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40 Wall Street

April 09, 2024

This article is about the building in Lower Manhattan sometimes called the Trump Building. For the building in Midtown Manhattan, see Trump Tower. For other buildings named after Donald Trump, see Trump Tower (disambiguation).

40 Wall Street (also the Trump Building; formerly the Bank of Manhattan Trust Building and Manhattan Company Building) is a 927-foot-tall (283 m) neo-Gothic skyscraper on Wall Street between Nassau and William streets in the Financial District of Manhattan in New York City, New York, U.S. Erected in 1929–1930 as the headquarters of the Manhattan Company, the building was designed by H. Craig Severance with Yasuo Matsui and Shreve & Lamb. The building is a New York City designated landmark and is listed on the National Register of Historic Places (NRHP); it is also a contributing property to the Wall Street Historic District, an NRHP district.

40 Wall Street
40 Wall Street in December 2005
Alternative namesThe Trump Building, Manhattan Company Building
Record height
Tallest in the world from the first week of May 1930 to May 27, 1930[a][I]
Preceded byWoolworth Building
Surpassed byChrysler Building
General information
Architectural styleNeo-Gothic
Location40 Wall Street
New York, NY 10005
United States
Coordinates40°42′25″N 74°0′35″W / 40.70694°N 74.00972°W / 40.70694; -74.00972
Construction startedMay 1929; 94 years ago (1929-05)
Topped-outNovember 13, 1929; 94 years ago (1929-11-13)
CompletedMay 1, 1930; 93 years ago (1930-05-01)[1]
OpeningMay 26, 1930; 93 years ago (1930-05-26)
LandlordDonald Trump
Height
Architectural927 ft (283 m)
Top floor836 ft (255 m)
Technical details
Floor count70 (+2 below ground)
Floor area1,111,675 sq ft (103,278.0 m2)
Lifts/elevators36
Design and construction
Architect(s)H. Craig Severance (main architect)
Yasuo Matsui (associate architect)
Shreve & Lamb (consulting architect)
Website
www.trump.com/commercial-real-estate-portfolio/40-wall-street
Manhattan Company Building
Location40 Wall Street, New York, NY
Arealess than one acre
Built1929–1930
ArchitectH. Craig Severance, Yasuo Matsui, et al.
Architectural styleSkyscraper
Part ofWall Street Historic District (ID07000063)
NRHP reference No.00000577[4]
NYCL No.1936
Significant dates
Added to NRHPJune 16, 2000[4]
Designated NYCLDecember 12, 1995[5]
References
[2][3]

The building is on an L-shaped site. While the lower section has a facade of limestone, the upper stories incorporate a buff-colored brick facade and contain numerous setbacks. The facade also includes spandrels between the windows on each story, which are recessed behind the vertical piers on the facade. At the top of the building is a pyramid with a spire at its pinnacle. Inside, the lower floors contained the Manhattan Company's double-height banking room, a board room, a trading floor, and two basements with vaults. The remaining stories were rented to tenants; there were private clubs on several floors, as well as an observation deck on the 69th and 70th floors.

Plans for 40 Wall Street were revealed in April 1929, with the Manhattan Company as the primary tenant, and the structure was opened on May 26, 1930. 40 Wall Street and the Chrysler Building competed for the distinction of world's tallest building at the time of both buildings' construction; the Chrysler Building ultimately won that title. 40 Wall Street initially had low tenancy rates due to the Great Depression and was not fully occupied until 1944. Ownership of the building and the land underneath it, as well as the leasehold on the building, has changed several times throughout its history. Since 1982, the building has been owned by two German companies. The leasehold was held by interests on behalf of Philippine dictator Ferdinand Marcos in the mid-1980s. A company controlled by developer and later U.S. president Donald Trump bought the lease in 1995.

Site edit

40 Wall Street is in the Financial District of Manhattan, in the middle of the block bounded by Pine Street to the north, William Street to the east, Wall Street to the south, and Nassau Street to the west. The site is L-shaped, with a longer facade on Pine Street than on Wall Street.[6][7][8] The lot measures 209 feet (64 m) on Pine Street and 150 ft (46 m) on Wall Street.[9] Originally, the site measured 194 ft (59 m) on Pine Street and 150 feet on Wall Street.[10] The lot has a total area of 34,360 square feet (3,192 m2).[8]

40 Wall Street is surrounded by several buildings, including Federal Hall and 30 Wall Street to the west; 44 Wall Street and 48 Wall Street to the east; 55 Wall Street to the southeast; 28 Liberty Street to the north; and 23 Wall Street and 15 Broad Street to the south.[7] The site slopes down southward so that the Pine Street entrance is on the second floor while the Wall Street entrance is on the first floor.[7][11]

Prior to the current building's completion, the site was occupied by numerous smaller office buildings. The southern part of the site was occupied by the eight-story Gallatin Bank Building at 34–36 Wall Street, designed by Cady, Berg & See and completed in 1887; the nine-story Marshall Field Building at 38 Wall Street; the Manhattan Company's original headquarters at 40 Wall Street; and a 13-story building to the east. The northern portion contained a 13-story building at 25 Pine Street, a 12-story building at 27–29 Pine Street, and the 13-story Redmond Building at 31–33 Pine Street.[12]

Architecture edit

 
Photo of the Manhattan Company Building c. 1930

The building was designed by lead architect H. Craig Severance, associate architect Yasuo Matsui, and consulting architects Shreve & Lamb.[9][13][14] Moran & Proctor were consulting engineers for the foundation,[9][15] the Starrett Corporation was the builder,[16][17] and Purdy and Henderson were the structural engineers.[13] The interior was designed by Morrell Smith with Walker & Gillette.[18] Many engineers and contractors were involved in various other aspects of the building's construction.[17]

The New York City Landmarks Preservation Commission has described 40 Wall Street's facade as having "modernized French Gothic" features.[19] The building's massing largely conforms to the Art Deco style, though there are also abstract shapes and elements of classical architecture.[18][19][20] According to art history professor Daniel M. Abramson, the classically-styled details at the base were intended to provide "context and support", while the Gothic-style roof was intended to emphasize the building's height.[21] 40 Wall Street is 70 stories tall, with two additional basement stories.[2][3][b] The building's pinnacle reaches 927 feet (283 m), which made it the world's tallest building for one month upon its completion.[23][24]

Form edit

40 Wall Street, like many other early-20th-century skyscrapers in New York City, is designed as a freestanding tower, rising separately from all adjacent buildings. 40 Wall Street is one of several skyscrapers in the city that have pyramidal roofs, along with the Metropolitan Life Insurance Company Tower, 14 Wall Street, Woolworth Building, Consolidated Edison Building, and Thurgood Marshall United States Courthouse.[19] The building is articulated into three horizontal sections similar to the components of a column, namely a base, shaft, and capital.[19][11] The floors at the six-story base cover the entire L-shaped lot, while the 7th through 35th stories (making up the middle section) are shaped in a "U", with two wings of different lengths facing west.[25][26] The 7th through 35th stories occupy nearly the entire lot.[7][26] Above the 35th story, the building rises as a smaller, square tower through the 62nd story.[26][27]

40 Wall Street has several setbacks to conform with New York City's 1916 Zoning Resolution.[19] On the Wall Street side, the central portion of the facade is recessed through the 26th floor, while symmetrical pavilions project slightly on either side, with setbacks above the 17th, 19th, and 21st floors. The entire Wall Street facade has setbacks above the 26th, 33rd, and 35th floors. The Pine Street facade is asymmetrical, with the western pavilion being much longer; this facade has a setback above the 12th, 17th, 19th, 23rd, 26th, 28th, and 29th floors. The projecting pavilions on both sides are connected at the eighth floor by a dormer.[28]

The building's west-facing wings are of different lengths; the northern wing is significantly longer and has cooling systems atop it, but both wings have minor setbacks above the 26th and 33rd floors, and rise only to the 35th floor. The eastern facade does not have any setbacks below the 35th story.[28]

Facade edit

40 Wall Street's exterior curtain wall is composed of two layers of brick; the inner layer provides fireproofing, while the outer layer is the exterior cladding.[29] In general, the facade is composed of buff-colored brick, as well as decorative elements made of terracotta and buff brick. The vertical bays, which contain the building's windows, are separated by piers.[25][26] The piers are flat, a characteristic of the Art Deco style.[20] Spandrel panels, which separate the rows of windows on each floor, are generally recessed behind the piers; the spandrels are generally darker on upper stories.[25][26] The building's window openings, initially composed of one-over-one sash windows, were later replaced by numerous types of window-pane arrangements or by louvers.[26]

Base edit

 
Wall Street facade

The first through sixth stories contain a limestone-and-granite facade. On the first story, the podium on the facade's Wall Street elevation is made of granite. The second- to fifth-floor facades on both sides consist of a colonnade with pilasters made of limestone.[7][19] The colonnades were intended to resemble those found in Greek temples. During the design of the building, Matsui adjusted the colonnades to match the dimensions of the nearby Subtreasury building (now Federal Hall).[11]

On the Wall Street side, the first floor originally had a central entryway with three bronze-and-glass doors, flanked by numerous entrances to the elevator lobby and the lower banking room.[26] Double-height bronze and glass windows spanned the second and third floors, while cast-iron windows were on the fourth through sixth floors.[28] Above the central entrance was Elie Nadelman's Oceanus sculpture (also called Aquarius);[30][26] the sculpture was a 10-foot-long (3.0 m) bronze depiction of Oceanus, a Greek Titan pictured on a 19th-century stock certificate issued by the Manhattan Company.[31] The Oceanus sculpture was removed prior to 1973.[32] Between 1961 and 1963, Carson, Lundin & Shaw added granite cladding and reconfigured the doorways on the first floor, and replaced the second- through sixth-floor windows.[33] By 1995, the entrance had been reconfigured with seven bronze rectangular doors and three revolving doors, recessed behind the main facade.[28] Letters reading "The Trump Building" are placed above the first floor,[34] while the fourth floor has a pair of flagpoles.[28]

The Pine Street elevation is arranged similarly to the Wall Street elevation and was likewise redesigned from 1961 to 1963.[28] The Pine Street elevation rises above a low stylobate, in contrast to the Wall Street elevation, which rises above a podium.[11] A 6-foot-diameter (1.8 m) clock was on the Pine Street facade from 1967 to 1993. This portion of the facade consists of either 10[11] or 11 bays.[28] At ground level, there is an entrance to the main elevator lobby, a service entrance, and storefronts slightly above grade. As with the Wall Street side, the fourth floor features a pair of flagpoles.[28]

Upper stories edit

The 8th through 35th stories comprise the midsection of the building. There are eight flagpoles on the ninth floor of the Wall Street side, four on each pavilion. On the 19th floor of the Pine Street side, there are louvers in place of window openings.[28] On the 36th through 62nd stories, there are brick spandrels between the windows on each story.[25][28] The spandrels on the 52nd through 57th floors are made of terracotta; on the 58th through 60th floors, terracotta with buttresses; and on the 61st and 62nd floors, darker bricks with pediments and rhombus patterns.[25]

The building's pyramidal roof is made of lead-coated copper, which over time has oxidized and turned green.[35][36] The roof has French Renaissance-style detail, a design element intended to make the building appear much older than it actually was at the time of its construction.[35] The decorations on the roof include diaperwork patterns, where the brickwork is laid in a repeating diagonal grid pattern; terraces, which are supported by buttresses; and small dormer windows.[37] There is a cornice surrounding the roof.[25] On top is a spire with a flagpole and a glass lantern.[28][37]

Features edit

The building's frame is made of steel.[7] The superstructure contains eight main columns, each of which weighs 22 short tons (20 long tons; 20 t) and can carry loads of up to 4.6 million lb (2.1 million kg).[38] As originally arranged, 40 Wall Street hosted the Manhattan Company's banking facilities on the first through sixth floors; offices on its middle floors; and machinery, an observation deck, and recreation areas on the top floors. There were also 43 elevators inside the building when it opened;[19] as of 2020, there are 36 elevators.[2] When 40 Wall Street was completed, it could accommodate 10,000 employees.[39]

Lower stories edit

Like other early-20th-century skyscrapers in the Financial District, the lobby of 40 Wall Street originally was designed with classical elements such as moldings, pilasters, columns, and heavy doorframes.[40] The ground story was highly decentralized with seven entrances from Wall Street, leading to various vestibules. The westernmost entrance led to a private foyer with its own elevator, while the easternmost entrance connected with the elevator banks on the eastern side of the building. Two ground-level banking rooms extended northward to Pine Street: one at the center and one on the west.[41] There was also space for brokerage-house messengers.[42][43] A wide, marble staircase from the ground level led up to the main banking room on the second floor.[42] The modern design of the lobby dates to a 1990s renovation by Der Scutt.[3][35] Following Scutt's renovation, the lobby was redecorated with bronze and marble surfaces.[35][44] The lobby also has escalators to the second floor.[25]

The main banking room, a double-height space measuring 150 by 185 feet (46 by 56 m), was on the second floor.[45][43] The room could be accessed from ground level[46] or directly from Pine Street.[25][46] The Pine Street entrance had a foyer with two pairs of octagonal, black marble Ionic columns,[25] while the Wall Street side of the room was supported by veined octagonal columns.[42] The room itself consists of a main hall below five groin vaults, flanked by arcades that lead into smaller vaulted spaces.[25] In the main hall were desks for tellers.[42][43] To the north and south were two platforms for the officers of the Manhattan Company's subsidiaries, where officers and customers could meet privately in wood-paneled spaces.[47] The walls were once decorated with three murals by Ezra Winter, depicting various scenes from the history of the Financial District;[48][49] Winter's murals have since been removed.[25] The second floor was occupied by a Duane Reade convenience store from 2011[50] to 2023.[51]

A pair of stairs on the banking room's south wall flanks the escalators and leads up to what was originally the officers' quarters, a rectangular room with five white marble columns.[25] This space had three doorways that led to private offices of Manhattan Company executives; the doorways to those offices were framed by round carvings symbolizing various sectors of the economy.[52]

Stairs from the ground level led to the two basement stories, where the Manhattan Company's vaults were located.[52] Under the lobby was a main vault that stored the company's own securities and funds. A safe-deposit vault for members of the public, with an 85-short-ton (76-long-ton; 77 t) door, was below the Manhattan Company's vault.[43]

Upper stories edit

On the fourth floor was the boardroom of the Manhattan Company, designed in the Georgian style as an imitation of Independence Hall's Signers' Room.[52][43][53] It contained several elements of the Doric order, such as columns, pilasters, and a frieze.[52][53] Wooden doors and fireplaces with segmental arches were on the eastern wall, while false windows were on the western wall.[52] The space also included a fireplace, Chippendale furniture, and a blue rug.[53] According to the Manhattan Company's magazine, the boardroom's design "recaptured the artistic spirit of the days of ... [the company's] founding".[54]

The offices of the Manhattan Company's officers overlooked the Wall Street entrance.[55] The offices were furnished with patterned carpets, soft chairs, and single desks, which were meant to evoke a feeling of luxury. According to Architecture and Building magazine, the executive offices' furnishings were intended as a "pleasingly striking contrast to the modern severity of the usual treatment of financial district structures".[56] The sixth floor housed a trading floor for the International Manhattan Company, Inc.[43] All of the offices on the upper stories were served by a pneumatic tube mail system; according to Matsui, the system was built to accommodate financial tenants "whose functions require rapid transfer of stocks and papers".[57] The pneumatic-tube system delivered mail to and from terminals on the building's mezzanine, precluding the need for messengers to use the elevators or overcrowd the lobby.[57]

The 26th and 27th stories housed the Luncheon Club of Wall Street, a members-only private club,[58] built upon the suggestion of William A. Starrett, the building's general contractor.[59] The Luncheon Club occupied a Colonial-style space designed by Matsui and Robert L. Powell, and included an entrance hall and a main dining room covered in wood, as well as private dining rooms with wallpaper.[58] The 55th floor was entirely occupied by the Manhattan Company's officers' club, which included a dining room.[43][45] The officers' club was designed in a Colonial style with Windsor chairs, a fireplace, and a ceiling with fake wood beams.[60] Another members-only dining club, the Rookery Club, was located on the 58th story.[58][61] The Bank of Manhattan Building had an observation deck on the 69th and 70th floors, 836 feet (255 m) above the street; it could fit up to 100 people.[62] The observation deck was closed to the public sometime after World War II.[13]

History edit

The Manhattan Company was established by Aaron Burr in 1799, ostensibly to provide clean water to Lower Manhattan. The company's true focus was banking, and it served as a competitor to Alexander Hamilton's Bank of New York, which previously held a monopoly over banking in New York City.[63][64][65] The Manhattan Company was headquartered at a row house at 40 Wall Street,[43][45] which was the company's "office of discount and deposit".[63] The bank remained on the site until the present skyscraper was constructed.[66] By the early 20th century, the company was growing quickly, having acquired numerous other banks.[63][64][67]

Development edit

Planning edit

The idea for the current skyscraper was devised by banker George L. Ohrstrom,[68][69][70] who began acquiring land for the building in 1928[63] under the auspices of 36 Wall Street Corporation.[71] Stakeholders in the corporation included Ohrstrom and the builders, Starrett Brothers (later Starrett Corporation).[72][73] In September 1928, 36 Wall Street Corporation acquired 34–36 Wall Street under a 93-year lease from the Iselin family. At the time, the syndicate hoped to build a 20-story building.[74][75] By that December, Ohrstrom had purchased four buildings, with frontage along 27–33 Pine Street and 34–38 Wall Street, and controlled a total area of 17,000 square feet (1,600 m2).[76][77] The plans had been updated, and the syndicate at that point envisioned a 45-story building.[77] In January 1929, the corporation planned a bond issue to fund the building's construction.[78] That March, Ohrstrom announced that H. Craig Severance would design a 47-story structure at 36 Wall Street.[63][79] The corporation bought 25 Pine Street the same month.[80]

Shortly after Severance's original plans were announced, the skyscraper was modified to have 60 floors, which was shorter than the 792-foot (241 m) Woolworth Building and the then under construction 808-foot (246 m) Chrysler Building.[81] Plans for a 64-story skyscraper were announced after the Manhattan Company agreed to relocate to the new building in early April 1929.[82][83] By April 8, Ohrstrom and Severance had planned to make the new skyscraper the world's tallest building.[84] Two days later, it was announced that Severance had increased the tower's height to 840 feet (260 m) with 62 floors, exceeding the heights of the Woolworth and Chrysler buildings.[85][86][87] It was also announced that the Manhattan Company would be 36 Wall Street's main tenant and that the new building would be known as the Bank of Manhattan Building or the Manhattan Company Building.[86] The height of the building was made possible by the 33,600-square-foot (3,120 m2) lot, which was one of the largest in the densely-developed Financial District.[9][88]

The builders intended to spend large sums to reduce the construction period to one year, which would allow rental tenants to move into the building sooner.[63] By mid-April 1929, tenants of the existing buildings on the lot had moved elsewhere.[89] The Manhattan Company and Chrysler buildings started competing for the distinction of "world's tallest building".[3][90] The "Race into the Sky", as popular media called it at the time, was representative of the country's optimism in the 1920s, fueled by the building boom in major cities.[91] The Manhattan Company Building was revised to 927 feet (283 m) in April 1929, which would make it the world's tallest.[92] Severance then publicly claimed the title of the world's tallest building,[93][c] but the Starrett Corporation denied any allegations that the plans had been changed to beat the Chrysler Building.[93]

Start of construction edit

 
View of the lower stories

Construction of the Manhattan Company Building began in May 1929.[94][95] By that time, the syndicate developing the building was known as the 40 Wall Street Corporation, and the building was also known as 40 Wall Street. That same month, the Manhattan Company leased its lots at 40–42 Wall Street and 35–39 Pine Street to the 40 Wall Street Corporation for 93 years. Ownership would be divided among the Manhattan Company, the Iselin family, and the 40 Wall Street Corporation, with the Manhattan Company holding a plurality stake.[96] Simultaneously, the U.S. government invited bids on the adjoining building at 28–30 Wall Street, then occupied by a federal assay office.[63] In June 1929, the government announced that the 40 Wall Street Corporation had placed the highest bid for the lot, bringing the syndicate's total land holding to 40,000 square feet (3,700 m2).[97][98][99] The assay office plot was reserved for future expansion, instead of being incorporated into the plans for the new skyscraper.[99][100] The Manhattan Company moved to a temporary headquarters during construction.[10][45]

Excavations for 40 Wall Street were complicated by numerous factors. There was little available space to store materials; the surrounding lots were all densely built up; the bedrock was 64 feet (20 m) below street level, beneath boulders and quicksand; and the previous buildings on the lot had foundations up to 5 feet (1.5 m) thick.[15][101][102] Furthermore, the builders had a 12-month deadline, requiring them to plan the entire project backward from the planned completion date.[103] Starrett Brothers had drawn up a detailed construction schedule for 40 Wall Street, outlining the timeline for each major construction contract. The schedule indicated that structural-steel installation would commence in June 1929 and that all work was to be completed by May 1, 1930.[17] The project employed 24 timekeepers and auditors, who checked employees' attendance, as well as seven job runners, who delivered architectural drawings and ensured that materials were delivered.[104]

To save money and time, the foundation of 40 Wall Street was constructed at the same time that buildings on the site were being cleared.[15][103][105] The old Manhattan Company building was the last to be cleared.[15][101][102] Caisson construction could not be used to excavate the site since the existing foundation consisted of heavy masonry blocks. To ensure that the foundation could adequately support the structure, temporary lighter footings were installed during the demolition of the old buildings and construction of the first 20 stories, and permanent heavy footings were installed afterward.[15][102] Workers excavated the site to the underlying layer of bedrock, which extended as much as 60 feet (18 m) deep. They then installed several dozen hollow cylinders, each measuring 1 foot (0.30 m) wide. In addition, workers installed several hundred steel pilings, which were clustered into piers, infilled with concrete, and topped by steel caps that could accommodate structural loads of up to 950 short tons (850 long tons; 860 t).[105] The weight of the existing 12-story building on the site was used to drill the new building's foundations into the ground.[95] Afterward, a concrete floor was poured into the excavation, which was then enclosed with a concrete cofferdam.[105]

Superstructure and completion edit

In July 1929, the builders held a ceremony where William A. Starrett, head of the Starrett Corporation, drove the first rivet into the building's frame.[38] Starrett received a $5 million loan that same month to finance the building.[106][107] Work on 40 Wall Street progressed quickly, and the contractors completed four stories each week.[108] The site was active 24 hours a day, with 2,300 workers working in three shifts; interior furnishing progressed as the steel frame rose.[15] Workers used passenger elevators to transport materials, obviating the need for temporary construction cranes.[103] Matsui described the steel frame as a "web system of rigidity", with joints and diagonal beams providing both lateral bracing and wind bracing.[109] The steel frame for 40 Wall Street was manufactured in Bethlehem, Pennsylvania; transported to Jersey City, New Jersey, using 800 railcars; shipped across the Hudson River via barge; and transported from the dock to the construction site via truck. Derricks then lifted the steel beams into place, where groups of four workers riveted them onto the frame. As the tower rose, the derricks were themselves lifted two stories at a time.[29]

Workers then installed the tower's facade by hanging pieces of curtain wall from the completed steel frame.[29] Interior work proceeded simultaneously with the facade installation.[36] The steel superstructure reached the 40th story by September 1929, when interior plasterwork began.[110] The building topped out on November 13, 1929.[111][112] By that time, the steel frame had reached 900 feet (270 m) above street level, the facade had been completed to the 54th story, and much of the internal furnishing had been completed.[111][113] By December, rental agents Brown, Wheelock, Harris, Vought & Company were leasing out the space at the Chrysler and Manhattan Company buildings, which aggregated 2 million sq ft (190,000 m2).[114]

The 40 Wall Street Corporation gave a $12.5 million mortgage for the building's completion in December 1929,[115] and the corporation planned a bond issue of an equivalent value by January 1930.[116][117] The building's roof was covered with scaffolding by March 1930, although Manhattan Company officials denied that they were trying to increase the building's height.[118] The work was completed one week ahead of schedule, on May 1, 1930.[1][119] Several workers received craftsmanship awards in a ceremony at the end of April 1930.[120][121] The building officially opened on May 26.[43][45][122] In total, $24 million had been spent on construction.[73] Four workers died while constructing 40 Wall Street; a similar mortality rate to other contemporary projects of similar scale.[104] Paul Starrett, of the Starrett Corporation, said: "Of all the construction work which I have handled, the Bank of Manhattan was the most complicated and the most difficult, and I regard it as the most successful."[123][124]

Early years edit

Competition for "world's tallest building" title edit

 
40 Wall Street was the world's tallest completed building for one month.[92]

Prior to 40 Wall Street's completion, architect William Van Alen obtained permission to install a 125-foot (38 m) long spire on the Chrysler Building[125][126] and had it constructed secretly.[92] The Chrysler Building's spire was completed on October 23, 1929, bringing that building to 1,046 feet (319 m),[127][128] thereby greatly exceeding 40 Wall Street's height.[129] Disturbed by Chrysler's victory, Shreve & Lamb wrote a newspaper article claiming that their building was the tallest, since it contained the world's highest usable floor. They stated that the observation deck at 40 Wall Street was nearly 100 feet (30 m) above the top floor in the Chrysler Building.[126] 40 Wall Street's observation deck was 836 feet (255 m) high, while the Chrysler Building's observatory was 783 feet (239 m) high.[130] As a result of the Chrysler Building's spire, 40 Wall Street was the tallest building in Lower Manhattan but not the tallest in New York City.[24]

John J. Raskob, developer of the Empire State Building (which was also designed by Shreve & Lamb), also wanted to construct the world's tallest building.[131] The "Race into the Sky" was defined by at least five other proposals, although only the Empire State Building would survive the Wall Street Crash of 1929.[132][d] Plans for the Empire State Building were changed multiple times; the final plan, published in December 1929, called for the building to be 1,250 feet (380 m) tall.[134] The Empire State Building was completed in May 1931,[135] becoming the world's tallest building both by roof height and spire height.[134][136]

Because of late changes to the plans of both 40 Wall Street and the Chrysler Building, as well as the fact that the buildings were erected nearly simultaneously, it is uncertain whether 40 Wall Street was ever taller than the Chrysler Building. John Tauranac, who wrote a book about the Empire State Building's history, later stated that if 40 Wall Street had "ever had been the tallest building, they would have had bragging rights, and if they did, I certainly never heard them".[137] If only completed structures are counted, 40 Wall Street was the world's tallest building for one month,[24][1] from the first week of May 1930[1] until the opening of the Chrysler Building on May 27, 1930.[92][138][a]

Early tenants and foreclosure edit

The new building housed four Manhattan Company subsidiaries: the Bank of Manhattan Trust Company, the International Acceptance Bank, the International Manhattan Company, and the Bank of Manhattan Safe Deposit Company.[43] The Manhattan Company used the two basement levels for storage vaults; the 1st through 6th stories for bank operations; and the 55th floor for its officers' club.[14][45][139] Among the first tenants were Merrill Lynch & Co.[140] and a private lunch club called the Wall Street Club.[141] 40 Wall Street opened following the Wall Street Crash of 1929, and so suffered from a lack of tenants.[18] Many of the original tenants had withdrawn their commitments to rent space in the building and, in some cases, had gone bankrupt.[19][142][143] As a result, only half of the space in 40 Wall Street was leased during the 1930s.[24][142] Office space rented for $3 per square foot ($32/m2), less than half of the $8 per square foot ($86/m2) that the building's owners had sought.[142][144] For the first five years of the building's existence, 40 Wall Street Corporation was able to pay the $323,200 interest on the second mortgage-bond issue.[142]

By early 1939, 40 Wall Street Corporation had fallen behind on rent payments, ground leases, and property taxes.[145] That May, the Marine Midland Trust Company started foreclosure proceedings against the corporation after it defaulted on "payments of interest, taxes and other charges".[146] In response, several bondholders formed a committee to protect their stakes;[147][148] the committee expressed opposition to the proposed reorganization.[149] In July 1939, the corporation filed a plan to reorganize all assets that were not covered by the mortgage loans.[150][151] Marine Midland became the trustee of 40 Wall Street's first-mortgage fee and its bonds on the lease in February 1940, supplanting the corporation.[19][152] Marine Midland, acting on behalf of the bondholders, acquired the building that September in a transaction worth almost $11.5 million.[153][154] The New York Times later described the building as being "a monument to lost hope" during that era: at the time, the building's $1,000 debentures were being sold at $108.75 apiece.[142] The structure as a whole was worth $1.25 million, which was less than the cost of the 43 elevators inside the building.[142][155]

C. F. Noyes was hired as the building's leasing agent at the end of 1940.[156][157] One of the larger tenants during the 1940s was the Westinghouse Electric and Manufacturing Company, which in 1941 leased four floors.[158][159] Other tenants included real-estate agents, lawyers, brokers, and bankers,[19][160] as well as a short-film theater in 1941.[161][162] More tenants came during World War II, starting with the United States Department of the Navy.[19][142] By 1943, the building was 80 percent leased, and that rate increased to 90 percent a year later.[142] After the United States Department of War leased four floors in July 1944, the building reached full occupancy for the first time in its history.[163][164] Many large tenants such as Prudential Financial, Westinghouse, and Western Union signed long-term leases.[19] After several tenants left during the late 1940s, the building was completely rented again in 1951.[165][166] At the time, 40 Wall Street's office space was renting for $4.22 per square foot ($45.4/m2), a relatively high price for a building constructed before air conditioning became popular.[166]

1946 plane crash edit

On the evening of May 20, 1946, a United States Army Air Forces Beechcraft C-45F Expediter airplane crashed into 40 Wall Street's northern facade. The twin-engine plane was heading for Newark Airport on a flight originating at Lake Charles Army Air Field in Louisiana. It struck the 58th floor of the building at about 8:10 pm, creating a 20-by-10-foot (6.1 m × 3.0 m) hole in the masonry. The crash killed all five aboard the plane, including a WAC officer, though no one in the building or on the ground was hurt. The fuselage and the wing of the splintered plane fell onto the 12th-story setback, while parts of the aircraft and pieces of brick and mortar from the building fell into the street below. Fog and low visibility were identified as the main causes of the crash, since LaGuardia Field had reported a heavy fog that reduced the ceiling to 500 feet (150 m), obscuring the view of the ground for the pilot at the building's 58th story.[167][168][169]

The month after the crash, the owners of 40 Wall Street filed a building application with the Department of Buildings to fix the hole in the facade.[144] This crash was the second in New York City in less than a year; an Army B-25 bomber struck the 78th floor of the Empire State Building in July 1945, also caused by fog and poor visibility.[167][170] The incident prompted the Army, in June 1946, to ban planes from landing in New York City during heavy fog.[171][172] The 1946 accident was the last time an airplane accidentally crashed into a building in New York City in the 20th century.[173]

1950s to 1970s edit

Chase relocation and Webb & Knapp acquisition edit

 
The building as seen from street level. 23 Wall Street is to the right, Federal Hall National Memorial is to the left, and 30 Wall Street is in the foreground.

In August 1950, the building's owners submitted plans for an alteration of the building at a cost of $300,000.[174] Over the following years, the building was retrofitted with air conditioning.[175] The directors of the Manhattan Company and Chase National Bank voted in January 1955 to merge their respective companies,[176] and Chase Manhattan Bank was created as a result of the merger.[177][178] The new company was headquartered at Chase National's previous building at 20 Pine Street,[26][179] immediately north of 40 Wall Street;[6] soon afterward, Chase constructed a building at the neighboring 28 Liberty Street to serve as its headquarters.[180] Meanwhile, several offices as well as a bank branch remained in 40 Wall Street.[26]

By 1956, the building's financial situation had improved considerably, and 40 Wall Street Corporation's $1,000 debentures were selling for $1,550.[142] That year, real estate developer William Zeckendorf had his company Webb and Knapp buy the leaseholds for the land from 40 Wall Street Inc., Chase, and the estate of the Iselin family.[26][142] Webb and Knapp also bought 32 percent of 40 Wall Street Corporation's stock,[26][181] eventually increasing their stake to two-thirds of the corporation's shares.[26][182] The firm attempted to sell 40 Wall Street in October 1957 for $15 million,[183] but a New York Supreme Court justice enjoined the sale in November 1957 after several minority shareholders claimed the sale was illegal.[184][185]

The corporation's stockholders voted in June 1959 to sell the building for not less than $17 million.[186][187] To reduce disagreements, a State Supreme Court justice ordered that an auction be held for the building.[188] That October, stockholders held an auction for 40 Wall Street.[189][190] Zeckendorf submitted the highest bid, at $18.15 million, although there was only one other bidder.[188][191][192] At the time, 40 Wall Street was believed to be the most valuable real-estate property ever to be auctioned in New York City.[192] Webb & Knapp had spent $32 million to acquire the building;[26] excluding the auction, the remainder of the cost was used to pay Chase and the Iselin estate.[144]

City & Central and Loeb, Rhoades operation edit

Webb and Knapp sold the property to the Metropolitan Life Insurance Company in April 1960 for $20 million. Metropolitan Life leased the building back to Webb and Knapp for 99 years, under a leasehold that cost $1.2 million a year.[193] Chase Manhattan was relocating to its new headquarters at 28 Liberty Street,[194][195] and the Manufacturers Hanover Corporation was planning to relocate to the second through fifth floors, which Chase Manhattan was vacating.[194][196] That September, Webb and Knapp sold the leasehold to British investors City & Central Investments (later City Centre Properties) for $15 million.[195][197][198] The sale was finalized in November 1960,[199][200] and City & Central acquired title that following month.[201] The new operator renovated the interior and exterior.[26][178] Manufacturers Hanover moved to the building in 1962, relocating $24 billion in deposits to 40 Wall Street from its old headquarters at 70 Broadway.[202]

City Centre sold the leasehold to Loeb, Rhoades & Co., 40 Wall Street's largest tenant, in June 1966.[203][204] Other major tenants at the time included Bache & Co., which had rented 180,000 square feet (17,000 m2) by 1966.[175] Manufacturers Hanover relocated many of its offices to 600 Fifth Avenue and 55 Water Street.[205] After Loeb, Rhoades & Co. merged with Shearson in 1980, the 251,000 square feet (23,300 m2) of office space occupied by Loeb, Rhoades & Co. was vacated; the space was quickly leased to Morgan Guaranty and Toronto-Dominion Bank. At the time, 40 Wall Street had 875 square feet (81.3 m2) that was not yet rented, and office space in the Financial District was typically rented for $16 to $20 per square foot ($170 to $220/m2).[206]

1980s and early 1990s edit

In 1982, the property was purchased by a German investment group headed by Walter Hinneberg.[26][207] Hinneberg and two of his siblings transferred their 80 percent ownership stake to an entity named 40 Wall Street Holdings Corporation in 1992. The other two owners conveyed their combined 20 percent stake to an entity named New Scandic Wall Ltd.[207][208]

Marcos family leasehold edit

At the end of 1982, Loeb, Rhoades & Co. sold the leasehold to a holding company; the Philippine dictator Ferdinand Marcos and his wife Imelda would be revealed as the real buyers in 1985.[26][34][209] According to a broker who was involved in the sale, the Marcos family's agents, brothers Joseph J. and Ralph E. Bernstein, were initially believed to be buying the building for the wealthy Gaon family of Switzerland, as Joseph Bernstein's wife was a member of that family.[210][211][212][e] The operators planned to gild 40 Wall Street's roof.[214] In coded cables between the Marcos family and their alleged "front" in Manhattan, Gliceria Tantoco, the 40 Wall Street building was referred to using the secret code-word "Bridgetown".[215] By February 1986, 40 Wall Street's leasehold, and three other buildings reportedly owned by the Marcoses, were placed for sale.[216] Around that time, the Bernsteins were contemplating paying $250 million for 40 Wall Street and two of the other buildings.[217][218]

After Marcos was forced out of office, the administration of his successor Corazon Aquino froze Marcos's assets within U.S. banking channels in March 1986,[219] and the building's future became uncertain.[220] Citicorp, which had placed a mortgage on the building, indicated in December 1986 that it would foreclose on the property.[221] After the U.S. Court of Appeals for the Second Circuit ruled to block the sale of the Marcos properties that November, the Aquino administration filed a lawsuit against the Marcos estate to obtain title to the buildings.[222][223] Saudi arms dealer Adnan Khashoggi was subsequently accused of helping the Marcoses hide their stakes in the buildings,[224] although he was acquitted of all racketeering charges in relation with the properties.[225]

Capital improvements to the building, including upgrades to its unreliable elevators, were suspended while legal proceedings were ongoing.[226][227] The Aquino administration attempted in early 1989 to sell the four Marcos properties to Morris Bailey for $398 million.[228][229] Federal district court judge Pierre N. Leval ordered a foreclosure sale of the Marcos properties in August 1989;[230][231] the Bailey group hoped that Citigroup would name them as the preferred bidders.[228] At the court-ordered auction, the Bernsteins submitted the winning bid of $108.6 million after another bidder, Jack Resnick & Sons, refused to raise its bid of $108.55 million.[230][231] The second mortgage with Citicorp comprised $60 million of this total.[232] The Bernstein brothers paid the $1.5 million down payment,[233][234] but they could not pay the remainder of the purchase price before the October 10, 1989 deadline.[234][235] At the time, the Bernsteins were also involved in a bankruptcy proceeding in Curaçao; a special master there had refused to repeal a bankruptcy action that would have allowed the Bernsteins to pay the remainder of 40 Wall Street's purchase price.[235] This prompted a second auction of the building's leasehold.[235][236]

Resnick operation and further issues edit

At a second auction in November 1989, Burton Resnick of Jack Resnick & Sons paid $77,000,100 for the leasehold, beating Citicorp's bid by $100.[233][236][237] By then, demand for real estate in Lower Manhattan had declined in the aftermath of Black Monday in 1987.[236] Resnick's lawyer, Howard J. Rubenstein, said his client planned to spend $30 million to $40 million renovating 40 Wall Street, although real-estate experts said the building needed closer to $50 million in renovations.[236] Resnick decided in 1990 to spend $50 million on upgrades.[238] The renovation would have included fire, electrical, and mechanical system replacement; renovation of the lobby; restoration of the facade and windows; and replacement of the elevators.[239] The Resnicks were only able to upgrade the windows;[178] they defaulted on their mortgage in 1991, and Citicorp took over the leasehold.[240] Citicorp canceled financing for the renovation that year,[227][240][241] citing concerns that tenants, including Manufacturers Hanover, which had moved from the lower stories of the building in 1982, might move out.[26][238]

By the early 1990s, 40 Wall Street was 80 percent vacant.[220][242] The building's maintenance had declined to the point that tenants reported that they frequently waited 20 minutes for an elevator,[243] and many interior spaces had been stripped to the steel frame.[242] Homeless people were squatting in vacant floors because the building had limited security.[242][243] The building was also seen as outdated, since it had no freight elevator, the upper stories were too small, and the office floors had large numbers of structural columns.[244] In 1992, Citicorp prepared to sell 40 Wall Street again;[243][245] the asking price was reportedly as low as $10 million.[242][244] The building's valuation had declined from $123 million in 1990 to $75 million in 1993.[244] If 40 Wall Street's lease were not sold and renovated before the end of 1992, the owners were entitled to exercise a clause to evict the leaseholder.[242]

American International Group attempted to acquire Citicorp's stake in the building for $6.5 million, but the negotiations failed in November 1992, in what Crain's New York magazine described as a "collapse of downtown real estate".[246] Citicorp auctioned off the building in May 1993;[220][240] the bank wrote down the building's value to zero.[247] Hong Kong firm Glorious Sun considered buying the building but ultimately decided against it.[248] Another group from Hong Kong, the consortium Kinson Properties, agreed to lease the property,[220][240] paying $8 million.[249] Kinson planned to renovate the building for $60 million, including the lobby for $4 million and electrical and mechanical systems for $5–7 million.[220] By the time Kinson sold the leasehold in 1995, little had been done to improve the property.[227]

Trump lease edit

 
Seen from ground level at Wall Street

In July 1995, real estate developer Donald Trump signed a letter of intent to buy Kinson's lease and spend $100 million on renovations.[249][250] The leasehold was transferred that December.[251]

There have been conflicting accounts about the price of the leasehold. The New York Times reported that Trump purchased the leasehold for $8 million,[251] while Barron's cited the leasehold as having cost between $3 million and $5 million.[252] In November 1995, Trump stated that he was buying the leasehold from Kinson for $100,000.[227] During a 2005 episode of The Apprentice, Trump claimed he only paid $1 million for the leasehold but that the property was actually worth $400 million. Trump's legal advisor, George H. Ross, restated this claim in a 2005 book.[253] On a 2007 episode of CNBC's The Billionaire Inside, Trump again claimed that he paid $1 million for the leasehold but stated the building's value as $600 million. In 2012, it was reported that Trump paid $10 million for the leasehold.[254]

Estimates of the building's worth also varied. City tax assessors had valued the building at $90 million by 2000[255] and reported that the building was worth the same amount in 2004.[256] While Trump estimated the building's worth at $1 billion in 2012,[254] an external appraisal the same year valued the building at $220 million.[257] Trump maintained in 2013 that the building was worth $530 million.[257] Trump's lenders estimated that the building was worth $540 million in 2015 (though the Trump Organization gave a higher figure of $735 million),[258] and Bloomberg News estimated the next year that 40 Wall Street was worth $550 million.[34]

1990s and 2000s edit

Trump spent $35 million refurbishing 40 Wall Street.[256][259][260] Der Scutt Architects renovated the lobby,[3] and the Trump Organization replaced several hundred windows, refurbished 30 elevator cabs, and added lights to illuminate the roof.[44] He planned to convert the upper half of 40 Wall Street to residential space, leaving the bottom half as commercial space.[251] The plan was contingent on the passage of a state law in late 1995, which granted tax exemptions to developers who renovated office buildings in New York into residential and commercial space.[261] Trump had planned to rent out some space as studio apartments and one- to three-bedroom apartments,[262] but real-estate experts, quoted in the New York Daily News, said the lowest 25 floors were so large that it would not be profitable to convert them to apartments.[227] By 1997, Trump was negotiating with hotel chains to occupy the lower stories of 40 Wall Street.[263] Among these chains was Marriott International, which proposed operating a Ritz-Carlton hotel on either ten[264] or twelve stories.[265] At the time, the building was about 25 percent occupied.[259]

Trump canceled his plans to convert the upper floors to residential space, citing high costs.[266] By 1998, almost all of the space in the building had been leased.[260][267] Several large tenants, such as American Express, CNA Financial Corporation, Bear Stearns, Nomura Holdings, Country-Wide Insurance Company, Hilton Hotels & Resorts, and Union Bank of California, had moved into 40 Wall Street after its renovation.[267] The same year, Trump obtained a $125 million mortgage loan for the building from several European banks.[260][268] Trump tried to sell the building in 2004, expecting offers in excess of $400 million,[267] which did not materialize.[269] The New York Times wrote in 2005 that the building had $145 million of debt.[256] At the time, the building was earning $32 million in rental income a year, and 40 Wall Street was still about 90 percent occupied; many tenants' leases were not scheduled to expire for several years.[267]

2010s to present edit

In early July 2011, Duane Reade opened its flagship drugstore branch inside the former banking space.[270] 40 Wall Street Ltd. handed its ownership stake in the building to 40 Wall Street Holdings in 2014.[207] According to Federal Election Commission applications filed during Trump's 2016 presidential campaign, Trump had an outstanding mortgage of over $50 million on the property.[271] At the time, Trump leased the building for $1.65 million a year,[34] and the Trump Organization paid $1 million annually in expenses and fees.[258] According to Bloomberg News, several of the building's 21st-century tenants had been accused of fraudulent activity or had been associated with people accused of such activities.[34] Rental income from 40 Wall Street's commercial spaces increased from $30.5 million in 2014 to $43.2 million in 2018.[272] Forbes estimated in 2020 that Trump owed Ladder Capital $138 million for 40 Wall Street as part of a loan that was scheduled to mature in 2025.[273]

New York prosecutors scrutinized several of the Trump Organization's properties by 2021, finding that, between 2011 and 2015, far higher values were presented to potential lenders than were reported to tax officials. The most extreme case involved 40 Wall Street, which in 2012 was cited as being worth $527 million to lenders but only $16.7 million to tax officials.[274] By February 2023, the building had been placed on a lender watchlist because of its rising vacancy rate, which had reached 18 percent in the third quarter of 2022, and its maintenance costs, which had risen 11 percent since the mortgage was issued in 2015.[275][276] Fitch Ratings downgraded the credit rating for the building's loans in August 2023 because new tenants were slow to move into the building while old tenants relocated elsewhere.[277] The building's Duane Reade location closed later that year due to increased shoplifting.[51] The loan on the property was transferred to a special servicer that November because there was a possibility that the state government's ongoing civil investigation of the Trump Organization could result in the organization's dissolution.[278] Following a January 2024 ruling in which the Trump Organization was found liable for civil fraud, New York Attorney General Letitia James said her office was prepared to seize the building if he could not pay a judgment of approximately $355 million.[279]

Reception and landmark designations edit

In February 1930, the Down Town League proclaimed 40 Wall Street the best building completed in Lower Manhattan during the preceding year.[280][281] Fortune magazine praised Ohrstrom in 1930, noting that "[h]is piece de resistance thus far has been the shrewd and able financing of the Manhattan Company Building".[73][282] Two years later, W. Parker Chase wrote that "no building ever constructed more thoroughly typifies the American spirit of hustle than does this extraordinary structure".[16][19][283] When the neighboring 28 Liberty Street was being built in 1960, Architectural Forum wrote of 40 Wall Street: "Viewed from the street, the detailing of the top of this middle-aged tower becomes insignificant, but it can be said that the draftsmen in the Severance office, who spent many painstaking hours perfecting the ornamental peak more than three decades ago, have been justified at last."[284]

Some critics have regarded the skyscraper negatively. Architecture critic Robert A. M. Stern wrote in his 1987 book New York 1930 that 40 Wall Street's proximity to other skyscrapers, including 70 Pine Street, 20 Exchange Place, 1 Wall Street, and the Downtown Athletic Club, "had reduced the previous generation of skyscrapers to the status of foothills in a new mountain range".[285] Eric Nash wrote in his book Manhattan Skyscrapers that 40 Wall Street's impact was blunted by its location in the middle of the block, "surrealistically situated next to the mighty Greek Revival Federal Hall National Memorial".[35] A critic for Newsday wrote in 2003: "It appears on few postcards, and no tourists queue to peer from its celestial ramparts. The AIA Guide to New York City does not even mention the singular ambition, pursued with almost reckless abandon, that forged its construction: to be the world's tallest building."[286]

On December 12, 1995, the New York City Landmarks Preservation Commission designated 40 Wall Street as a city landmark, noting that the Bank of Manhattan Building was historically significant for being the headquarters of the Manhattan Company and for being part of New York City's 1929–1930 skyscraper race.[5] Five years later, on June 16, 2000, it was added to the National Register of Historic Places,[4] largely for the same reason as the city designation.[64] In 2007, the building was designated as a contributing property to the Wall Street Historic District,[287] a NRHP district.[288]

See also edit

References edit

Notes edit

  1. ^ a b Although 40 Wall Street was the world's tallest completed building in May 1930,[24][1] the incomplete Chrysler Building had already reached its full height in 1929.[129]
  2. ^ According to the New York City Department of City Planning, the building contains 63 stories.[8][22]
  3. ^ This distinction excludes structures that were not fully habitable, such as the Eiffel Tower.[3]
  4. ^ These proposals included the 100-story Metropolitan Life North Building; a 1,050-foot (320 m) tower built by Abraham E. Lefcourt at Broadway and 49th Street; a 100-story tower developed by the Fred F. French Company on Sixth Avenue between 43rd and 44th streets; an 85-story tower to be developed on the site of the Belmont Hotel near Grand Central Terminal; and the Noyes-Schulte Company's proposed tower on Broadway between Duane and Worth streets. Only one of these projects was even partially completed: the base of the Metropolitan Life North Building.[133]
  5. ^ Marcos was also found to have purchased several other New York City buildings; see Overseas landholdings of the Marcos family.[213]

Citations edit

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  2. ^ a b c "The Trump Building". The Skyscraper Center. Council on Tall Buildings and Urban Habitat – CTBUH. December 16, 2009. from the original on May 22, 2023. Retrieved May 19, 2023.
  3. ^ a b c d e f . Emporis. Archived from the original on February 24, 2012. Retrieved April 26, 2020.
  4. ^ a b c "National Register of Historic Places 2000 Weekly Lists" (PDF). National Park Service. 2000. p. 118. (PDF) from the original on December 28, 2019. Retrieved March 8, 2020.
  5. ^ a b Landmarks Preservation Commission 1995, p. 1.
  6. ^ a b "NYCityMap". NYC.gov. New York City Department of Information Technology and Telecommunications. Archived from the original on May 24, 2015. Retrieved March 20, 2020.
  7. ^ a b c d e f National Park Service 2000, p. 3.
  8. ^ a b c "14 Wall Street, 10005". New York City Department of City Planning. from the original on February 19, 2021. Retrieved September 8, 2020.
  9. ^ a b c d National Park Service 2000, p. 8.
  10. ^ a b Bankers' Magazine 1929, p. 2.
  11. ^ a b c d e Abramson 2001, p. 100.
  12. ^ Bankers' Magazine 1929, p. 5.
  13. ^ a b c White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. p. 18. ISBN 978-0-19538-386-7.
  14. ^ a b Landmarks Preservation Commission 1995, p. 4.
  15. ^ a b c d e f Landmarks Preservation Commission 1995, p. 5.
  16. ^ a b National Park Service 2000, p. 9.
  17. ^ a b c Abramson 2001, p. 79.
  18. ^ a b c National Park Service 2000, p. 10.
  19. ^ a b c d e f g h i j k l m Landmarks Preservation Commission 1995, p. 6.
  20. ^ a b Robins, Anthony W. (2017). New York Art Deco: A Guide to Gotham's Jazz Age Architecture. Excelsior Editions. State University of New York Press. p. 20. ISBN 978-1-4384-6396-4. OCLC 953576510. from the original on July 1, 2023. Retrieved July 2, 2022.
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  28. ^ a b c d e f g h i j k Landmarks Preservation Commission 1995, p. 8.
  29. ^ a b c Abramson 2001, p. 77.
  30. ^ "Oceanus Adorns Facade; New Skyscraper for Bank of Manhattan Building Gets Statue". The New York Times. April 26, 1930. p. 30. ISSN 0362-4331. Retrieved March 31, 2021.
  31. ^ Abramson 2001, p. 101.
  32. ^ Kirstein, Lincoln (1973). Elie Nadelman. Eakins Press. p. 230. ISBN 978-0-87130-034-8.
  33. ^ Landmarks Preservation Commission 1995, pp. 7–8.
  34. ^ a b c d e Faux, Zeke; Abelson, Max (June 22, 2016). "Inside Trump's Most Valuable Tower: Felons, Dictators and Girl Scouts". Bloomberg. from the original on April 27, 2020. Retrieved April 30, 2020.
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  39. ^ Abramson 2001, p. 156.
  40. ^ Abramson 2001, p. 142.
  41. ^ Abramson 2001, p. 138.
  42. ^ a b c d Abramson 2001, p. 132.
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  46. ^ a b Abramson 2001, p. 131.
  47. ^ Abramson 2001, pp. 132–133.
  48. ^ "Maurice Hunter Dominates Murals in New Building of Manhattan Trust Co.: Artists' Model Depicts Characters in New York of Bygone Days—South American Occupies High Place in Odd Calling". New York Amsterdam News. August 6, 1930. p. 11. ProQuest 226290176.
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  54. ^ Abramson 2001, pp. 125–127.
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Sources edit

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External links edit

 
Wikimedia Commons has media related to 40 Wall Street.
  • 40 Wall Street on The Trump Organization's website
  • The Trump Building on CTBUH Skyscraper Center
Records
Preceded by Tallest building in the world
April–May 1930 		Succeeded by
Tallest building in the United States
April–May 1930

April 09, 2024
wall, street, this, article, about, building, lower, manhattan, sometimes, called, trump, building, building, midtown, manhattan, trump, tower, other, buildings, named, after, donald, trump, trump, tower, disambiguation, also, trump, building, formerly, bank, . This article is about the building in Lower Manhattan sometimes called the Trump Building For the building in Midtown Manhattan see Trump Tower For other buildings named after Donald Trump see Trump Tower disambiguation 40 Wall Street also the Trump Building formerly the Bank of Manhattan Trust Building and Manhattan Company Building is a 927 foot tall 283 m neo Gothic skyscraper on Wall Street between Nassau and William streets in the Financial District of Manhattan in New York City New York U S Erected in 1929 1930 as the headquarters of the Manhattan Company the building was designed by H Craig Severance with Yasuo Matsui and Shreve amp Lamb The building is a New York City designated landmark and is listed on the National Register of Historic Places NRHP it is also a contributing property to the Wall Street Historic District an NRHP district 40 Wall Street40 Wall Street in December 2005Alternative namesThe Trump Building Manhattan Company BuildingRecord heightTallest in the world from the first week of May 1930 to May 27 1930 a I Preceded byWoolworth BuildingSurpassed byChrysler BuildingGeneral informationArchitectural styleNeo GothicLocation40 Wall StreetNew York NY 10005United StatesCoordinates40 42 25 N 74 0 35 W 40 70694 N 74 00972 W 40 70694 74 00972Construction startedMay 1929 94 years ago 1929 05 Topped outNovember 13 1929 94 years ago 1929 11 13 CompletedMay 1 1930 93 years ago 1930 05 01 1 OpeningMay 26 1930 93 years ago 1930 05 26 LandlordDonald TrumpHeightArchitectural927 ft 283 m Top floor836 ft 255 m Technical detailsFloor count70 2 below ground Floor area1 111 675 sq ft 103 278 0 m2 Lifts elevators36Design and constructionArchitect s H Craig Severance main architect Yasuo Matsui associate architect Shreve amp Lamb consulting architect Websitewww wbr trump wbr com wbr commercial real estate portfolio wbr 40 wall streetManhattan Company BuildingU S National Register of Historic PlacesU S Historic districtContributing propertyNew York City Landmark No 1936Location40 Wall Street New York NYArealess than one acreBuilt1929 1930ArchitectH Craig Severance Yasuo Matsui et al Architectural styleSkyscraperPart ofWall Street Historic District ID07000063 NRHP reference No 00000577 4 NYCL No 1936Significant datesAdded to NRHPJune 16 2000 4 Designated NYCLDecember 12 1995 5 References 2 3 The building is on an L shaped site While the lower section has a facade of limestone the upper stories incorporate a buff colored brick facade and contain numerous setbacks The facade also includes spandrels between the windows on each story which are recessed behind the vertical piers on the facade At the top of the building is a pyramid with a spire at its pinnacle Inside the lower floors contained the Manhattan Company s double height banking room a board room a trading floor and two basements with vaults The remaining stories were rented to tenants there were private clubs on several floors as well as an observation deck on the 69th and 70th floors Plans for 40 Wall Street were revealed in April 1929 with the Manhattan Company as the primary tenant and the structure was opened on May 26 1930 40 Wall Street and the Chrysler Building competed for the distinction of world s tallest building at the time of both buildings construction the Chrysler Building ultimately won that title 40 Wall Street initially had low tenancy rates due to the Great Depression and was not fully occupied until 1944 Ownership of the building and the land underneath it as well as the leasehold on the building has changed several times throughout its history Since 1982 the building has been owned by two German companies The leasehold was held by interests on behalf of Philippine dictator Ferdinand Marcos in the mid 1980s A company controlled by developer and later U S president Donald Trump bought the lease in 1995 Contents 1 Site 2 Architecture 2 1 Form 2 2 Facade 2 2 1 Base 2 2 2 Upper stories 2 3 Features 2 3 1 Lower stories 2 3 2 Upper stories 3 History 3 1 Development 3 1 1 Planning 3 1 2 Start of construction 3 1 3 Superstructure and completion 3 2 Early years 3 2 1 Competition for world s tallest building title 3 2 2 Early tenants and foreclosure 3 2 3 1946 plane crash 3 3 1950s to 1970s 3 3 1 Chase relocation and Webb amp Knapp acquisition 3 3 2 City amp Central and Loeb Rhoades operation 3 4 1980s and early 1990s 3 4 1 Marcos family leasehold 3 4 2 Resnick operation and further issues 3 5 Trump lease 3 5 1 1990s and 2000s 3 5 2 2010s to present 4 Reception and landmark designations 5 See also 6 References 6 1 Notes 6 2 Citations 6 3 Sources 7 External linksSite edit40 Wall Street is in the Financial District of Manhattan in the middle of the block bounded by Pine Street to the north William Street to the east Wall Street to the south and Nassau Street to the west The site is L shaped with a longer facade on Pine Street than on Wall Street 6 7 8 The lot measures 209 feet 64 m on Pine Street and 150 ft 46 m on Wall Street 9 Originally the site measured 194 ft 59 m on Pine Street and 150 feet on Wall Street 10 The lot has a total area of 34 360 square feet 3 192 m2 8 40 Wall Street is surrounded by several buildings including Federal Hall and 30 Wall Street to the west 44 Wall Street and 48 Wall Street to the east 55 Wall Street to the southeast 28 Liberty Street to the north and 23 Wall Street and 15 Broad Street to the south 7 The site slopes down southward so that the Pine Street entrance is on the second floor while the Wall Street entrance is on the first floor 7 11 Prior to the current building s completion the site was occupied by numerous smaller office buildings The southern part of the site was occupied by the eight story Gallatin Bank Building at 34 36 Wall Street designed by Cady Berg amp See and completed in 1887 the nine story Marshall Field Building at 38 Wall Street the Manhattan Company s original headquarters at 40 Wall Street and a 13 story building to the east The northern portion contained a 13 story building at 25 Pine Street a 12 story building at 27 29 Pine Street and the 13 story Redmond Building at 31 33 Pine Street 12 Architecture edit nbsp Photo of the Manhattan Company Building c 1930The building was designed by lead architect H Craig Severance associate architect Yasuo Matsui and consulting architects Shreve amp Lamb 9 13 14 Moran amp Proctor were consulting engineers for the foundation 9 15 the Starrett Corporation was the builder 16 17 and Purdy and Henderson were the structural engineers 13 The interior was designed by Morrell Smith with Walker amp Gillette 18 Many engineers and contractors were involved in various other aspects of the building s construction 17 The New York City Landmarks Preservation Commission has described 40 Wall Street s facade as having modernized French Gothic features 19 The building s massing largely conforms to the Art Deco style though there are also abstract shapes and elements of classical architecture 18 19 20 According to art history professor Daniel M Abramson the classically styled details at the base were intended to provide context and support while the Gothic style roof was intended to emphasize the building s height 21 40 Wall Street is 70 stories tall with two additional basement stories 2 3 b The building s pinnacle reaches 927 feet 283 m which made it the world s tallest building for one month upon its completion 23 24 Form edit 40 Wall Street like many other early 20th century skyscrapers in New York City is designed as a freestanding tower rising separately from all adjacent buildings 40 Wall Street is one of several skyscrapers in the city that have pyramidal roofs along with the Metropolitan Life Insurance Company Tower 14 Wall Street Woolworth Building Consolidated Edison Building and Thurgood Marshall United States Courthouse 19 The building is articulated into three horizontal sections similar to the components of a column namely a base shaft and capital 19 11 The floors at the six story base cover the entire L shaped lot while the 7th through 35th stories making up the middle section are shaped in a U with two wings of different lengths facing west 25 26 The 7th through 35th stories occupy nearly the entire lot 7 26 Above the 35th story the building rises as a smaller square tower through the 62nd story 26 27 40 Wall Street has several setbacks to conform with New York City s 1916 Zoning Resolution 19 On the Wall Street side the central portion of the facade is recessed through the 26th floor while symmetrical pavilions project slightly on either side with setbacks above the 17th 19th and 21st floors The entire Wall Street facade has setbacks above the 26th 33rd and 35th floors The Pine Street facade is asymmetrical with the western pavilion being much longer this facade has a setback above the 12th 17th 19th 23rd 26th 28th and 29th floors The projecting pavilions on both sides are connected at the eighth floor by a dormer 28 The building s west facing wings are of different lengths the northern wing is significantly longer and has cooling systems atop it but both wings have minor setbacks above the 26th and 33rd floors and rise only to the 35th floor The eastern facade does not have any setbacks below the 35th story 28 Facade edit 40 Wall Street s exterior curtain wall is composed of two layers of brick the inner layer provides fireproofing while the outer layer is the exterior cladding 29 In general the facade is composed of buff colored brick as well as decorative elements made of terracotta and buff brick The vertical bays which contain the building s windows are separated by piers 25 26 The piers are flat a characteristic of the Art Deco style 20 Spandrel panels which separate the rows of windows on each floor are generally recessed behind the piers the spandrels are generally darker on upper stories 25 26 The building s window openings initially composed of one over one sash windows were later replaced by numerous types of window pane arrangements or by louvers 26 Base edit nbsp Wall Street facadeThe first through sixth stories contain a limestone and granite facade On the first story the podium on the facade s Wall Street elevation is made of granite The second to fifth floor facades on both sides consist of a colonnade with pilasters made of limestone 7 19 The colonnades were intended to resemble those found in Greek temples During the design of the building Matsui adjusted the colonnades to match the dimensions of the nearby Subtreasury building now Federal Hall 11 On the Wall Street side the first floor originally had a central entryway with three bronze and glass doors flanked by numerous entrances to the elevator lobby and the lower banking room 26 Double height bronze and glass windows spanned the second and third floors while cast iron windows were on the fourth through sixth floors 28 Above the central entrance was Elie Nadelman s Oceanus sculpture also called Aquarius 30 26 the sculpture was a 10 foot long 3 0 m bronze depiction of Oceanus a Greek Titan pictured on a 19th century stock certificate issued by the Manhattan Company 31 The Oceanus sculpture was removed prior to 1973 32 Between 1961 and 1963 Carson Lundin amp Shaw added granite cladding and reconfigured the doorways on the first floor and replaced the second through sixth floor windows 33 By 1995 the entrance had been reconfigured with seven bronze rectangular doors and three revolving doors recessed behind the main facade 28 Letters reading The Trump Building are placed above the first floor 34 while the fourth floor has a pair of flagpoles 28 The Pine Street elevation is arranged similarly to the Wall Street elevation and was likewise redesigned from 1961 to 1963 28 The Pine Street elevation rises above a low stylobate in contrast to the Wall Street elevation which rises above a podium 11 A 6 foot diameter 1 8 m clock was on the Pine Street facade from 1967 to 1993 This portion of the facade consists of either 10 11 or 11 bays 28 At ground level there is an entrance to the main elevator lobby a service entrance and storefronts slightly above grade As with the Wall Street side the fourth floor features a pair of flagpoles 28 Upper stories edit The 8th through 35th stories comprise the midsection of the building There are eight flagpoles on the ninth floor of the Wall Street side four on each pavilion On the 19th floor of the Pine Street side there are louvers in place of window openings 28 On the 36th through 62nd stories there are brick spandrels between the windows on each story 25 28 The spandrels on the 52nd through 57th floors are made of terracotta on the 58th through 60th floors terracotta with buttresses and on the 61st and 62nd floors darker bricks with pediments and rhombus patterns 25 The building s pyramidal roof is made of lead coated copper which over time has oxidized and turned green 35 36 The roof has French Renaissance style detail a design element intended to make the building appear much older than it actually was at the time of its construction 35 The decorations on the roof include diaperwork patterns where the brickwork is laid in a repeating diagonal grid pattern terraces which are supported by buttresses and small dormer windows 37 There is a cornice surrounding the roof 25 On top is a spire with a flagpole and a glass lantern 28 37 Features edit The building s frame is made of steel 7 The superstructure contains eight main columns each of which weighs 22 short tons 20 long tons 20 t and can carry loads of up to 4 6 million lb 2 1 million kg 38 As originally arranged 40 Wall Street hosted the Manhattan Company s banking facilities on the first through sixth floors offices on its middle floors and machinery an observation deck and recreation areas on the top floors There were also 43 elevators inside the building when it opened 19 as of 2020 update there are 36 elevators 2 When 40 Wall Street was completed it could accommodate 10 000 employees 39 Lower stories edit Like other early 20th century skyscrapers in the Financial District the lobby of 40 Wall Street originally was designed with classical elements such as moldings pilasters columns and heavy doorframes 40 The ground story was highly decentralized with seven entrances from Wall Street leading to various vestibules The westernmost entrance led to a private foyer with its own elevator while the easternmost entrance connected with the elevator banks on the eastern side of the building Two ground level banking rooms extended northward to Pine Street one at the center and one on the west 41 There was also space for brokerage house messengers 42 43 A wide marble staircase from the ground level led up to the main banking room on the second floor 42 The modern design of the lobby dates to a 1990s renovation by Der Scutt 3 35 Following Scutt s renovation the lobby was redecorated with bronze and marble surfaces 35 44 The lobby also has escalators to the second floor 25 The main banking room a double height space measuring 150 by 185 feet 46 by 56 m was on the second floor 45 43 The room could be accessed from ground level 46 or directly from Pine Street 25 46 The Pine Street entrance had a foyer with two pairs of octagonal black marble Ionic columns 25 while the Wall Street side of the room was supported by veined octagonal columns 42 The room itself consists of a main hall below five groin vaults flanked by arcades that lead into smaller vaulted spaces 25 In the main hall were desks for tellers 42 43 To the north and south were two platforms for the officers of the Manhattan Company s subsidiaries where officers and customers could meet privately in wood paneled spaces 47 The walls were once decorated with three murals by Ezra Winter depicting various scenes from the history of the Financial District 48 49 Winter s murals have since been removed 25 The second floor was occupied by a Duane Reade convenience store from 2011 50 to 2023 51 A pair of stairs on the banking room s south wall flanks the escalators and leads up to what was originally the officers quarters a rectangular room with five white marble columns 25 This space had three doorways that led to private offices of Manhattan Company executives the doorways to those offices were framed by round carvings symbolizing various sectors of the economy 52 Stairs from the ground level led to the two basement stories where the Manhattan Company s vaults were located 52 Under the lobby was a main vault that stored the company s own securities and funds A safe deposit vault for members of the public with an 85 short ton 76 long ton 77 t door was below the Manhattan Company s vault 43 Upper stories edit On the fourth floor was the boardroom of the Manhattan Company designed in the Georgian style as an imitation of Independence Hall s Signers Room 52 43 53 It contained several elements of the Doric order such as columns pilasters and a frieze 52 53 Wooden doors and fireplaces with segmental arches were on the eastern wall while false windows were on the western wall 52 The space also included a fireplace Chippendale furniture and a blue rug 53 According to the Manhattan Company s magazine the boardroom s design recaptured the artistic spirit of the days of the company s founding 54 The offices of the Manhattan Company s officers overlooked the Wall Street entrance 55 The offices were furnished with patterned carpets soft chairs and single desks which were meant to evoke a feeling of luxury According to Architecture and Building magazine the executive offices furnishings were intended as a pleasingly striking contrast to the modern severity of the usual treatment of financial district structures 56 The sixth floor housed a trading floor for the International Manhattan Company Inc 43 All of the offices on the upper stories were served by a pneumatic tube mail system according to Matsui the system was built to accommodate financial tenants whose functions require rapid transfer of stocks and papers 57 The pneumatic tube system delivered mail to and from terminals on the building s mezzanine precluding the need for messengers to use the elevators or overcrowd the lobby 57 The 26th and 27th stories housed the Luncheon Club of Wall Street a members only private club 58 built upon the suggestion of William A Starrett the building s general contractor 59 The Luncheon Club occupied a Colonial style space designed by Matsui and Robert L Powell and included an entrance hall and a main dining room covered in wood as well as private dining rooms with wallpaper 58 The 55th floor was entirely occupied by the Manhattan Company s officers club which included a dining room 43 45 The officers club was designed in a Colonial style with Windsor chairs a fireplace and a ceiling with fake wood beams 60 Another members only dining club the Rookery Club was located on the 58th story 58 61 The Bank of Manhattan Building had an observation deck on the 69th and 70th floors 836 feet 255 m above the street it could fit up to 100 people 62 The observation deck was closed to the public sometime after World War II 13 History editThe Manhattan Company was established by Aaron Burr in 1799 ostensibly to provide clean water to Lower Manhattan The company s true focus was banking and it served as a competitor to Alexander Hamilton s Bank of New York which previously held a monopoly over banking in New York City 63 64 65 The Manhattan Company was headquartered at a row house at 40 Wall Street 43 45 which was the company s office of discount and deposit 63 The bank remained on the site until the present skyscraper was constructed 66 By the early 20th century the company was growing quickly having acquired numerous other banks 63 64 67 Development edit Planning edit The idea for the current skyscraper was devised by banker George L Ohrstrom 68 69 70 who began acquiring land for the building in 1928 63 under the auspices of 36 Wall Street Corporation 71 Stakeholders in the corporation included Ohrstrom and the builders Starrett Brothers later Starrett Corporation 72 73 In September 1928 36 Wall Street Corporation acquired 34 36 Wall Street under a 93 year lease from the Iselin family At the time the syndicate hoped to build a 20 story building 74 75 By that December Ohrstrom had purchased four buildings with frontage along 27 33 Pine Street and 34 38 Wall Street and controlled a total area of 17 000 square feet 1 600 m2 76 77 The plans had been updated and the syndicate at that point envisioned a 45 story building 77 In January 1929 the corporation planned a bond issue to fund the building s construction 78 That March Ohrstrom announced that H Craig Severance would design a 47 story structure at 36 Wall Street 63 79 The corporation bought 25 Pine Street the same month 80 Shortly after Severance s original plans were announced the skyscraper was modified to have 60 floors which was shorter than the 792 foot 241 m Woolworth Building and the then under construction 808 foot 246 m Chrysler Building 81 Plans for a 64 story skyscraper were announced after the Manhattan Company agreed to relocate to the new building in early April 1929 82 83 By April 8 Ohrstrom and Severance had planned to make the new skyscraper the world s tallest building 84 Two days later it was announced that Severance had increased the tower s height to 840 feet 260 m with 62 floors exceeding the heights of the Woolworth and Chrysler buildings 85 86 87 It was also announced that the Manhattan Company would be 36 Wall Street s main tenant and that the new building would be known as the Bank of Manhattan Building or the Manhattan Company Building 86 The height of the building was made possible by the 33 600 square foot 3 120 m2 lot which was one of the largest in the densely developed Financial District 9 88 The builders intended to spend large sums to reduce the construction period to one year which would allow rental tenants to move into the building sooner 63 By mid April 1929 tenants of the existing buildings on the lot had moved elsewhere 89 The Manhattan Company and Chrysler buildings started competing for the distinction of world s tallest building 3 90 The Race into the Sky as popular media called it at the time was representative of the country s optimism in the 1920s fueled by the building boom in major cities 91 The Manhattan Company Building was revised to 927 feet 283 m in April 1929 which would make it the world s tallest 92 Severance then publicly claimed the title of the world s tallest building 93 c but the Starrett Corporation denied any allegations that the plans had been changed to beat the Chrysler Building 93 Start of construction edit nbsp View of the lower storiesConstruction of the Manhattan Company Building began in May 1929 94 95 By that time the syndicate developing the building was known as the 40 Wall Street Corporation and the building was also known as 40 Wall Street That same month the Manhattan Company leased its lots at 40 42 Wall Street and 35 39 Pine Street to the 40 Wall Street Corporation for 93 years Ownership would be divided among the Manhattan Company the Iselin family and the 40 Wall Street Corporation with the Manhattan Company holding a plurality stake 96 Simultaneously the U S government invited bids on the adjoining building at 28 30 Wall Street then occupied by a federal assay office 63 In June 1929 the government announced that the 40 Wall Street Corporation had placed the highest bid for the lot bringing the syndicate s total land holding to 40 000 square feet 3 700 m2 97 98 99 The assay office plot was reserved for future expansion instead of being incorporated into the plans for the new skyscraper 99 100 The Manhattan Company moved to a temporary headquarters during construction 10 45 Excavations for 40 Wall Street were complicated by numerous factors There was little available space to store materials the surrounding lots were all densely built up the bedrock was 64 feet 20 m below street level beneath boulders and quicksand and the previous buildings on the lot had foundations up to 5 feet 1 5 m thick 15 101 102 Furthermore the builders had a 12 month deadline requiring them to plan the entire project backward from the planned completion date 103 Starrett Brothers had drawn up a detailed construction schedule for 40 Wall Street outlining the timeline for each major construction contract The schedule indicated that structural steel installation would commence in June 1929 and that all work was to be completed by May 1 1930 17 The project employed 24 timekeepers and auditors who checked employees attendance as well as seven job runners who delivered architectural drawings and ensured that materials were delivered 104 To save money and time the foundation of 40 Wall Street was constructed at the same time that buildings on the site were being cleared 15 103 105 The old Manhattan Company building was the last to be cleared 15 101 102 Caisson construction could not be used to excavate the site since the existing foundation consisted of heavy masonry blocks To ensure that the foundation could adequately support the structure temporary lighter footings were installed during the demolition of the old buildings and construction of the first 20 stories and permanent heavy footings were installed afterward 15 102 Workers excavated the site to the underlying layer of bedrock which extended as much as 60 feet 18 m deep They then installed several dozen hollow cylinders each measuring 1 foot 0 30 m wide In addition workers installed several hundred steel pilings which were clustered into piers infilled with concrete and topped by steel caps that could accommodate structural loads of up to 950 short tons 850 long tons 860 t 105 The weight of the existing 12 story building on the site was used to drill the new building s foundations into the ground 95 Afterward a concrete floor was poured into the excavation which was then enclosed with a concrete cofferdam 105 Superstructure and completion edit In July 1929 the builders held a ceremony where William A Starrett head of the Starrett Corporation drove the first rivet into the building s frame 38 Starrett received a 5 million loan that same month to finance the building 106 107 Work on 40 Wall Street progressed quickly and the contractors completed four stories each week 108 The site was active 24 hours a day with 2 300 workers working in three shifts interior furnishing progressed as the steel frame rose 15 Workers used passenger elevators to transport materials obviating the need for temporary construction cranes 103 Matsui described the steel frame as a web system of rigidity with joints and diagonal beams providing both lateral bracing and wind bracing 109 The steel frame for 40 Wall Street was manufactured in Bethlehem Pennsylvania transported to Jersey City New Jersey using 800 railcars shipped across the Hudson River via barge and transported from the dock to the construction site via truck Derricks then lifted the steel beams into place where groups of four workers riveted them onto the frame As the tower rose the derricks were themselves lifted two stories at a time 29 Workers then installed the tower s facade by hanging pieces of curtain wall from the completed steel frame 29 Interior work proceeded simultaneously with the facade installation 36 The steel superstructure reached the 40th story by September 1929 when interior plasterwork began 110 The building topped out on November 13 1929 111 112 By that time the steel frame had reached 900 feet 270 m above street level the facade had been completed to the 54th story and much of the internal furnishing had been completed 111 113 By December rental agents Brown Wheelock Harris Vought amp Company were leasing out the space at the Chrysler and Manhattan Company buildings which aggregated 2 million sq ft 190 000 m2 114 The 40 Wall Street Corporation gave a 12 5 million mortgage for the building s completion in December 1929 115 and the corporation planned a bond issue of an equivalent value by January 1930 116 117 The building s roof was covered with scaffolding by March 1930 although Manhattan Company officials denied that they were trying to increase the building s height 118 The work was completed one week ahead of schedule on May 1 1930 1 119 Several workers received craftsmanship awards in a ceremony at the end of April 1930 120 121 The building officially opened on May 26 43 45 122 In total 24 million had been spent on construction 73 Four workers died while constructing 40 Wall Street a similar mortality rate to other contemporary projects of similar scale 104 Paul Starrett of the Starrett Corporation said Of all the construction work which I have handled the Bank of Manhattan was the most complicated and the most difficult and I regard it as the most successful 123 124 Early years edit Competition for world s tallest building title edit nbsp 40 Wall Street was the world s tallest completed building for one month 92 Prior to 40 Wall Street s completion architect William Van Alen obtained permission to install a 125 foot 38 m long spire on the Chrysler Building 125 126 and had it constructed secretly 92 The Chrysler Building s spire was completed on October 23 1929 bringing that building to 1 046 feet 319 m 127 128 thereby greatly exceeding 40 Wall Street s height 129 Disturbed by Chrysler s victory Shreve amp Lamb wrote a newspaper article claiming that their building was the tallest since it contained the world s highest usable floor They stated that the observation deck at 40 Wall Street was nearly 100 feet 30 m above the top floor in the Chrysler Building 126 40 Wall Street s observation deck was 836 feet 255 m high while the Chrysler Building s observatory was 783 feet 239 m high 130 As a result of the Chrysler Building s spire 40 Wall Street was the tallest building in Lower Manhattan but not the tallest in New York City 24 John J Raskob developer of the Empire State Building which was also designed by Shreve amp Lamb also wanted to construct the world s tallest building 131 The Race into the Sky was defined by at least five other proposals although only the Empire State Building would survive the Wall Street Crash of 1929 132 d Plans for the Empire State Building were changed multiple times the final plan published in December 1929 called for the building to be 1 250 feet 380 m tall 134 The Empire State Building was completed in May 1931 135 becoming the world s tallest building both by roof height and spire height 134 136 Because of late changes to the plans of both 40 Wall Street and the Chrysler Building as well as the fact that the buildings were erected nearly simultaneously it is uncertain whether 40 Wall Street was ever taller than the Chrysler Building John Tauranac who wrote a book about the Empire State Building s history later stated that if 40 Wall Street had ever had been the tallest building they would have had bragging rights and if they did I certainly never heard them 137 If only completed structures are counted 40 Wall Street was the world s tallest building for one month 24 1 from the first week of May 1930 1 until the opening of the Chrysler Building on May 27 1930 92 138 a Early tenants and foreclosure edit The new building housed four Manhattan Company subsidiaries the Bank of Manhattan Trust Company the International Acceptance Bank the International Manhattan Company and the Bank of Manhattan Safe Deposit Company 43 The Manhattan Company used the two basement levels for storage vaults the 1st through 6th stories for bank operations and the 55th floor for its officers club 14 45 139 Among the first tenants were Merrill Lynch amp Co 140 and a private lunch club called the Wall Street Club 141 40 Wall Street opened following the Wall Street Crash of 1929 and so suffered from a lack of tenants 18 Many of the original tenants had withdrawn their commitments to rent space in the building and in some cases had gone bankrupt 19 142 143 As a result only half of the space in 40 Wall Street was leased during the 1930s 24 142 Office space rented for 3 per square foot 32 m2 less than half of the 8 per square foot 86 m2 that the building s owners had sought 142 144 For the first five years of the building s existence 40 Wall Street Corporation was able to pay the 323 200 interest on the second mortgage bond issue 142 By early 1939 40 Wall Street Corporation had fallen behind on rent payments ground leases and property taxes 145 That May the Marine Midland Trust Company started foreclosure proceedings against the corporation after it defaulted on payments of interest taxes and other charges 146 In response several bondholders formed a committee to protect their stakes 147 148 the committee expressed opposition to the proposed reorganization 149 In July 1939 the corporation filed a plan to reorganize all assets that were not covered by the mortgage loans 150 151 Marine Midland became the trustee of 40 Wall Street s first mortgage fee and its bonds on the lease in February 1940 supplanting the corporation 19 152 Marine Midland acting on behalf of the bondholders acquired the building that September in a transaction worth almost 11 5 million 153 154 The New York Times later described the building as being a monument to lost hope during that era at the time the building s 1 000 debentures were being sold at 108 75 apiece 142 The structure as a whole was worth 1 25 million which was less than the cost of the 43 elevators inside the building 142 155 C F Noyes was hired as the building s leasing agent at the end of 1940 156 157 One of the larger tenants during the 1940s was the Westinghouse Electric and Manufacturing Company which in 1941 leased four floors 158 159 Other tenants included real estate agents lawyers brokers and bankers 19 160 as well as a short film theater in 1941 161 162 More tenants came during World War II starting with the United States Department of the Navy 19 142 By 1943 the building was 80 percent leased and that rate increased to 90 percent a year later 142 After the United States Department of War leased four floors in July 1944 the building reached full occupancy for the first time in its history 163 164 Many large tenants such as Prudential Financial Westinghouse and Western Union signed long term leases 19 After several tenants left during the late 1940s the building was completely rented again in 1951 165 166 At the time 40 Wall Street s office space was renting for 4 22 per square foot 45 4 m2 a relatively high price for a building constructed before air conditioning became popular 166 1946 plane crash edit On the evening of May 20 1946 a United States Army Air Forces Beechcraft C 45F Expediter airplane crashed into 40 Wall Street s northern facade The twin engine plane was heading for Newark Airport on a flight originating at Lake Charles Army Air Field in Louisiana It struck the 58th floor of the building at about 8 10 pm creating a 20 by 10 foot 6 1 m 3 0 m hole in the masonry The crash killed all five aboard the plane including a WAC officer though no one in the building or on the ground was hurt The fuselage and the wing of the splintered plane fell onto the 12th story setback while parts of the aircraft and pieces of brick and mortar from the building fell into the street below Fog and low visibility were identified as the main causes of the crash since LaGuardia Field had reported a heavy fog that reduced the ceiling to 500 feet 150 m obscuring the view of the ground for the pilot at the building s 58th story 167 168 169 The month after the crash the owners of 40 Wall Street filed a building application with the Department of Buildings to fix the hole in the facade 144 This crash was the second in New York City in less than a year an Army B 25 bomber struck the 78th floor of the Empire State Building in July 1945 also caused by fog and poor visibility 167 170 The incident prompted the Army in June 1946 to ban planes from landing in New York City during heavy fog 171 172 The 1946 accident was the last time an airplane accidentally crashed into a building in New York City in the 20th century 173 1950s to 1970s edit Chase relocation and Webb amp Knapp acquisition edit nbsp The building as seen from street level 23 Wall Street is to the right Federal Hall National Memorial is to the left and 30 Wall Street is in the foreground In August 1950 the building s owners submitted plans for an alteration of the building at a cost of 300 000 174 Over the following years the building was retrofitted with air conditioning 175 The directors of the Manhattan Company and Chase National Bank voted in January 1955 to merge their respective companies 176 and Chase Manhattan Bank was created as a result of the merger 177 178 The new company was headquartered at Chase National s previous building at 20 Pine Street 26 179 immediately north of 40 Wall Street 6 soon afterward Chase constructed a building at the neighboring 28 Liberty Street to serve as its headquarters 180 Meanwhile several offices as well as a bank branch remained in 40 Wall Street 26 By 1956 the building s financial situation had improved considerably and 40 Wall Street Corporation s 1 000 debentures were selling for 1 550 142 That year real estate developer William Zeckendorf had his company Webb and Knapp buy the leaseholds for the land from 40 Wall Street Inc Chase and the estate of the Iselin family 26 142 Webb and Knapp also bought 32 percent of 40 Wall Street Corporation s stock 26 181 eventually increasing their stake to two thirds of the corporation s shares 26 182 The firm attempted to sell 40 Wall Street in October 1957 for 15 million 183 but a New York Supreme Court justice enjoined the sale in November 1957 after several minority shareholders claimed the sale was illegal 184 185 The corporation s stockholders voted in June 1959 to sell the building for not less than 17 million 186 187 To reduce disagreements a State Supreme Court justice ordered that an auction be held for the building 188 That October stockholders held an auction for 40 Wall Street 189 190 Zeckendorf submitted the highest bid at 18 15 million although there was only one other bidder 188 191 192 At the time 40 Wall Street was believed to be the most valuable real estate property ever to be auctioned in New York City 192 Webb amp Knapp had spent 32 million to acquire the building 26 excluding the auction the remainder of the cost was used to pay Chase and the Iselin estate 144 City amp Central and Loeb Rhoades operation edit Webb and Knapp sold the property to the Metropolitan Life Insurance Company in April 1960 for 20 million Metropolitan Life leased the building back to Webb and Knapp for 99 years under a leasehold that cost 1 2 million a year 193 Chase Manhattan was relocating to its new headquarters at 28 Liberty Street 194 195 and the Manufacturers Hanover Corporation was planning to relocate to the second through fifth floors which Chase Manhattan was vacating 194 196 That September Webb and Knapp sold the leasehold to British investors City amp Central Investments later City Centre Properties for 15 million 195 197 198 The sale was finalized in November 1960 199 200 and City amp Central acquired title that following month 201 The new operator renovated the interior and exterior 26 178 Manufacturers Hanover moved to the building in 1962 relocating 24 billion in deposits to 40 Wall Street from its old headquarters at 70 Broadway 202 City Centre sold the leasehold to Loeb Rhoades amp Co 40 Wall Street s largest tenant in June 1966 203 204 Other major tenants at the time included Bache amp Co which had rented 180 000 square feet 17 000 m2 by 1966 175 Manufacturers Hanover relocated many of its offices to 600 Fifth Avenue and 55 Water Street 205 After Loeb Rhoades amp Co merged with Shearson in 1980 the 251 000 square feet 23 300 m2 of office space occupied by Loeb Rhoades amp Co was vacated the space was quickly leased to Morgan Guaranty and Toronto Dominion Bank At the time 40 Wall Street had 875 square feet 81 3 m2 that was not yet rented and office space in the Financial District was typically rented for 16 to 20 per square foot 170 to 220 m2 206 1980s and early 1990s edit In 1982 the property was purchased by a German investment group headed by Walter Hinneberg 26 207 Hinneberg and two of his siblings transferred their 80 percent ownership stake to an entity named 40 Wall Street Holdings Corporation in 1992 The other two owners conveyed their combined 20 percent stake to an entity named New Scandic Wall Ltd 207 208 Marcos family leasehold edit At the end of 1982 Loeb Rhoades amp Co sold the leasehold to a holding company the Philippine dictator Ferdinand Marcos and his wife Imelda would be revealed as the real buyers in 1985 26 34 209 According to a broker who was involved in the sale the Marcos family s agents brothers Joseph J and Ralph E Bernstein were initially believed to be buying the building for the wealthy Gaon family of Switzerland as Joseph Bernstein s wife was a member of that family 210 211 212 e The operators planned to gild 40 Wall Street s roof 214 In coded cables between the Marcos family and their alleged front in Manhattan Gliceria Tantoco the 40 Wall Street building was referred to using the secret code word Bridgetown 215 By February 1986 40 Wall Street s leasehold and three other buildings reportedly owned by the Marcoses were placed for sale 216 Around that time the Bernsteins were contemplating paying 250 million for 40 Wall Street and two of the other buildings 217 218 After Marcos was forced out of office the administration of his successor Corazon Aquino froze Marcos s assets within U S banking channels in March 1986 219 and the building s future became uncertain 220 Citicorp which had placed a mortgage on the building indicated in December 1986 that it would foreclose on the property 221 After the U S Court of Appeals for the Second Circuit ruled to block the sale of the Marcos properties that November the Aquino administration filed a lawsuit against the Marcos estate to obtain title to the buildings 222 223 Saudi arms dealer Adnan Khashoggi was subsequently accused of helping the Marcoses hide their stakes in the buildings 224 although he was acquitted of all racketeering charges in relation with the properties 225 Capital improvements to the building including upgrades to its unreliable elevators were suspended while legal proceedings were ongoing 226 227 The Aquino administration attempted in early 1989 to sell the four Marcos properties to Morris Bailey for 398 million 228 229 Federal district court judge Pierre N Leval ordered a foreclosure sale of the Marcos properties in August 1989 230 231 the Bailey group hoped that Citigroup would name them as the preferred bidders 228 At the court ordered auction the Bernsteins submitted the winning bid of 108 6 million after another bidder Jack Resnick amp Sons refused to raise its bid of 108 55 million 230 231 The second mortgage with Citicorp comprised 60 million of this total 232 The Bernstein brothers paid the 1 5 million down payment 233 234 but they could not pay the remainder of the purchase price before the October 10 1989 deadline 234 235 At the time the Bernsteins were also involved in a bankruptcy proceeding in Curacao a special master there had refused to repeal a bankruptcy action that would have allowed the Bernsteins to pay the remainder of 40 Wall Street s purchase price 235 This prompted a second auction of the building s leasehold 235 236 Resnick operation and further issues edit At a second auction in November 1989 Burton Resnick of Jack Resnick amp Sons paid 77 000 100 for the leasehold beating Citicorp s bid by 100 233 236 237 By then demand for real estate in Lower Manhattan had declined in the aftermath of Black Monday in 1987 236 Resnick s lawyer Howard J Rubenstein said his client planned to spend 30 million to 40 million renovating 40 Wall Street although real estate experts said the building needed closer to 50 million in renovations 236 Resnick decided in 1990 to spend 50 million on upgrades 238 The renovation would have included fire electrical and mechanical system replacement renovation of the lobby restoration of the facade and windows and replacement of the elevators 239 The Resnicks were only able to upgrade the windows 178 they defaulted on their mortgage in 1991 and Citicorp took over the leasehold 240 Citicorp canceled financing for the renovation that year 227 240 241 citing concerns that tenants including Manufacturers Hanover which had moved from the lower stories of the building in 1982 might move out 26 238 By the early 1990s 40 Wall Street was 80 percent vacant 220 242 The building s maintenance had declined to the point that tenants reported that they frequently waited 20 minutes for an elevator 243 and many interior spaces had been stripped to the steel frame 242 Homeless people were squatting in vacant floors because the building had limited security 242 243 The building was also seen as outdated since it had no freight elevator the upper stories were too small and the office floors had large numbers of structural columns 244 In 1992 Citicorp prepared to sell 40 Wall Street again 243 245 the asking price was reportedly as low as 10 million 242 244 The building s valuation had declined from 123 million in 1990 to 75 million in 1993 244 If 40 Wall Street s lease were not sold and renovated before the end of 1992 the owners were entitled to exercise a clause to evict the leaseholder 242 American International Group attempted to acquire Citicorp s stake in the building for 6 5 million but the negotiations failed in November 1992 in what Crain s New York magazine described as a collapse of downtown real estate 246 Citicorp auctioned off the building in May 1993 220 240 the bank wrote down the building s value to zero 247 Hong Kong firm Glorious Sun considered buying the building but ultimately decided against it 248 Another group from Hong Kong the consortium Kinson Properties agreed to lease the property 220 240 paying 8 million 249 Kinson planned to renovate the building for 60 million including the lobby for 4 million and electrical and mechanical systems for 5 7 million 220 By the time Kinson sold the leasehold in 1995 little had been done to improve the property 227 Trump lease edit nbsp Seen from ground level at Wall StreetIn July 1995 real estate developer Donald Trump signed a letter of intent to buy Kinson s lease and spend 100 million on renovations 249 250 The leasehold was transferred that December 251 There have been conflicting accounts about the price of the leasehold The New York Times reported that Trump purchased the leasehold for 8 million 251 while Barron s cited the leasehold as having cost between 3 million and 5 million 252 In November 1995 Trump stated that he was buying the leasehold from Kinson for 100 000 227 During a 2005 episode of The Apprentice Trump claimed he only paid 1 million for the leasehold but that the property was actually worth 400 million Trump s legal advisor George H Ross restated this claim in a 2005 book 253 On a 2007 episode of CNBC s The Billionaire Inside Trump again claimed that he paid 1 million for the leasehold but stated the building s value as 600 million In 2012 it was reported that Trump paid 10 million for the leasehold 254 Estimates of the building s worth also varied City tax assessors had valued the building at 90 million by 2000 255 and reported that the building was worth the same amount in 2004 256 While Trump estimated the building s worth at 1 billion in 2012 254 an external appraisal the same year valued the building at 220 million 257 Trump maintained in 2013 that the building was worth 530 million 257 Trump s lenders estimated that the building was worth 540 million in 2015 though the Trump Organization gave a higher figure of 735 million 258 and Bloomberg News estimated the next year that 40 Wall Street was worth 550 million 34 1990s and 2000s edit Trump spent 35 million refurbishing 40 Wall Street 256 259 260 Der Scutt Architects renovated the lobby 3 and the Trump Organization replaced several hundred windows refurbished 30 elevator cabs and added lights to illuminate the roof 44 He planned to convert the upper half of 40 Wall Street to residential space leaving the bottom half as commercial space 251 The plan was contingent on the passage of a state law in late 1995 which granted tax exemptions to developers who renovated office buildings in New York into residential and commercial space 261 Trump had planned to rent out some space as studio apartments and one to three bedroom apartments 262 but real estate experts quoted in the New York Daily News said the lowest 25 floors were so large that it would not be profitable to convert them to apartments 227 By 1997 Trump was negotiating with hotel chains to occupy the lower stories of 40 Wall Street 263 Among these chains was Marriott International which proposed operating a Ritz Carlton hotel on either ten 264 or twelve stories 265 At the time the building was about 25 percent occupied 259 Trump canceled his plans to convert the upper floors to residential space citing high costs 266 By 1998 almost all of the space in the building had been leased 260 267 Several large tenants such as American Express CNA Financial Corporation Bear Stearns Nomura Holdings Country Wide Insurance Company Hilton Hotels amp Resorts and Union Bank of California had moved into 40 Wall Street after its renovation 267 The same year Trump obtained a 125 million mortgage loan for the building from several European banks 260 268 Trump tried to sell the building in 2004 expecting offers in excess of 400 million 267 which did not materialize 269 The New York Times wrote in 2005 that the building had 145 million of debt 256 At the time the building was earning 32 million in rental income a year and 40 Wall Street was still about 90 percent occupied many tenants leases were not scheduled to expire for several years 267 2010s to present edit In early July 2011 Duane Reade opened its flagship drugstore branch inside the former banking space 270 40 Wall Street Ltd handed its ownership stake in the building to 40 Wall Street Holdings in 2014 207 According to Federal Election Commission applications filed during Trump s 2016 presidential campaign Trump had an outstanding mortgage of over 50 million on the property 271 At the time Trump leased the building for 1 65 million a year 34 and the Trump Organization paid 1 million annually in expenses and fees 258 According to Bloomberg News several of the building s 21st century tenants had been accused of fraudulent activity or had been associated with people accused of such activities 34 Rental income from 40 Wall Street s commercial spaces increased from 30 5 million in 2014 to 43 2 million in 2018 272 Forbes estimated in 2020 that Trump owed Ladder Capital 138 million for 40 Wall Street as part of a loan that was scheduled to mature in 2025 273 New York prosecutors scrutinized several of the Trump Organization s properties by 2021 finding that between 2011 and 2015 far higher values were presented to potential lenders than were reported to tax officials The most extreme case involved 40 Wall Street which in 2012 was cited as being worth 527 million to lenders but only 16 7 million to tax officials 274 By February 2023 the building had been placed on a lender watchlist because of its rising vacancy rate which had reached 18 percent in the third quarter of 2022 and its maintenance costs which had risen 11 percent since the mortgage was issued in 2015 275 276 Fitch Ratings downgraded the credit rating for the building s loans in August 2023 because new tenants were slow to move into the building while old tenants relocated elsewhere 277 The building s Duane Reade location closed later that year due to increased shoplifting 51 The loan on the property was transferred to a special servicer that November because there was a possibility that the state government s ongoing civil investigation of the Trump Organization could result in the organization s dissolution 278 Following a January 2024 ruling in which the Trump Organization was found liable for civil fraud New York Attorney General Letitia James said her office was prepared to seize the building if he could not pay a judgment of approximately 355 million 279 Reception and landmark designations editIn February 1930 the Down Town League proclaimed 40 Wall Street the best building completed in Lower Manhattan during the preceding year 280 281 Fortune magazine praised Ohrstrom in 1930 noting that h is piece de resistance thus far has been the shrewd and able financing of the Manhattan Company Building 73 282 Two years later W Parker Chase wrote that no building ever constructed more thoroughly typifies the American spirit of hustle than does this extraordinary structure 16 19 283 When the neighboring 28 Liberty Street was being built in 1960 Architectural Forum wrote of 40 Wall Street Viewed from the street the detailing of the top of this middle aged tower becomes insignificant but it can be said that the draftsmen in the Severance office who spent many painstaking hours perfecting the ornamental peak more than three decades ago have been justified at last 284 Some critics have regarded the skyscraper negatively Architecture critic Robert A M Stern wrote in his 1987 book New York 1930 that 40 Wall Street s proximity to other skyscrapers including 70 Pine Street 20 Exchange Place 1 Wall Street and the Downtown Athletic Club had reduced the previous generation of skyscrapers to the status of foothills in a new mountain range 285 Eric Nash wrote in his book Manhattan Skyscrapers that 40 Wall Street s impact was blunted by its location in the middle of the block surrealistically situated next to the mighty Greek Revival Federal Hall National Memorial 35 A critic for Newsday wrote in 2003 It appears on few postcards and no tourists queue to peer from its celestial ramparts The AIA Guide to New York City does not even mention the singular ambition pursued with almost reckless abandon that forged its construction to be the world s tallest building 286 On December 12 1995 the New York City Landmarks Preservation Commission designated 40 Wall Street as a city landmark noting that the Bank of Manhattan Building was historically significant for being the headquarters of the Manhattan Company and for being part of New York City s 1929 1930 skyscraper race 5 Five years later on June 16 2000 it was added to the National Register of Historic Places 4 largely for the same reason as the city designation 64 In 2007 the building was designated as a contributing property to the Wall Street Historic District 287 a NRHP district 288 See also edit nbsp Architecture portal nbsp New York City portal nbsp NRHP portalList of tallest buildings in New York City List of tallest freestanding steel structures List of New York City Designated Landmarks in Manhattan below 14th Street National Register of Historic Places listings in Manhattan below 14th Street Overseas landholdings of the Marcos familyReferences editNotes edit a b Although 40 Wall Street was the world s tallest completed building in May 1930 24 1 the incomplete Chrysler Building had already reached its full height in 1929 129 According to the New York City Department of City Planning the building contains 63 stories 8 22 This distinction excludes structures that were not fully habitable such as the Eiffel Tower 3 These proposals included the 100 story Metropolitan Life North Building a 1 050 foot 320 m tower built by Abraham E Lefcourt at Broadway and 49th Street a 100 story tower developed by the Fred F French Company on Sixth Avenue between 43rd and 44th streets an 85 story tower to be developed on the site of the Belmont Hotel near Grand Central Terminal and the Noyes Schulte Company s proposed tower on Broadway between Duane and Worth streets Only one of these projects was even partially completed the base of the Metropolitan Life North Building 133 Marcos was also found to have purchased several other New York City buildings see Overseas landholdings of the Marcos family 213 Citations edit a b c d e Hoster Jay 2014 Early Wall Street 1830 1940 Charleston Arcadia Publishing p 127 ISBN 978 1 4671 2263 4 Archived from the original on February 19 2021 Retrieved June 7 2018 a b c The Trump Building The Skyscraper Center Council on Tall Buildings and Urban Habitat CTBUH December 16 2009 Archived from the original on May 22 2023 Retrieved May 19 2023 a b c d e f The Trump Building Emporis Archived from the original on February 24 2012 Retrieved April 26 2020 a b c National Register of Historic Places 2000 Weekly Lists PDF National Park Service 2000 p 118 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Commission 1995 p 6 a b Robins Anthony W 2017 New York Art Deco A Guide to Gotham s Jazz Age Architecture Excelsior Editions State University of New York Press p 20 ISBN 978 1 4384 6396 4 OCLC 953576510 Archived from the original on July 1 2023 Retrieved July 2 2022 Abramson 2001 p 102 Deutsche Mortgage amp Asset Receiving Corporation July 20 2015 Free Writing Prospectus Structural and Collateral Term Sheet U S Securities and Exchange Commission Archived from the original on March 31 2021 Retrieved February 4 2021 The History of Measuring Tall Buildings Council on Tall Buildings and Urban Habitat Archived from the original on April 10 2012 Retrieved May 3 2012 a b c d e Stichweh Dirk 2016 New York Skyscrapers Prestel Publishing p 17 ISBN 978 3 7913 8226 5 OCLC 923852487 a b c d e f g h i j k l National Park Service 2000 p 4 a b c d e f g h i j k l m n o p q r Landmarks Preservation Commission 1995 p 7 National Park Service 2000 pp 3 4 a b c d e f g h i j k Landmarks Preservation Commission 1995 p 8 a b c Abramson 2001 p 77 Oceanus Adorns Facade New Skyscraper for Bank of Manhattan Building Gets Statue The New York Times April 26 1930 p 30 ISSN 0362 4331 Retrieved March 31 2021 Abramson 2001 p 101 Kirstein Lincoln 1973 Elie Nadelman Eakins Press p 230 ISBN 978 0 87130 034 8 Landmarks Preservation Commission 1995 pp 7 8 a b c d e Faux Zeke Abelson Max June 22 2016 Inside Trump s Most Valuable Tower Felons Dictators and Girl Scouts Bloomberg Archived from the original on April 27 2020 Retrieved April 30 2020 a b c d e Nash Eric 2005 Manhattan Skyscrapers New York Princeton Architectural Press p 59 ISBN 978 1 56898 652 4 OCLC 407907000 a b Abramson 2001 p 78 a b Abramson 2001 pp 101 102 a b Gold Rivet in Building W A Starrett and R E Jones Lead Bank of Manhattan Ceremony The New York Times July 11 1929 p 12 ISSN 0362 4331 Retrieved April 26 2020 Abramson 2001 p 156 Abramson 2001 p 142 Abramson 2001 p 138 a b c d Abramson 2001 p 132 a b c d e f g h i j Manhattan Co Returns Today To 40 Wall St Opens Its Skyscraper Banking Home With Luncheon and Formal Ceremonies New York Herald Tribune May 26 1930 p 31 ISSN 1941 0646 ProQuest 1113725425 a b Trachtenberg Jeffrey A October 4 1996 Manhattan s Downtown on the Rebound The Wall Street Journal p B10 ISSN 0099 9660 ProQuest 398717719 a b c d e f Manhattan Co Greets Guests in Skyscraper Brooklyn Standard Union May 26 1930 p 7 Archived from the original on April 4 2022 Retrieved April 9 2020 via newspapers com a b Abramson 2001 p 131 Abramson 2001 pp 132 133 Maurice Hunter Dominates Murals in New Building of Manhattan Trust Co Artists Model Depicts Characters in New York of Bygone Days South American Occupies High Place in Odd Calling New York Amsterdam News August 6 1930 p 11 ProQuest 226290176 The First New York Stock Exchange Mural by Ezra Winter Town and Country Vol 85 no 4035 July 1 1930 pp 50 51 ProQuest 2133386901 Slotnik Daniel E July 5 2011 At Duane Reade s Newest Outpost Sushi and Hairstyling City Room Archived from the original on January 27 2020 Retrieved April 30 2020 a b Bratton Laura September 18 2023 A Glitzy Duane Reade Pharmacy In Trump s Wall Street Tower Closes As Thefts Surge The Messenger Archived from the original on October 11 2023 Retrieved October 16 2023 a b c d e National Park Service 2000 p 5 a b c Abramson 2001 p 125 Abramson 2001 pp 125 127 Abramson 2001 p 123 Abramson 2001 p 124 a b Abramson 2001 p 91 a b c Abramson 2001 p 157 Abramson 2001 p 194 Abramson 2001 p 128 Sky high Lunch Clubs The New York Times August 17 1930 p 110 ISSN 0362 4331 Retrieved January 31 2023 Tower Rises 836 Feet Lofty Observation Floor in Bank of Manhattan Building The New York Times June 1 1930 p RE1 ISSN 0362 4331 Retrieved April 27 2020 a b c d e f g Landmarks Preservation Commission 1995 p 3 a b c National Park Service 2000 p 7 Schulz Bill July 29 2016 Hamilton Burr and the Great Waterworks Ruse The New York Times ISSN 0362 4331 Archived from the original on October 30 2019 Retrieved April 30 2020 Bank of Manhattan Company On Same Ground Since 1799 New York Herald Tribune April 26 1942 p C1 ISSN 1941 0646 ProQuest 1256738766 The Commercial and Financial Chronicle National News Service 1920 p 265 Archived from the original on March 31 2021 Retrieved January 10 2020 G L Ohrstrom Financier Dead Industrialist and Horseman Downed Last German Plane in World War I Combat The New York Times November 11 1955 p 25 ISSN 0362 4331 Retrieved April 26 2020 Banker at 34 to Build Highest Structure Here New York Herald Tribune April 10 1929 p 14 ISSN 1941 0646 ProQuest 1111573382 Levinson 1961 p 230 Landmarks Preservation Commission 1995 p 9 Manhattan Company The Skyscraper Museum Archived from the original on March 31 2021 Retrieved April 26 2020 a b c Landmarks Preservation Commission 1995 p 2 Among the Millions New York Daily News September 8 1928 p 74 ISSN 2692 1251 Archived from the original on April 4 2022 Retrieved April 26 2020 via newspapers com Wall St Building in Long Leasehold to Cost 2 000 000 Brooklyn Daily Eagle September 9 1928 p 25 Archived from the original on August 3 2021 Retrieved April 24 2020 via Brooklyn Public Library newspapers com O donnell Resells Seventh Av Corner Operator Disposes of the Hotel Grenoble at Fifty sixth Street The New York Times December 6 1928 p 61 ISSN 0362 4331 Retrieved April 26 2020 a b 45 story Building for Wall Street New York Daily News December 16 1928 p 45 ISSN 2692 1251 Retrieved April 26 2020 via newspapers com 12 500 000 Sought for New Skyscraper Forty Wall Street Corporation Plans Bond Issue for 70 Story Building The New York Times January 14 1930 p B45 ISSN 0362 4331 Retrieved April 26 2020 47 Story Building to Rise in Wall St Plans Filed for Structure to Be Erected Next to Sub Treasury at Cost of 3 300 000 The New York Times March 2 1929 p 9 ISSN 0362 4331 Retrieved April 26 2020 25 Pine Street is Sold Ohrstrom Syndicate Adds to Site for Skyscraper Herald Tribune Plant Plans Filed Aero Underwriters Lease Space The New York Times March 7 1929 p 19 ISSN 0362 4331 Retrieved April 26 2020 Gray Christopher November 15 1992 Streetscapes 40 Wall Street A Race for the Skies Lost by a Spire The New York Times ISSN 0362 4331 Archived from the original on November 7 2017 Retrieved November 3 2017 64 Story Bank Building to Rise In Wall Street 25 000 000 Bank of Manhattan Co Structure Will Be Erected by Syndicate New York Herald Tribune April 7 1929 p 1 ISSN 1941 0646 ProQuest 1111990067 Building in Wall St To Rise 64 Stories Manhattan Company Bank Leases Site at Sub Treasury to Starrett Bros for 88 Years The New York Times April 7 1929 p 24 ISSN 0362 4331 Retrieved December 27 2022 Revising Skyscraper Plan Wall Street Building May Go Up Sixty four Stories The New York Times April 8 1929 p 47 ISSN 0362 4331 Retrieved April 26 2020 Wall St Building to Top All in World 840 Foot Bank of Manhattan Structure to Rise 48 Feet Above Woolworth Tower The New York Times April 10 1929 p 21 ISSN 0362 4331 Retrieved April 26 2020 a b Ohrstrom Plans Tallest Building Brooklyn Daily Eagle April 10 1929 p 23 Archived from the original on August 3 2021 Retrieved April 26 2020 via Brooklyn Public Library newspapers com Plan Tallest Skyscraper The Wall Street Journal April 10 1929 p 19 ISSN 0099 9660 ProQuest 130677365 Bankers Magazine 1929 p 3 Building Record Claimed Starrett Brothers Also See Occupancy Record in 40 Wall Street The New York Times April 25 1930 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 The Manhattan Company Skyscraper Museum Archived from the original on May 15 2015 Retrieved September 27 2010 Rasenberger Jim 2009 High Steel The Daring Men Who Built the World s Greatest Skyline 1881 to the Present HarperCollins pp 388 389 ISBN 978 0 06 174675 8 Archived from the original on July 29 2020 Retrieved December 28 2017 a b c d Tauranac 2014 p 130 a b Denies Altering Plans for Tallest Building Starrett Says Height of Bank of Manhattan Structure Was Not Increased to Beat Chrysler The New York Times October 20 1929 p 14 ISSN 0362 4331 Retrieved April 26 2020 Razing Buildings on Wall Street Ten Tall Office Structures Are Being Torn Down for Two High Banking Edifices The New York Times May 12 1929 p RE1 ISSN 0362 4331 Retrieved April 27 2020 a b Builders Beat Schedule By Week on Building Promised Bank of Manhattan Structure by May 1 New York Herald Tribune April 27 1930 p E1 ISSN 1941 0646 ProQuest 1113280949 Skyscraper Cost Set at Low of 9 000 000 Minimum Figure Placed in Lease of Bank of Manhattan Site in Wall Street The New York Times May 12 1929 p S21 ISSN 0362 4331 Retrieved April 26 2020 8 501 000 Is Top Bid for Assay Office Ohrstrom Interests Make the Highest Offer to Government for Wall Street Landmark The New York Times June 26 1929 p R49 ISSN 0362 4331 Retrieved April 26 2020 Syndicate Bids U S Property in Wall Street Brooklyn Citizen June 26 1929 p 5 Archived from the original on April 4 2022 Retrieved April 26 2020 via newspapers com a b Gets Assay Office Site Brooklyn Times Union June 26 1929 p 53 Retrieved April 24 2020 via newspapers com The Historic Assay Office Plot Brooklyn Daily Eagle July 23 1929 p 18 Archived from the original on August 3 2021 Retrieved April 26 2020 via Brooklyn Public Library newspapers com a b Fortune 1930 pp 33 35 a b c The Manhattan Company Building New York City Architecture and Building Vol 62 July 1930 p 193 a b c Building Speed Decided By Date of Occupancy New York Herald Tribune January 25 1931 p E20 ISSN 1941 0646 ProQuest 1331261208 a b Abramson 2001 p 80 a b c Abramson 2001 p 75 Col William Starrett Gets 5 000 000 on His Wall St Realty Equitable Trust Gives Loan to Secure Bond Issue on Big Structural Project The Wall Street Journal July 16 1929 p 41 ISSN 0099 9660 ProQuest 1111653165 Review of the Day in Realty Market Few Sales Reported as Important Leasehold and Mortgage Deals Are Announced The New York Times July 16 1929 p 50 ISSN 0362 4331 Retrieved April 26 2020 Abramson 2001 p 74 Abramson 2001 p 76 World s Highest Office Building Being Rushed Up in Record Time Bank of Manhattan Building 838 Foot Structure Is Framed to 40th Floor New York Herald Tribune September 15 1929 p E2 ISSN 1941 0646 ProQuest 1112009724 a b Steel Construction Completed on Bank of Manhattan Building Brooklyn Citizen November 13 1929 p 7 Archived from the original on April 4 2022 Retrieved April 26 2020 via newspapers com Half Ton Block Crashes From 70 Story Bank Wall Street Crowd Sensing Explosion Gathers at Manhattan Co Building New York Herald Tribune November 13 1929 p 3 ISSN 1941 0646 ProQuest 1110671547 Bank Building Speeded Observation Tower at 40 Wall St to Be 845 Feet Up The New York Times November 17 1929 p R1 ISSN 0362 4331 Retrieved April 27 2020 Renting Keeps Pace With Building Record Brokers Contract to Find Tenants for 2 000 000 Square Feet in Two Skyscrapers The New York Times December 29 1929 p RE2 Retrieved April 27 2020 12 500 000 Mortgage On Wall St Skyscraper Bank of Manhattan Building Now Being Erected on Plot New York Herald Tribune December 11 1929 p 49 ISSN 1941 0646 ProQuest 1112010545 12 500 000 Sought for New Skyscraper Forty Wall Street Corporation Plans Bond Issue for 70Story Building The New York Times January 14 1930 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 27 2020 Will Offer Bond Issue On Manhattan Building 40 Wall Street Corporation to Sell 12 500 000 New York Herald Tribune January 14 1930 p 33 ISSN 1941 0646 ProQuest 1113619567 Bank of Manhattan Tower Not Being Lifted New York Herald Tribune March 14 1930 p 41 ISSN 1941 0646 ProQuest 1113157544 Bank of Manhattan Built in Record Time Structure 927 Feet High Second Tallest in World Is Erected in Year of Work The New York Times May 6 1930 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 27 2020 Awards at 40 Wall Street Nineteen Mechanics on Skyscraper Will Be Honored Tomorrow The New York Times April 27 1930 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Will Reward Craftsmen ln Wall Street Building Bank of Manhattan Mechanics to Receive Certificates New York Herald Tribune April 22 1930 p 45 ISSN 1941 0646 ProQuest 1113166116 New Home Today for Manhattan Co Federal State and City Officials to Join in Formal Opening of the 71 Story Structure The New York Times May 26 1930 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 27 2020 Starrett Paul 1938 Changing the Skyline An Autobiography Whittlesey house p 283 Archived from the original on March 31 2021 Retrieved October 3 2020 Landmarks Preservation Commission 1995 pp 5 6 Stravitz 2002 p 161 a b Binders George 2006 101 of the World s Tallest Buildings Images Publishing Group p 102 ISBN 978 1 86470 173 9 Archived from the original on July 29 2020 Retrieved December 28 2017 Curcio V 2001 Chrysler The Life and Times of an Automotive Genius Automotive History and Personalities Oxford University Press p 426 ISBN 978 0 19 514705 6 Cobb H M 2010 The History of Stainless Steel Asm Handbook ASM International p 110 ISBN 978 1 61503 011 8 Archived from the original on July 29 2020 Retrieved December 28 2017 a b Willis Carol Friedman Donald 1998 Building the Empire State New York W W Norton p 14 ISBN 978 0 393 73030 2 Tower Rises 836 Feet Lofty Observation Floor in Bank of Manhattan Building The New York Times June 1 1930 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 27 2020 Tauranac 2014 p 131 Stern Gilmartin amp Mellins 1987 p 612 Stern Gilmartin amp Mellins 1987 pp 610 612 a b Tauranac 2014 p 185 Empire State Tower Tallest In World Is Opened By Hoover The Highest Structure Raised By The Hand Of Man The New York Times May 2 1931 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved March 31 2021 Rivalry for Height is Seen as Ended Empire State s Record to Stand for Many Years Builders and Realty Men Say The New York Times May 2 1931 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Pollak Michael September 24 2010 Tall Towers and Sharp Razors The New York Times ISSN 0362 4331 Archived from the original on February 2 2018 Retrieved April 30 2020 Chrysler Building City s Highest Open The New York Times May 28 1930 p 13 ISSN 0362 4331 Archived from the original on March 1 2020 Retrieved November 4 2017 Manhattan Company Opens New Main Offices The Bankers Magazine Vol 120 1930 pp 905 906 916 Archived from the original on March 31 2021 Retrieved October 3 2020 Bankers Take 54th Floor at 40 Wall Street Merrill Lynch amp Co Will Look Down on Street From Bank of Manhattan Bldg New York Herald Tribune April 11 1930 p 41 ISSN 1941 0646 ProQuest 1113135280 New Club Organized by Wall Street Men Luncheon Group Will Open March 2 in Manhattan Company s Building The New York Times February 13 1931 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 a b c d e f g h i j 40 Wall Enjoys Its Bad Memories Skyscraper s Owners Now Riding High Recall Hard Times With Pleasure Recalls Bad Old Days The New York Times September 23 1956 ISSN 0362 4331 Archived from the original on February 19 2021 Retrieved April 28 2020 Levinson 1961 p 231 a b c Landmarks Preservation Commission 1995 p 11 Use Bond Security on 40 Wall Street Trustees Report Foreclosure Likely for Downtown Bank Skyscraper The New York Times May 10 1939 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 Start Foreclosure on 40 Wall Street Trustee Presents Reorganization Plan for Skyscraper The New York Times May 25 1939 ISSN 0362 4331 Archived from the original on February 4 2021 Retrieved March 31 2021 Form Protective Group Committee to Represent Bondholders of 40 Wall St Corp The New York Times May 15 1939 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Holder Committee Named For Forty Wall St Corp New York Herald Tribune May 15 1939 p 23 ISSN 1941 0646 ProQuest 1255844769 Against 40 Wall St Plan Committee Says Bondholders Would Lose Lien The New York Times May 23 1939 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Forty Wall Street Corp The Wall Street Journal July 1 1939 p 2 ISSN 0099 9660 ProQuest 131244071 Segregates Its Assets Forty Wall St Corporation Takes Reorganization Step The New York Times July 1 1939 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Bond Trustee Reports 376 259 Excess for 1939 for 40 Wall Street Corp The New York Times February 2 1940 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Bondholders Acquire 40 Wall Street Building On Bid of 11 489 500 in Reorganization Plan The New York Times September 26 1940 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved March 31 2021 Trust Co Takes 70 Story Tower In Wall Street Marine Midland Acquires Financial Zone Realty With 11 489 500 Bid New York Herald Tribune September 26 1940 p 36 ISSN 1941 0646 ProQuest 1261198221 Abramson 2001 p 29 To Manage Skyscraper C F Noyes Co Named Agent for 40 Wall St Building The New York Times December 30 1940 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Noyes Co Takes Management of 40 Wall Street 20 250 000 Building Is Believed Record Agency Job in City s History New York Herald Tribune December 30 1940 p 48 ISSN 1941 0646 ProQuest 1335193562 Takes Four Floors in 40 Wall Street Westinghouse Company Will Move Three Divisions Into Downtown Quarters The New York Times February 26 1941 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 Westinghouse Leases 4 Floors In 40 Wall St Electric Industry Concern Gets 90 000 Square Feet in Big Downtown Deal New York Herald Tribune February 26 1941 p 33 ISSN 1941 0646 ProQuest 1266870094 40 Wall Street Adds and Extends Tenants Linen Importer Rents Store and Basement on Fifth Ave The New York Times May 16 1941 ISSN 0362 4331 Archived from the original on February 26 2018 Retrieved April 28 2020 Movies Used for Renting Features of Wall Street Offices Shown in Fifteen Minutes The New York Times April 15 1941 ISSN 0362 4331 Archived from the original on March 9 2021 Retrieved April 28 2020 Space at 40 Wall Street To Be Displayed in Films Inspection by Prospective Tenants Is Made Easy New York Herald Tribune April 13 1941 p C5 ISSN 1941 0646 ProQuest 1265921716 Army Leases 4 Floor Offices In Wall Street Special Settlements Unit Concentrates Activities of 2 Former Departments Heads Queens Office New York Herald Tribune July 16 1944 p B4 ISSN 1941 0646 ProQuest 1260922593 All Space Leased in 40 Wall Street War Department Group Rents 85 000 Square Feet in 70 story Skyscraper The New York Times July 16 1944 p R1 ISSN 0362 4331 ProQuest 107000121 40 Wall St Fully Rented For First Time Since 30 New York Herald Tribune April 22 1951 p 3C ISSN 1941 0646 ProQuest 1291370271 a b All Space Taken at 40 Wall Street Lease on 66th Floor Completes Renting of Seventy Story Downtown Skyscraper The New York Times September 26 1951 ISSN 0362 4331 Archived from the original on March 8 2021 Retrieved April 28 2020 a b Pilot Lost in Fog Scene of Plane Crash Last Night Airplane Crashes Into Skyscraper The New York Times May 21 1946 ISSN 0362 4331 Archived from the original on February 16 2020 Retrieved April 27 2020 Peck Robert B May 21 1946 Army Plane Rams Tallest Wall St Tower 5 Die in Fog at Dusk at 58th Floor of No 40 New York Herald Tribune p 1 ISSN 1941 0646 ProQuest 1284524778 Moore William May 21 1946 Plane Hits Wall St Bank Chicago Tribune p 1 ISSN 1085 6706 Archived from the original on August 3 2021 Retrieved April 26 2020 400 000 Paid In Empire State Crash Claims Ten of 124 Filed Remain To Be Settled Army Expects Three From 40 Wall St A Buddy Poppy for the Mayor New York Herald Tribune May 23 1946 p 25 ISSN 1941 0646 ProQuest 1291142960 Army Bars Landings in Fogs Here After 40 Wall St Crash Orders its Planes to Report to Mitchell Field by Radio When 50 Miles From City and Shun La Guardia Field and Newark in Bad Weather New York Herald Tribune June 29 1946 p 1 ISSN 1941 0646 ProQuest 1291255352 AAF Bans Planes Over City in Fogs Service Acts on Bad Weather as Board Reports on Wall Street The New York Times June 29 1946 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Levy Matthys Salvadori Mario 2002 Why Buildings Fall Down How Structures Fail Norton Library of Congress visual sourcebooks in architecture design and engineering W W Norton p 30 ISBN 978 0 393 31152 5 no plane has accidentally hit a skyscraper since the Empire State and Wall Street catastrophes 40 Wall St Plans 300 000 Alteration The New York Times August 10 1950 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 a b Fowler Glenn January 17 1966 News of Realty Expansion Move Bache amp Co Increases Its Space at 40 Wall Street The New York Times ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Merger of Chase Into Bank of Manhattan Is Approved By Directors Would Produce 2nd Largest Bank in U S Proposal Must Get the Nod From Stockholders Other Appropriate Authorities The Wall Street Journal January 14 1955 p 3 ISSN 0099 9660 ProQuest 132219374 Chase and Manhattan Holders Approve Merger by Big Margin The New York Times March 29 1955 ISSN 0362 4331 Archived from the original on November 3 2020 Retrieved April 28 2020 a b c National Park Service 2000 p 11 Chase Bank Buys Nassau St Block The New York Times February 24 1955 ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved March 31 2021 One Chase Manhattan Plaza PDF New York City Landmarks Preservation Commission February 10 2009 p 1 Archived PDF from the original on December 23 2016 Retrieved February 17 2020 Stock Tenders Invited Webb amp Knapp Offers to Buy 40 Wall St Building Shares The New York Times January 11 1957 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 40 Wall St Action Put Off New York Herald Tribune October 26 1957 p A4 ISSN 1941 0646 ProQuest 1338380383 Webb amp Knapp Plans To Sell 40 Wall Street At Public Auction But Some of Building s Holders Oppose Plan Threaten Suit Unless They Get 30 a Share The Wall Street Journal October 24 1957 p 21 ISSN 0099 9660 ProQuest 132298651 Webb amp Knapp Fails To Win Board Control Of 40 Wall Street Real Estate Firm Elects Three Of Nominees and Minority Stockholders Name One The Wall Street Journal November 15 1957 p 4 ISSN 0099 9660 ProQuest 132322923 Court Enjoins Sale of 40 Wall Street The New York Times November 9 1957 ISSN 0362 4331 Archived from the original on March 8 2021 Retrieved April 28 2020 Sale of 40 Wall Street Voted by Stockholders The New York Times June 24 1959 ISSN 0362 4331 Archived from the original on February 19 2021 Retrieved April 28 2020 Forty Wall Street s Stockholders Approve Sale Minimum Price The Wall Street Journal June 23 1959 p 17 ISSN 0099 9660 ProQuest 132507174 a b 18 150 000 Buys Wall Street Building Press and Sun Bulletin October 28 1959 p 8 Retrieved April 28 2020 via newspapers com Fourth Tallest Building Will Be Auctioned Here The New York Times October 26 1959 ISSN 0362 4331 Archived from the original on February 19 2021 Retrieved April 28 2020 Rogers John G October 26 1959 40 Wall St 70 Stories Up for Bids Once Was Tallest Of Skyscrapers New York Herald Tribune p 1 ISSN 1941 0646 ProQuest 1325267197 Stern Walter H October 28 1959 70 story Building Brings 18 150 000 Zeckendorf One of the Two Bidders Buys 40 Wall St in Tense Auction Sale The New York Times ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 a b A Tall Story About 18 150 000 Brooklyn Daily October 29 1959 p 3 Archived from the original on September 15 2020 Retrieved April 28 2020 via newspapers com Stern Walter H April 29 1960 40 Wall St Sold by Webb amp Knapp Metropolitan Life Acquires Building for 20 000 000 and Leases It Back The New York Times ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 a b Hanover Bank Plans To Move N Y Office To 40 Wall Street Webb amp Knapp Inc to Purchase Broadway Buildings That Bank Is Leaving The Wall Street Journal April 26 1960 p 9 ISSN 0099 9660 ProQuest 132608553 a b Fowler Glenn September 13 1960 British Firm Buys 40 Wall St Lease London Concern Expected to Pay 15 000 000 to Zeckendorf for It The New York Times ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 Bank to Stay Downtown The New York Times April 26 1960 ISSN 0362 4331 Archived from the original on December 27 2022 Retrieved December 27 2022 Briton Leases Wall St Building Glens Falls Post Star 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Financial District Is Sold 40 Wall St Property Bought by Tenant and Associates From British Group The New York Times ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 28 2020 Loeb Rhoades Group Buys 70 Story Building At 40 Wall New York The Wall Street Journal June 13 1966 p 5 ISSN 0099 9660 ProQuest 133124281 Tomasson Robert E April 13 1975 Big Banks in City Expanding The New York Times ISSN 0362 4331 Archived from the original on April 11 2022 Retrieved December 27 2022 Oser Alan S April 16 1980 Real Estate Realigning Tenants at 40 Wall St The New York Times ISSN 0362 4331 Archived from the original on March 31 2021 Retrieved April 29 2020 a b c Putzier Konrad January 6 2017 Meet the Obscure German Magnates Who Actually Own Trump s Most Valuable Building The Real Deal Archived from the original on March 31 2021 Retrieved January 6 2017 Craig Susanne August 20 2016 Trump s Empire A Maze of Debts and Opaque Ties The New York Times ISSN 0362 4331 Archived from 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56898 244 1 Bascomb Neal 2003 Higher A Historic Race to the Sky and the Making of a City Doubleday ISBN 978 0 385 50661 8 Historic Structures Report Manhattan Company Building PDF Report National Register of Historic Places National Park Service June 16 2000 Levinson Leonard L 1961 Wall Street A Pictorial History Ziff Davis Manhattan Company Building PDF Report New York City Landmarks Preservation Commission December 12 1995 New Bank of Manhattan Building to Be New York s Tallest Ready for Occupancy May 1 1930 Historic Site Founding of the Bank of the Manhattan Company Bankers Magazine Vol 118 no 5 May 1929 p 896 ProQuest 124385406 Ross George H 2005 Trump Strategies for Real Estate Billionaire Lessons for the Small Investor John Wiley amp Sons ISBN 978 0 471 73643 1 Stravitz David 2002 The Chrysler Building Creating a New York Icon Day by Day Princeton Architectural Press ISBN 1 56898 354 9 Stern Robert A M Gilmartin Patrick Mellins Thomas 1987 New York 1930 Architecture and Urbanism 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