The iconic silhouette of 40 Wall Street Manhattan, known in its early days as the Manhattan Company Building and later as the Trump Building, is a fixture of the New York City skyline. Completed in 1930, this skyscraper was conceived in an era of exuberant ambition and fierce competition, embodying the spirit of the Roaring Twenties and the burgeoning skyscraper race.
The genesis of 40 Wall Street Manhattan lies in the vision of the 40 Wall Street Corporation, established in 1929. Their primary goal was to erect a towering structure that would serve as the headquarters for the Manhattan Company, also known as the Bank of Manhattan. Key figures in this ambitious project included investors from the Starrett Corporation. This company, owned by the Starrett Brothers & Eken, also took on the crucial role of general contractors, showcasing a vertically integrated approach to construction.
The architectural vision for 40 Wall Street Manhattan was brought to life by Craig Severance, the lead architect, in collaboration with associated architect Yasuo Matsui. Their design philosophy favored a restrained yet elegant aesthetic. They opted for a setback skyscraper design, a common feature of the era, characterized by tiered sections that recede as the building ascends. The facade was designed with raised brick patterns and subtle cast stone ornamentation. Crowning this impressive structure was an elaborate spire and crown, rendered in the ornate French Gothic style, adding a touch of historical grandeur to the modern skyscraper.
The construction of 40 Wall Street Manhattan became intrinsically linked to the legendary “race to the sky” of 1929. In the booming real estate market of the late 1920s, developers recognized the public relations value of constructing the world’s tallest building. This ambition ignited a thrilling competition, with the Chrysler Building, spearheaded by architect William Van Alen, emerging as the main rival.
Adding personal rivalry to the architectural competition was the recent split between Craig Severance and William Van Alen. The former partners were now vying for the title of tallest building, fueling media frenzy and public interest. The press avidly covered the progress of both 40 Wall Street Manhattan and the Chrysler Building as they rapidly ascended. Within a year of laying their first steel columns, both buildings were nearing completion.
Despite 40 Wall Street Manhattan initially claiming the height victory upon topping out at 927 feet, William Van Alen had a secret weapon. He had discreetly constructed a 185-foot aluminum spire within the Chrysler Building’s fire shaft. In a dramatic move, this spire was hoisted into place after 40 Wall Street Manhattan had reached its apparent final height. This maneuver propelled the Chrysler Building to a final height of 1046 feet, snatching the coveted title of world’s tallest building.
Despite losing the height race, 40 Wall Street Manhattan opened its doors, but unfortunately, its early years were marred by misfortune. Opening shortly after the Stock Market Crash of 1929, the building faced significant challenges in attracting tenants. Many prospective occupants backed out of their leases amidst the economic downturn. It wasn’t until 1944, nearly fifteen years after its completion, that 40 Wall Street Manhattan finally reached full occupancy.
Tragedy struck again in 1946 when an army transport plane, disoriented in heavy fog en route to Newark Airport, crashed into the 58th floor of 40 Wall Street Manhattan. The accident resulted in the deaths of all five individuals on board, adding another somber chapter to the building’s history.
By 1992, 40 Wall Street Manhattan had fallen into disrepair, plagued by vacancy rates as high as eighty-nine percent. Recognizing an opportunity, the Trump Organization acquired the landmark building for a mere eight million dollars. Under Donald Trump’s ownership, significant investment was poured into extensive renovations and modernization efforts. These revitalization efforts proved successful, and by the late 1990s, 40 Wall Street Manhattan was once again a sought-after address, boasting high occupancy rates and reaffirming its status as a prominent fixture in the Financial District.
Today, 40 Wall Street Manhattan stands not only as an architectural marvel but also as a testament to resilience and reinvention. Its history reflects the highs and lows of New York City and Wall Street itself, from the roaring optimism of the 1920s to the challenges of the Great Depression and beyond. Its story continues to captivate, offering a compelling glimpse into the dynamic forces that have shaped the iconic Manhattan skyline.
To delve deeper into the history of this remarkable structure and its place in the context of Wall Street’s development, explore the exhibition The Rise of Wall Street at the Skyscraper Museum.
