View source for 40 Wall Street

{{Short description|Office skyscraper in Manhattan, New York}}
{{About|the building in Lower Manhattan sometimes called the Trump Building|the building in Midtown Manhattan|Trump Tower|other buildings named after Donald Trump|Trump Tower (disambiguation)}}
{{Featured article}}
{{Use American English|date=March 2024}}
{{Use mdy dates|date=May 2025}}
{{Infobox building
| name             = 40 Wall Street
| alternate_names  = Trump Building, Manhattan Company Building
| logo             = 40 Wall Street logo.svg
| logo_size        = 250
| image            = 40 Wall Street.jpg
| image_alt        = 40 Wall Street as seen in December 2005. The building has a masonry facade with narrow vertical bays of windows. There is a green pyramidal roof at the top.
| image_size       = 250
| caption          = 40 Wall Street in December 2005
| location         = 40 Wall Street<br />[[Manhattan]], New York, U.S.
| mapframe-wikidata = yes
| coordinates      = {{Wikidatacoord|Q218305|type:landmark_region:US-NY|display=inline,title}}
| start_date       = {{start date and age|1929|05}}
| topped_out_date  = {{start date and age|1929|11|13}}
| completion_date  = {{start date and age|1930|05|01}}<ref name="Hoster" />
| opening          = {{start date and age|1930|05|26}}
| owner            = 40 Wall Street Holdings Corp<ref name="ZoLa" />
| landlord         = [[The Trump Organization]]
| architect        = [[H. Craig Severance]] (main architect)<br />[[Yasuo Matsui]] (associate architect)<br />[[Shreve, Lamb & Harmon|Shreve & Lamb]] (consulting architect)
| floor_area       = {{cvt|1,111,675|ft2|m2}}
| top_floor        = {{cvt|836|ft|m}}
| floor_count      = 70 (+2 below ground)
| references       = <ref name="skyscraperCenter" /><ref name="Emporis" />
| highest_prev     = [[Woolworth Building]]
| highest_start    = November 13, 1929
| highest_end      = May 27, 1930{{efn|name=completed-tallest}}
| highest_reflabel = talleststatus
| highest_next     = [[Chrysler Building]]
| architectural_style = [[Neo-Gothic]]
| architectural    = {{cvt|927|ft|m}}
| elevator_count   = 36
| website          = {{URL|https://40wallstreet.com/}}
| nrhp             = {{Infobox NRHP
| embed                    = yes
| name                     = Manhattan Company Building
| nrhp_type                = nrhp
| nrhp_type2               = indcp
| partof                   = [[Wall Street Historic District (Manhattan)|Wall Street Historic District]]
| partof_refnum            = 07000063<ref name="Howe">{{cite web |url=https://catalog.archives.gov/id/75320043 |title=National Register of Historic Places Registration Form: Wall Street Historic District |last1=Howe |first1=Kathy |last2=Robins |first2=Anthony |date=August 3, 2006 |publisher=[[National Register of Historic Places]] |access-date=July 7, 2024 |via=[[National Archives (United States)|National Archives]] |archive-date=July 8, 2024 |archive-url=https://web.archive.org/web/20240708183452/https://catalog.archives.gov/id/75320043 |url-status=live }}</ref>
| designated_nrhp_type2    = February 20, 2007
| nocat                    = yes
| designated_other1 = New York State Register of Historic Places
| designated_other1_abbr = NYSRHP
| designated_other1_date = April 5, 2000<ref name="Cultural Resource Information System">{{cite web |title=Cultural Resource Information System (CRIS) |publisher=[[New York State Office of Parks, Recreation and Historic Preservation]] |date=November 7, 2014 |url=https://cris.parks.ny.gov/ |access-date=July 20, 2023}}</ref>
| designated_other1_number = 06101.008193
| designated_other1_num_position = bottom
| designated_other2_name   = New York City Landmark
| designated_other2_abbr   = NYCL
| designated_other2_link   = New York City Landmarks Preservation Commission
| designated_other2_color  = #FFE978
| designated_other2_number = 1936
| designated_other2_date   = December 12, 1995<ref name="NYCL p. 1">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=1}}</ref>
| location                 = 40 [[Wall Street]], New York, NY
| built                    = 1929–1930
| architect                = [[H. Craig Severance]], [[Yasuo Matsui]], et al.
| architecture             = Skyscraper
| added                    = June 16, 2000<ref name="nris" />
| area                     = less than one acre
| refnum                   = 00000577<ref name="nris" />
 }}
}}

'''40 Wall Street''' (also the '''Trump Building'''; formerly the '''Bank of Manhattan Trust Building''' and '''Manhattan Company Building''') is a {{Convert|927|ft|m|-tall|adj=mid}} [[Gothic Revival architecture|neo-Gothic]] skyscraper on [[Wall Street]] between [[Nassau Street (Manhattan)|Nassau]] and [[William Street (Manhattan)|William]] streets in the [[Financial District, Manhattan|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 & Harmon|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 (Manhattan)|Wall Street Historic District]], an NRHP district.

The building is on an L-shaped site. While the lower section has a [[facade]] of [[limestone]], the upper stories incorporate a [[buff (colour)|buff]]-colored brick facade and contain numerous [[Setback (architecture)|setbacks]]. The facade also includes [[spandrel]]s between the windows on each story, which are recessed behind the vertical [[Pier (architecture)|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 [[List of tallest buildings in the world|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 estate|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 ==
40 Wall Street is in the [[Financial District, Manhattan|Financial District]] of [[Manhattan]] in [[New York City]], New York, U.S. It occupies the middle of the block bounded by Pine Street to the north, [[William Street (Manhattan)|William Street]] to the east, [[Wall Street]] to the south, and [[Nassau Street (Manhattan)|Nassau Street]] to the west. The site is L-shaped, with a longer facade on Pine Street than on Wall Street.<ref name="NYCityMap">{{Cite web |url=http://maps.nyc.gov/ |title=NYCityMap |website=NYC.gov |publisher=[[New York City Department of Information Technology and Telecommunications]] |access-date=March 20, 2020 |archive-date=May 24, 2015 |archive-url=https://archive.today/20150524114059/http://maps.nyc.gov/ |url-status=live}}</ref><ref name="NPS p. 3">{{harvnb|National Park Service|2000|ps=.|p=3}}</ref><ref name="ZoLa">{{Cite web |title=40 Wall Street, 10005 |url=https://zola.planning.nyc.gov/l/lot/1/43/2#16.58/40.707025/-74.007895 |access-date=September 8, 2020 |publisher=[[New York City Department of City Planning]] |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219214852/https://zola.planning.nyc.gov/l/lot/1/43/2#16.58/40.707025/-74.007895 |url-status=live}}</ref> The lot measures {{Convert|209|ft|}} on Pine Street and {{cvt|150|ft|}} on Wall Street.<ref name="NPS p. 8">{{harvnb|National Park Service|2000|ps=.|p=8}}</ref> Originally, the site measured {{cvt|194|ft}} on Pine Street and 150 feet on Wall Street.<ref name="BM (1929) p. 2">{{harvnb|Bankers' Magazine|1929|ps=.|p=2}}</ref> The lot has a total area of {{convert|34360|ft2}}.<ref name="ZoLa"/>

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.<ref name="NPS p. 3" /> 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.<ref name="NPS p. 3" /><ref name="Abramson p. 100">{{Harvnb|Abramson|2001|ps=.|page=100}}</ref>

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 National Bank|Gallatin Bank]] Building at 34–36 Wall Street, designed by [[J. Cleaveland Cady|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.<ref name="BM (1929) p. 5">{{harvnb|Bankers' Magazine|1929|ps=.|p=5}}</ref>

== Architecture ==
[[File:40 Wall Street Manhattan New York City.jpg|thumb|Photo of the Manhattan Company Building {{Circa|1930}}|alt=A black-and-white photo of the Manhattan Company Building, taken around 1930 by photographer Irving Underhill]]

The building was designed by lead architect [[H. Craig Severance]], associate architect [[Yasuo Matsui]], and consulting architects [[Shreve, Lamb & Harmon|Shreve & Lamb]].<ref name="NPS p. 8" /><ref name="AIA">{{Cite aia5|page=18}}</ref><ref name="NYCL p. 4">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=4}}</ref> Moran & Proctor were consulting engineers for the foundation,<ref name="NPS p. 8" /><ref name="NYCL p. 5">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=5}}</ref> the [[Starrett Corporation]] was the builder,<ref name="NPS p. 9">{{harvnb|National Park Service|2000|ps=.|p=9}}</ref><ref name="Abramson p. 79">{{harvnb|Abramson|2001|ps=.|p=79}}</ref> and [[Purdy and Henderson, Engineers|Purdy and Henderson]] were the structural engineers.<ref name="AIA" /> The interior was designed by Morrell Smith with [[Walker & Gillette]].<ref name="NPS p. 10">{{harvnb|National Park Service|2000|ps=.|p=10}}</ref> Many engineers and contractors were involved in various other aspects of the building's construction.<ref name="Abramson p. 79" />

The [[New York City Landmarks Preservation Commission]] has described 40 Wall Street's [[facade]] as having "modernized French Gothic" features.<ref name="NYCL p. 6"/> The building's [[massing]] largely conforms to the [[Art Deco]] style, though there are also abstract shapes and elements of [[classical architecture]].<ref name="NPS p. 10" /><ref name="NYCL p. 6">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=6}}</ref><ref name="Robins2017">{{Cite New York Art Deco|page=20}}</ref> 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.<ref name="Abramson p. 102">{{harvnb|Abramson|2001|ps=.|p=102}}</ref> 40 Wall Street is 70 stories tall, with two additional basement stories.<ref name="skyscraperCenter">{{cite web |title=The Trump Building |work=The Skyscraper Center |publisher=Council on Tall Buildings and Urban Habitat – CTBUH |date=December 16, 2009 |url=http://www.skyscrapercenter.com/building/wd/619 |access-date=May 19, 2023 |archive-date=May 22, 2023 |archive-url=https://web.archive.org/web/20230522124739/https://www.skyscrapercenter.com/building/wd/619 |url-status=live }}</ref><ref name="Emporis" />{{efn|According to the [[New York City Department of City Planning]], the building contains 63 stories.<ref name="ZoLa"/><ref>{{cite web |author=Deutsche Mortgage & Asset Receiving Corporation |publisher=[[U.S. Securities and Exchange Commission]] |title=Free Writing Prospectus Structural and Collateral Term Sheet |date=July 20, 2015 |url=https://www.sec.gov/Archives/edgar/data/1013454/000153949715001085/n504_x3.htm |access-date=February 4, 2021 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331174355/https://www.sec.gov/Archives/edgar/data/1013454/000153949715001085/n504_x3.htm |url-status=live}}</ref>}} The building's pinnacle reaches {{convert|927|ft|m}}, which made it the [[World's tallest structures|world's tallest building]] for one month upon its completion.<ref>{{cite web |url=http://ctbuh.org/AboutCTBUH/History/MeasuringTall/tabid/1320/language/en-US/Default.aspx |title=The History of Measuring Tall Buildings |publisher=Council on Tall Buildings and Urban Habitat |access-date=May 3, 2012 |archive-url=https://web.archive.org/web/20120410072709/http://www.ctbuh.org/AboutCTBUH/History/MeasuringTall/tabid/1320/language/en-US/Default.aspx |archive-date=April 10, 2012}}</ref><ref name="Stichweh2009">{{cite book |last=Stichweh |first=Dirk |title=New York Skyscrapers |publisher=[[Prestel Publishing]] |year=2016 |isbn=978-3-7913-8226-5 |page=17 |oclc=923852487}}</ref>

=== 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]].<ref name="NYCL p. 6" /> The building is [[Articulation (architecture)|articulated]] into three horizontal sections similar to the components of a [[column]], namely a base, shaft, and [[Capital (architecture)|capital]].<ref name="NYCL p. 6" /><ref name="Abramson p. 100" /> 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.<ref name="NPS p. 4">{{harvnb|National Park Service|2000|ps=.|p=4}}</ref><ref name="NYCL p. 7" /> The 7th through 35th stories occupy nearly the entire lot.<ref name="NPS p. 3" /><ref name="NYCL p. 7" /> Above the 35th story, the building rises as a smaller, square tower through the 62nd story.<ref name="NYCL p. 7" /><ref>{{harvnb|National Park Service|2000|ps=.|pp=3–4}}</ref>

40 Wall Street has several [[Setback (architecture)|setbacks]] to conform with New York City's [[1916 Zoning Resolution]].<ref name="NYCL p. 6" /> 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]].<ref name="NYCL p. 8" />

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.<ref name="NYCL p. 8" />

=== 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.<ref name="Abramson p. 77">{{harvnb|Abramson|2001|ps=.|p=77}}</ref> In general, the facade is composed of [[Buff (colour)|buff]]-colored brick, as well as decorative elements made of [[terracotta]] and buff brick. The vertical [[Bay (architecture)|bays]], which contain the building's windows, are separated by piers.<ref name="NPS p. 4" /><ref name="NYCL p. 7" /> The piers are flat, a characteristic of the Art Deco style.<ref name="Robins2017" /> [[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.<ref name="NPS p. 4" /><ref name="NYCL p. 7" /> The building's window openings, initially composed of one-over-one [[sash window]]s, were later replaced by numerous types of window-pane arrangements or by louvers.<ref name="NYCL p. 7" />

==== Base ====
[[File:40 Wall Str Trump Building IMG 2031.jpg|thumb|Wall Street facade|alt=The facade of the building as seen from Wall Street. The first story is clad with granite and has several openings; the words "Trump Building" are visible above the granite columns. Above the first story are several floors of windows, which are separated by vertical stone piers.]]
The first through sixth stories contain a limestone-and-granite facade. On the first story, the podium on the facade's Wall Street [[Elevation (architecture)|elevation]] is made of granite. The second- to fifth-floor facades on both sides consist of a [[colonnade]] with [[pilaster]]s made of limestone.<ref name="NPS p. 3" /><ref name="NYCL p. 6" /> 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]]).<ref name="Abramson p. 100" />

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.<ref name="NYCL p. 7" /> Double-height bronze and glass windows spanned the second and third floors, while cast-iron windows were on the fourth through sixth floors.<ref name="NYCL p. 8">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=8}}</ref> Above the central entrance was [[Elie Nadelman]]'s ''Oceanus'' sculpture (also called ''Aquarius'');<ref>{{Cite news |date=April 26, 1930 |title=Oceanus Adorns Facade; New Skyscraper for Bank of Manhattan Building Gets Statue |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1930/04/26/archives/oceanus-adorns-facade-new-skyscraper-for-bank-of-manhattan-building.html |issn=0362-4331 |access-date=March 31, 2021 |page=30}}{{cbignore}}</ref><ref name="NYCL p. 7" /> the sculpture was a {{convert|10|ft|m|-long|adj=mid}} bronze depiction of [[Oceanus]], a Greek [[Titans|Titan]] pictured on a 19th-century [[stock certificate]] issued by the Manhattan Company.<ref name="Abramson p. 101">{{harvnb|Abramson|2001|ps=.|p=101}}</ref> The ''Oceanus'' sculpture was removed prior to 1973.<ref>{{cite book |last=Kirstein |first=Lincoln |url=https://archive.org/details/elienadelman0000kirs |url-access=registration |title=Elie Nadelman |publisher=Eakins Press |year=1973 |page=[https://archive.org/details/elienadelman0000kirs/page/n233 230] |isbn=978-0-87130-034-8}}</ref> 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.<ref name="NYCL pp. 7-8">{{harvnb|Landmarks Preservation Commission|1995|ps=.|pp=7–8}}</ref> By 1995, the entrance had been reconfigured with seven bronze rectangular doors and three revolving doors, recessed behind the main facade.<ref name="NYCL p. 8" /> Letters reading "The Trump Building" are placed above the first floor,<ref name="Bloomberg 2016" /> while the fourth floor has a pair of flagpoles.<ref name="NYCL p. 8" />

The Pine Street elevation is arranged similarly to the Wall Street elevation and was likewise redesigned from 1961 to 1963.<ref name="NYCL p. 8" /> The Pine Street elevation rises above a low [[stylobate]], in contrast to the Wall Street elevation, which rises above a podium.<ref name="Abramson p. 100" /> A {{Convert|6|ft|m|-diameter|adj=mid}} clock was on the Pine Street facade from 1967 to 1993. This portion of the facade consists of either 10<ref name="Abramson p. 100" /> or 11 bays.<ref name="NYCL p. 8" /> 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.<ref name="NYCL p. 8" />

==== 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.<ref name="NYCL p. 8" /> On the 36th through 62nd stories, there are brick spandrels between the windows on each story.<ref name="NPS p. 4" /><ref name="NYCL p. 8" /> The spandrels on the 52nd through 57th floors are made of terracotta; on the 58th through 60th floors, terracotta with [[buttress]]es; and on the 61st and 62nd floors, darker bricks with pediments and rhombus patterns.<ref name="NPS p. 4" />

The building's pyramidal roof is made of lead-coated copper, which over time has oxidized and turned green.<ref name="Nash 2005">{{cite book |last=Nash |first=Eric |title=Manhattan Skyscrapers |url=https://archive.org/details/manhattanskyscra00nash_0 |url-access=registration |publisher=Princeton Architectural Press |year=2005 |isbn=978-1-56898-652-4 |publication-place=New York |pages=59 |oclc=407907000}}</ref><ref name="Abramson p. 78">{{harvnb|Abramson|2001|ps=.|p=78}}</ref> 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.<ref name="Nash 2005" /> The decorations on the roof include [[Diapering|diaperwork]] patterns, where the brickwork is laid in a repeating diagonal grid pattern; terraces, which are supported by buttresses; and small dormer windows.<ref name="Abramson pp. 101–102">{{harvnb|Abramson|2001|ps=.|pp=101–102}}</ref> There is a cornice surrounding the roof.<ref name="NPS p. 4" /> On top is a spire with a flagpole and a glass lantern.<ref name="NYCL p. 8" /><ref name="Abramson pp. 101–102" />

=== Features ===
The building's frame is made of steel.<ref name="NPS p. 3" /> The superstructure contains eight main columns, each of which weighs {{Convert|22|ST|LT t}} and can carry loads of up to {{Convert|4.6|e6lb|e6kg|abbr=unit}}.<ref name="nyt19290711">{{Cite news |url=https://www.nytimes.com/1929/07/11/archives/gold-rivet-in-building-wa-starrett-and-re-jones-lead-bank-of.html |title=Gold Rivet in Building; W.A. Starrett and R.E. Jones Lead Bank of Manhattan Ceremony. |date=July 11, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=12 |url-access=subscription}}{{cbignore}}</ref> 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;<ref name="NYCL p. 6" /> {{as of|2020|lc=y}}, there are 36 elevators.<ref name="skyscraperCenter" /> When 40 Wall Street was completed, it could accommodate 10,000 employees.<ref name="Abramson p. 156">{{harvnb|Abramson|2001|ps=.|p=156}}</ref>

==== 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 [[Molding (decorative)|moldings]], pilasters, columns, and heavy doorframes.<ref name="Abramson p. 142">{{harvnb|Abramson|2001|ps=.|p=142}}</ref> 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.<ref name="Abramson p. 138">{{harvnb|Abramson|2001|ps=.|p=138}}</ref> There was also space for brokerage-house messengers.<ref name="Abramson p. 132">{{harvnb|Abramson|2001|ps=.|p=132}}</ref><ref name="p1113725425">{{cite news |date=May 26, 1930 |title=Manhattan Co. Returns Today To 40 Wall St: Opens Its Skyscraper Banking Home With Luncheon and Formal Ceremonies |page=31 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113725425}}}}</ref> A wide, [[marble]] [[Stairs|staircase]] from the ground level led up to the main banking room on the second floor.<ref name="Abramson p. 132" /> The modern design of the lobby dates to a 1990s renovation by [[Der Scutt]].<ref name="Emporis" /><ref name="Nash 2005" /> Following Scutt's renovation, the lobby was redecorated with bronze and marble surfaces.<ref name="Nash 2005" /><ref name="p398717719">{{cite news |last=Trachtenberg |first=Jeffrey A. |date=October 4, 1996 |title=Manhattan's Downtown on the Rebound |page=B10 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398717719}}}}</ref> The lobby also has [[escalator]]s to the second floor.<ref name="NPS p. 4" />

The main banking room, a double-height space measuring {{Convert|150|by|185|ft}}, was on the second floor.<ref name="SU-Opens-1930">{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49650195/ |title=Manhattan Co. Greets Guests in Skyscraper |date=May 26, 1930 |work=Brooklyn Standard Union |access-date=April 9, 2020 |page=7 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225500/https://www.newspapers.com/clip/49650195/manhattan-co-greets-guests-in/ |url-status=live}}</ref><ref name="p1113725425" /> The room could be accessed from ground level<ref name="Abramson p. 131">{{harvnb|Abramson|2001|ps=.|p=131}}</ref> or directly from Pine Street.<ref name="NPS p. 4" /><ref name="Abramson p. 131" /> The Pine Street entrance had a foyer with two pairs of octagonal, black marble [[Ionic order|Ionic columns]],<ref name="NPS p. 4" /> while the Wall Street side of the room was supported by veined octagonal columns.<ref name="Abramson p. 132" /> The room itself consists of a main hall below five [[groin vault]]s, flanked by [[Arcade (architecture)|arcades]] that lead into smaller vaulted spaces.<ref name="NPS p. 4" /> In the main hall were desks for tellers.<ref name="Abramson p. 132" /><ref name="p1113725425" /> 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.<ref name="Abramson pp. 132–133">{{harvnb|Abramson|2001|ps=.|pp=132–133}}</ref> The walls were once decorated with three murals by [[Ezra Winter]], depicting various scenes from the history of the Financial District;<ref name="p226290176">{{Cite news |date=August 6, 1930 |title=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 |page=11 |work=New York Amsterdam News |id={{proQuest|226290176}}}}</ref><ref name="p2133386901">{{cite magazine |date=July 1, 1930 |title=The First New York Stock Exchange: Mural by Ezra Winter |magazine=Town and Country |volume=85 |issue=4035 |pages=50–51 |id={{ProQuest|2133386901}}}}</ref> Winter's murals have since been removed.<ref name="NPS p. 4" /> The second floor was occupied by a [[Duane Reade]] convenience store from 2011<ref>{{Cite web |last=Slotnik |first=Daniel E. |date=July 5, 2011 |title=At Duane Reade's Newest Outpost, Sushi and Hairstyling |url=https://cityroom.blogs.nytimes.com/2011/07/05/at-duane-reades-newest-outpost-sushi-and-hairstyling/ |url-status=live |archive-url=https://web.archive.org/web/20200127150758/https://cityroom.blogs.nytimes.com/2011/07/05/at-duane-reades-newest-outpost-sushi-and-hairstyling/ |archive-date=January 27, 2020 |access-date=April 30, 2020 |website=City Room }}</ref> to 2023.<ref name="Bratton 2023 i254">{{cite web | last=Bratton | first=Laura | title=A Glitzy Duane Reade Pharmacy In Trump's Wall Street Tower Closes As Thefts Surge | website=The Messenger | date=September 18, 2023 | url=https://themessenger.com/business/a-glitzy-duane-reade-pharmacy-in-trumps-wall-street-tower-closes-as-thefts-surge | access-date=October 16, 2023 | archive-date=October 11, 2023 | archive-url=https://web.archive.org/web/20231011222447/https://themessenger.com/business/a-glitzy-duane-reade-pharmacy-in-trumps-wall-street-tower-closes-as-thefts-surge | url-status=dead }}</ref>

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.<ref name="NPS p. 4" /> 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.<ref name="NPS p. 5">{{harvnb|National Park Service|2000|ps=.|p=5}}</ref>

Stairs from the ground level led to the two basement stories, where the Manhattan Company's vaults were located.<ref name="NPS p. 5" /> 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 {{convert|85|ST|LT t|adj=on}} door, was below the Manhattan Company's vault.<ref name="p1113725425" />

==== Upper stories ====
On the fourth floor was the boardroom of the Manhattan Company, designed in the [[Georgian architecture|Georgian]] style as [[Independence Hall replicas and derivatives|an imitation]] of [[Independence Hall]]'s Signers' Room.<ref name="NPS p. 5" /><ref name="p1113725425" /><ref name="Abramson p. 125">{{harvnb|Abramson|2001|ps=.|p=125}}</ref> It contained several elements of the [[Doric order]], such as columns, pilasters, and a [[frieze]].<ref name="NPS p. 5" /><ref name="Abramson p. 125" /> Wooden doors and fireplaces with [[segmental arch]]es were on the eastern wall, while false windows were on the western wall.<ref name="NPS p. 5" /> The space also included a fireplace, [[Thomas Chippendale|Chippendale]] furniture, and a blue rug.<ref name="Abramson p. 125" /> According to the Manhattan Company's magazine, the boardroom's design "recaptured the artistic spirit of the days of ... [the company's] founding".<ref name="Abramson pp. 125–127">{{harvnb|Abramson|2001|ps=.|pp=125–127}}</ref>

The offices of the Manhattan Company's officers overlooked the Wall Street entrance.<ref name="Abramson p. 123">{{harvnb|Abramson|2001|ps=.|p=123}}</ref> 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".<ref name="Abramson p. 124">{{harvnb|Abramson|2001|ps=.|p=124}}</ref> The sixth floor housed a trading floor for the [[International Manhattan Company, Inc.]]<ref name="p1113725425" /> 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".<ref name="Abramson p. 91">{{harvnb|Abramson|2001|ps=.|p=91}}</ref> 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.<ref name="Abramson p. 91" />

The 26th and 27th stories housed the Luncheon Club of Wall Street, a [[Gentlemen's club|members-only private club]],<ref name="Abramson p. 157">{{harvnb|Abramson|2001|ps=.|p=157}}</ref> built upon the suggestion of William A. Starrett, the building's general contractor.<ref name="Abramson p. 194">{{harvnb|Abramson|2001|ps=.|p=194}}</ref> 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.<ref name="Abramson p. 157" /> The 55th floor was entirely occupied by the Manhattan Company's officers' club, which included a dining room.<ref name="p1113725425" /><ref name="SU-Opens-1930" /> The officers' club was designed in a Colonial style with [[Windsor chair]]s, a fireplace, and a ceiling with fake wood beams.<ref name="Abramson p. 128">{{harvnb|Abramson|2001|ps=.|p=128}}</ref> Another members-only dining club, the Rookery Club, was located on the 58th story.<ref name="Abramson p. 157" /><ref>{{Cite news |date=August 17, 1930 |title=Sky-High Lunch Clubs |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1930/08/17/archives/skyhigh-lunch-clubs.html |access-date=January 31, 2023 |issn=0362-4331 |page=110}}{{cbignore}}</ref> The Bank of Manhattan Building had an observation deck on the 69th and 70th floors, {{Convert|836|ft|m}} above the street; it could fit up to 100 people.<ref>{{Cite news |date=June 1, 1930 |title=Tower Rises 836 Feet; Lofty Observation Floor in Bank of Manhattan Building |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1930/06/01/archives/tower-rises-836-feet-lofty-observation-floor-in-bank-of-manhattan.html |access-date=April 27, 2020 |issn=0362-4331 |page=RE1}}{{cbignore}}</ref> The observation deck was closed to the public sometime after [[World War II]].<ref name="AIA" />

== 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 [[The Bank of New York Mellon|Bank of New York]], which previously held a monopoly over banking in New York City.<ref name="NYCL p. 3" /><ref name="NPS p. 7">{{harvnb|National Park Service|2000|ps=.|p=7}}</ref><ref>{{Cite news |last=Schulz |first=Bill |date=July 29, 2016 |title=Hamilton, Burr and the Great Waterworks Ruse |work=The New York Times |url-access=limited |url=https://www.nytimes.com/2016/07/31/nyregion/hamilton-burr-and-the-great-waterworks-ruse.html |access-date=April 30, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20191030192845/https://www.nytimes.com/2016/07/31/nyregion/hamilton-burr-and-the-great-waterworks-ruse.html |archive-date=October 30, 2019 |url-status=live}}</ref> The Manhattan Company was headquartered at a [[row house]] at 40 Wall Street,<ref name="p1113725425" /><ref name="SU-Opens-1930" /> which was the company's "office of discount and deposit".<ref name="NYCL p. 3" /> The bank remained on the site until the present skyscraper was constructed.<ref name="p1256738766">{{cite news |date=April 26, 1942 |title=Bank of Manhattan Company On Same Ground, Since 1799 |page=C1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1256738766}}}}</ref> By the early 20th century, the company was growing quickly, having acquired numerous other banks.<ref name="NYCL p. 3" /><ref name="NPS p. 7" /><ref name="NNS1920">{{cite book |url=https://books.google.com/books?id=jktOAAAAYAAJ&pg=PA265 |title=The Commercial and Financial Chronicle |date=1920 |publisher=National News Service |page=265  |access-date=January 10, 2020 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331173352/https://books.google.com/books?id=jktOAAAAYAAJ&pg=PA265 |url-status=live}}</ref>

=== Development ===

==== Planning ====
The idea for the current skyscraper was devised by banker George L. Ohrstrom,<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1955/11/11/archives/g-l-0hrstrom-6i-fihci-dead-industrialist-and-horseman-downed-last-g.html |title=G. L. Ohrstrom, Financier, Dead; Industrialist and Horseman Downed Last German Plane in World War I Combat |date=November 11, 1955 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=25}}{{cbignore}}</ref><ref name="nyht19290410">{{cite news |title=Banker at 34 to Build Highest Structure Here |date=April 10, 1929 |page=14 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1111573382}}}}</ref><ref>{{harvnb|Levinson|1961|ps=.|p=230}}</ref> who began acquiring land for the building in 1928<ref name="NYCL p. 3">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=3}}</ref> under the auspices of 36 Wall Street Corporation.<ref>{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=9}}</ref> Stakeholders in the corporation included Ohrstrom and the builders, Starrett Brothers (later Starrett Corporation).<ref>{{cite web |url=http://old.skyscraper.org/TALLEST_TOWERS/t_manco.htm |title=Manhattan Company |publisher=The Skyscraper Museum |access-date=April 26, 2020 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172744/https://old.skyscraper.org/TALLEST_TOWERS/t_manco.htm |url-status=live}}</ref><ref name="NYCL p. 2" /> In September 1928, 36 Wall Street Corporation acquired 34–36 Wall Street under a 93-year lease from the [[Adrian Iselin Jr.|Iselin family]]. At the time, the syndicate hoped to build a 20-story building.<ref>{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49617527/ |title=Among the Millions |date=September 8, 1928 |work=New York Daily News |issn=2692-1251 |access-date=April 26, 2020 |page=74 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225441/https://www.newspapers.com/clip/49617527/among-the-millions/ |url-status=live}}</ref><ref>{{cite news |url=https://bklyn.newspapers.com/clip/49617798/ |title=Wall St. Building in Long Leasehold to Cost $2,000,000 |date=September 9, 1928 |work=Brooklyn Daily Eagle |access-date=April 24, 2020 |page=25 |via=Brooklyn Public Library; newspapers.com |archive-date=August 3, 2021 |archive-url=https://web.archive.org/web/20210803144120/https://bklyn.newspapers.com/clip/49617798/wall-st-building-in-long-leasehold-to/ |url-status=live}}</ref> 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 {{Convert|17,000|ft2|}}.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1928/12/06/archives/odonnell-resells-seventh-avcorner-operator-disposes-of-the-hotel.html |title=O'donnell Resells Seventh Av. Corner; Operator Disposes of the Hotel Grenoble at Fifty-Sixth Street |date=December 6, 1928 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=61}}{{cbignore}}</ref><ref name="nydn19281216">{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49617217/ |title=45-Story Building for Wall Street |date=December 16, 1928 |work=New York Daily News |issn=2692-1251 |access-date=April 26, 2020 |page=45}}</ref> The plans had been updated, and the syndicate at that point envisioned a 45-story building.<ref name="nydn19281216" /> In January 1929, the corporation planned a [[Bond (finance)|bond issue]] to fund the building's construction.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1930/01/14/archives/12500000-sought-for-new-skyscraper-forty-wall-street-corporation.html |title=$12,500,000 Sought for New Skyscraper; Forty Wall Street Corporation Plans Bond Issue for 70-Story Building. |date=January 14, 1930 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=B45}}{{cbignore}}</ref> That March, Ohrstrom announced that H. Craig Severance would design a 47-story structure at 36 Wall Street.<ref name="NYCL p. 3" /><ref>{{Cite news |url=https://www.nytimes.com/1929/03/02/archives/47story-building-to-rise-in-wall-st-plans-filed-for-structure-to-be.html |title=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. |date=March 2, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=9}}{{cbignore}}</ref> The corporation bought 25 Pine Street the same month.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1929/03/07/archives/25-pine-street-is-sold-ohrstrom-syndicate-adds-to-site-for.html |title=25 Pine Street Is Sold; Ohrstrom Syndicate Adds to Site for Skyscraper. Herald Tribune Plant Plans Filed Aero Underwriters Lease Space. |date=March 7, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=19}}{{cbignore}}</ref>

Shortly after Severance's original plans were announced, the skyscraper was modified to have 60 floors, which was shorter than the {{convert|792|ft|m|adj=on}} [[Woolworth Building]] and the then under construction {{convert|808|ft|m|adj=on}} [[Chrysler Building]].<ref>{{cite news |last=Gray |first=Christopher |url-access=limited |url=https://www.nytimes.com/1992/11/15/realestate/streetscapes-40-wall-street-a-race-for-the-skies-lost-by-a-spire.html |title=Streetscapes: 40 Wall Street; A Race for the Skies, Lost by a Spire |date=November 15, 1992 |work=The New York Times |access-date=November 3, 2017 |issn=0362-4331 |archive-url=https://web.archive.org/web/20171107033354/http://www.nytimes.com/1992/11/15/realestate/streetscapes-40-wall-street-a-race-for-the-skies-lost-by-a-spire.html |archive-date=November 7, 2017 |url-status=live}}</ref> Plans for a 64-story skyscraper were announced after the Manhattan Company agreed to relocate to the new building in early April 1929.<ref name="p11119900672">{{cite news |date=April 7, 1929 |title=64-Story Bank Building to Rise In Wall Street: $25,000,000 Bank of Manhattan Co. Structure Will Be Erected by Syndicate |page=1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1111990067}}}}</ref><ref name="nyt-1929-04-07">{{Cite news |date=April 7, 1929 |title=Building in Wall St. To Rise 64 Stories; Manhattan Company Bank Leases Site at Sub-Treasury To Starrett Bros. For 88 Years. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1929/04/07/archives/building-in-wall-st-to-rise-64-stories-manhattan-company-bank.html |access-date=December 27, 2022 |issn=0362-4331 |page=24}}{{cbignore}}</ref> By April 8, Ohrstrom and Severance had planned to make the new skyscraper the world's tallest building.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1929/04/08/archives/revising-skyscraper-plan-wall-street-building-may-go-up-sixtyfour.html |title=Revising Skyscraper Plan; Wall Street Building May Go Up Sixty-Four Stories. |date=April 8, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=47}}{{cbignore}}</ref> Two days later, it was announced that Severance had increased the tower's height to {{convert|840|ft|m}} with 62 floors, exceeding the heights of the Woolworth and Chrysler buildings.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1929/04/10/archives/wall-st-building-to-top-all-in-world-840foot-bank-of-manhattan.html |title=Wall St. Building to Top All in World; 840-Foot Bank of Manhattan Structure to Rise 48 Feet Above Woolworth Tower |date=April 10, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=21}}{{cbignore}}</ref><ref name="bde19290410">{{cite news |url=https://bklyn.newspapers.com/clip/49623761/ |title=Ohrstrom Plans Tallest Building |date=April 10, 1929 |work=Brooklyn Daily Eagle |access-date=April 26, 2020 |page=23 |via=Brooklyn Public Library; newspapers.com |archive-date=August 3, 2021 |archive-url=https://web.archive.org/web/20210803144121/https://bklyn.newspapers.com/clip/49623761/ohrstrom-plans-tallest-building/ |url-status=live}}</ref><ref name="p130677365">{{cite news |date=April 10, 1929 |title=Plan Tallest Skyscraper |page=19 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|130677365}}}}</ref> 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.<ref name="bde19290410" /> The height of the building was made possible by the {{Convert|33600|ft2|m2|adj=on}} lot, which was one of the largest in the densely-developed Financial District.<ref name="NPS p. 8" /><ref name="BM (1929) p. 3">{{harvnb|Bankers' Magazine|1929|ps=.|p=3}}</ref>

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.<ref name="NYCL p. 3" /> By mid-April 1929, tenants of the existing buildings on the lot had moved elsewhere.<ref name="The New York Times 1930">{{Cite news |url-access=subscription |url=https://www.nytimes.com/1930/04/25/archives/building-record-claimed-starrett-brothers-also-see-occupancy-record.html |title=Building Record Claimed; Starrett Brothers Also See Occupancy Record in 40 Wall Street. |date=April 25, 1930 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172639/https://www.nytimes.com/1930/04/25/archives/building-record-claimed-starrett-brothers-also-see-occupancy-record.html |url-status=live}}</ref> The Manhattan Company and Chrysler buildings started competing for the distinction of "[[List of tallest buildings in the world|world's tallest building]]".<ref name="Emporis">{{cite web |title=The Trump Building |website=Emporis |url=http://www.emporis.com/building/the-trump-building-new-york-city-ny-usa |access-date=April 26, 2020 |url-status=usurped |archive-url=https://web.archive.org/web/20120224222332/http://www.emporis.com/building/the-trump-building-new-york-city-ny-usa |archive-date=February 24, 2012}}</ref><ref>{{cite web |url=http://www.skyscraper.org/TALLEST_TOWERS/t_manco.htm |title=The Manhattan Company |publisher=Skyscraper Museum |access-date=September 27, 2010 |archive-url=https://web.archive.org/web/20150515170003/http://skyscraper.org/TALLEST_TOWERS/t_manco.htm |archive-date=May 15, 2015}}</ref> The "Race into the Sky", as popular media called it at the time, was representative of the country's [[Roaring Twenties|optimism in the 1920s]], fueled by the building boom in major cities.<ref>{{cite book |last=Rasenberger |first=Jim |title=High Steel: The Daring Men Who Built the World's Greatest Skyline, 1881 to the Present |publisher=HarperCollins |year=2009 |isbn=978-0-06-174675-8 |url=https://books.google.com/books?id=XDSxwPx-yJ4C |pages=388–389 |access-date=December 28, 2017 |archive-date=July 29, 2020 |archive-url=https://web.archive.org/web/20200729123328/https://books.google.com/books?id=XDSxwPx-yJ4C |url-status=live}}</ref> The Manhattan Company Building was revised to {{convert|927|ft|m}} in April 1929, which would make it the world's tallest.<ref name="Tauranac">{{harvnb|Tauranac|2014|p=130|ps=.}}</ref> Severance then publicly claimed the title of the world's tallest building,<ref name=nyt-1929-10-20/>{{efn|This distinction excludes structures that were not fully habitable, such as the [[Eiffel Tower]].<ref name="Emporis" />}} but the Starrett Corporation denied any allegations that the plans had been changed to beat the Chrysler Building.<ref name=nyt-1929-10-20>{{Cite news |url=https://www.nytimes.com/1929/10/20/archives/denies-altering-plans-for-tallest-building-starrett-says-height-of.html |title=Denies Altering Plans for Tallest Building; Starrett Says Height of Bank of Manhattan Structure Was Not Increased to Beat Chrysler. |date=October 20, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=14 |url-access=subscription}}{{Cbignore}}</ref>

==== Start of construction ====
[[File:40 Wall Street 003.JPG|thumb|View of the lower stories|alt=View of some of the lower stories from ground level. In the lowest part of the facade, the windows are recessed between stone piers, some of which have flagpoles. Above that, the windows are arranged in pairs, and there is a small setback at the center.]]
Construction of the Manhattan Company Building began in May 1929.<ref>{{Cite news |url=https://www.nytimes.com/1929/05/12/archives/razing-buildings-on-wall-street-ten-tall-office-structures-are.html |title=Razing Buildings on Wall Street; Ten Tall Office Structures Are Being Torn Down for Two High Banking Edifices |date=May 12, 1929 |work=The New York Times |access-date=April 27, 2020 |issn=0362-4331 |page=RE1 |url-access=subscription}}{{Cbignore}}</ref><ref name="p1113280949">{{cite news |date=April 27, 1930 |title=Builders Beat Schedule By Week on Building: Promised Bank of Manhattan Structure by May 1 |page=E1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113280949}}}}</ref> 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.<ref>{{Cite news |url=https://www.nytimes.com/1929/05/12/archives/skyscraper-cost-set-at-low-of-9000000-minimum-figure-placed-in.html |title=Skyscraper Cost Set at Low of $9,000,000; Minimum Figure Placed in Lease of Bank of Manhattan Site in Wall Street. |date=May 12, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=S21 |url-access=subscription}}{{Cbignore}}</ref> Simultaneously, the U.S. government invited bids on the adjoining building at 28–30 Wall Street, then occupied by a federal [[assay office]].<ref name="NYCL p. 3" /> 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 {{Convert|40,000|ft2|}}.<ref>{{Cite news |url=https://www.nytimes.com/1929/06/26/archives/8501000-is-top-bid-for-assay-office-ohrstrom-interests-make-the.html |title=$8,501,000 Is Top Bid for Assay Office; Ohrstrom Interests Make the Highest Offer to Government for Wall Street Landmark |date=June 26, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=R49 |url-access=subscription}}{{Cbignore}}</ref><ref>{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49624341/ |title=Syndicate Bids U.S. Property in Wall Street |date=June 26, 1929 |work=Brooklyn Citizen |access-date=April 26, 2020 |page=5 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225437/https://www.newspapers.com/clip/49624341/syndicate-bids-us-property-in-wall/ |url-status=live}}</ref><ref name="btu19290626">{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49643965/ |title=Gets Assay Office Site |date=June 26, 1929 |work=Brooklyn Times-Union |access-date=April 24, 2020 |page=53}}</ref> The assay office plot was reserved for future expansion, instead of being incorporated into the plans for the new skyscraper.<ref name="btu19290626" /><ref>{{cite news |url=https://bklyn.newspapers.com/clip/49643812/ |title=The Historic Assay Office Plot |date=July 23, 1929 |work=Brooklyn Daily Eagle |access-date=April 26, 2020 |page=18 |via=Brooklyn Public Library; newspapers.com |archive-date=August 3, 2021 |archive-url=https://web.archive.org/web/20210803144126/https://bklyn.newspapers.com/clip/49643812/the-historic-assay-office-plot/ |url-status=live}}</ref> The Manhattan Company moved to a temporary headquarters during construction.<ref name="BM (1929) p. 2" /><ref name="SU-Opens-1930" />

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 {{Convert|64|ft|}} below street level, beneath boulders and quicksand; and the previous buildings on the lot had foundations up to {{Convert|5|ft|}} thick.<ref name="NYCL p. 5" /><ref name="Fortune 1930">{{harvnb|Fortune|1930|pp=33–35|ps=.}}</ref><ref name="AB p. 193" /> Furthermore, the builders had a 12-month deadline, requiring them to plan the entire project backward from the planned completion date.<ref name="p1331261208">{{cite news |date=January 25, 1931 |title=Building Speed Decided By Date of Occupancy |page=E20 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1331261208}}}}</ref> 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.<ref name="Abramson p. 79" /> 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.<ref name="Abramson p. 80">{{harvnb|Abramson|2001|ps=.|p=80}}</ref>

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.<ref name="NYCL p. 5" /><ref name="p1331261208" /><ref name="Abramson p. 75">{{harvnb|Abramson|2001|ps=.|p=75}}</ref> The old Manhattan Company building was the last to be cleared.<ref name="NYCL p. 5" /><ref name="Fortune 1930" /><ref name="AB p. 193" /> [[Caisson (engineering)|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.<ref name="NYCL p. 5" /><ref name="AB p. 193">{{cite magazine |date=July 1930 |title=The Manhattan Company Building, New York City |journal=Architecture and Building |volume=62 |pages=193}}</ref> Workers excavated the site to the underlying layer of bedrock, which extended as much as {{convert|60|ft}} deep. They then installed several dozen hollow cylinders, each measuring {{convert|1|ft}} 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 {{convert|950|ST|LT t}}.<ref name="Abramson p. 75" /> The weight of the existing 12-story building on the site was used to drill the new building's foundations into the ground.<ref name="p1113280949" /> Afterward, a concrete floor was poured into the excavation, which was then enclosed with a concrete [[cofferdam]].<ref name="Abramson p. 75" />

==== 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.<ref name="nyt19290711" /> Starrett received a $5 million loan that same month to finance the building.<ref name="p1111653165">{{cite news |date=July 16, 1929 |title=Col. William Starrett Gets $5,000,000 On His Wall St. Realty: Equitable Trust Gives Loan to Secure Bond Issue on Big Structural Project |page=41 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|1111653165}}}}</ref><ref>{{Cite news |url=https://www.nytimes.com/1929/07/16/archives/review-of-the-day-in-realty-market-few-sales-reported-as-important.html |title=Review of the Day in Realty Market; Few Sales Reported as Important Leasehold and Mortgage Deals Are Announced |date=July 16, 1929 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |page=50 |url-access=subscription}}{{Cbignore}}</ref> Work on 40 Wall Street progressed quickly, and the contractors completed four stories each week.<ref name="Abramson p. 74">{{harvnb|Abramson|2001|ps=.|p=74}}</ref> The site was active 24 hours a day, with 2,300 workers working in three shifts; interior furnishing progressed as the steel frame rose.<ref name="NYCL p. 5" /> Workers used passenger elevators to transport materials, obviating the need for temporary construction cranes.<ref name="p1331261208" /> Matsui described the steel frame as a "web system of rigidity", with joints and diagonal beams providing both [[lateral bracing]] and [[wind bracing]].<ref name="Abramson p. 76">{{harvnb|Abramson|2001|ps=.|p=76}}</ref> 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. [[Derrick]]s 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.<ref name="Abramson p. 77" />

Workers then installed the tower's facade by hanging pieces of curtain wall from the completed steel frame.<ref name="Abramson p. 77" /> Interior work proceeded simultaneously with the facade installation.<ref name="Abramson p. 78" /> The steel superstructure reached the 40th story by September 1929, when interior plasterwork began.<ref name="p1112009724">{{cite news |date=September 15, 1929 |title=World's Highest Office Building Being Rushed Up in Record Time: Bank of Manhattan Building, 838-Foot Structure, Is Framed to 40th Floor |page=E2 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1112009724}}}}</ref> The building [[Topping out|topped out]] on November 13, 1929.<ref name="Brooklyn Citizen 1929" /><ref name="p1110671547">{{cite news |date=November 13, 1929 |title=Half -Ton Block Crashes From 70-Story Bank: Wall Street Crowd, Sensing Explosion, Gathers at Manhattan Co. Building |page=3 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1110671547}}}}</ref> By that time, the steel frame had reached {{Convert|900|ft|}} above street level, the facade had been completed to the 54th story, and much of the internal furnishing had been completed.<ref name="Brooklyn Citizen 1929">{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49644185/ |title=Steel Construction Completed on Bank of Manhattan Building |date=November 13, 1929 |work=Brooklyn Citizen |access-date=April 26, 2020 |page=7 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225503/https://www.newspapers.com/clip/49644185/steel-construction-completed-on-bank-of/ |url-status=live}}</ref><ref>{{Cite news |url=https://www.nytimes.com/1929/11/17/archives/bank-building-speeded-observation-tower-at-40-wall-st-to-be-845.html |title=Bank Building Speeded; Observation Tower at 40 Wall St. To Be 845 Feet Up. |date=November 17, 1929 |work=The New York Times |access-date=April 27, 2020 |issn=0362-4331 |page=R1 |url-access=subscription}}{{Cbignore}}</ref> By December, rental agents Brown, Wheelock, Harris, Vought & Company were leasing out the space at the Chrysler and Manhattan Company buildings, which aggregated {{Convert|2|e6ft2|m2|abbr=unit}}.<ref>{{Cite news |url=https://www.nytimes.com/1929/12/29/archives/renting-keeps-pace-with-building-record-brokers-contract-to-find.html |title=Renting Keeps Pace With Building Record; Brokers Contract to Find Tenants for 2,000,000 Square Feet in Two Skyscrapers. |date=December 29, 1929 |work=The New York Times |access-date=April 27, 2020 |page=RE2 |url-access=subscription}}{{Cbignore}}</ref>

The 40 Wall Street Corporation gave a $12.5 million mortgage for the building's completion in December 1929,<ref name="p1112010545">{{cite news |date=December 11, 1929 |title=$12,500,000 Mortgage On Wall St. Skyscraper: Bank of Manhattan Building Now Being Erected on Plot |page=49 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1112010545}}}}</ref> and the corporation planned a [[bond issue]] of an equivalent value by January 1930.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1930/01/14/archives/12500000-sought-for-new-skyscraper-forty-wall-street-corporation.html |title=$12,500,000 Sought for New Skyscraper; Forty Wall Street Corporation Plans Bond Issue for 70Story Building. |date=January 14, 1930 |work=The New York Times |access-date=April 27, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172712/https://www.nytimes.com/1930/01/14/archives/12500000-sought-for-new-skyscraper-forty-wall-street-corporation.html |url-status=live}}</ref><ref name="p1113619567">{{cite news |date=January 14, 1930 |title=Will Offer Bond Issue On Manhattan Building: 40 Wall Street Corporation to Sell $12,500,000 |page=33 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113619567}}}}</ref> 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.<ref name="p1113157544">{{cite news |date=March 14, 1930 |title=Bank of Manhattan Tower Not Being Lifted |page=41 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113157544}}}}</ref> The work was completed one week ahead of schedule, on May 1, 1930.<ref name="Hoster">{{cite book |last=Hoster |first=Jay |url=https://books.google.com/books?id=MA0vBQAAQBAJ |title=Early Wall Street 1830–1940 |publisher=[[Arcadia Publishing]] |year=2014 |isbn=978-1-4671-2263-4 |location=Charleston |pages=127 |access-date=June 7, 2018 |archive-url=https://web.archive.org/web/20210219214908/https://books.google.com/books?id=MA0vBQAAQBAJ |archive-date=February 19, 2021 |url-status=live}}</ref><ref>{{Cite news |date=May 6, 1930 |title=Bank of Manhattan Built in Record Time; Structure 927 Feet High, Second Tallest in World, Is Erected in Year of Work. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1930/05/06/archives/bank-of-manhattan-built-in-record-time-structure-927-feet-high.html |url-status=live |access-date=April 27, 2020 |archive-url=https://web.archive.org/web/20210331172628/https://www.nytimes.com/1930/05/06/archives/bank-of-manhattan-built-in-record-time-structure-927-feet-high.html |archive-date=March 31, 2021 |issn=0362-4331}}</ref> Several workers received craftsmanship awards in a ceremony at the end of April 1930.<ref name="nyt-1930-04-27">{{Cite news |date=April 27, 1930 |title=Awards at 40 Wall Street; Nineteen Mechanics on Skyscraper Will Be Honored Tomorrow. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1930/04/27/archives/awards-at-40-wall-street-nineteen-mechanics-on-skyscraper-will-be.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227005208/https://www.nytimes.com/1930/04/27/archives/awards-at-40-wall-street-nineteen-mechanics-on-skyscraper-will-be.html |url-status=live }}</ref><ref name="p1113166116">{{cite news |date=April 22, 1930 |title=Will Reward Craftsmen Ln Wall Street Building: Bank of Manhattan Mechanics to Receive Certificates |page=45 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113166116}}}}</ref> The building officially opened on May 26.<ref name="p1113725425" /><ref name="SU-Opens-1930" /><ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1930/05/26/archives/new-home-today-for-manhattan-co-federal-state-and-city-officials-to.html |title=New Home Today for Manhattan Co.; Federal, State and City Officials to Join in Formal Opening of the 71-Story Structure |date=May 26, 1930 |work=The New York Times |access-date=April 27, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172714/https://www.nytimes.com/1930/05/26/archives/new-home-today-for-manhattan-co-federal-state-and-city-officials-to.html |url-status=live}}</ref> In total, $24 million had been spent on construction.<ref name="NYCL p. 2">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=2}}</ref> Four workers died while constructing 40 Wall Street; a similar mortality rate to other contemporary projects of similar scale.<ref name="Abramson p. 80" /> 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."<ref>{{cite book |last=Starrett |first=Paul |url=https://books.google.com/books?id=JVRDAAAAIAAJ |title=Changing the Skyline: An Autobiography |publisher=Whittlesey house |year=1938 |page=283 |access-date=October 3, 2020 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331173618/https://books.google.com/books?id=JVRDAAAAIAAJ |url-status=live}}</ref><ref>{{harvnb|Landmarks Preservation Commission|1995|ps=.|pp=5–6}}</ref>

=== Early years ===

==== Competition for "world's tallest building" title ====
[[File:Tallest buildings 1908 - 1974.svg|thumb|40 Wall Street was the world's tallest completed building for one month.<ref name="Tauranac" />|alt=A diagram of the tallest buildings in the world from 1908 to 1974, all of which have been in New York City. 40 Wall Street, which was the tallest from April to May 1930, is listed at center as having a height of 283 meters.]]

Prior to 40 Wall Street's completion, architect [[William Van Alen]] obtained permission to install a {{Convert|125|ft|m|0|adj=on|sp=us}} long spire on the Chrysler Building<ref>{{harvnb|ps=.|Stravitz|2002|p=161}}</ref><ref name="Binders">{{cite book |last=Binders |first=George |url=https://books.google.com/books?id=Lcir7wwIzhIC&pg=PA102 |title=101 of the World's Tallest Buildings |publisher=Images Publishing Group |year=2006 |isbn=978-1-86470-173-9 |page=102 |access-date=December 28, 2017 |archive-date=July 29, 2020 |archive-url=https://web.archive.org/web/20200729125512/https://books.google.com/books?id=Lcir7wwIzhIC&pg=PA102 |url-status=live}}</ref> and had it constructed secretly.<ref name="Tauranac" /> The Chrysler Building's spire was completed on October 23, 1929, bringing that building to {{convert|1,046|ft|m}},<ref>{{cite book |url=https://books.google.com/books?id=w8djsCB8-OUC&pg=PA426 |title=Chrysler: The Life and Times of an Automotive Genius |last=Curcio |first=V. |publisher=Oxford University Press |year=2001 |isbn=978-0-19-514705-6 |series=Automotive History and Personalities |page=426}}</ref><ref>{{cite book |url=https://books.google.com/books?id=E30rCBeM8nkC |title=The History of Stainless Steel |last=Cobb |first=H.M. |publisher=ASM International |year=2010 |isbn=978-1-61503-011-8 |series=Asm Handbook |page=110 |access-date=December 28, 2017 |archive-date=July 29, 2020 |archive-url=https://web.archive.org/web/20200729124003/https://books.google.com/books?id=E30rCBeM8nkC |url-status=live}}</ref> thereby greatly exceeding 40 Wall Street's height.<ref name=Willis1998>{{cite book |title=Building the Empire State |last1=Willis |first1=Carol |last2=Friedman |first2=Donald |publisher=W.W. Norton |year=1998 |isbn=978-0-393-73030-2 |location=New York |page=14}}</ref> 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 {{convert|100|ft|m}} above the top floor in the Chrysler Building.<ref name="Binders" /> 40 Wall Street's observation deck was {{Convert|836|ft|}} high, while the Chrysler Building's observatory was {{Convert|783|ft|}} high.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1930/06/01/archives/tower-rises-836-feet-lofty-observation-floor-in-bank-of-manhattan.html |title=Tower Rises 836 Feet; Lofty Observation Floor in Bank of Manhattan Building. |date=June 1, 1930 |work=The New York Times |access-date=April 27, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172751/https://www.nytimes.com/1930/06/01/archives/tower-rises-836-feet-lofty-observation-floor-in-bank-of-manhattan.html |url-status=live}}</ref> 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.<ref name="Stichweh2009" />

[[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.<ref>{{harvnb|Tauranac|2014|p=131|ps=.}}</ref> 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]].<ref>{{harvnb|ps=.|Stern|Gilmartin|Mellins|1987|p=612}}</ref>{{efn|These proposals included the 100-story [[Metropolitan Life North Building]]; a {{convert|1050|ft|adj=on}} 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.<ref>{{harvnb|ps=.|Stern|Gilmartin|Mellins|1987|pp=610, 612}}</ref>}} Plans for the Empire State Building were changed multiple times; the final plan, published in December 1929, called for the building to be {{convert|1250|ft|m}} tall.<ref name="Tauranac p. 185" /> The Empire State Building was completed in May 1931,<ref>{{Cite news |date=May 2, 1931 |title=Empire State Tower, Tallest In World, Is Opened By Hoover; The Highest Structure Raised By The Hand Of Man |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1931/05/02/archives/empire-state-tower-tallest-in-world-is-opened-by-hoover-the-highest.html |url-status=live |access-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331185017/https://www.nytimes.com/1931/05/02/archives/empire-state-tower-tallest-in-world-is-opened-by-hoover-the-highest.html |archive-date=March 31, 2021 |issn=0362-4331}}</ref> becoming the world's tallest building both by roof height and spire height.<ref name="Tauranac p. 185">{{harvnb|Tauranac|2014|p=185|ps=.}}</ref><ref name="nyt-1931-05-02">{{Cite news |date=May 2, 1931 |title=Rivalry for Height Is Seen as Ended; Empire State's Record to Stand for Many Years, Builders and Realty Men Say |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1931/05/02/archives/rivalry-for-height-is-seen-as-ended-empire-states-record-to-stand.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227013855/https://www.nytimes.com/1931/05/02/archives/rivalry-for-height-is-seen-as-ended-empire-states-record-to-stand.html |url-status=live }}</ref>

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".<ref>{{Cite news |last=Pollak |first=Michael |date=September 24, 2010 |title=Tall Towers and Sharp Razors |work=The New York Times |url-access=limited |url=https://www.nytimes.com/2010/09/26/nyregion/26fyi.html |access-date=April 30, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20180202211107/http://www.nytimes.com/2010/09/26/nyregion/26fyi.html |archive-date=February 2, 2018 |url-status=live}}</ref> If only completed structures are counted, 40 Wall Street was the world's tallest building for one month,<ref name="Stichweh2009" /><ref name="Hoster" /> from the first week of May 1930<ref name="Hoster" /> until the opening of the Chrysler Building on May 27, 1930.<ref name="Tauranac" /><ref>{{cite web |date=May 28, 1930 |title=Chrysler Building, City's Highest, Open |url=https://www.nytimes.com/1930/05/28/archives/chrysler-building-citys-highest-open-fortysecond-street-merchants.html |access-date=November 4, 2017 |website=The New York Times |issn=0362-4331 |page=13 |archive-date=March 1, 2020 |archive-url=https://web.archive.org/web/20200301001325/https://www.nytimes.com/1930/05/28/archives/chrysler-building-citys-highest-open-fortysecond-street-merchants.html |url-status=live }}</ref>{{efn|name=completed-tallest|{{note label|talleststatus}}Although 40 Wall Street was the world's tallest ''completed'' building in May 1930,<ref name="Stichweh2009" /><ref name="Hoster" /> the incomplete Chrysler Building had already reached its full height in 1929.<ref name=Willis1998/>}}

==== 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, Inc.|International Manhattan Company]], and the Bank of Manhattan Safe Deposit Company.<ref name="p1113725425" /> 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.<ref name="NYCL p. 4" /><ref name="SU-Opens-1930" /><ref>{{cite magazine |year=1930 |title=Manhattan Company Opens New Main Offices |url=https://books.google.com/books?id=UGgmAQAAIAAJ |url-status=live |journal=The Bankers Magazine |volume=120 |pages=905–906, 916 |archive-url=https://web.archive.org/web/20210331173619/https://books.google.com/books?id=UGgmAQAAIAAJ |archive-date=March 31, 2021 |access-date=October 3, 2020}}</ref> Among the first tenants were [[Merrill Lynch & Co.]]<ref name="p1113135280">{{cite news |date=April 11, 1930 |title=Bankers Take 54th Floor at 40 Wall Street: Merrill, Lynch & Co. Will Look Down on Street From Bank of Manhattan Bldg. |page=41 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113135280}}}}</ref> and a private lunch club called the Wall Street Club.<ref name="nyt-1931-02-13">{{Cite news |date=February 13, 1931 |title=New Club Organized by Wall Street Men: Luncheon Group Will Open March 2 in Manhattan Company's Building. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1931/02/13/archives/new-club-organized-by-wall-street-men-luncheon-group-will-open.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227013853/https://www.nytimes.com/1931/02/13/archives/new-club-organized-by-wall-street-men-luncheon-group-will-open.html |url-status=live }}</ref> 40 Wall Street opened following the [[Wall Street Crash of 1929]], and so suffered from a lack of tenants.<ref name="NPS p. 10" /> Many of the original tenants had withdrawn their commitments to rent space in the building and, in some cases, had gone bankrupt.<ref name="NYCL p. 6" /><ref name="nyt19560923">{{Cite news |url-access=subscription |url=https://www.nytimes.com/1956/09/23/archives/40-wall-enjoys-its-bad-memories-skyscrapers-owners-now-riding-high.html |title=40 Wall Enjoys Its Bad Memories; Skyscraper's Owners, Now Riding High, Recall Hard Times With Pleasure Recalls Bad Old Days |date=September 23, 1956 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219214834/https://www.nytimes.com/1956/09/23/archives/40-wall-enjoys-its-bad-memories-skyscrapers-owners-now-riding-high.html |url-status=live}}</ref><ref>{{harvnb|Levinson|1961|ps=.|p=231}}</ref> As a result, only half of the space in 40 Wall Street was leased during the 1930s.<ref name="Stichweh2009" /><ref name="nyt19560923" /> Office space rented for {{Convert|3|$/ft2|}}, less than half of the {{Convert|8|$/ft2|}} that the building's owners had sought.<ref name="nyt19560923" /><ref name="NYCL p. 11">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=11}}</ref> 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.<ref name="nyt19560923" />

By early 1939, 40 Wall Street Corporation had fallen behind on rent payments, ground leases, and property taxes.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1939/05/10/archives/use-bond-security-on-40-wall-street-trustees-report-foreclosure.html |title=Use Bond Security on 40 Wall Street; Trustees Report Foreclosure Likely for Downtown Bank Skyscraper |date=May 10, 1939 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172901/https://www.nytimes.com/1939/05/10/archives/use-bond-security-on-40-wall-street-trustees-report-foreclosure.html |url-status=live}}</ref> That May, the [[Marine Midland Bank|Marine Midland Trust Company]] started [[foreclosure]] proceedings against the corporation after it [[Default (finance)|defaulted]] on "payments of interest, taxes and other charges".<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1939/05/25/archives/start-foreclosure-on-40-wall-street-trustee-presents-reorganization.html |title=Start Foreclosure on 40 Wall Street; Trustee Presents Reorganization Plan for Skyscraper |date=May 25, 1939 |work=The New York Times  |issn=0362-4331 |access-date=March 31, 2021 |archive-date=February 4, 2021 |archive-url=https://web.archive.org/web/20210204154434/https://www.nytimes.com/1939/05/25/archives/start-foreclosure-on-40-wall-street-trustee-presents-reorganization.html?searchResultPosition=2 |url-status=live}}</ref> In response, several bondholders formed a committee to protect their stakes;<ref name="nyt-1939-05-15">{{Cite news |date=May 15, 1939 |title=Form Protective Group; Committee to Represent Bondholders of 40 Wall St. Corp. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1939/05/15/archives/form-protective-group-committee-to-represent-bondholders-of-40-wall.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227022140/https://www.nytimes.com/1939/05/15/archives/form-protective-group-committee-to-represent-bondholders-of-40-wall.html |url-status=live }}</ref><ref name="p1255844769">{{cite news |date=May 15, 1939 |title=Holder Committee Named For Forty Wall St. Corp |page=23 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1255844769}}}}</ref> the committee expressed opposition to the proposed reorganization.<ref name="nyt-1939-05-23">{{Cite news |date=May 23, 1939 |title=Against 40 Wall St. Plan; Committee Says Bondholders Would Lose Lien |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1939/05/23/archives/against-40-wall-st-plan-committee-says-bondholders-would-lose-lien.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227022142/https://www.nytimes.com/1939/05/23/archives/against-40-wall-st-plan-committee-says-bondholders-would-lose-lien.html |url-status=live }}</ref> In July 1939, the corporation filed a plan to reorganize all assets that were not covered by the mortgage loans.<ref name="p131244071">{{cite news |date=July 1, 1939 |title=Forty Wall Street Corp. |page=2 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|131244071}}}}</ref><ref name="nyt-1939-07-01">{{Cite news |date=July 1, 1939 |title=Segregates Its Assets; Forty Wall St. Corporation Takes Reorganization Step |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1939/07/01/archives/segregates-its-assets-forty-wall-st-corporation-takes.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227022139/https://www.nytimes.com/1939/07/01/archives/segregates-its-assets-forty-wall-st-corporation-takes.html |url-status=live }}</ref> 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.<ref name="NYCL p. 6" /><ref name="nyt-1940-02-02">{{Cite news |date=February 2, 1940 |title=Bond Trustee Reports; $376,259 Excess for 1939 for 40 Wall Street Corp. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1940/02/02/archives/bond-trustee-reports-376259-excess-for-1939-for-40-wall-street-corp.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227022139/https://www.nytimes.com/1940/02/02/archives/bond-trustee-reports-376259-excess-for-1939-for-40-wall-street-corp.html |url-status=live }}</ref> Marine Midland, acting on behalf of the bondholders, acquired the building that September in a transaction worth almost $11.5 million.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1940/09/26/archives/bondholders-acquire-40-wall-street-building-on-bid-of-11489500-in.html |title=Bondholders Acquire 40 Wall Street Building On Bid of $11,489,500 In Reorganization Plan |date=September 26, 1940 |work=The New York Times  |issn=0362-4331 |access-date=March 31, 2021 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331190219/https://www.nytimes.com/1940/09/26/archives/bondholders-acquire-40-wall-street-building-on-bid-of-11489500-in.html |url-status=live}}</ref><ref name="p1261198221">{{cite news |date=September 26, 1940 |title=Trust Co. Takes 70-Story Tower In Wall Street: Marine Midland Acquires Financial Zone Realty With $11,489,500 Bid |page=36 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1261198221}}}}</ref> ''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 [[debenture]]s were being sold at $108.75 apiece.<ref name="nyt19560923" /> The structure as a whole was worth $1.25 million, which was less than the cost of the 43 elevators inside the building.<ref name="nyt19560923" /><ref name="Abramson p. 29">{{Harvnb|ps=.|Abramson|2001|page=29}}</ref>

C. F. Noyes was hired as the building's leasing agent at the end of 1940.<ref name="nyt-1940-12-30">{{Cite news |date=December 30, 1940 |title=To Manage Skyscraper; C.F. Noyes Co. Named Agent for 40 Wall St. Building |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1940/12/30/archives/to-manage-skyscraper-cf-noyes-co-named-agent-for-40-wall-st.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227022140/https://www.nytimes.com/1940/12/30/archives/to-manage-skyscraper-cf-noyes-co-named-agent-for-40-wall-st.html |url-status=live }}</ref><ref name="p1335193562">{{cite news |date=December 30, 1940 |title=Noyes Co. Takes Management of 40 Wall Street: $20,250,000 Building Is Believed Record Agency Job in City's History |page=48 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1335193562}}}}</ref> One of the larger tenants during the 1940s was the [[Westinghouse Electric Corporation|Westinghouse Electric and Manufacturing Company]], which in 1941 leased four floors.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1941/02/26/archives/takes-four-floors-in-40-wall-street-westinghouse-company-will-move.html |title=Takes Four Floors in 40 Wall Street; Westinghouse Company Will Move Three Divisions Into Downtown Quarters |date=February 26, 1941 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172838/https://www.nytimes.com/1941/02/26/archives/takes-four-floors-in-40-wall-street-westinghouse-company-will-move.html |url-status=live}}</ref><ref name="p1266870094">{{cite news |date=February 26, 1941 |title=Westinghouse Leases 4 Floors In 40 Wall St: Electric Industry Concern Gets 90,000 Square Feet in Big Downtown Deal |page=33 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1266870094}}}}</ref> Other tenants included real-estate agents, lawyers, brokers, and bankers,<ref name="NYCL p. 6" /><ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1941/05/16/archives/40-wall-street-adds-and-extends-tenants-linen-importer-rents-store.html |title=40 Wall Street Adds and Extends Tenants; Linen Importer Rents Store and Basement on Fifth Ave. |date=May 16, 1941 |work=The New York Times |access-date=April 28, 2020 |url-status=live  |issn=0362-4331 |archive-url=https://web.archive.org/web/20180226032748/https://www.nytimes.com/1941/05/16/archives/40-wall-street-adds-and-extends-tenants-linen-importer-rents-store.html |archive-date=February 26, 2018}}</ref> as well as a short-film theater in 1941.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1941/04/15/archives/movies-used-for-renting-features-of-wall-street-offices-shown-in.html |title=Movies Used for Renting; Features of Wall Street Offices Shown in Fifteen Minutes |date=April 15, 1941 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 9, 2021 |archive-url=https://web.archive.org/web/20210309005226/https://www.nytimes.com/1941/04/15/archives/movies-used-for-renting-features-of-wall-street-offices-shown-in.html |url-status=live}}</ref><ref name="p1265921716">{{cite news |date=April 13, 1941 |title=Space at 40 Wall Street To Be Displayed in Films: Inspection by Prospective Tenants Is Made Easy |page=C5 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1265921716}}}}</ref> More tenants came during [[World War II]], starting with the [[United States Department of the Navy]].<ref name="NYCL p. 6" /><ref name="nyt19560923" /> By 1943, the building was 80 percent leased, and that rate increased to 90 percent a year later.<ref name="nyt19560923" /> 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.<ref name="p1260922593">{{cite news |date=July 16, 1944 |title=Army Leases 4-Floor Offices In Wall Street: Special Settlements Unit Concentrates Activities of 2 Former Departments Heads Queens Office |page=B4 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1260922593}}}}</ref><ref name="p107000121">{{cite news |date=July 16, 1944 |title=All Space Leased in 40 Wall Street: War Department Group Rents 85,000 Square Feet in 70-Story Skyscraper |page=R1 |work=The New York Times |issn=0362-4331 |id={{ProQuest|107000121}}}}</ref> Many large tenants such as [[Prudential Financial]], Westinghouse, and [[Western Union]] signed long-term leases.<ref name="NYCL p. 6" /> After several tenants left during the late 1940s, the building was completely rented again in 1951.<ref name="p1291370271">{{cite news |date=April 22, 1951 |title=40 Wall St. Fully Rented For First Time Since '30 |page=3C |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1291370271}}}}</ref><ref name="The New York Times 1951">{{Cite news |date=September 26, 1951 |title=All Space Taken at 40 Wall Street; Lease on 66th Floor Completes Renting of Seventy-Story Downtown Skyscraper |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1951/09/26/archives/all-space-taken-at-40-wall-street-lease-on-66th-floor-completes.html |url-status=live |access-date=April 28, 2020 |archive-url=https://web.archive.org/web/20210308165026/https://www.nytimes.com/1951/09/26/archives/all-space-taken-at-40-wall-street-lease-on-66th-floor-completes.html |archive-date=March 8, 2021 |issn=0362-4331}}</ref> At the time, 40 Wall Street's office space was renting for {{Convert|4.22|$/ft2|}}, a relatively high price for a building constructed before air conditioning became popular.<ref name="The New York Times 1951" />

==== 1946 plane crash ====
On the evening of May 20, 1946, a [[Beechcraft Model 18|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 Liberty International Airport|Newark Airport]] on a flight originating at [[Chennault Air Force Base|Lake Charles Army Air Field]] in [[Louisiana]]. It struck the 58th floor of the building at about 8:10&nbsp;pm, creating a {{convert|20|x|10|ft|m|adj=on}} hole in the masonry. The crash killed all five aboard the plane, including a [[Women's Army Corps (United States Army)|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 Airport|LaGuardia Field]] had reported a heavy fog that reduced the ceiling to {{convert|500|ft|m}}, obscuring the view of the ground for the pilot at the building's 58th story.<ref name="nyt19460521">{{Cite news |url-access=subscription |url=https://www.nytimes.com/1946/05/21/archives/pilot-lost-in-fog-scene-of-plane-crash-last-night-airplane-crashes.html |title=Pilot Lost in Fog; Scene of Plane Crash Last Night Airplane Crashes Into Skyscraper |date=May 21, 1946 |work=The New York Times |access-date=April 27, 2020 |url-status=live  |issn=0362-4331 |archive-url=https://web.archive.org/web/20200216193054/https://www.nytimes.com/1946/05/21/archives/pilot-lost-in-fog-scene-of-plane-crash-last-night-airplane-crashes.html |archive-date=February 16, 2020}}</ref><ref name="p1284524778">{{cite news |last=Peck |first=Robert B. |date=May 21, 1946 |title=Army Plane Rams Tallest Wall St. Tower; 5 Die in Fog at Dusk at 58th Floor of No. 40 |page=1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1284524778}}}}</ref><ref>{{Cite news |last=Moore |first=William |url=https://chicagotribune.newspapers.com/clip/49647960/ |title=Plane Hits Wall St. Bank |date=May 21, 1946 |issn=1085-6706 |work=Chicago Tribune |access-date=April 26, 2020 |page=1 |archive-date=August 3, 2021 |archive-url=https://web.archive.org/web/20210803153551/https://chicagotribune.newspapers.com/clip/49647960/plane-hits-wall-st-bank/ |url-status=live}}</ref>

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.<ref name="NYCL p. 11" /> This crash was the second in New York City in less than a year; an Army [[B-25 Mitchell|B-25]] bomber [[B-25 Empire State Building crash|struck the 78th floor]] of the [[Empire State Building]] in July 1945, also caused by fog and poor visibility.<ref name="nyt19460521" /><ref name="p1291142960">{{cite news |date=May 23, 1946 |title=$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 |page=25 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1291142960}}}}</ref> The incident prompted the Army, in June 1946, to ban planes from landing in New York City during heavy fog.<ref name="p1291255352">{{cite news |date=June 29, 1946 |title=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 |page=1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1291255352}}}}</ref><ref name="nyt-1946-06-29">{{Cite news |date=June 29, 1946 |title=AAF Bans Planes Over City in Fogs; Service Acts on Bad Weather as Board Reports on Wall Street |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1946/06/29/archives/aaf-bans-planes-over-city-in-fogs-service-acts-on-bad-weather-as.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227200847/https://www.nytimes.com/1946/06/29/archives/aaf-bans-planes-over-city-in-fogs-service-acts-on-bad-weather-as.html |url-status=live }}</ref> It was the last time a plane crashed into a building in New York City in the 20th century.<ref>{{cite book |last1=Levy |first1=Matthys |url=https://archive.org/details/whybuildingsfall00levy_0 |url-access=registration |title=Why Buildings Fall Down: How Structures Fail |last2=Salvadori |first2=Mario |publisher=W.W. Norton |year=2002 |isbn=978-0-393-31152-5 |series=Norton – Library of Congress visual sourcebooks in architecture, design, and engineering |page=[https://archive.org/details/whybuildingsfall00levy_0/page/n31 30] |quote=no plane has accidentally hit a skyscraper since the Empire State and Wall Street catastrophes}}</ref>

=== 1950s to 1970s ===

==== Chase relocation and Webb & Knapp acquisition ====
[[File:40 Wall Street IMG 9048.JPG|thumb|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.|alt=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.<ref name="nyt-1950-08-10">{{Cite news |date=August 10, 1950 |title=40 Wall St. Plans $300,000 Alteration |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1950/08/10/archives/40-wall-st-plans-300000-alteration.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227200850/https://www.nytimes.com/1950/08/10/archives/40-wall-st-plans-300000-alteration.html |url-status=live }}</ref> Over the following years, the building was retrofitted with air conditioning.<ref name="nyt-1966-01-17">{{Cite news |last=Fowler |first=Glenn |date=January 17, 1966 |title=News of Realty: Expansion Move; Bache & Co. Increases Its Space at 40 Wall Street |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1966/01/17/archives/news-of-realty-expansion-move-bache-co-increases-its-space-at-40.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227205528/https://www.nytimes.com/1966/01/17/archives/news-of-realty-expansion-move-bache-co-increases-its-space-at-40.html |url-status=live }}</ref> The directors of the Manhattan Company and [[Chase National Bank]] voted in January 1955 to merge their respective companies,<ref name="p132219374">{{cite news |date=January 14, 1955 |title=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 |page=3 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132219374}}}}</ref> and [[Chase Manhattan Bank]] was created as a result of the merger.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1955/03/29/archives/chase-and-manhattan-holders-approve-merger-by-big-margin-holders.html |title=Chase and Manhattan Holders Approve Merger by Big Margin |date=March 29, 1955 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=November 3, 2020 |archive-url=https://web.archive.org/web/20201103103745/https://www.nytimes.com/1955/03/29/archives/chase-and-manhattan-holders-approve-merger-by-big-margin-holders.html |url-status=live}}</ref><ref name="NPS p. 112">{{harvnb|National Park Service|2000|ps=.|p=11}}</ref> The new company was headquartered at Chase National's previous building at 20 Pine Street,<ref name="NYCL p. 7">{{harvnb|Landmarks Preservation Commission|1995|ps=.|p=7}}</ref><ref>{{cite news |url-access=subscription |url=https://www.nytimes.com/1955/02/24/archives/chase-bank-buys-nassau-st-block-plans-expansion-on-old-home-office.html |title=Chase Bank Buys Nassau St. Block |date=February 24, 1955 |newspaper=The New York Times |issn=0362-4331 |access-date=March 31, 2021 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331190213/https://www.nytimes.com/1955/02/24/archives/chase-bank-buys-nassau-st-block-plans-expansion-on-old-home-office.html |url-status=live}}</ref> immediately north of 40 Wall Street;<ref name="NYCityMap" /> soon afterward, Chase constructed a building at the neighboring [[28 Liberty Street]] to serve as its headquarters.<ref>{{cite web |url=http://s-media.nyc.gov/agencies/lpc/lp/2294.pdf |title=One Chase Manhattan Plaza |date=February 10, 2009 |publisher=[[New York City Landmarks Preservation Commission]] |page=1 |url-status=live |archive-url=https://web.archive.org/web/20161223174436/http://s-media.nyc.gov/agencies/lpc/lp/2294.pdf |archive-date=December 23, 2016 |access-date=February 17, 2020}}</ref> Meanwhile, several offices as well as a bank branch remained in 40 Wall Street.<ref name="NYCL p. 7" />

By 1956, the building's financial situation had improved considerably, and 40 Wall Street Corporation's $1,000 debentures were selling for $1,550.<ref name="nyt19560923" /> 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.<ref name="NYCL p. 7" /><ref name="nyt19560923" /> Webb and Knapp also bought 32 percent of 40 Wall Street Corporation's stock,<ref name="NYCL p. 7" /><ref name="nyt-1957-01-11">{{Cite news |date=January 11, 1957 |title=Stock Tenders Invited; Webb & Knapp Offers to Buy 40 Wall St. Building Shares |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1957/01/11/archives/stock-tenders-invited-webb-knapp-offers-to-buy-40-wall-st-building.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227205527/https://www.nytimes.com/1957/01/11/archives/stock-tenders-invited-webb-knapp-offers-to-buy-40-wall-st-building.html |url-status=live }}</ref> eventually increasing their stake to two-thirds of the corporation's shares.<ref name="NYCL p. 7" /><ref name="p1338380383">{{cite news |date=October 26, 1957 |title=40 Wall St. Action Put Off |page=A4 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1338380383}}}}</ref> The firm attempted to sell 40 Wall Street in October 1957 for $15 million,<ref name="p132298651">{{cite news |date=October 24, 1957 |title=Webb & 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 |page=21 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132298651}}}}</ref> but a [[New York Supreme Court]] justice [[injunction|enjoined]] the sale in November 1957 after several minority shareholders claimed the sale was illegal.<ref name="p132322923">{{cite news |date=November 15, 1957 |title=Webb & Knapp Fails To Win Board Control Of 40 Wall Street: Real Estate Firm Elects Three Of Nominees and Minority Stockholders Name One |page=4 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132322923}}}}</ref><ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1957/11/09/archives/court-enjoins-sale-of-40-wall-street.html |title=Court Enjoins Sale of 40 Wall Street |date=November 9, 1957 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 8, 2021 |archive-url=https://web.archive.org/web/20210308203617/https://www.nytimes.com/1957/11/09/archives/court-enjoins-sale-of-40-wall-street.html |url-status=live}}</ref>

The corporation's stockholders voted in June 1959 to sell the building for no less than $17 million.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1959/06/24/archives/sale-of-40-wall-street-voted-by-stockholders.html |title=Sale of 40 Wall Street Voted by Stockholders |date=June 24, 1959 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219214906/https://www.nytimes.com/1959/06/24/archives/sale-of-40-wall-street-voted-by-stockholders.html |url-status=live}}</ref><ref name="p132507174">{{cite news |date=June 23, 1959 |title=Forty Wall Street's Stockholders Approve Sale, Minimum Price |page=17 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132507174}}}}</ref> To reduce disagreements, a State Supreme Court justice ordered that an auction be held for the building.<ref name="psb19591028">{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49764461/ |title=$18,150,000 Buys Wall Street Building |date=October 28, 1959 |work=Press and Sun-Bulletin |access-date=April 28, 2020 |page=8}}</ref> That October, stockholders held an auction for 40 Wall Street.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1959/10/26/archives/fourth-tallest-building-will-be-auctioned-here.html |title=Fourth Tallest Building Will Be Auctioned Here |date=October 26, 1959 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219214844/https://www.nytimes.com/1959/10/26/archives/fourth-tallest-building-will-be-auctioned-here.html |url-status=live}}</ref><ref name="p1325267197">{{cite news |last=Rogers |first=John G. |date=October 26, 1959 |title=40 Wall St., 70 Stories, Up for Bids: Once Was Tallest Of Skyscrapers |page=1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1325267197}}}}</ref> Zeckendorf submitted the highest bid, at $18.15 million, although there was only one other bidder.<ref name="psb19591028" /><ref>{{Cite news |last=Stern |first=Walter H. |url-access=subscription |url=https://www.nytimes.com/1959/10/28/archives/70story-building-brings-18150000-zeckendorf-one-of-the-two-bidders.html |title=70-Story Building Brings $18,150,000; Zeckendorf, One of the Two Bidders, Buys 40 Wall St. In Tense Auction Sale |date=October 28, 1959 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172225/https://www.nytimes.com/1959/10/28/archives/70story-building-brings-18150000-zeckendorf-one-of-the-two-bidders.html |url-status=live}}</ref><ref name="bd19591029">{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49764797/a-tall-story-about-18150000/ |title=A Tall Story About $18,150,000 |date=October 29, 1959 |work=Brooklyn Daily |access-date=April 28, 2020 |page=3 |archive-date=September 15, 2020 |archive-url=https://web.archive.org/web/20200915010409/https://www.newspapers.com/clip/49764797/a-tall-story-about-18150000/ |url-status=live}}</ref> At the time, 40 Wall Street was believed to be the most valuable real-estate property ever to be auctioned in New York City.<ref name="bd19591029" /> Webb & Knapp had spent $32 million to acquire the building;<ref name="NYCL p. 7" /> excluding the auction, the remainder of the cost was used to pay Chase and the Iselin estate.<ref name="NYCL p. 11" />

==== City & Central and Loeb, Rhoades operation ====
Webb and Knapp sold the property to the [[MetLife|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.<ref>{{Cite news |last=Stern |first=Walter H. |url-access=subscription |url=https://www.nytimes.com/1960/04/29/archives/40-wall-st-sold-by-webb-knapp-metropolitan-life-acquires-building.html |title=40 Wall St. Sold by Webb & Knapp; Metropolitan Life Acquires Building for $20,000,000 And Leases It Back |date=April 29, 1960 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172218/https://www.nytimes.com/1960/04/29/archives/40-wall-st-sold-by-webb-knapp-metropolitan-life-acquires-building.html |url-status=live}}</ref> Chase Manhattan was relocating to its new headquarters at 28 Liberty Street,<ref name="p132608553">{{cite news |date=April 26, 1960 |title=Hanover Bank Plans To Move N.Y. Office To 40 Wall Street: Webb & Knapp, Inc., To Purchase Broadway Buildings That Bank Is Leaving |page=9 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132608553}}}}</ref><ref name="nyt19600913" /> and the [[Manufacturers Hanover Corporation]] was planning to relocate to the second through fifth floors, which Chase Manhattan was vacating.<ref name="p132608553" /><ref name="nyt-1960-04-26">{{Cite news |date=April 26, 1960 |title=Bank to Stay Downtown |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1960/04/26/archives/bank-to-stay-downtown.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227205528/https://www.nytimes.com/1960/04/26/archives/bank-to-stay-downtown.html |url-status=live }}</ref> That September, Webb and Knapp sold the leasehold to British investors City & Central Investments (later City Centre Properties) for $15 million.<ref name="nyt19600913">{{Cite news |last=Fowler |first=Glenn |url-access=subscription |url=https://www.nytimes.com/1960/09/13/archives/british-firm-buys-40-wall-st-lease-london-concern-expected-to-pay.html |title=British Firm Buys 40 Wall St. Lease; London Concern Expected to Pay $15,000,000 To Zeckendorf for It |date=September 13, 1960 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172227/https://www.nytimes.com/1960/09/13/archives/british-firm-buys-40-wall-st-lease-london-concern-expected-to-pay.html |url-status=live}}</ref><ref>{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49776776/ |title=Briton Leases Wall St. Building |date=September 13, 1960 |work=Glens Falls Post-Star |access-date=April 28, 2020 |page=1 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225456/https://www.newspapers.com/clip/49776776/briton-leases-wall-st-building/ |url-status=live}}</ref><ref name="p132585905">{{cite news |date=September 13, 1960 |title=Webb & Knapp to Sell 40 Wall St. Leasehold; Price Put at $15 Million: Terms to Be Listed When British Firm's Purchase Is Effective in About Two Weeks |page=3 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|132585905}}}}</ref> The sale was finalized in November 1960,<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1960/11/12/archives/40-wall-st-in-deal-webb-knapp-to-sell-lease-to-british-interests.html |title=40 Wall St. In Deal; Webb & Knapp to Sell Lease to British Interests |date=November 12, 1960 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 8, 2021 |archive-url=https://web.archive.org/web/20210308140609/https://www.nytimes.com/1960/11/12/archives/40-wall-st-in-deal-webb-knapp-to-sell-lease-to-british-interests.html |url-status=live}}</ref><ref name="p1337926943">{{cite news |date=November 12, 1960 |title=British Company Buys Lease on 40 Wall St |page=20 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1337926943}}}}</ref> and City & Central acquired title that following month.<ref>{{Cite news |url-access=subscription |url=https://www.nytimes.com/1960/12/02/archives/40-wall-st-lease-shifted.html |title=40 Wall St. Lease Shifted |date=December 2, 1960 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=February 19, 2021 |archive-url=https://web.archive.org/web/20210219214848/https://www.nytimes.com/1960/12/02/archives/40-wall-st-lease-shifted.html |url-status=live}}</ref> The new operator renovated the interior and exterior.<ref name="NYCL p. 7" /><ref name="NPS p. 112"/> Manufacturers Hanover moved to the building in 1962, relocating $24 billion in deposits to 40 Wall Street from its old headquarters at 70 Broadway.<ref name="p1325943468">{{cite news |last=Baker |first=Guthrie |date=June 24, 1962 |title=Biggest Moving Day Ever: Bank Shifts $24 Billion |page=2 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1325943468}}}}</ref>

City Centre sold the leasehold to [[Loeb, Rhoades & Co.]], 40 Wall Street's largest tenant, in June 1966.<ref>{{Cite news |last=Porterfield |first=Byron |url-access=subscription |url=https://www.nytimes.com/1966/06/13/archives/leasehold-of-71story-building-in-the-financial-district-is-sold-40.html |title=Leasehold of 71-Story Building In the Financial District Is Sold; 40 Wall St. Property Bought by Tenant and Associates From British Group |date=June 13, 1966 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331173608/https://www.nytimes.com/1966/06/13/archives/leasehold-of-71story-building-in-the-financial-district-is-sold-40.html |url-status=live}}</ref><ref name="p133124281">{{cite news |date=June 13, 1966 |title=Loeb-Rhoades Group Buys 70-Story Building At 40 Wall, New York |page=5 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|133124281}}}}</ref> Other major tenants at the time included [[Bache & Co.]], which had rented {{convert|180000|ft2}} by 1966.<ref name="nyt-1966-01-17" /> Manufacturers Hanover relocated many of its offices to [[600 Fifth Avenue]] and [[55 Water Street]].<ref name="nyt-1975-04-13">{{Cite news |last=Tomasson |first=Robert E. |date=April 13, 1975 |title=Big Banks in City Expanding |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1975/04/13/archives/big-banks-in-city-expanding-citys-3-largest-banks-are-expanding.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=April 11, 2022 |archive-url=https://web.archive.org/web/20220411040637/https://www.nytimes.com/1975/04/13/archives/big-banks-in-city-expanding-citys-3-largest-banks-are-expanding.html |url-status=live }}</ref> After Loeb, Rhoades & Co. merged with [[Shearson]] in 1980, the {{Convert|251,000|ft2|}} 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 {{Convert|875|ft2|}} that was not yet rented, and office space in the Financial District was typically rented for {{Convert|16|to|20|$/ft2}}.<ref>{{Cite news |last=Oser |first=Alan S. |date=April 16, 1980 |title=Real Estate; Realigning Tenants at 40 Wall St. |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1980/04/16/archives/real-estate-realigning-tenants-at-40-wall-st.html |url-status=live |access-date=April 29, 2020 |archive-url=https://web.archive.org/web/20210331172720/https://www.nytimes.com/1980/04/16/archives/real-estate-realigning-tenants-at-40-wall-st.html |archive-date=March 31, 2021 |issn=0362-4331}}</ref>

=== 1980s and early 1990s ===

In 1982, the property was purchased by a German investment group headed by [[Walter J. Hinneberg|Walter Hinneberg]].<ref name="NYCL p. 7" /><ref name="TRD 2017">{{cite web |url=https://therealdeal.com/2017/01/06/meet-the-obscure-german-magnates-who-actually-own-trumps-most-valuable-building/ |title=Meet the Obscure German Magnates Who Actually Own Trump's Most Valuable Building |last=Putzier |first=Konrad |date=January 6, 2017 |work=The Real Deal |access-date=January 6, 2017 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172144/https://therealdeal.com/2017/01/06/meet-the-obscure-german-magnates-who-actually-own-trumps-most-valuable-building/ |url-status=live}}</ref> 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.<ref name="TRD 2017" /><ref>{{Cite news |last=Craig |first=Susanne |url-access=limited |url=https://www.nytimes.com/2016/08/21/us/politics/donald-trump-debt.html |title=Trump's Empire: A Maze of Debts and Opaque Ties |work=The New York Times  |issn=0362-4331 |date=August 20, 2016 |access-date=March 28, 2024 |archive-url=https://web.archive.org/web/20200506223557/https://www.nytimes.com/2016/08/21/us/politics/donald-trump-debt.html |archive-date=May 6, 2020 |url-status=live}}</ref>

==== Marcos family leasehold ====

At the end of 1982, Loeb, Rhoades & Co. sold the leasehold to a holding company;<ref>{{Cite news |last=Fowler |first=Glenn |url-access=limited |url=https://www.nytimes.com/1983/01/05/business/landmark-at-40-wall-is-sold.html |title=Landmark At 40 Wall Is Sold; |date=January 5, 1983 |work=The New York Times |access-date=April 28, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20150731054925/http://www.nytimes.com/1983/01/05/business/landmark-at-40-wall-is-sold.html |archive-date=July 31, 2015 |url-status=live}}</ref> the Philippine dictator [[Ferdinand Marcos]] and his wife [[Imelda Marcos|Imelda]] would be revealed as the real buyers in 1985.<ref name="NYCL p. 7" /><ref name="Bloomberg 2016">{{cite web |last1=Faux |first1=Zeke |last2=Abelson |first2=Max |date=June 22, 2016 |title=Inside Trump's Most Valuable Tower: Felons, Dictators and Girl Scouts |url-access=subscription |url=https://www.bloomberg.com/graphics/2016-trump-40-wall-street/ |url-status=live |archive-url=https://web.archive.org/web/20200427033453/https://www.bloomberg.com/graphics/2016-trump-40-wall-street/ |archive-date=April 27, 2020 |access-date=April 30, 2020 |publisher=Bloomberg L.P.}}</ref> 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.<ref name="p398034533">{{cite news |last=Lipman |first=Joanne |date=March 6, 1986 |title=The Landlord's Lot Is Not an Easy One; Ask the Marcoses --- Minding New York Property And Its Hired Managers Is Difficult From Manila |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398034533}}}}</ref><ref>{{Cite news |last=Gottlieb |first=Martin |url-access=limited |url=https://www.nytimes.com/1985/12/17/world/2-cited-by-house-panel-are-active-in-real-estate.html |title=2 Cited by House Panel Are Active in Real Estate |date=December 17, 1985 |work=The New York Times |issn=0362-4331 |access-date=April 29, 2020 |archive-url=https://web.archive.org/web/20171125233008/http://www.nytimes.com/1985/12/17/world/2-cited-by-house-panel-are-active-in-real-estate.html |archive-date=November 25, 2017 |url-status=live}}</ref><ref>{{cite news |via=newspapers.com |url=https://www.newspapers.com/clip/49841703/ |title=Men Admit They Made Land Deals for Marcos |date=April 10, 1986 |work=Press and Sun-Bulletin |access-date=April 28, 2020 |page=6 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225446/https://www.newspapers.com/clip/49841703/men-admit-they-made-land-deals-for/ |url-status=live}}</ref>{{efn|Marcos was also found to have purchased several other New York City buildings; see [[Overseas landholdings of the Marcos family]].<ref>{{Cite news |last=Perlez |first=Jane |url-access=limited |url=https://www.nytimes.com/1986/03/06/world/manila-under-aquino-lawyers-joust-manhattan-manila-wins-round-with-marcos-new.html |title=Manila Under Aquino: Lawyers Joust in Manhattan; Manila Wins Round with Marcos in New York Court |date=March 6, 1986 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20150524184933/http://www.nytimes.com/1986/03/06/world/manila-under-aquino-lawyers-joust-manhattan-manila-wins-round-with-marcos-new.html |archive-date=May 24, 2015 |url-status=live}}</ref>}} The operators planned to gild 40 Wall Street's roof.<ref>{{Cite news |last=Goncharoff |first=Katya |url-access=limited |url=https://www.nytimes.com/1984/08/12/realestate/the-glitter-of-gold-gains-in-facade-and-lobby-door-some-owners.html |title=The Glitter of Gold Gains in Facade and Lobby Door Some Owners Say Gilding May Enhance Values |date=August 12, 1984 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172644/https://www.nytimes.com/1984/08/12/realestate/the-glitter-of-gold-gains-in-facade-and-lobby-door-some-owners.html |url-status=live}}</ref> 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".<ref name="Rusakoff19860330AnatomyOfALooting">{{Cite news |url-access=subscription |url=https://www.washingtonpost.com/archive/politics/1986/03/30/the-philippines-anatomy-of-a-looting/620251dc-cffe-46f3-be40-a248f501882c/ |title=The Philippines: Anatomy of a Looting |first=Dale |last=Russakoff |date=March 30, 1986 |newspaper=The Washington Post |access-date=August 4, 2020 |issn=0190-8286 |archive-date=August 25, 2020 |archive-url=https://web.archive.org/web/20200825214557/https://www.washingtonpost.com/archive/politics/1986/03/30/the-philippines-anatomy-of-a-looting/620251dc-cffe-46f3-be40-a248f501882c/ |url-status=live}}</ref> By February 1986, 40 Wall Street's leasehold, and three other buildings reportedly owned by the Marcoses, were placed for sale.<ref name="nyt-1986-02-22">{{Cite news |last=Gerth |first=Jeff |date=February 22, 1986 |title=4 New York Buildings Linked to Marcos Up for Sale |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1986/02/22/world/4-new-york-buildings-linked-to-marcos-up-for-sale.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 28, 2022 |archive-url=https://web.archive.org/web/20221228033208/https://www.nytimes.com/1986/02/22/world/4-new-york-buildings-linked-to-marcos-up-for-sale.html |url-status=live }}</ref> Around that time, the Bernsteins were contemplating paying $250 million for 40 Wall Street and two of the other buildings.<ref name="p285254349">{{cite news |last=Bivins |first=Larry |date=February 28, 1986 |title=Bernstein Brothers: Killer B's |page=3 |work=Newsday |issn=2574-5298 |id={{ProQuest|285254349}}}}</ref><ref name="p135113247">{{cite news |last=Lipman |first=Joanne |date=February 25, 1986 |title=Three Buildings Linked to Marcos May Change Hands: Option Calls for Purchase Of New York Properties At Price of $2 |page=2 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|135113247}}}}</ref>

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,<ref name=p285295278>{{cite news |id={{ProQuest|285295278}} |title=Marcos' NY Properties Frozen By State Court at Aquino Behest |first=Neill S. |last=Rosenfeld |date=March 4, 1986 |page=5 |work=Newsday|issn=2574-5298}}</ref><ref>{{Cite news |last=Pace |first=Eric |url-access=limited |url=https://www.nytimes.com/1986/03/04/world/marcos-holdings-frozen-by-judge.html |title=Marcos Holdings Frozen by Judge |date=March 4, 1986 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20150524184057/http://www.nytimes.com/1986/03/04/world/marcos-holdings-frozen-by-judge.html |archive-date=May 24, 2015 |url-status=live}}</ref> and the building's future became uncertain.<ref name="nyt19930620">{{Cite news |last=Oser |first=Alan S. |url-access=limited |url=https://www.nytimes.com/1993/06/20/realestate/perspectives-40-wall-street-asian-buyer-accepts-a-leasing-challenge.html |title=Perspectives: 40 Wall Street; Asian Buyer Accepts a Leasing Challenge |date=June 20, 1993 |work=The New York Times |access-date=April 26, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20191110141245/https://www.nytimes.com/1993/06/20/realestate/perspectives-40-wall-street-asian-buyer-accepts-a-leasing-challenge.html |archive-date=November 10, 2019 |url-status=live}}</ref> [[Citigroup|Citicorp]], which had placed a mortgage on the building, indicated in December 1986 that it would foreclose on the property.<ref name="p397969225">{{cite news |last=Cohen |first=Laurie P. |date=December 8, 1986 |title=Citicorp Unit Moves to Foreclose on Tower In New York Believed Owned by Marcoses |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|397969225}}}}</ref> After the [[United States Court of Appeals for the Second Circuit|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.<ref name="nyt-1986-12-30">{{Cite news |date=December 30, 1986 |title=Manila Seeks Possession of 4 Manhattan Buildings |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1986/12/30/world/manila-seeks-possession-of-4-manhattan-buildings.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 28, 2022 |archive-url=https://web.archive.org/web/20221228033207/https://www.nytimes.com/1986/12/30/world/manila-seeks-possession-of-4-manhattan-buildings.html |url-status=live }}</ref><ref name="p292531084">{{cite news |date=December 30, 1986 |title=Manila Sues for Title to Marcos' N.Y. Properties |page=5 |work=Los Angeles Times |issn=0458-3035 |via=newspapers.com |url=https://www.newspapers.com/clip/115334531/manila-sues-for-title-to-marcos-ny-pr/ |access-date=December 28, 2022 |id={{ProQuest|292531084}} |archive-date=August 2, 2023 |archive-url=https://web.archive.org/web/20230802024327/https://www.newspapers.com/article/115334531/manila-sues-for-title-to-marcos-ny-pr/ |url-status=live }}</ref> The Bernsteins alleged that they paid $235 million for 40 Wall Street, Herald Center, and the [[Crown Building (Manhattan)|Crown Building]],<ref name="p219147299" /><ref name="p278075383">{{cite news |last1=Berkowitz |first1=Harry |last2=Selvin |first2=Barbara W. |date=February 22, 1989 |title=Marcos Properties on Block Manila 'Auctions' City Sites |work=Newsday |page=7 |issn=2574-5298 |id={{ProQuest|278075383}}}}</ref> but the Philippine government claimed that the sale was never finalized.<ref name="n149547228">{{Cite news |last=Moses |first=Paul |date=February 15, 1988 |title='Pot of Gold' Steeped in Intrigue |url=https://www.newspapers.com/article/newsday-pot-of-gold-steeped-in-intrigu/149547228/ |access-date=June 18, 2024 |work=Newsday |pages=7 |archive-date=June 18, 2024 |archive-url=https://web.archive.org/web/20240618022224/https://www.newspapers.com/article/newsday-pot-of-gold-steeped-in-intrigu/149547228/ |url-status=live }}</ref> The Saudi arms dealer [[Adnan Khashoggi]] also claimed to be involved with the building's purchase;<ref name="nyt-1986-12-11">{{Cite news |last=Perlez |first=Jane |date=December 11, 1986 |title=Marcos and Manhattan Property Case: Enter Saudi Billionaire |url=https://www.nytimes.com/1986/12/11/world/marcos-and-manhattan-property-case-enter-saudi-billionaire.html |access-date=June 17, 2024 |work=The New York Times |language=en-US |issn=0362-4331 |archive-date=June 17, 2024 |archive-url=https://web.archive.org/web/20240617220144/https://www.nytimes.com/1986/12/11/world/marcos-and-manhattan-property-case-enter-saudi-billionaire.html |url-status=live }}</ref> he asserted that he had owned the building for several years before the Bernsteins' alleged purchase.<ref name="p219147299" /><ref name="p278075383" /> Khashoggi was subsequently accused of helping the Marcoses hide their stakes in their buildings,<ref name="p278266847">{{cite news |last=Moses |first=Paul |date=May 10, 1990 |title=Bank VP: Marcos Didn't Repay $16M |work=Newsday |issn=2574-5298 |id={{ProQuest|278266847}}}}</ref> although he was acquitted of all racketeering charges in relation to the properties.<ref name="nyt-1990-07-03">{{Cite news |last=Wolff |first=Craig |date=July 3, 1990 |title=The Marcos Verdict; Marcos Is Cleared of All Charges In Racketeering and Fraud Case |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1990/07/03/nyregion/marcos-verdict-marcos-cleared-all-charges-racketeering-fraud-case.html |access-date=December 28, 2022 |issn=0362-4331 |archive-date=February 22, 2020 |archive-url=https://web.archive.org/web/20200222144020/https://www.nytimes.com/1990/07/03/nyregion/marcos-verdict-marcos-cleared-all-charges-racketeering-fraud-case.html |url-status=live }}</ref>

Capital improvements to the building, including upgrades to its unreliable elevators, were suspended while legal proceedings were ongoing.<ref>{{Cite news |last=McCain |first=Mark |url-access=limited |url=https://www.nytimes.com/1988/11/27/realestate/commercial-property-elevator-service-vertical-commuters-growing-less-tolerant.html |title=Commercial Property: Elevator Service; Vertical Commuters Growing Less Tolerant of Delays |date=November 27, 1988 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20180201135015/http://www.nytimes.com/1988/11/27/realestate/commercial-property-elevator-service-vertical-commuters-growing-less-tolerant.html |archive-date=February 1, 2018 |url-status=live}}</ref><ref name="nydn19931113">{{cite news |date=November 13, 1995 |title=New Trump Buy Is a Tall Order |page=40 |work=New York Daily News |issn=2692-1251 |via=newspapers.com |url=https://www.newspapers.com/clip/49841885/ |access-date=April 30, 2020 |archive-date=April 4, 2022 |archive-url=https://web.archive.org/web/20220404225439/https://www.newspapers.com/clip/49841885/100-extra-wins-bargain-building/ |url-status=live}}</ref> The Aquino administration attempted in early 1989 to sell the four Marcos properties to Morris Bailey for $398 million.<ref name="p219147299">{{cite magazine |last=Grant |first=Peter |date=May 1, 1989 |title=New Twists in Battle for Marcos' Spoils |magazine=Crain's New York Business |volume=5 |issue=18 |page=23 |id={{ProQuest|219147299}}}}</ref><ref name="p398089675">{{cite news |last=Barsky |first=Neil |date=February 22, 1989 |title=Philippines Sets Sale of Buildings Marcos Owned |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398089675}}}}</ref> Federal district court judge [[Pierre N. Leval]] ordered a foreclosure sale of the Marcos properties in August 1989;<ref name="p398109057" /><ref name="p2781669162">{{Cite news |last=Marshall |first=Christy |date=August 12, 1989 |title=108M for Former Marcos Building |pages=14 |work=Newsday |issn=2574-5298 |via=newspapers.com |url=https://www.newspapers.com/clip/115334450/108m-for-former-marcos-buildingchristy/ |access-date=December 28, 2022 |id={{ProQuest|278166916}} |archive-date=December 28, 2022 |archive-url=https://web.archive.org/web/20221228204426/https://www.newspapers.com/clip/115334450/108m-for-former-marcos-buildingchristy/ |url-status=live }}</ref> the Bailey group hoped that Citigroup would name them as the preferred bidders.<ref name="p219147299" /> 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.<ref name="p398109057">{{cite news |last=Barsky |first=Neil |date=August 14, 1989 |title=New York Tower Once Owned by Marcos Is Sold at Auction for $108.6 Million |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398109057}}}}</ref><ref name="p2781669162" /> The second mortgage with Citicorp comprised $60 million of this total.<ref>{{Cite news |url-access=limited |url=https://www.nytimes.com/1989/08/20/realestate/marcos-holdings-shedding-web-of-intrigue.html |title=Marcos Holdings Shedding Web of Intrigue |date=August 20, 1989 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20200427070252/https://www.nytimes.com/1989/08/20/realestate/marcos-holdings-shedding-web-of-intrigue.html |archive-date=April 27, 2020 |url-status=live}}</ref> The Bernstein brothers paid the $1.5 million [[down payment]],<ref name="nydn19891114">{{cite news |last=Donovan |first=Roxanne |date=November 14, 1989 |title=$100 Extra Wins Bargain Building |page=571 |work=New York Daily News |issn=2692-1251 |via=newspapers.com |url=https://www.newspapers.com/clip/49841885/ |url-status=live |access-date=April 28, 2020 |archive-url=https://web.archive.org/web/20220404225439/https://www.newspapers.com/clip/49841885/100-extra-wins-bargain-building/ |archive-date=April 4, 2022}}</ref><ref name="n100187633">{{Cite news |last=Selvin |first=Barbara |date=October 12, 1989 |title=Bankruptcy in Curacao Muddles Marcos Parcels |pages=57 |work=Newsday |issn=2574-5298 |via=newspapers.com |url=https://www.newspapers.com/clip/100187633/bankruptcy-in-curacao-muddles-marcos/ |url-status=live |access-date=April 21, 2022 |archive-url=https://web.archive.org/web/20220421182253/https://www.newspapers.com/clip/100187633/bankruptcy-in-curacao-muddles-marcos/ |archive-date=April 21, 2022}}</ref> but they could not pay the remainder of the purchase price before the October 10, 1989, deadline.<ref name="n100187633" /><ref name="p278166916">{{cite news |last=Selvin |first=Barbara W. |date=November 6, 1989 |title=Commercial Real Estate Marcos Sales Tough Task to Master |page=2, [https://www.newspapers.com/clip/115334759/marcos-auctions/ 13] |work=Newsday |issn=2574-5298 |via=newspapers.com |url=https://www.newspapers.com/clip/115334606/commercial-real-estate-marcos-sales-toug/ |access-date=December 27, 2022 |id={{ProQuest|278166916}} |archive-date=August 2, 2023 |archive-url=https://web.archive.org/web/20230802024826/https://www.newspapers.com/article/115334606/commercial-real-estate-marcos-sales-toug/ |url-status=live }}</ref> 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.<ref name="p278166916" /> This prompted a second auction of the building's leasehold.<ref name="p278166916" /><ref name="p398217978">{{cite news |last=Lebow |first=Joan |date=November 14, 1989 |title=Developer Wins Marcos Tower For $77 Million |page=1 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398217978}}}}</ref>

==== 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.<ref name="nydn19891114" /><ref name="p398217978" /><ref name="p1148158840">{{cite news |date=November 13, 1989 |title=Marcos Skyscraper on Wall Street Auctioned for a Paltry $77 Million: Real Estate: New York City Building Secretly Bought by Ferdinand and Imelda Marcos Sold for Just Above the Minimum Asking Price |page=1B |work=Los Angeles Times |issn=0458-3035 |id={{ProQuest|1148158840}}}}</ref> By then, demand for real estate in Lower Manhattan had declined in the aftermath of [[Black Monday (1987)|Black Monday]] in 1987.<ref name="p398217978" /> 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.<ref name="p398217978" /> Resnick decided in 1990 to spend $50 million on upgrades.<ref name="nyt19911110" /> 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.<ref>{{Cite news |last=Lyons |first=Richard D. |url-access=limited |url=https://www.nytimes.com/1990/01/10/business/real-estate-sprucing-up-marcos-gem-on-wall-st.html |title=Real Estate; Sprucing Up Marcos Gem On Wall St. |date=January 10, 1990 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20191004124106/https://www.nytimes.com/1990/01/10/business/real-estate-sprucing-up-marcos-gem-on-wall-st.html |archive-date=October 4, 2019 |url-status=live}}</ref> The Resnicks were only able to upgrade the windows;<ref name="NPS p. 112"/> they defaulted on their mortgage in 1991, and Citicorp took over the leasehold.<ref name="p219120066">{{cite magazine |last=Grant |first=Peter |date=May 10, 1993 |title=Chinese Group to Buy Troubled 40 Wall |magazine=Crain's New York Business |volume=9 |issue=19 |page=4 |id={{ProQuest|219120066}}}}</ref> Citicorp canceled financing for the renovation that year,<ref name="nydn19931113" /><ref name="p219120066" /><ref name="nyt-1991-11-10">{{Cite news |last=Dunlap |first=David W. |date=November 10, 1991 |title=Commercial Property: 40 Wall Street; Citicorp Aborts $50 Million Financing of Renovation |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1991/11/10/realestate/commercial-property-40-wall-street-citicorp-aborts-50-million-financing.html |access-date=December 28, 2022 |issn=0362-4331 |archive-date=November 7, 2017 |archive-url=https://web.archive.org/web/20171107061438/http://www.nytimes.com/1991/11/10/realestate/commercial-property-40-wall-street-citicorp-aborts-50-million-financing.html |url-status=live }}</ref> citing concerns that tenants, including Manufacturers Hanover, which had moved from the lower stories of the building in 1982, might move out.<ref name="NYCL p. 7" /><ref name="nyt19911110">{{Cite news |url-access=limited |url=https://www.nytimes.com/1991/11/10/realestate/commercial-property-40-wall-street-citicorp-aborts-50-million-financing.html |title=Commercial Property: 40 Wall Street; Citicorp Aborts $50 Million Financing of Renovation |last=Dunlap |first=David W. |date=November 10, 1991 |work=The New York Times |access-date=November 7, 2017 |issn=0362-4331 |archive-url=https://web.archive.org/web/20171107061438/http://www.nytimes.com/1991/11/10/realestate/commercial-property-40-wall-street-citicorp-aborts-50-million-financing.html |archive-date=November 7, 2017 |url-status=live}}</ref>

By the early 1990s, 40 Wall Street was 80 percent vacant.<ref name="nyt19930620" /><ref name="p135555688">{{cite news |last=Pacelle |first=Mitchell |date=June 11, 1992 |title=Skyline Turning Hollow Near Wall Street: Vacancies Rise in Old Downtown New York Towers |page=A2 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|135555688}}}}</ref> The building's maintenance had declined to the point that tenants reported that they frequently waited 20 minutes for an elevator,<ref name="nyt-1992-09-06">{{Cite news |last=Brooks |first=Andree |date=September 6, 1992 |title=Commercial Property: Troubled Office Tenants; When an Owner Defaults, What of Past Promises? |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1992/09/06/realestate/commercial-property-troubled-office-tenants-when-owner-defaults-what-past.html |access-date=December 28, 2022 |issn=0362-4331 |archive-date=February 6, 2022 |archive-url=https://web.archive.org/web/20220206234239/https://www.nytimes.com/1992/09/06/realestate/commercial-property-troubled-office-tenants-when-owner-defaults-what-past.html |url-status=live }}</ref> and many interior spaces had been stripped to the steel frame.<ref name="p135555688" /> Homeless people were [[squatting]] in vacant floors because the building had limited security.<ref name="p135555688" /><ref name="nyt-1992-09-06" /> 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.<ref name="n115336683">{{Cite news |last=Hampson |first=Rick |date=January 17, 1993 |title=40 Wall St.: A 70-Story Ghost Town in New York |pages=32 |work=Los Angeles Times |issn=0458-3035 |via=newspapers.com |url=https://www.newspapers.com/clip/115336683/40-wall-st-a-70-story-ghost-town-in/ |access-date=December 28, 2022 |archive-date=December 28, 2022 |archive-url=https://web.archive.org/web/20221228211953/https://www.newspapers.com/clip/115336683/40-wall-st-a-70-story-ghost-town-in/ |url-status=live }}</ref> In 1992, Citicorp prepared to sell 40 Wall Street again;<ref name="nyt-1992-09-06" /><ref name="p292926220">{{cite news |last=Kleege |first=Stephen |date=July 21, 1992 |title=Tenant Found for Building Citicorp Is Seizing |page=6 |work=The American Banker |id={{ProQuest|292926220}}}}</ref> the asking price was reportedly as low as $10 million.<ref name="p135555688" /><ref name="n115336683" /> The building's valuation had declined from $123 million in 1990 to $75 million in 1993.<ref name="n115336683" /> 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.<ref name="p135555688" />

[[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".<ref name="p219116459">{{cite magazine |last=Grant |first=Peter |date=November 23, 1992 |title=40 Wall Sale Crumbles as Citicorp Won't Deal |magazine=Crain's New York Business |volume=8 |issue=47 |page=2 |id={{ProQuest|219116459}}}}</ref> Citicorp auctioned off the building in May 1993;<ref name="nyt19930620" /><ref name="p219120066" /> the bank [[Write-off|wrote down]] the building's value to zero.<ref name="p398357771">{{cite news |last1=Pacelle |first1=Mitchell |last2=Lipin |first2=Steven |date=June 7, 1993 |title=Banks Mull Benefits of Bulk Vs. Single Real Estate Sales --- Opt for Quickly Clearing the Books Or Try to Recoup as Much as Possible |page=B4 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398357771}}}}</ref> Hong Kong firm Glorious Sun considered buying the building but ultimately decided against it.<ref>{{Cite news |last=Henry |first=David |date=July 18, 1994 |title=Overseas Chinese' Money Pours into High Profile Manhattan Real Estate |pages=73, [https://www.newspapers.com/clip/95601215/ 76], [https://www.newspapers.com/clip/95601292/ 77] |work=Newsday |issn=2574-5298 |via=newspapers.com |url=https://www.newspapers.com/clip/95601123/overseas-chinese-money-pours-into-high/ |access-date=February 20, 2022 |archive-date=February 20, 2022 |archive-url=https://web.archive.org/web/20220220005839/https://www.newspapers.com/clip/95601123/overseas-chinese-money-pours-into-high/ |url-status=live}}</ref> Another group from Hong Kong, the consortium Kinson Properties, agreed to lease the property,<ref name="nyt19930620" /><ref name="p219120066" /> paying $8 million.<ref name="p265252162">{{cite news |date=July 19, 1995 |title=Trump Buys 40 Wall St From Kinson |page=7 |work=South China Morning Post |id={{ProQuest|265252162}}}}</ref> Kinson planned to renovate the building for $60 million, including the lobby for $4 million and electrical and mechanical systems for $5–7 million.<ref name="nyt19930620" /> By the time Kinson sold the leasehold in 1995, little had been done to improve the property.<ref name="nydn19931113" />

=== Trump lease ===
[[File:Lower part of The Trump Building in New York City IMG 1693.JPG|thumb|Seen from ground level at Wall Street|left|alt=The lower part of the building as seen from Wall Street. The words "The Trump Building" are placed in capital letters above the columns on the first floor.]]

In July 1995, real estate developer [[Donald Trump]] signed a letter of intent to buy Kinson's lease and spend $100 million on renovations.<ref name="p265252162" /><ref>{{Cite news |last=Slatin |first=Peter |url-access=limited |url=https://www.nytimes.com/1995/07/12/business/about-real-estate-trump-to-buy-leasehold-at-40-wall-st.html |title=About Real Estate; Trump to Buy Leasehold At 40 Wall St. |date=July 12, 1995 |work=The New York Times |access-date=April 29, 2020 |issn=0362-4331 |archive-date=March 31, 2021 |archive-url=https://web.archive.org/web/20210331172712/https://www.nytimes.com/1995/07/12/business/about-real-estate-trump-to-buy-leasehold-at-40-wall-st.html |url-status=live}}</ref> The leasehold was transferred that December.<ref name="nyt19951207" /> There have been conflicting accounts about the price of the leasehold. ''The New York Times'' reported that Trump purchased the leasehold for $8 million,<ref name="nyt19951207">{{Cite news |url-access=limited |url=https://www.nytimes.com/1995/12/07/business/40-wall-street-is-sold-to-trump.html |title=40 Wall Street Is Sold to Trump |date=December 7, 1995 |work=The New York Times |access-date=November 7, 2017 |issn=0362-4331 |archive-url=https://web.archive.org/web/20171107062334/http://www.nytimes.com/1995/12/07/business/40-wall-street-is-sold-to-trump.html |archive-date=November 7, 2017 |url-status=live}}</ref> while ''[[Barron's (newspaper)|Barron's]]'' cited the leasehold as having cost between $3 million and $5 million.<ref name="p201043920">{{Cite news |last=Slatin |first=Peter |date=July 28, 1997 |title=There Goes the Neighborhood |pages=15–18 |work=Barron's |id={{ProQuest|201043920}}}}</ref> In November 1995, Trump stated that he was buying the leasehold from Kinson for $100,000.<ref name="nydn19931113" /> During a 2005 episode of ''[[The Apprentice (U.S. season 4)|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.<ref>{{harvnb|ps=.|Ross|2005|page=51}}</ref> 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.<ref name=":0">{{cite web |date=January 23, 2012 |title=Trump Fills 40 Wall Street With Low Rents, Incentives |url=http://therealdeal.com/blog/2012/01/23/trump-fills-40-wall-street-with-high-incentives-low-rents/ |url-status=live |archive-url=https://web.archive.org/web/20150926200822/http://therealdeal.com/blog/2012/01/23/trump-fills-40-wall-street-with-high-incentives-low-rents/ |archive-date=September 26, 2015 |access-date=April 26, 2020 |work=The Real Deal}}</ref>

Estimates of the building's worth also varied. City tax assessors had valued the building at $90 million by 2000<ref name="p219153251">{{cite magazine |last=Kamen |first=Robin |date=May 15, 2000 |title=Obnoxious. Egomaniacal. Bullish as Ever and Back in Black |magazine=Crain's New York Business |page=72 |volume=16 |issue=20 |id={{ProQuest|219153251}}}}</ref> and reported that the building was worth the same amount in 2004.<ref name="O'Brien 2005">{{Cite news |last=O'Brien |first=Timothy L. |date=October 23, 2005 |title=What's He Really Worth? |work=The New York Times |url-access=limited |url=https://www.nytimes.com/2005/10/23/business/yourmoney/whats-he-really-worth.html |access-date=April 30, 2020 |issn=0362-4331 |archive-url=https://web.archive.org/web/20160225085813/http://www.nytimes.com/2005/10/23/business/yourmoney/whats-he-really-worth.html |archive-date=February 25, 2016 |url-status=live}}</ref> While Trump estimated the building's worth at $1 billion in 2012,<ref name=":0" /> an external appraisal the same year valued the building at $220 million.<ref name="Chan 2024 w822">{{cite web |last=Chan |first=Wilfred |date=February 23, 2024 |title=What Real Estate Does Trump Own in NYC Anyway? |url=https://www.curbed.com/article/trump-lawsuit-real-estate-nyc-letitia-james.html |access-date=March 3, 2024 |website=Curbed |archive-date=October 6, 2024 |archive-url=https://web.archive.org/web/20241006204436/https://www.curbed.com/article/trump-lawsuit-real-estate-nyc-property-letitia-james.html |url-status=live }}</ref> Trump maintained in 2013 that the building was worth $530 million.<ref name="Chan 2024 w822" /> Trump's lenders estimated that the building was worth $540 million in 2015 (though the Trump Organization gave a higher figure of $735 million),<ref name="Callimachi 2023 m765">{{cite web |last=Callimachi |first=Rukmini |date=September 28, 2023 |title=Properties Trump May Lose Control of in New York Fraud Case |url=https://www.nytimes.com/2023/09/28/realestate/trump-tower-real-estate-nyc.html |url-access=limited |access-date=November 17, 2023 |website=The New York Times |issn=0362-4331 |archive-date=October 6, 2024 |archive-url=https://web.archive.org/web/20241006204436/https://www.nytimes.com/2023/09/28/realestate/trump-tower-real-estate-nyc.html |url-status=live }}</ref> and ''[[Bloomberg News]]'' estimated the next year that 40 Wall Street was worth $550 million.<ref name="Bloomberg 2016" />

==== 1990s to 2010s ====
Trump spent $35 million refurbishing 40 Wall Street.<ref name="O'Brien 2005" /><ref name="p1456474574">{{cite news |last=Ciandelli |first=Donald R. |date=April 26, 1997 |title=Downtown N.Y., Back in Business: Leasing Is Up and Developers Are Busy as Companies Seek More Space |page=F13 |newspaper=The Washington Post |issn=0190-8286 |id={{ProQuest|1456474574}} |url=https://www.washingtonpost.com/archive/realestate/1997/04/26/downtown-ny-back-in-business/dcb35694-a172-407f-84d3-089fa1b3d11a/ |url-access=subscription |access-date=November 13, 2023}}</ref><ref name="p398607772">{{cite news |last=Sandler |first=Linda |date=June 24, 1998 |title=Why Trump's Bullish on Wall Street |page=B14 |work=The Wall Street Journal |issn=0099-9660 |id={{ProQuest|398607772}}}}</ref> [[Der Scutt]] Architects renovated the lobby,<ref name="Emporis" /> and the Trump Organization replaced several hundred windows, refurbished 30 elevator cabs, and added lights to illuminate the roof.<ref name="p398717719" /> He planned to convert the upper half of 40 Wall Street to residential space, leaving the bottom half as commercial space.<ref name="nyt19951207" /> 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.<ref name="nyt-1995-10-15">{{Cite news |last=Dunlap |first=David W. |date=October 15, 1995 |title=Bringing Downtown Back Up |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1995/10/15/realestate/bringing-downtown-back-up.html |access-date=March 30, 2023 |issn=0362-4331 |archive-date=January 30, 2020 |archive-url=https://web.archive.org/web/20200130173040/https://www.nytimes.com/1995/10/15/realestate/bringing-downtown-back-up.html |url-status=live }}</ref> Trump had planned to rent out some space as [[studio apartment]]s and one- to three-bedroom apartments,<ref name="nyt-1997-07-13">{{Cite news |last=Hevesi |first=Dennis |date=July 13, 1997 |title=Rental Fever: Temperature Drops – a Bit |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1997/07/13/realestate/rental-fever-temperature-drops-a-bit.html |access-date=March 30, 2023 |issn=0362-4331 |archive-date=March 30, 2023 |archive-url=https://web.archive.org/web/20230330162604/https://www.nytimes.com/1997/07/13/realestate/rental-fever-temperature-drops-a-bit.html |url-status=live }}</ref> 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.<ref name="nydn19931113" /> By 1997, Trump was negotiating with hotel chains to occupy the lower stories of 40 Wall Street.<ref>{{Cite news |last=Halbfinger |first=David M. |date=May 28, 1997 |title=Trump's Bank Making Deal He Declined |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1997/05/28/nyregion/trump-s-bank-making-deal-he-declined.html |url-status=live |access-date=April 29, 2020 |archive-url=https://web.archive.org/web/20171228023209/http://www.nytimes.com/1997/05/28/nyregion/trump-s-bank-making-deal-he-declined.html |archive-date=December 28, 2017 |issn=0362-4331}}</ref> Among these chains was [[Marriott International]], which proposed operating a [[The Ritz-Carlton Hotel Company|Ritz-Carlton]] hotel on either ten<ref name="nyt-1997-05-22">{{Cite news |last=Bagli |first=Charles V. |date=May 22, 1997 |title=Marriott Set Out to Prove Itself In New York; Now It Dominates |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1997/05/22/nyregion/marriott-set-out-to-prove-itself-in-new-york-now-it-dominates.html |access-date=March 30, 2023 |issn=0362-4331 |archive-date=November 7, 2021 |archive-url=https://web.archive.org/web/20211107231442/https://www.nytimes.com/1997/05/22/nyregion/marriott-set-out-to-prove-itself-in-new-york-now-it-dominates.html |url-status=live }}</ref> or twelve stories.<ref name="nyt-1997-04-09">{{Cite news |last=Halbfinger |first=David M. |date=April 9, 1997 |title=Wall Street Space Leased |work=The New York Times |url-access=limited |url=https://www.nytimes.com/1997/04/09/nyregion/wall-street-space-leased.html |access-date=March 30, 2023 |issn=0362-4331 |archive-date=March 30, 2023 |archive-url=https://web.archive.org/web/20230330162606/https://www.nytimes.com/1997/04/09/nyregion/wall-street-space-leased.html |url-status=live }}</ref> At the time, the building was about 25 percent occupied.<ref name="p1456474574" />

Trump canceled his plans to convert the upper floors to residential space, citing high costs.<ref>{{harvnb|ps=.|Ross|2005|page=50}}</ref> By 1998, almost all of the space in the building had been leased.<ref name="p398607772" /><ref name="p351887072">{{cite news |last=Morrissey |first=Janet |date=June 23, 2004 |title=Trump Hopes to Make Big Bucks on Building; Real Estate Mogul Wants $400 Million for Property He Bought for $1 Million |page=1 |work=Oakland Tribune |id={{ProQuest|351887072}}}}</ref> 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.<ref name="p351887072" /> The same year, Trump obtained a $125 million mortgage loan for the building from several European banks.<ref name="p398607772" /><ref name="p313612967">{{cite news |last=Grant |first=Peter |date=May 30, 1998 |title=Trump's 5M Deal Now 125M |page=43 |work=New York Daily News |issn=2692-1251 |id={{ProQuest|313612967}}}}</ref> Trump tried to sell the building in 2004, expecting offers in excess of $400 million,<ref name="p351887072" /> which did not materialize.<ref>{{Cite web |url=https://therealdeal.com/new-research/topics/property/40-wall-street/ |title=40 Wall Street |work=The Real Deal New York |access-date=April 26, 2020 |archive-url=https://web.archive.org/web/20200410042046/https://therealdeal.com/new-research/topics/property/40-wall-street/ |archive-date=April 10, 2020 |url-status=live}}</ref> ''The New York Times'' wrote in 2005 that the building had $145 million of debt.<ref name="O'Brien 2005" /> 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.<ref name="p351887072" />

In early July 2011, [[Duane Reade]] opened its flagship drugstore branch inside the former banking space.<ref>{{Cite news |last=Kadet |first=Anne |date=August 20, 2011 |title=Yes, It's Still A Drugstore |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB10001424053111903639404576518443633131046 |access-date=April 30, 2020 |issn=0099-9660 |url-access=subscription |archive-date=May 16, 2019 |archive-url=https://web.archive.org/web/20190516025855/https://www.wsj.com/articles/SB10001424053111903639404576518443633131046 |url-status=live }}</ref> 40 Wall Street Ltd. transferred its ownership stake in the building to 40 Wall Street Holdings in 2014.<ref name="TRD 2017" /> According to Federal Election Commission applications filed during Trump's [[Donald Trump 2016 presidential campaign|2016 U.S. presidential campaign]], Trump had an outstanding mortgage of over $50 million on the property.<ref>{{cite news |last=Zurcher |first=Anthony |url=https://www.bbc.com/news/world-us-canada-33644498 |title=Five Take-Aways From Donald Trump's Financial Disclosure |date=July 23, 2015 |publisher=BBC |access-date=March 2, 2016 |archive-url=https://web.archive.org/web/20160124190136/http://www.bbc.com/news/world-us-canada-33644498 |archive-date=January 24, 2016 |url-status=live}}</ref> At the time, Trump leased the building for $1.65 million a year,<ref name="Bloomberg 2016" /> and the Trump Organization paid $1 million annually in expenses and fees.<ref name="Callimachi 2023 m765" /> 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.<ref name="Bloomberg 2016" /> Rental income from 40 Wall Street's commercial spaces increased from $30.5 million in 2014 to $43.2 million in 2018.<ref>{{Cite news |last1=Buettner |first1=Russ |last2=Craig |first2=Susanne |last3=McIntire |first3=Mike |date=September 27, 2020 |title=Trump's Taxes Show Chronic Losses and Years of Income Tax Avoidance |work=The New York Times |url=https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html |access-date=October 18, 2020 |issn=0362-4331 |archive-date=September 27, 2020 |archive-url=https://web.archive.org/web/20200927211558/https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html |url-status=live |url-access=limited}}</ref> ''Forbes'' estimated in 2020 that Trump owed Ladder Capital $138 million for 40 Wall Street as part of a loan that was scheduled to [[Maturity (finance)|mature]] in 2025.<ref>{{Cite web |last=Alexander |first=Dan |title=Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested |url=https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/ |access-date=October 18, 2020 |website=Forbes  |archive-date=January 15, 2021 |archive-url=https://web.archive.org/web/20210115191339/https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/ |url-status=live}}</ref>

==== 2020s to present ====
New York prosecutors had [[New York investigations of The Trump Organization|scrutinized]] several of the [[the Trump Organization|Trump Organization]]'s properties by 2021, at the end of Trump's [[First presidency of Donald Trump|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.<ref>{{cite news |last1=Fahrenthold |first1=David A. |last2=O'Connell |first2=Jonathan |last3=Dawsey |first3=Josh |last4=Jacobs |first4=Shayna |date=November 22, 2021 |title=N.Y. Prosecutors Set Sights on New Trump Target: Widely Different Valuations on the Same Properties |newspaper=The Washington Post |url-access=subscription |url=https://www.washingtonpost.com/politics/trump-organization-investigation-property-values-vance-james/2021/11/19/78c15850-4706-11ec-95dc-5f2a96e00fa3_story.html |access-date=November 28, 2021 |issn=0190-8286 |archive-date=November 23, 2021 |archive-url=https://web.archive.org/web/20211123011224/https://www.washingtonpost.com/politics/trump-organization-investigation-property-values-vance-james/2021/11/19/78c15850-4706-11ec-95dc-5f2a96e00fa3_story.html |url-status=live}}</ref> By February 2023, the building had been placed on a lender watchlist because of its rising vacancy rate, which had reached 18 percent in late 2022, and its maintenance costs, which had risen 11 percent since the mortgage was issued in 2015.<ref>{{Cite news |last=Gittelsohn |first=John |date=February 10, 2023 |title=Trump's 40 Wall St. Put on Lender Watch as Vacancies, Costs Rise |publisher=Bloomberg L.P. |url-access=subscription |url=https://www.bloomberg.com/news/articles/2023-02-10/trump-s-40-wall-st-put-on-lender-watch-as-vacancies-costs-rise |access-date=February 18, 2023 |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224123921/https://www.bloomberg.com/news/articles/2023-02-10/trump-s-40-wall-st-put-on-lender-watch-as-vacancies-costs-rise |url-status=live }}</ref><ref name="Dilakian 2023">{{cite web |last=Dilakian |first=Steven |title=Trump's 40 Wall Street on Lender Watchlist |website=The Real Deal |date=February 13, 2023 |url=https://therealdeal.com/new-york/2023/02/13/trumps-40-wall-street-on-lender-watchlist/ |access-date=February 19, 2023 |archive-date=February 19, 2023 |archive-url=https://web.archive.org/web/20230219054023/https://therealdeal.com/new-york/2023/02/13/trumps-40-wall-street-on-lender-watchlist |url-status=live }}</ref> [[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.<ref name="Crains New York Business 2023 k432">{{cite web |last=Elstein |first=Aaron |date=August 30, 2023 |title=Trump-Owned Tower Downgraded as Tenants Flee Financial District |url=https://www.crainsnewyork.com/real-estate/trump-owned-40-wall-st-downgraded-tenants-flee-fidi |access-date=August 31, 2023 |website=Crain's New York Business}}</ref> The building's Duane Reade location closed later that year due to shoplifting,<ref name="Bratton 2023 i254" /> and the loan on the property was transferred to a [[special servicer]] that November due to the [[New York business fraud lawsuit against the Trump Organization|state government's ongoing civil investigation of the Trump Organization]].<ref name="Gittelsohn 2023 x642">{{cite news | last=Gittelsohn | first=John | title=Trump's 40 Wall St. Tower Loan Transferred to Special Servicer | publisher=Bloomberg L.P. | url-access=subscription | date=November 10, 2023 | url=https://www.bloomberg.com/news/articles/2023-11-10/trump-s-40-wall-st-tower-loan-transferred-to-special-servicer | access-date=November 13, 2023 }}<br />{{cite web | last=Hallum | first=Mark | title=40 Wall Street Transfers to Special Servicing Amid Trump Fraud Trial | website=Commercial Observer | date=November 13, 2023 | url=https://commercialobserver.com/2023/11/40-wall-street-transfers-to-special-servicing-amid-trump-fraud-trial/ | access-date=January 8, 2024 | archive-date=January 8, 2024 | archive-url=https://web.archive.org/web/20240108014328/https://commercialobserver.com/2023/11/40-wall-street-transfers-to-special-servicing-amid-trump-fraud-trial/ | url-status=live }}</ref> 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 the organization could not repay a $355 million judgment.<ref name="Katersky Charalambous 2024 h142">{{cite web |last1=Katersky |first1=Aaron |last2=Charalambous |first2=Peter |date=February 20, 2024 |title=Letitia James Says She's Prepared to Seize Trump's Buildings If He Can't Pay His $354M Civil Fraud Fine |url=https://abcnews.go.com/US/letitia-james-shes-prepared-seize-trumps-assets-pay/story?id=107381482 |access-date=March 3, 2024 |website=ABC News |archive-date=March 3, 2024 |archive-url=https://web.archive.org/web/20240303072145/https://abcnews.go.com/US/letitia-james-shes-prepared-seize-trumps-assets-pay/story?id=107381482 |url-status=live }}</ref> 

By that April, the building's vacancy rate had increased to 21 percent,<ref name="Elstein 2024 p778">{{cite web | last=Elstein | first=Aaron | title=Vacancies continue rising at Trump-owned 40 Wall St. | website=Crain's New York Business | date=April 19, 2024 | url=https://www.crainsnewyork.com/real-estate/vacancies-hit-21-percent-trump-owned-tower-40-wall-st |url-access=subscription | access-date=May 3, 2024}}</ref> and the building's mortgage loan was scheduled to come due in 2025.<ref name="Grant2024">{{cite news |last=Grant |first=Peter |date=May 7, 2024 |title=The Office-Market Meltdown Comes for Trump's Prized Wall Street Building |url=https://www.wsj.com/real-estate/commercial/the-office-market-meltdown-comes-for-trumps-prized-wall-street-building-31b3a667 |access-date=September 20, 2024 |work=The Wall Street Journal |issn=0099-9660 |url-access=subscription |archive-date=September 20, 2024 |archive-url=https://web.archive.org/web/20240920143810/https://www.wsj.com/real-estate/commercial/the-office-market-meltdown-comes-for-trumps-prized-wall-street-building-31b3a667 |url-status=live }}</ref> 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.<ref>{{Cite news |last1=Dawsey |first1=Josh |last2=Parker |first2=Ashley |date=April 18, 2024 |title=Trump trial further splinters his relationship with his beloved New York |url=https://www.washingtonpost.com/politics/2024/04/17/trump-hush-money-new-york-manhattan-queens/ |access-date=September 20, 2024 |newspaper=The Washington Post |issn=0190-8286 |url-access=subscription |archive-date=April 18, 2024 |archive-url=https://web.archive.org/web/20240418013402/https://www.washingtonpost.com/politics/2024/04/17/trump-hush-money-new-york-manhattan-queens/ |url-status=live }}</ref> 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.<ref>{{cite web | last=Rice | first=Andrew | title=The Weird Worth of 40 Wall Street | website=Curbed | date=October 31, 2024 | url=https://www.curbed.com/article/donald-trump-nyc-40-wall-street-building-worth.html | access-date=November 7, 2024}}</ref> The building's credit rating was downgraded further in March 2025,<ref>{{cite web |last=Elstein |first=Aaron |date=March 25, 2025 |title=Ratings agency downgrades mortgage on Trump's Wall Street tower |url=https://www.crainsnewyork.com/real-estate/mortgage-trumps-40-wall-street-downgraded-fitch |url-access=subscription |access-date=July 2, 2025 |website=Crain&#039;s New York Business}}</ref> and the Trump Organization paid off the $114&nbsp;million balance on its loan from Ladder Capital that June.<ref>{{cite web | last=Maloney | first=Tom | title=Trump Organization Repays Debt on Troubled Wall Street Tower | website=Bloomberg |url-access=subscription | date=June 24, 2025 | url=https://www.bloomberg.com/news/articles/2025-06-24/trump-organization-repays-debt-on-troubled-wall-street-tower?embedded-checkout=true | access-date=July 2, 2025}}</ref><ref>{{cite web | last=Wasielewski | first=Matt | title=Trump Drops $114M In Cash To Pay Off Mortgage At 40 Wall St. | website=Bisnow | date=June 25, 2025 | url=https://www.bisnow.com/new-york/news/office/trump-organization-pays-114m-to-take-over-40-wall-street-129906 | access-date=July 2, 2025}}</ref> By the next month, one-fourth of the building had been vacant for a year, and the property's annual income was $2&nbsp;million less than its mortgage payments.<ref>{{cite news |last=Buettner |first=Russ |url=https://www.nytimes.com/2025/07/02/us/trump-finances-crypto.html |url-access=limited |title=Trump's Finances Were Shaky. Then He Began to Capitalize on His Comeback. |work=The New York Times |issn=0362-4331 |date=July 2, 2025 |access-date=July 2, 2025}}</ref> An Italian food hall, Nerolab, also opened in the building in mid-2025.<ref>{{Cite news |last=Fabricant |first=Florence |date=2025-05-06 |title=Of Course South Street Seaport Should Have a Whaling Tavern |url=https://www.nytimes.com/2025/05/06/dining/nyc-restaurant-news.html |url-access=limited |access-date=2025-07-02 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref>{{cite web |last=Chaudhury |first=Nadia |date=May 9, 2025 |title=Massive Italian Restaurant From Rome Opens First U.S. Location in the Trump Building |url=https://ny.eater.com/2025/5/9/24426831/nerolab-nyc-open-italian-restaurant-trump-building |access-date=July 2, 2025 |website=Eater NY}}</ref>

== Impact ==
In February 1930, the Down Town League proclaimed 40 Wall Street the best building completed in Lower Manhattan during the preceding year.<ref name="nyt-1930-02-16">{{Cite news |date=February 16, 1930 |title=Downtown League Building Awards; Bank of Manhattan Gets First Honor, With 120 Wall Street Second. Transit Plans for Kings. Building Owners' Convention. |work=The New York Times |url-access=subscription |url=https://www.nytimes.com/1930/02/16/archives/downtown-league-building-awards-bank-of-manhattan-gets-first-honor.html |access-date=December 27, 2022 |issn=0362-4331 |archive-date=December 27, 2022 |archive-url=https://web.archive.org/web/20221227005207/https://www.nytimes.com/1930/02/16/archives/downtown-league-building-awards-bank-of-manhattan-gets-first-honor.html |url-status=live }}</ref><ref name="p1113127888">{{cite news |date=February 16, 1930 |title=Manhattan Bank Building Best Downtown: 70-Story Structure Awarded First Prize by Down Town League Committee 120 Wall St. Comes Next Big Structure at River's Edge Wins Praise of Association |page=E1 |work=New York Herald Tribune |issn=1941-0646 |id={{ProQuest|1113127888}}}}</ref> ''[[Fortune (magazine)|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".<ref name="NYCL p. 2" /><ref>{{harvnb|Fortune|1930|p=13|ps=.}}</ref> 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".<ref name="NPS p. 9" /><ref name="NYCL p. 6" /><ref>{{cite book |url=https://babel.hathitrust.org/cgi/pt?id=uva.x000525067&view=1up&seq=161 |last=Chase |first=W. Parker |title=New York, The Wonder City |publisher=New York Bound |year=1983 |isbn=978-0-9608788-2-6 |location=New York |page=157 |oclc=9946323 |orig-date=1932 |access-date=April 15, 2021 |archive-date=April 15, 2021 |archive-url=https://web.archive.org/web/20210415213038/https://babel.hathitrust.org/cgi/pt?id=uva.x000525067&view=1up&seq=161 |url-status=live}}</ref> 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."<ref>{{cite magazine |date=July 1961 |title=The Chase: Portrait of a Giant |url=https://usmodernist.org/AF/AF-1961-07.pdf |journal=Architectural Forum |volume=115 |page=84 |via=usmodernist.org |ref={{harvid|Architectural Forum|1961}} |number=1 |access-date=May 3, 2020 |archive-url=https://web.archive.org/web/20200228102235/https://www.usmodernist.org/AF/AF-1961-07.pdf |archive-date=February 28, 2020 |url-status=live}}</ref>

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]], [[1 Wall Street]], [[20 Exchange Place]], and the [[Downtown Athletic Club]], had reduced older skyscrapers "to the status of foothills in a new mountain range".<ref name="Stern (1987) p. 603">{{harvnb|ps=.|Stern|Gilmartin|Mellins|1987|p=603}}</ref> 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]]".<ref name="Nash 2005" /> 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."<ref name="p279708533">{{cite news |last=Vanderbilt |first=Tom |date=October 19, 2003 |title=On Top Of The World / Two New Books Chronicle the Golden Age of the New York Skyscraper |page=D28 |work=Newsday |issn=2574-5298 |id={{ProQuest|279708533}}}}</ref>

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.<ref name="NYCL p. 1"/> Five years later, on June 16, 2000, it was added to the [[National Register of Historic Places]],<ref name="nris">{{cite web |url=https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2000-national-register-of-historic-places.pdf |title=National Register of Historic Places 2000 Weekly Lists |year=2000 |publisher=[[National Park Service]] |page=118 |url-status=live |archive-url=https://web.archive.org/web/20191228214610/https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2000-national-register-of-historic-places.pdf |archive-date=December 28, 2019 |access-date=March 8, 2020}}</ref> largely for the same reason as the city designation.<ref name="NPS p. 7" /> In 2007, the building was designated as a contributing property to the [[Wall Street Historic District (Manhattan)|Wall Street Historic District]],<ref name="Howe" /> a NRHP district.<ref name="nris_2007">{{cite web |year=2007 |title=National Register of Historic Places 2007 Weekly Lists |url=https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2007-national-register-of-historic-places.pdf |access-date=July 20, 2020 |publisher=National Park Service |page=65 |archive-date=December 28, 2019 |archive-url=https://web.archive.org/web/20191228214611/https://www.nps.gov/subjects/nationalregister/upload/weekly-list-2007-national-register-of-historic-places.pdf |url-status=live}}</ref>

== See also ==
* [[List 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 family]]

== References ==
=== Notes ===
{{notelist}}

=== Citations ===
{{reflist}}

=== Sources ===
* {{cite book |last=Abramson |first=Daniel M. |year=2001 |title=Skyscraper Rivals: The AIG Building and the Architecture of Wall Street |publisher=Princeton Architectural Press |isbn=978-1-56898-244-1}}
* {{cite book |last1=Bascomb |first1=Neal |title=Higher: A Historic Race to the Sky and the Making of a City |year=2003 |publisher=Doubleday |isbn=978-0-385-50661-8 |title-link=Higher: A Historic Race to the Sky and the Making of a City |ref=none}}
* {{cite report |url=https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf |title=Historic Structures Report: Manhattan Company Building |date=June 16, 2000 |publisher=[[National Register of Historic Places]], [[National Park Service]] |ref={{harvid|National Park Service|2000}}}}
* {{cite book |last=Levinson |first=Leonard L. |url=https://books.google.com/books?id=E446AQAAIAAJ |title=Wall Street: A Pictorial History |publisher=Ziff-Davis |year=1961}}
* {{cite report |url=http://s-media.nyc.gov/agencies/lpc/lp/1936.pdf |title=Manhattan Company Building |date=December 12, 1995 |publisher=[[New York City Landmarks Preservation Commission]] |ref={{harvid|Landmarks Preservation Commission|1995}}}}
* {{Cite magazine |date=May 1929 |title=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 |magazine=Bankers' Magazine |volume=118 |issue=5 |page=896 |id={{ProQuest|124385406}} |ref={{harvid|Bankers' Magazine|1929}}}}
* {{cite book |last=Ross |first=George H. |url=https://archive.org/details/trumpstrategiesf00geor_0 |title=Trump Strategies for Real Estate: Billionaire Lessons for the Small Investor |publisher=John Wiley & Sons |year=2005 |isbn=978-0-471-73643-1 |url-access=registration}}
* {{cite book |last=Stravitz |first=David |title=The Chrysler Building: Creating a New York Icon Day by Day |year=2002 |publisher=Princeton Architectural Press |isbn=1-56898-354-9}}
* {{cite book |title=New York 1930: Architecture and Urbanism Between the Two World Wars |last1=Stern |first1=Robert A. M. |last2=Gilmartin |first2=Patrick |last3=Mellins |first3=Thomas |publisher=Rizzoli |year=1987 |isbn=978-0-8478-3096-1 |oclc=13860977}}<!--{{cite New York 1930}}-->
* {{cite book |title=The Empire State Building: The Making of a Landmark |last=Tauranac |first=John |publisher=Scribner |year=2014 |isbn=978-0-684-19678-7}}
* {{cite magazine |url=https://catalog.hathitrust.org/Record/101998496 |title=The Skyscraper |year=1930 |magazine=Fortune |publisher=American Institute of Steel Construction |ref={{sfnref|Fortune|1930}}}}

== External links ==
* [https://www.trump.com/commercial-real-estate-portfolio/40-wall-street 40 Wall Street] on The Trump Organization's website
* [http://skyscrapercenter.com/building/the-trump-building/619 The Trump Building] on [[CTBUH]] Skyscraper Center

{{s-start}}
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{{s-bef|rows=2|before=[[Woolworth Building]]}}
{{s-ttl|title=[[Skyscraper#History of the tallest skyscrapers|Tallest building in the world]]|years=1929–1930}}
{{s-aft|rows=2|after=[[Chrysler Building]]}}
{{s-ttl|title=[[List of tallest buildings in the United States|Tallest building in the United States]]|years=1929–1930}}
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{{Subject bar|portal1=Architecture|portal2=National Register of Historic Places|portal3=New York City|portal4=United States|commons=Category:40 Wall Street}}
{{Buildings in New York City timeline}}
{{National Register of Historic Places in Manhattan}}
{{New York City Historic Sites}}
{{Trump businesses}}
{{Financial District, Manhattan}}

[[Category:1930 establishments in New York City]]
[[Category:Art Deco architecture in Manhattan]]
[[Category:Art Deco skyscrapers]]
[[Category:Bank buildings in Manhattan]]
[[Category:Bank buildings on the National Register of Historic Places in New York City]]
[[Category:Office buildings on the National Register of Historic Places in Manhattan]]
[[Category:Financial District, Manhattan]]
[[Category:Former world's tallest buildings]]
[[Category:Historic district contributing properties in Manhattan]]
[[Category:Individually listed contributing properties to historic districts on the National Register in New York (state)]]
[[Category:New York City Designated Landmarks in Manhattan]]
[[Category:Office buildings completed in 1930]]
[[Category:Skyscraper office buildings in Manhattan]]
[[Category:Wall Street]]
[[Category:Gothic Revival architecture in New York City]]
[[Category:New York State Register of Historic Places in New York County]]
[[Category:1930s architecture in the United States]]