The narrative surrounding 40 Wall Street’s height is steeped in urban legend, particularly its race to become the world’s tallest building. The late 1920s real estate boom was characterized by developers seeking publicity angles, and in 1929, a celebrated “race to the sky” ensued. The Chrysler Building, under construction in Midtown Manhattan, emerged as the main rival in this contest for height supremacy.
Adding fuel to the competitive fire was the professional history between Craig Severance and William Van Alen, the Chrysler Building’s architect. Having recently dissolved their partnership, the race between their respective towers became a captivating media spectacle. Both structures rapidly ascended, with their steel frames topping out within the same year. Ultimately, Van Alen and the Chrysler Building claimed victory by secretly erecting an 185-foot aluminum spire within the building’s fire shaft. After 40 Wall Street had reached its planned height, this hidden spire was dramatically hoisted into place, extending the Chrysler Building to 1,046 feet and seizing the coveted title of world’s tallest.
Despite being bested in the height competition, 40 Wall Street commenced its operational life. However, its opening coincided with the devastating Stock Market Crash of 1929, leading to a challenging start. Many prospective tenants reneged on their leases, resulting in significant vacancy rates. It wasn’t until 1944, nearly fifteen years post-construction, that 40 Wall Street achieved full occupancy. Misfortune continued to plague the building. In 1946, an Army transport plane, disoriented in fog en route to Newark Airport, tragically crashed into the fifty-eighth floor of 40 Wall Street, claiming the lives of all five individuals on board.
By 1992, 40 Wall Street was in dire need of renovation, suffering from eighty-nine percent vacancy. The Trump Organization acquired the property for less than eight million dollars. Through substantial investment and revitalization efforts, 40 Wall Street experienced a resurgence, achieving strong tenancy rates from the late 1990s onwards.
To delve deeper into the rich history of this area, explore the exhibition The Rise of Wall Street.
