 | $0 |
| SCOTT BRIDGWOOD | VICE-PRESIDENT OF OPERATIO Officer | 40 | $226,777 | $0 | $10,544 |
| FRANK GRADY | SR PROJECT MANAGER I Highest-paid employee | 40 | $209,931 | $0 | $20,784 |
| RICHARD NEAL | CONTROLLER Highest-paid employee | 40 | $202,489 | $0 | $19,388 |
| R MARC GREEN | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| STEPHEN GLENNON | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| BRUCE W HODGES SR | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| THOMAS MILNE | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| GEORGE PHILIP | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| DR DAVID BRONNER | PRESIDENT & CHAIRMAN Trustee or director, Officer | 5 | $0 | $666,747 | $0 |
| DANIEL PALINO | EXECUTIVE VICE-PRESIDENT, Officer | 40 | $407,817 | $0 | $35,200 |
| TIMOTHY SALVEMINI | CHIEF FINANCIAL OFFICER Officer | 40 | $335,029 | $0 | $41,824 |
| WILLIAM PAOLINI | VICE PRESIDENT OF CONSTRUC Highest-paid employee | 40 | $217,649 | $0 | $29,515 |
| SCOTT BRIDGWOOD | VICE-PRESIDENT OF OPERATIO Officer | 40 | $217,789 | $0 | $7,237 |
| ERIC GATCHALIAN | SR PROJECT MANAGER II Highest-paid employee | 40 | $193,477 | $0 | $28,930 |
| FRANK GRADY | SR PROJECT MANAGER I Highest-paid employee | 40 | $201,898 | $0 | $18,197 |
| DENNIS GOMEZ | CHIEF ENGINEER Key employee | 40 | $214,105 | $0 | $0 |
| RICHARD NEAL | CONTROLLER Highest-paid employee | 40 | $192,443 | $0 | $17,928 |
| BRYAN BOYLAN | ASST CHIEF ENGINEER Highest-paid employee | 40 | $201,178 | $0 | $0 |
| R MARC GREEN | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| STEPHEN GLENNON | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| BRUCE W HODGES SR | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| THOMAS MILNE | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
| GEORGE PHILIP | DIRECTOR Trustee or director | 5 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 55 WATER STREET - CONCOURSE LV, NEW YORK, NY 10041-0004
- In care of
- % NEWW
- Principal officer (990 for 2025)
- TIM SALVEMINI, 55 WATER STREET, NEW YORK, NY 10041
- Signed the 990
- TIM SALVEMINI, CHIEF FINANCIAL OFFICER
- Phone
- (212) 747-9120
- Website
- WWW.55WATER.COM
- Return prepared by
- CRI ADVISORS LLC
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.
Program accomplishments
- 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.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 51-0292269
- Tax-exempt status
- 501(c)(25): Title-holding corporation for multiple parents
- Donations deductible
- No
- Exempt since
- 1995
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $803,713,863
- Income (IRS master file)
- $221,489,213
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $221,489,213 | $125,322,374 | $803,713,863 | IRS |
| 990 | December 2024 | $180,525,641 | $125,071,918 | $798,651,610 | IRS |
| 990 | December 2023 | $184,410,475 | $124,575,885 | $805,937,141 | XML |
| 990 | December 2022 | $174,105,576 | $119,205,089 | $813,065,701 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 51-0292269).
Questions about NEW WATER STREET CORPORATION
- What is the EIN of NEW WATER STREET CORPORATION?
- The employer identification number (EIN) of NEW WATER STREET CORPORATION is 51-0292269.
- Is NEW WATER STREET CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(25) since 1995.
- Are donations to NEW WATER STREET CORPORATION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does NEW WATER STREET CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NEW WATER STREET CORPORATION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NEW WATER STREET CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of NEW WATER STREET CORPORATION?
- The 990 for the year ended December 31, 2025 names TIM SALVEMINI.
- Who are the officers and directors of NEW WATER STREET CORPORATION?
- The 990 for the year ended December 31, 2025 lists 14 people; 9 received compensation from the organization.
- How much revenue does NEW WATER STREET CORPORATION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $221,489,213, expenses of $125,322,374 and total assets of $803,713,863 at year end.
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