Tompkins Square Park is located on land near the East River, that originally consisted of salt marsh and open tidal meadows, "Stuyvesant meadows", the largest such ecosystem on Manhattan island, but has since been filled in. The unimproved site, lightly taxed by the city as most agricultural properties were, seemed scarcely worth the expense of improving to its owners, the Stuyvesants, who inherited it from the 17th-century grant awarded to Peter Stuyvesant, and their Pell and Fish relatives. The City aldermen, to raise the tax base of the city, accepted a gift of land in 1829 from Peter Gerard Stuyvesant (1778–1847) with the understanding that it would remain a public space, and compensated other owners with $62,000 in city funds to set aside a residential square; transforming the muddy site took another $22,000 before Tompkins Square was opened in 1834. Surrounded by a cast-iron fence the following year and planted with trees, the square was expected to have a prosperous and genteel future, which was undercut, however, by the Panic of 1837 that brought the city's expansion to a halt.