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40 Wall Street
Office skyscraper in Manhattan, New York

40 Wall Street, also known as the Trump Building, is a 927-foot neo-Gothic skyscraper located on Wall Street in Manhattan’s Financial District. Designed by H. Craig Severance and opened in 1930 as the Manhattan Company’s headquarters, it features a limestone lower facade with buff brick upper stories, setbacks, spandrels, and a distinctive pyramid-topped spire. Though it briefly competed with the Chrysler Building for the title of world’s tallest building, it faced low occupancy during the Great Depression. The building is a designated New York City landmark and listed on the National Register of Historic Places. Its leasehold has changed hands multiple times, including ownership by interests linked to Ferdinand Marcos and, later, Donald Trump.

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Site

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.123 The lot measures 209 feet (64 m) on Pine Street and 150 ft (46 m) on Wall Street.4 Originally, the site measured 194 ft (59 m) on Pine Street and 150 feet on Wall Street.5 The lot has a total area of 34,360 square feet (3,192 m2).6

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.89

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.10

Architecture

The building was designed by lead architect H. Craig Severance, associate architect Yasuo Matsui, and consulting architects Shreve & Lamb.111213 Moran & Proctor were consulting engineers for the foundation,1415 the Starrett Corporation was the builder,1617 and Purdy and Henderson were the structural engineers.18 The interior was designed by Morrell Smith with Walker & Gillette.19 Many engineers and contractors were involved in various other aspects of the building's construction.20

The New York City Landmarks Preservation Commission has described 40 Wall Street's facade as having "modernized French Gothic" features.21 The building's massing largely conforms to the Art Deco style, though there are also abstract shapes and elements of classical architecture.222324 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.25 40 Wall Street is 70 stories tall, with two additional basement stories.262728 The building's pinnacle reaches 927 feet (283 m), which made it the world's tallest building for one month upon its completion.2930

Form

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.31 The building is articulated into three horizontal sections similar to the components of a column, namely a base, shaft, and capital.3233 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.3435 The 7th through 35th stories occupy nearly the entire lot.3637 Above the 35th story, the building rises as a smaller, square tower through the 62nd story.3839

40 Wall Street has several setbacks to conform with New York City's 1916 Zoning Resolution.40 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.41

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.42

Facade

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.43 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.4445 The piers are flat, a characteristic of the Art Deco style.46 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.4748 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.49

Base

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.5051 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).52

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.53 Double-height bronze and glass windows spanned the second and third floors, while cast-iron windows were on the fourth through sixth floors.54 Above the central entrance was Elie Nadelman's Oceanus sculpture (also called Aquarius);5556 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.57 The Oceanus sculpture was removed prior to 1973.58 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.59 By 1995, the entrance had been reconfigured with seven bronze rectangular doors and three revolving doors, recessed behind the main facade.60 Letters reading "The Trump Building" are placed above the first floor,61 while the fourth floor has a pair of flagpoles.62

The Pine Street elevation is arranged similarly to the Wall Street elevation and was likewise redesigned from 1961 to 1963.63 The Pine Street elevation rises above a low stylobate, in contrast to the Wall Street elevation, which rises above a podium.64 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 1065 or 11 bays.66 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.67

Upper stories

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.68 On the 36th through 62nd stories, there are brick spandrels between the windows on each story.6970 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.71

The building's pyramidal roof is made of lead-coated copper, which over time has oxidized and turned green.7273 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.74 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.75 There is a cornice surrounding the roof.76 On top is a spire with a flagpole and a glass lantern.7778

Features

The building's frame is made of steel.79 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).80 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;81 as of 2020[update], there are 36 elevators.82 When 40 Wall Street was completed, it could accommodate 10,000 employees.83

Lower stories

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.84 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.85 There was also space for brokerage-house messengers.8687 A wide, marble staircase from the ground level led up to the main banking room on the second floor.88 The modern design of the lobby dates to a 1990s renovation by Der Scutt.8990 Following Scutt's renovation, the lobby was redecorated with bronze and marble surfaces.9192 The lobby also has escalators to the second floor.93

The main banking room, a double-height space measuring 150 by 185 feet (46 by 56 m), was on the second floor.9495 The room could be accessed from ground level96 or directly from Pine Street.9798 The Pine Street entrance had a foyer with two pairs of octagonal, black marble Ionic columns,99 while the Wall Street side of the room was supported by veined octagonal columns.100 The room itself consists of a main hall below five groin vaults, flanked by arcades that lead into smaller vaulted spaces.101 In the main hall were desks for tellers.102103 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.104 The walls were once decorated with three murals by Ezra Winter, depicting various scenes from the history of the Financial District;105106 Winter's murals have since been removed.107 The second floor was occupied by a Duane Reade convenience store from 2011108 to 2023.109

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.110 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.111

Stairs from the ground level led to the two basement stories, where the Manhattan Company's vaults were located.112 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.113

Upper stories

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.114115116 It contained several elements of the Doric order, such as columns, pilasters, and a frieze.117118 Wooden doors and fireplaces with segmental arches were on the eastern wall, while false windows were on the western wall.119 The space also included a fireplace, Chippendale furniture, and a blue rug.120 According to the Manhattan Company's magazine, the boardroom's design "recaptured the artistic spirit of the days of ... [the company's] founding".121

The offices of the Manhattan Company's officers overlooked the Wall Street entrance.122 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".123 The sixth floor housed a trading floor for the International Manhattan Company, Inc.124 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".125 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.126

The 26th and 27th stories housed the Luncheon Club of Wall Street, a members-only private club,127 built upon the suggestion of William A. Starrett, the building's general contractor.128 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.129 The 55th floor was entirely occupied by the Manhattan Company's officers' club, which included a dining room.130131 The officers' club was designed in a Colonial style with Windsor chairs, a fireplace, and a ceiling with fake wood beams.132 Another members-only dining club, the Rookery Club, was located on the 58th story.133134 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.135 The observation deck was closed to the public sometime after World War II.136

History

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.137138139 The Manhattan Company was headquartered at a row house at 40 Wall Street,140141 which was the company's "office of discount and deposit".142 The bank remained on the site until the present skyscraper was constructed.143 By the early 20th century, the company was growing quickly, having acquired numerous other banks.144145146

Development

Planning

The idea for the current skyscraper was devised by banker George L. Ohrstrom,147148149 who began acquiring land for the building in 1928150 under the auspices of 36 Wall Street Corporation.151 Stakeholders in the corporation included Ohrstrom and the builders, Starrett Brothers (later Starrett Corporation).152153 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.154155 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).156157 The plans had been updated, and the syndicate at that point envisioned a 45-story building.158 In January 1929, the corporation planned a bond issue to fund the building's construction.159 That March, Ohrstrom announced that H. Craig Severance would design a 47-story structure at 36 Wall Street.160161 The corporation bought 25 Pine Street the same month.162

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.163 Plans for a 64-story skyscraper were announced after the Manhattan Company agreed to relocate to the new building in early April 1929.164165 By April 8, Ohrstrom and Severance had planned to make the new skyscraper the world's tallest building.166 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.167168169 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.170 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.171172

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.173 By mid-April 1929, tenants of the existing buildings on the lot had moved elsewhere.174 The Manhattan Company and Chrysler buildings started competing for the distinction of "world's tallest building".175176 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.177 The Manhattan Company Building was revised to 927 feet (283 m) in April 1929, which would make it the world's tallest.178 Severance then publicly claimed the title of the world's tallest building,179180 but the Starrett Corporation denied any allegations that the plans had been changed to beat the Chrysler Building.181

Start of construction

Construction of the Manhattan Company Building began in May 1929.182183 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.184 Simultaneously, the U.S. government invited bids on the adjoining building at 28–30 Wall Street, then occupied by a federal assay office.185 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).186187188 The assay office plot was reserved for future expansion, instead of being incorporated into the plans for the new skyscraper.189190 The Manhattan Company moved to a temporary headquarters during construction.191192

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.193194195 Furthermore, the builders had a 12-month deadline, requiring them to plan the entire project backward from the planned completion date.196 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, 1930.197 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.198

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.199200201 The old Manhattan Company building was the last to be cleared.202203204 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.205206 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).207 The weight of the existing 12-story building on the site was used to drill the new building's foundations into the ground.208 Afterward, a concrete floor was poured into the excavation, which was then enclosed with a concrete cofferdam.209

Superstructure and completion

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.210 Starrett received a $5 million loan that same month to finance the building.211212 Work on 40 Wall Street progressed quickly, and the contractors completed four stories each week.213 The site was active 24 hours a day, with 2,300 workers working in three shifts; interior furnishing progressed as the steel frame rose.214 Workers used passenger elevators to transport materials, obviating the need for temporary construction cranes.215 Matsui described the steel frame as a "web system of rigidity", with joints and diagonal beams providing both lateral bracing and wind bracing.216 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.217

Workers then installed the tower's facade by hanging pieces of curtain wall from the completed steel frame.218 Interior work proceeded simultaneously with the facade installation.219 The steel superstructure reached the 40th story by September 1929, when interior plasterwork began.220 The building topped out on November 13, 1929.221222 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.223224 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).225

The 40 Wall Street Corporation gave a $12.5 million mortgage for the building's completion in December 1929,226 and the corporation planned a bond issue of an equivalent value by January 1930.227228 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.229 The work was completed one week ahead of schedule, on May 1, 1930.230231 Several workers received craftsmanship awards in a ceremony at the end of April 1930.232233 The building officially opened on May 26.234235236 In total, $24 million had been spent on construction.237 Four workers died while constructing 40 Wall Street; a similar mortality rate to other contemporary projects of similar scale.238 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."239240

Early years

Competition for "world's tallest building" title

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 Building241242 and had it constructed secretly.243 The Chrysler Building's spire was completed on October 23, 1929, bringing that building to 1,046 feet (319 m),244245 thereby greatly exceeding 40 Wall Street's height.246 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.247 40 Wall Street's observation deck was 836 feet (255 m) high, while the Chrysler Building's observatory was 783 feet (239 m) high.248 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.249

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.250 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 1929.251252 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.253 The Empire State Building was completed in May 1931,254 becoming the world's tallest building both by roof height and spire height.255256

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".257 If only completed structures are counted, 40 Wall Street was the world's tallest building for one month,258259 from the first week of May 1930260 until the opening of the Chrysler Building on May 27, 1930.261262263

Early tenants and foreclosure

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.264 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.265266267 Among the first tenants were Merrill Lynch & Co.268 and a private lunch club called the Wall Street Club.269 40 Wall Street opened following the Wall Street Crash of 1929, and so suffered from a lack of tenants.270 Many of the original tenants had withdrawn their commitments to rent space in the building and, in some cases, had gone bankrupt.271272273 As a result, only half of the space in 40 Wall Street was leased during the 1930s.274275 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.276277 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.278

By early 1939, 40 Wall Street Corporation had fallen behind on rent payments, ground leases, and property taxes.279 That May, the Marine Midland Trust Company started foreclosure proceedings against the corporation after it defaulted on "payments of interest, taxes and other charges".280 In response, several bondholders formed a committee to protect their stakes;281282 the committee expressed opposition to the proposed reorganization.283 In July 1939, the corporation filed a plan to reorganize all assets that were not covered by the mortgage loans.284285 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.286287 Marine Midland, acting on behalf of the bondholders, acquired the building that September in a transaction worth almost $11.5 million.288289 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.290 The structure as a whole was worth $1.25 million, which was less than the cost of the 43 elevators inside the building.291292

C. F. Noyes was hired as the building's leasing agent at the end of 1940.293294 One of the larger tenants during the 1940s was the Westinghouse Electric and Manufacturing Company, which in 1941 leased four floors.295296 Other tenants included real-estate agents, lawyers, brokers, and bankers,297298 as well as a short-film theater in 1941.299300 More tenants came during World War II, starting with the United States Department of the Navy.301302 By 1943, the building was 80 percent leased, and that rate increased to 90 percent a year later.303 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.304305 Many large tenants such as Prudential Financial, Westinghouse, and Western Union signed long-term leases.306 After several tenants left during the late 1940s, the building was completely rented again in 1951.307308 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.309

1946 plane crash

On the evening of May 20, 1946, a Beechcraft C-45F Expediter airplane belonging to the United States Army Air Forces 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 Women's Army Corps 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.310311312

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.313 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.314315 The incident prompted the Army, in June 1946, to ban planes from landing in New York City during heavy fog.316317 The 1946 accident was the last time an airplane accidentally crashed into a building in New York City in the 20th century.318

1950s to 1970s

Chase relocation and Webb & Knapp acquisition

In August 1950, the building's owners submitted plans for an alteration of the building at a cost of $300,000.319 Over the following years, the building was retrofitted with air conditioning.320 The directors of the Manhattan Company and Chase National Bank voted in January 1955 to merge their respective companies,321 and Chase Manhattan Bank was created as a result of the merger.322323 The new company was headquartered at Chase National's previous building at 20 Pine Street,324325 immediately north of 40 Wall Street;326 soon afterward, Chase constructed a building at the neighboring 28 Liberty Street to serve as its headquarters.327 Meanwhile, several offices as well as a bank branch remained in 40 Wall Street.328

By 1956, the building's financial situation had improved considerably, and 40 Wall Street Corporation's $1,000 debentures were selling for $1,550.329 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.330331 Webb and Knapp also bought 32 percent of 40 Wall Street Corporation's stock,332333 eventually increasing their stake to two-thirds of the corporation's shares.334335 The firm attempted to sell 40 Wall Street in October 1957 for $15 million,336 but a New York Supreme Court justice enjoined the sale in November 1957 after several minority shareholders claimed the sale was illegal.337338

The corporation's stockholders voted in June 1959 to sell the building for no less than $17 million.339340 To reduce disagreements, a State Supreme Court justice ordered that an auction be held for the building.341 That October, stockholders held an auction for 40 Wall Street.342343 Zeckendorf submitted the highest bid, at $18.15 million, although there was only one other bidder.344345346 At the time, 40 Wall Street was believed to be the most valuable real-estate property ever to be auctioned in New York City.347 Webb & Knapp had spent $32 million to acquire the building;348 excluding the auction, the remainder of the cost was used to pay Chase and the Iselin estate.349

City & Central and Loeb, Rhoades operation

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.350 Chase Manhattan was relocating to its new headquarters at 28 Liberty Street,351352 and the Manufacturers Hanover Corporation was planning to relocate to the second through fifth floors, which Chase Manhattan was vacating.353354 That September, Webb and Knapp sold the leasehold to British investors City & Central Investments (later City Centre Properties) for $15 million.355356357 The sale was finalized in November 1960,358359 and City & Central acquired title that following month.360 The new operator renovated the interior and exterior.361362 Manufacturers Hanover moved to the building in 1962, relocating $24 billion in deposits to 40 Wall Street from its old headquarters at 70 Broadway.363

City Centre sold the leasehold to Loeb, Rhoades & Co., 40 Wall Street's largest tenant, in June 1966.364365 Other major tenants at the time included Bache & Co., which had rented 180,000 square feet (17,000 m2) by 1966.366 Manufacturers Hanover relocated many of its offices to 600 Fifth Avenue and 55 Water Street.367 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).368

1980s and early 1990s

In 1982, the property was purchased by a German investment group headed by Walter Hinneberg.369370 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.371372

Marcos family leasehold

At the end of 1982, Loeb, Rhoades & Co. sold the leasehold to a holding company;373 the Philippine dictator Ferdinand Marcos and his wife Imelda would be revealed as the real buyers in 1985.374375 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.376377378379 The operators planned to gild 40 Wall Street's roof.380 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".381 By February 1986, 40 Wall Street's leasehold, and three other buildings reportedly owned by the Marcoses, were placed for sale.382 Around that time, the Bernsteins were contemplating paying $250 million for 40 Wall Street and two of the other buildings.383384

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 1986,385386 and the building's future became uncertain.387 Citicorp, which had placed a mortgage on the building, indicated in December 1986 that it would foreclose on the property.388 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.389390 The Bernsteins alleged that they paid $235 million for 40 Wall Street, Herald Center, and the Crown Building,391392 but the Philippine government claimed that the sale was never finalized.393 The Saudi arms dealer Adnan Khashoggi also claimed to be involved with the building's purchase;394 he asserted that he had owned the building for several years before the Bernsteins' alleged purchase.395396 Khashoggi was subsequently accused of helping the Marcoses hide their stakes in their buildings,397 although he was acquitted of all racketeering charges in relation to the properties.398

Capital improvements to the building, including upgrades to its unreliable elevators, were suspended while legal proceedings were ongoing.399400 The Aquino administration attempted in early 1989 to sell the four Marcos properties to Morris Bailey for $398 million.401402 Federal district court judge Pierre N. Leval ordered a foreclosure sale of the Marcos properties in August 1989;403404 the Bailey group hoped that Citigroup would name them as the preferred bidders.405 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.406407 The second mortgage with Citicorp comprised $60 million of this total.408 The Bernstein brothers paid the $1.5 million down payment,409410 but they could not pay the remainder of the purchase price before the October 10, 1989, deadline.411412 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.413 This prompted a second auction of the building's leasehold.414415

Resnick operation and further issues

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 $100.416417418 By then, demand for real estate in Lower Manhattan had declined in the aftermath of Black Monday in 1987.419 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.420 Resnick decided in 1990 to spend $50 million on upgrades.421 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.422 The Resnicks were only able to upgrade the windows;423 they defaulted on their mortgage in 1991, and Citicorp took over the leasehold.424 Citicorp canceled financing for the renovation that year,425426427 citing concerns that tenants, including Manufacturers Hanover, which had moved from the lower stories of the building in 1982, might move out.428429

By the early 1990s, 40 Wall Street was 80 percent vacant.430431 The building's maintenance had declined to the point that tenants reported that they frequently waited 20 minutes for an elevator,432 and many interior spaces had been stripped to the steel frame.433 Homeless people were squatting in vacant floors because the building had limited security.434435 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.436 In 1992, Citicorp prepared to sell 40 Wall Street again;437438 the asking price was reportedly as low as $10 million.439440 The building's valuation had declined from $123 million in 1990 to $75 million in 1993.441 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.442

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".443 Citicorp auctioned off the building in May 1993;444445 the bank wrote down the building's value to zero.446 Hong Kong firm Glorious Sun considered buying the building but ultimately decided against it.447 Another group from Hong Kong, the consortium Kinson Properties, agreed to lease the property,448449 paying $8 million.450 Kinson planned to renovate the building for $60 million, including the lobby for $4 million and electrical and mechanical systems for $5–7 million.451 By the time Kinson sold the leasehold in 1995, little had been done to improve the property.452

Trump lease

In July 1995, real estate developer Donald Trump signed a letter of intent to buy Kinson's lease and spend $100 million on renovations.453454 The leasehold was transferred that December.455 There have been conflicting accounts about the price of the leasehold. The New York Times reported that Trump purchased the leasehold for $8 million,456 while Barron's cited the leasehold as having cost between $3 million and $5 million.457 In November 1995, Trump stated that he was buying the leasehold from Kinson for $100,000.458 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.459 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.460

Estimates of the building's worth also varied. City tax assessors had valued the building at $90 million by 2000461 and reported that the building was worth the same amount in 2004.462 While Trump estimated the building's worth at $1 billion in 2012,463 an external appraisal the same year valued the building at $220 million.464 Trump maintained in 2013 that the building was worth $530 million.465 Trump's lenders estimated that the building was worth $540 million in 2015 (though the Trump Organization gave a higher figure of $735 million),466 and Bloomberg News estimated the next year that 40 Wall Street was worth $550 million.467

1990s and 2000s

Trump spent $35 million refurbishing 40 Wall Street.468469470 Der Scutt Architects renovated the lobby,471 and the Trump Organization replaced several hundred windows, refurbished 30 elevator cabs, and added lights to illuminate the roof.472 He planned to convert the upper half of 40 Wall Street to residential space, leaving the bottom half as commercial space.473 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.474 Trump had planned to rent out some space as studio apartments and one- to three-bedroom apartments,475 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.476 By 1997, Trump was negotiating with hotel chains to occupy the lower stories of 40 Wall Street.477 Among these chains was Marriott International, which proposed operating a Ritz-Carlton hotel on either ten478 or twelve stories.479 At the time, the building was about 25 percent occupied.480

Trump canceled his plans to convert the upper floors to residential space, citing high costs.481 By 1998, almost all of the space in the building had been leased.482483 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.484 The same year, Trump obtained a $125 million mortgage loan for the building from several European banks.485486 Trump tried to sell the building in 2004, expecting offers in excess of $400 million,487 which did not materialize.488 The New York Times wrote in 2005 that the building had $145 million of debt.489 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.490

2010s to present

In early July 2011, Duane Reade opened its flagship drugstore branch inside the former banking space.491 40 Wall Street Ltd. transferred its ownership stake in the building to 40 Wall Street Holdings in 2014.492 According to Federal Election Commission applications filed during Trump's 2016 U.S. presidential campaign, Trump had an outstanding mortgage of over $50 million on the property.493 At the time, Trump leased the building for $1.65 million a year,494 and the Trump Organization paid $1 million annually in expenses and fees.495 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.496 Rental income from 40 Wall Street's commercial spaces increased from $30.5 million in 2014 to $43.2 million in 2018.497 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 2025.498

New York prosecutors had scrutinized several of the Trump Organization's properties by 2021, at the end of Trump's first presidency. They found 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.499 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 2015.500501 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.502 The building's Duane Reade location closed later that year due to increased shoplifting.503 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.504

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.505 By that April, the building's vacancy rate had increased to 21 percent,506 and the building's mortgage loan was scheduled to come due in 2025.507 The building had become a tourist attraction, and The Washington Post wrote that Trump's detractors sometimes came to the building to express their animosity.508 A reporter for Curbed wrote in late 2024 that 40 Wall Street was so controversial, even in the real estate industry, that few people in that industry were willing to publicly discuss the building's finances. At the time, the retail space and several floors were vacant.509

Reception and landmark designations

In February 1930, the Down Town League proclaimed 40 Wall Street the best building completed in Lower Manhattan during the preceding year.510511 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".512513 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".514515516 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."517

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".518 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".519 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."520

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.521 Five years later, on June 16, 2000, it was added to the National Register of Historic Places,522 largely for the same reason as the city designation.523 In 2007, the building was designated as a contributing property to the Wall Street Historic District,524 a NRHP district.525

See also

Notes

Citations

Sources

References

  1. "NYCityMap". NYC.gov. New York City Department of Information Technology and Telecommunications. Archived from the original on May 24, 2015. Retrieved March 20, 2020. http://maps.nyc.gov/ ↩

  2. National Park Service 2000, p. 3. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  3. "40 Wall Street, 10005". New York City Department of City Planning. Archived from the original on February 19, 2021. Retrieved September 8, 2020. https://zola.planning.nyc.gov/l/lot/1/43/2#16.58/40.707025/-74.007895 ↩

  4. National Park Service 2000, p. 8. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  5. Bankers' Magazine 1929, p. 2. - "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. https://www.proquest.com/docview/124385406 ↩

  6. "40 Wall Street, 10005". New York City Department of City Planning. Archived from the original on February 19, 2021. Retrieved September 8, 2020. https://zola.planning.nyc.gov/l/lot/1/43/2#16.58/40.707025/-74.007895 ↩

  7. National Park Service 2000, p. 3. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  8. National Park Service 2000, p. 3. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  9. Abramson 2001, p. 100. - Abramson, Daniel M. (2001). Skyscraper Rivals: The AIG Building and the Architecture of Wall Street. Princeton Architectural Press. ISBN 978-1-56898-244-1. ↩

  10. Bankers' Magazine 1929, p. 5. - "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. https://www.proquest.com/docview/124385406 ↩

  11. National Park Service 2000, p. 8. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  12. 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. 978-0-19538-386-7 ↩

  13. Landmarks Preservation Commission 1995, p. 4. - Manhattan Company Building (PDF) (Report). New York City Landmarks Preservation Commission. December 12, 1995. http://s-media.nyc.gov/agencies/lpc/lp/1936.pdf ↩

  14. National Park Service 2000, p. 8. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  15. Landmarks Preservation Commission 1995, p. 5. - Manhattan Company Building (PDF) (Report). New York City Landmarks Preservation Commission. December 12, 1995. http://s-media.nyc.gov/agencies/lpc/lp/1936.pdf ↩

  16. National Park Service 2000, p. 9. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  17. Abramson 2001, p. 79. - Abramson, Daniel M. (2001). Skyscraper Rivals: The AIG Building and the Architecture of Wall Street. Princeton Architectural Press. ISBN 978-1-56898-244-1. ↩

  18. 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. 978-0-19538-386-7 ↩

  19. National Park Service 2000, p. 10. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  20. Abramson 2001, p. 79. - Abramson, Daniel M. (2001). Skyscraper Rivals: The AIG Building and the Architecture of Wall Street. Princeton Architectural Press. ISBN 978-1-56898-244-1. ↩

  21. Landmarks Preservation Commission 1995, p. 6. - Manhattan Company Building (PDF) (Report). New York City Landmarks Preservation Commission. December 12, 1995. http://s-media.nyc.gov/agencies/lpc/lp/1936.pdf ↩

  22. National Park Service 2000, p. 10. - Historic Structures Report: Manhattan Company Building (PDF) (Report). National Register of Historic Places, National Park Service. June 16, 2000. https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf ↩

  23. Landmarks Preservation Commission 1995, p. 6. - Manhattan Company Building (PDF) (Report). New York City Landmarks Preservation Commission. December 12, 1995. http://s-media.nyc.gov/agencies/lpc/lp/1936.pdf ↩

  24. 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. 978-1-4384-6396-4 ↩

  25. Abramson 2001, p. 102. - Abramson, Daniel M. (2001). Skyscraper Rivals: The AIG Building and the Architecture of Wall Street. Princeton Architectural Press. ISBN 978-1-56898-244-1. ↩

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  37. Landmarks Preservation Commission 1995, p. 7. - Manhattan Company Building (PDF) (Report). New York City Landmarks Preservation Commission. December 12, 1995. http://s-media.nyc.gov/agencies/lpc/lp/1936.pdf ↩

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  252. 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.[135] /wiki/Metropolitan_Life_North_Building ↩

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  263. Although 40 Wall Street was the world's tallest completed building in May 1930,[26][1] the incomplete Chrysler Building had already reached its full height in 1929.[131] ↩

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  431. Pacelle, Mitchell (June 11, 1992). "Skyline Turning Hollow Near Wall Street: Vacancies Rise in Old Downtown New York Towers". The Wall Street Journal. p. A2. ISSN 0099-9660. ProQuest 135555688. /wiki/ISSN_(identifier) ↩

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  433. Pacelle, Mitchell (June 11, 1992). "Skyline Turning Hollow Near Wall Street: Vacancies Rise in Old Downtown New York Towers". The Wall Street Journal. p. A2. ISSN 0099-9660. ProQuest 135555688. /wiki/ISSN_(identifier) ↩

  434. Pacelle, Mitchell (June 11, 1992). "Skyline Turning Hollow Near Wall Street: Vacancies Rise in Old Downtown New York Towers". The Wall Street Journal. p. A2. ISSN 0099-9660. ProQuest 135555688. /wiki/ISSN_(identifier) ↩

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