40 Wall Street

40 Wall Street

Industry	Skyscraper / Office building
Predecessor	Manhattan Company headquarters
Founded	1929
Founder	H. Craig Severance, Yasuo Matsui, Shreve & Lamb (architects)
Headquarters	Manhattan, New York City , United States
Area served	Financial District, Manhattan
Key people	H. Craig Severance (chief architect), Yasuo Matsui (associate architect), Shreve & Lamb (consulting architects)
Products	Office space, observation deck
Owner	Two German firms (since 1982); leasehold acquired by Donald Trump-led company in 1995
Number of employees	Designed to support up to 10,000 workers (1930)

40 Wall Street—also known as the Trump Building and previously referred to as the Bank of Manhattan Trust Building and Manhattan Company Building—stands as a neo-Gothic high-rise situated on Wall Street, nestled between Nassau and William streets within Manhattan's Financial District, New York City. Constructed between 1929 and 1930 to serve as the Manhattan Company's headquarters, its design was crafted by H. Craig Severance, collaborating with Yasuo Matsui and the firm Shreve & Lamb. The structure holds recognition as a New York City designated landmark and is registered on the National Register of Historic Places, playing a significant role in the Wall Street Historic District.

Occupying an L-shaped parcel, the building's lower portion is clad in limestone, while the upper levels feature buff-colored brickwork with numerous setbacks. The exterior is marked by vertical piers framing recessed spandrels. Topping the skyscraper is a pyramid crowned by a spire. Originally, the interior accommodated the Manhattan Company's banking hall with double-height ceilings, a boardroom, trading floor, and vaults located in two basement levels. The upper stories were leased to various tenants, including private clubs, and housed an observation deck on floors 69 and 70.

Announced in April 1929 with the Manhattan Company as its principal occupant, 40 Wall Street officially opened on May 26, 1930. For a short period, it vied with the Chrysler Building for the distinction of being the tallest building worldwide; ultimately, the Chrysler Building secured that title. Due to the onset of the Great Depression, initial occupancy rates were low, achieving full tenancy only by 1944. Over time, ownership and leasehold rights have changed hands multiple times: since 1982, two German firms have held ownership; during the mid-1980s, leasehold interests were controlled by associates linked to Philippine dictator Ferdinand Marcos; and in 1995, a company led by developer and future U.S. president Donald Trump acquired the lease.

Site

Located within Manhattan's Financial District, 40 Wall Street occupies a central position on the block bordered by Pine Street, William Street, Wall Street, and Nassau Street. The L-shaped plot extends along Pine Street and Wall Street, measuring , with a total area of . Due to a southward slope of the terrain, the Pine Street entrance is situated at what corresponds to the second floor, while access from Wall Street is at ground level.

Nearby structures include 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 both 23 Wall Street and 15 Broad Street to the south. Prior to this building’s erection, the site was occupied by several smaller office buildings such as the eight-story Gallatin Bank Building, nine-story Marshall Field Building, original Manhattan Company headquarters, along with various 12- to 13-story edifices lining Pine and Wall Streets.

Architecture

Conceived by chief architect H. Craig Severance, with associate architect Yasuo Matsui and consulting architects Shreve & Lamb, 40 Wall Street was erected by the Starrett Corporation, featuring structural engineering from Purdy and Henderson. The building's interior design was crafted by Morrell Smith in collaboration with Walker & Gillette.

The New York City Landmarks Preservation Commission characterizes the facade as a "modernized French Gothic" style, blending Art Deco massing with abstract shapes and classical motifs. Classical ornamentation at the base offers "context and support," while the Gothic-inspired roof accentuates verticality.

With a height spanning 70 stories plus two basement levels, the tower reaches , holding the title of the tallest building worldwide for a brief period after its completion. The New York City Department of City Planning records it as having 63 floors.

Form

Like many skyscrapers from early 20th-century New York, 40 Wall Street stands as an independent tower separate from neighboring structures. Its pyramidal roof is reminiscent of those on buildings such as the Metropolitan Life Insurance Company Tower, 14 Wall Street, and the Woolworth Building. The structure is divided into three horizontal segments that mimic a classical column: base, shaft, and capital. The six-story base occupies the entire L-shaped parcel, while levels 7 through 35 form a "U"-shaped footprint with two west-facing wings of unequal lengths. Above the 35th floor, a smaller square tower ascends to the 62nd story.

Numerous setbacks comply with New York City's 1916 Zoning Resolution. On the Wall Street facade, the central section is recessed up to the 26th floor, flanked by projecting pavilions featuring setbacks above floors 17, 19, and 21; further setbacks occur above floors 26, 33, and 35. The Pine Street side presents an asymmetrical facade with setbacks scattered between floors 12 and 29. The west-facing wings include minor setbacks above floors 26 and 33 but only rise to floor 35. The eastern elevation has no setbacks below floor 35.

Facade

The exterior curtain wall comprises two layers of brick: an inner fireproofing layer and an outer buff-colored brick facing accented with terracotta detailing. Vertical bays containing windows are separated by flat piers typical of Art Deco design. Between window rows, recessed spandrel panels darken on higher floors. Original one-over-one sash windows have been replaced over time with various window configurations or louvers.

Base

The first six stories showcase a limestone-and-granite exterior. Along Wall Street, the ground-level podium is granite, while floors two through five feature a limestone colonnade with pilasters inspired by Greek temple architecture. Matsui adjusted these colonnades to align visually with the adjacent Subtreasury building (now known as Federal Hall).

Originally, the Wall Street first floor included a central entrance consisting of three bronze-and-glass doors, flanked by entrances to the elevator lobby and banking hall. Double-height bronze and glass windows extended across the second and third floors, while cast-iron windows adorned floors four through six. Positioned above the main entrance was Elie Nadelman’s Oceanus sculpture—a ten-foot bronze representation of the Greek Titan that appeared on a historic Manhattan Company stock certificate. This sculpture was removed prior to 1973. Between 1961 and 1963, Carson, Lundin & Shaw renovated this area by adding granite cladding, modifying first-floor doorways, and replacing windows from floors two to six. By 1995, the entrance featured seven bronze rectangular doors alongside three recessed revolving doors. Above the first floor, "The Trump Building" signage is displayed, with flagpoles installed on the fourth floor.

The Pine Street facade mirrors Wall Street’s design and underwent comparable alterations during the 1961–1963 renovations. Unlike its counterpart, this elevation rises above a low stylobate. From 1967 until 1993, it was adorned with a six-foot clock. This side contains ten or eleven bays featuring ground-level entrances to elevator lobbies, service areas, and retail spaces slightly elevated from street level. Similar to Wall Street’s elevation, flagpoles are present on the fourth floor.

Middle floors

The building's central section spans from the 8th to the 35th floors. On the ninth level facing Wall Street, eight flagpoles are installed, evenly divided with four on each pavilion. The 19th floor along Pine Street is distinguished by louvers replacing traditional windows. Between the 36th and 62nd levels, window separations vary: brick spandrels are present throughout, with terracotta detailing from the 52nd to the 57th floors; terracotta combined with buttresses appears on floors 58 to 60; while the 61st and 62nd floors feature darker brickwork adorned with pediments and rhombus motifs.

The roof, shaped like a pyramid, is clad in copper coated with lead that has developed a green patina over time. Crafted in a French Renaissance style to evoke an antique look, it boasts diaper-patterned brickwork, terraces supported by buttresses, small dormer windows, a surrounding cornice, and culminates in a spire topped by a flagpole and a glass lantern.

Building specifications

The steel skeleton comprises eight principal columns, each weighing approximately 22 short tons and engineered to bear loads up to 4.6 million pounds. Originally, the first six floors accommodated Manhattan Company's banking operations; the mid-level floors served as office space; while the uppermost stories housed mechanical equipment, an observation deck, and recreational facilities. The building was equipped with 43 elevators at inception; by 2020, this number had been reduced to 36. Upon completion, it was designed to support a workforce of up to 10,000 individuals.

Lower levels

The initial lobby design incorporated classical architectural details such as moldings, pilasters, columns, and substantial doorframes. Seven entrances from Wall Street led into various vestibules: the westernmost doorway provided access to a private foyer with its own elevator; the easternmost entrance connected directly to eastern elevator banks. Two banking halls extended northward toward Pine Street—one centrally located and one on the western side—with dedicated space for brokerage-house messengers. A broad marble staircase ascended from street level to the main banking hall on the second floor. During renovations in the 1990s led by Der Scutt, the lobby was updated with bronze and marble finishes and escalators were installed to provide access to the second floor.

The main banking hall on the second floor is a double-height area measuring approximately 150 by 185 feet and can be reached from street level or via Pine Street. The Pine Street entrance opens into a foyer featuring octagonal Ionic columns crafted from black marble; on the Wall Street side, veined octagonal columns are present. The space includes a central hall beneath five groin vaults bordered by arcades that lead into smaller vaulted rooms. Teller desks were positioned within this main hall, while wood-paneled meeting rooms for Manhattan Company subsidiary officers were located on raised platforms to the north and south. Originally adorned with murals by Ezra Winter illustrating Financial District history, these artworks have since been removed. Between 2011 and 2023, a Duane Reade convenience store operated within this second-floor area.

Flanking escalators along the south wall of the banking hall are staircases that lead up to former executive quarters—a rectangular chamber featuring five white marble columns and three doorways framed by carvings representing different economic sectors that provided access to private offices for company officers.

Stairways descending from street level lead to two basement levels housing Manhattan Company’s vaults: directly beneath the lobby lies the primary vault safeguarding company securities and funds; below this is a public safe-deposit vault secured by an imposing door weighing approximately 85 short tons.

Upper floors

The fourth level contained the Manhattan Company's boardroom, crafted in the Georgian manner as a replica of the Signers' Room from Independence Hall. Architectural details included Doric-style columns, pilasters, and a decorative frieze, complemented by wooden doors and fireplaces positioned on the eastern side, with false windows installed on the western wall. The space was furnished with Chippendale-style pieces and adorned with a blue carpet, symbolizing the company's founding ethos.

Adjacent offices for executives faced the Wall Street entryway and were appointed with patterned rugs, plush chairs, and individual desks designed to convey an air of sophistication—contrasting sharply with the typical austerity found in financial district offices. The sixth floor was designated as a trading floor for International Manhattan Company, Inc. All upper-level workspaces were interconnected through a pneumatic tube mail system, enabling swift movement of stock certificates and documents, thereby minimizing reliance on elevators and reducing congestion in the lobby.

The 26th and 27th stories accommodated the Luncheon Club of Wall Street, an exclusive members-only venue established at the recommendation of general contractor William A. Starrett. Designed by Matsui and Robert L. Powell in Colonial style, it featured wood-paneled dining areas along with private rooms decorated with wallpaper. On the 55th floor resided the Manhattan Company's officers' club, also Colonial-inspired, furnished with Windsor chairs, a fireplace, and ceilings embellished with faux wood beams. Additionally, the 58th floor housed another private dining establishment known as the Rookery Club.

An observation deck was situated on the 69th and 70th floors of the Bank of Manhattan Building, standing 836 feet above street level and capable of accommodating up to 100 visitors. This viewing platform was closed to public access sometime after World War II.

History

Established in 1799 by Aaron Burr, the Manhattan Company was officially created to provide clean water to Lower Manhattan but primarily operated as a banking institution competing against Alexander Hamilton's Bank of New York, which held a monopoly over banking in New York City. Initially operating from a row house at 40 Wall Street—referred to as its "office of discount and deposit"—the company maintained this location until construction of its current skyscraper. By the early 1900s, it had expanded significantly through numerous bank mergers.

Planning

The conception of the present skyscraper originated with banker George L. Ohrstrom, who began acquiring property in 1928 through the 36 Wall Street Corporation—a venture involving investors such as Ohrstrom himself and Starrett Brothers (later known as Starrett Corporation). The initial vision called for a 20-story building; by late 1928 Ohrstrom had secured approximately 17,000 square feet comprising several parcels. Plans quickly evolved toward erecting a 45-story tower financed by a bond offering scheduled for January 1929. Architect H. Craig Severance was engaged to design a 47-story structure at 36 Wall Street, with further acquisitions expanding the footprint.

Shortly thereafter, designs were revised upward to 60 stories—still shorter than both the Woolworth Building and the then-under-construction Chrysler Building. In April 1929, following an agreement for the Manhattan Company to relocate there, plans were adjusted to include 64 floors. Within days, Severance modified the design to rise to 62 stories and , exceeding both Woolworth and Chrysler buildings in height. This new skyscraper would be known as either the Bank of Manhattan Building or Manhattan Company Building, anchored by its namesake tenant. The available lot enabled this unprecedented elevation.

Construction teams targeted completion within one year to allow tenants to move in promptly. By mid-April 1929, existing occupants had vacated the premises. This initiated a "Race into the Sky" rivalry with the Chrysler Building amid the optimistic building boom of the Roaring Twenties. Subsequently, the building's height was increased further to , securing its status as the tallest habitable structure worldwide at that time. While Severance claimed this achievement proudly, Starrett Corporation refuted claims that design alterations were made solely to surpass Chrysler's height.

Commencement of Construction

Construction on the Manhattan Company Building commenced in May 1929. At that time, the development syndicate was identified as the 40 Wall Street Corporation, and the structure itself was commonly referred to as 40 Wall Street. During this month, the Manhattan Company leased its properties at 40–42 Wall Street and 35–39 Pine Street to the 40 Wall Street Corporation under a 93-year agreement. Ownership stakes were distributed among the Manhattan Company, the Iselin family, and the 40 Wall Street Corporation, with the Manhattan Company holding the largest share. Concurrently, the U.S. government solicited bids for the adjacent property at 28–30 Wall Street, which housed a federal assay office. By June 1929, it was announced that the 40 Wall Street Corporation submitted the winning bid for this parcel, thereby increasing the syndicate’s total land holdings. This particular plot was earmarked for future expansion rather than inclusion in the initial skyscraper design. During construction, the Manhattan Company moved to temporary offices.

Excavation presented several difficulties due to confined storage space amid a densely built environment; bedrock lay deep below street level beneath layers of boulders and quicksand; previous foundations measured up to several feet thick. The project operated under a strict completion timeline of twelve months, necessitating reverse scheduling from a target date of May 1, 1930. The Starrett Brothers developed an extensive timetable indicating that structural steel erection would begin in June 1929 and conclude by May 1930. Oversight included a substantial workforce of supervisors—24 timekeepers and auditors plus seven job runners—to coordinate materials and blueprints.

To optimize both schedule and budget, foundation work overlapped with demolition activities—the old Manhattan Company building was the last to be removed. Due to the substantial masonry foundations, caisson construction was impractical; instead, temporary lighter footings supported demolition and initial construction of the first twenty floors before permanent heavy footings were installed. Excavation reached bedrock depths up to several dozen feet; dozens of hollow cylinders approximately several feet in diameter were placed along with hundreds of steel piles grouped into piers filled with concrete and capped by steel plates engineered to support loads up to hundreds of tons. The existing twelve-story building’s weight facilitated foundation drilling into the ground. Finally, a concrete slab was poured within the excavation area and enclosed by a concrete cofferdam.

Structural Frame and Finalization

In July 1929, William A. Starrett of the Starrett Corporation drove the inaugural rivet into the building’s steel skeleton and secured financing through a $5 million loan. Construction advanced swiftly, with crews completing four floors per week. The site operated continuously around-the-clock employing approximately 2,300 workers across three shifts; interior outfitting progressed simultaneously with steel frame assembly. Passenger elevators moved materials efficiently, removing reliance on temporary cranes. The steel framework—characterized as a "web system of rigidity" incorporating lateral and wind bracing—was fabricated in Bethlehem, Pennsylvania, then transported via railcars and barges to the site before being erected by derricks and riveters.

Curtain wall panels were hung from the steel frame while interior work continued in parallel. By September 1929, steel framing had reached the fortieth floor, allowing plastering and other interior finishes to begin. The structure topped out on November 13, 1929, reaching a height of 900 feet above street level; by then, facade installation extended up to the fifty-fourth floor with much of the interior nearly complete. Leasing agents began marketing nearly two million square feet across this building and neighboring properties by December.

In December 1929, the 40 Wall Street Corporation obtained a $12.5 million mortgage to finalize construction and planned an equivalent bond offering slated for January 1930. Despite scaffolding covering rooftop areas by March 1930, officials denied any intentions to increase building height further. Construction wrapped up one week ahead of schedule on May 1, 1930. Several workers received craftsmanship awards in late April recognizing their skillful contributions. The building officially opened on May 26 with total expenditures reaching $24 million. Four fatalities occurred during construction, consistent with safety records on similar projects. Paul Starrett considered this undertaking his most complex yet successful construction achievement to date.

Rivalry for the "world's tallest building" distinction

Prior to the completion of 40 Wall Street, architect William Van Alen covertly added a spire to the Chrysler Building, which was finished on October 23, 1929, elevating its height to , thereby overtaking 40 Wall Street.<ref> In response, Shreve & Lamb asserted that their structure featured the highest occupiable floor, with its observation deck nearly above that of the Chrysler Building. The observation deck of 40 Wall Street was positioned at , while Chrysler’s was at .<ref> As a result, 40 Wall Street held the title of tallest building in Lower Manhattan but not in the entire New York City area.<ref>

John J. Raskob, who developed the Empire State Building (also designed by Shreve & Lamb), aimed to claim the world's tallest building accolade.<ref> During this intense "Race into the Sky," multiple competing projects were proposed; however, only the Empire State Building endured the financial turmoil caused by the Wall Street Crash of 1929.<ref> The finalized design for the Empire State Building included a tower,<ref> completed in May 1931,<ref> securing its position as the tallest worldwide by both roof and spire height.<ref>

Because of last-minute design alterations and simultaneous construction timelines, it remains uncertain whether 40 Wall Street ever surpassed the Chrysler Building's height. Historian John Tauranac observed that no claims were made regarding such superiority.<ref> Considering only finished buildings, 40 Wall Street held the title of tallest structure globally for a brief period—approximately one month—from early May 1930 until Chrysler Building’s inauguration on May 27, 1930.<ref> Although Chrysler’s spire had been completed earlier, it was not yet open to the public.<ref>

Initial occupants and foreclosure

At its inception, four subsidiaries of the Manhattan Company occupied the building: Bank of Manhattan Trust Company, International Acceptance Bank, International Manhattan Company, and Bank of Manhattan Safe Deposit Company. The Manhattan Company utilized basement levels for vaults; floors one through six for banking operations; and dedicated the 55th floor to an officers' club. Early tenants also included Merrill Lynch & Co. and the Wall Street Club. Opening shortly after the 1929 market crash, 40 Wall Street faced difficulties attracting tenants as many initial commitments were canceled or bankruptcies ensued, resulting in only half of its available space being leased throughout the 1930s. Office rental rates averaged $3 per square foot, significantly below the targeted $8 per square foot. For five years, the 40 Wall Street Corporation managed to service $323,200 in interest payments on a secondary mortgage bond.

By early 1939, the corporation had fallen behind on rent payments, ground leases, and tax obligations. In May of that year, Marine Midland Trust Company commenced foreclosure proceedings following defaults on interest and additional charges. Bondholders established a protective committee to oppose reorganization efforts. In July 1939, the corporation sought to reorganize assets not secured by mortgages. Marine Midland assumed trusteeship of first-mortgage bonds in February 1940 and acquired ownership of the building in September for nearly $11.5 million. At that time, $1,000 debentures were trading at $108.75; meanwhile, the building's total valuation stood at $1.25 million—less than the expense of its 43 elevators.

At the close of 1940, C. F. Noyes was appointed as leasing agent. Prominent tenants during the 1940s included Westinghouse Electric and Manufacturing Company, which leased four floors in 1941; other occupants comprised real estate agents, attorneys, brokers, bankers, and a short-film theater. During World War II, government entities such as the United States Department of the Navy and Department of War leased substantial office space, increasing occupancy from 80% in 1943 to full capacity by mid-1944. Major tenants like Prudential Financial, Westinghouse, and Western Union secured long-term leases. Following some vacancies in the late 1940s, full occupancy was restored by 1951 with office rents reaching $4.22 per square foot—a robust rate for a skyscraper constructed before air conditioning became standard.

1946 aircraft accident

On the evening of May 20, 1946, a Beechcraft C-45F Expediter operated by the United States Army Air Forces collided with the northern side of 40 Wall Street. The twin-engine aircraft was traveling from Lake Charles Army Air Field in Louisiana to Newark Airport when it impacted the building's 58th floor at approximately 8:10 pm, causing a significant breach. All five individuals on board, including an officer from the Women's Army Corps, perished in the crash. Fortunately, no injuries were reported among the building’s occupants or pedestrians below. The plane's fuselage and one wing fell onto the setback at the 12th floor, while debris scattered onto the street. Investigations attributed the accident primarily to dense fog and poor visibility, with heavy fog conditions at nearby LaGuardia Field obscuring the pilot’s vision at that altitude.

Afterward, the proprietors of 40 Wall Street submitted repair applications to the Department of Buildings. This event represented New York City’s second significant aircraft collision with a skyscraper within a year—the prior incident occurred in July when an Army B-25 bomber struck the Empire State Building’s 78th floor under similarly foggy circumstances. Subsequently, in June 1946, the Army implemented a prohibition on aircraft landings in New York City during conditions of heavy fog. This crash was notably the final instance of an airplane striking a building in New York City during the 20th century.

Chase Bank’s move and Webb & Knapp takeover

In August 1950, plans were announced for modifications to the building valued at $300,000. Over subsequent years, air conditioning systems were installed. By January 1955, following the merger of the Manhattan Company and Chase National Bank, which formed Chase Manhattan Bank, the new entity established its headquarters at Chase’s former location at 20 Pine Street, situated just north of 40 Wall Street. Although Chase later constructed its main headquarters at neighboring 28 Liberty Street, it continued to maintain certain offices and a branch within 40 Wall Street.

By 1956, market conditions had improved as evidenced by 40 Wall Street Corporation’s $1,000 debentures trading at $1,550. That same year, developer William Zeckendorf’s firm Webb and Knapp acquired leasehold interests from 40 Wall Street Inc., Chase, and the Iselin estate, while also purchasing a 32% stake in the corporation's shares, which eventually grew to control approximately two-thirds ownership. Webb and Knapp attempted to sell the property in October 1957 for $15 million, but a legal injunction halted the transaction after minority shareholders contested its validity.

In June 1959, shareholders approved a resolution to sell the building for no less than $17 million. To settle ongoing disputes, a State Supreme Court judge ordered that an auction be held. In October of that year, Zeckendorf submitted the highest bid of $18.15 million amidst only one other competitor. This event was considered one of New York City's most valuable real estate auctions up to that point. Webb & Knapp had invested approximately $32 million in acquiring ownership of the building; aside from funds obtained through auction proceeds, remaining payments were made to Chase and the Iselin estate.

City & Central and Loeb, Rhoades Management

In April 1960, Webb and Knapp transferred ownership of the property to the Metropolitan Life Insurance Company for $20 million. Metropolitan Life then leased the building back to Webb and Knapp under a 99-year agreement, with annual payments of $1.2 million. Following Chase Manhattan's move to 28 Liberty Street, Manufacturers Hanover intended to occupy the second through fifth floors left vacant. By September 1960, Webb and Knapp sold the leasehold interest to British firm City & Central Investments for $15 million, a deal completed by November. City & Central initiated renovations both inside and out. Manufacturers Hanover relocated there in 1962, moving deposits worth $24 billion from its previous headquarters at 70 Broadway.

In June 1966, City Centre transferred the leasehold to Loeb, Rhoades & Co., which was the building’s largest tenant at that time. Notable occupants then included Bache & Co., which leased approximately 180,000 square feet. Meanwhile, Manufacturers Hanover began relocating many offices to 600 Fifth Avenue and 55 Water Street. After Loeb, Rhoades merged with Shearson in 1980, their combined 251,000 square feet of space was vacated and promptly leased to Morgan Guaranty and Toronto-Dominion Bank. At that point, only about 875 square feet remained unoccupied, with rental rates in the Financial District typically ranging from $16 to $20 per square foot.

The 1980s and Early 1990s

A German investment consortium led by Walter Hinneberg purchased the property in 1982. By 1992, Hinneberg and his siblings had transferred their majority 80% interest to 40 Wall Street Holdings Corporation, while New Scandic Wall Ltd obtained the remaining 20%.

Leasehold under Marcos Family Control

At the close of 1982, Loeb, Rhoades & Co. sold the leasehold to a holding company later disclosed in 1985 as being controlled by Philippine dictator Ferdinand Marcos and his wife Imelda. Initially, brokers assumed the buyer was the Swiss Gaon family. The Marcoses intended to embellish the building’s roof with gold and referred to it covertly as "Bridgetown" in communications. By February 1986, the leasehold along with other Marcos-owned properties were listed for sale.

After Marcos was deposed, the subsequent administration of Corazon Aquino froze his U.S.-based assets in March 1986, casting doubt on the building’s ownership status. Citicorp, holding a mortgage on the property, announced foreclosure proceedings in December of that year. Legal disputes followed as Aquino’s government sought ownership rights over these assets while brokers asserted a $235 million purchase agreement that Manila contested. Additionally, Saudi arms dealer Adnan Khashoggi claimed prior involvement in ownership but was acquitted of related racketeering charges.

Ongoing litigation halted capital improvements such as elevator modernization. In early 1989, Aquino’s government attempted to sell four Marcos-owned properties for $398 million. A federal judge ordered a foreclosure sale in August 1989; the Bernstein brothers submitted a winning bid of $108.6 million but failed to complete payment by October due to simultaneous bankruptcy proceedings in Curaçao. This failure prompted a subsequent auction of the leasehold later that year.

Resnick's tenure and subsequent complications

In November 1989, Burton Resnick of Jack Resnick & Sons secured the leasehold for 40 Wall Street at $77 million, narrowly surpassing a bid from Citicorp. This acquisition occurred amid a downturn in Lower Manhattan's real estate demand following the 1987 Black Monday crash. Resnick initially proposed renovations costing between $30 million and $40 million, which he later increased to $50 million. The planned upgrades targeted fire safety, electrical and mechanical systems, lobby restoration, facade and window repairs, along with elevator replacements. Nonetheless, only window improvements were realized before Resnick defaulted on the mortgage in 1991. Consequently, Citicorp repossessed the leasehold and withdrew renovation funding due to concerns about tenant retention.

By the early 1990s, vacancy rates at 40 Wall Street had reached approximately 80%, accompanied by declining maintenance standards—tenants experienced prolonged elevator delays and interiors were often stripped; security weaknesses allowed unauthorized occupants. The building was considered outdated, lacking a freight elevator, featuring small upper floors and numerous internal support columns. Citicorp aimed to sell the property by 1992, with asking prices reportedly dropping as low as $10 million—down from a valuation of $123 million in 1990 to $75 million by 1993. Failure to finalize a sale by late 1992 risked eviction of the current leaseholder.

In late 1992, American International Group attempted to purchase Citicorp’s interest for $6.5 million; however, negotiations faltered amid a sluggish downtown real estate market. Citicorp proceeded to auction the building in May 1993 and subsequently wrote down its value to zero. Hong Kong-based Glorious Sun considered acquiring the property but eventually declined. Another Hong Kong consortium, Kinson Properties, leased the site for $8 million and proposed $60 million in renovations—including a $4 million lobby renovation and $5–7 million allocated for electrical and mechanical system upgrades—but made limited progress before selling the leasehold in 1995.

Trump lease

In July 1995, real estate developer Donald Trump signed a letter of intent to acquire Kinson’s leasehold and committed to investing $100 million in refurbishments. The leasehold officially transferred that December. Estimates of the purchase price vary: The New York Times reported it at $8 million, while Barron's suggested a range between $3 million and $5 million. In 1995, Trump claimed he acquired the leasehold for $100,000; subsequent statements cited figures ranging from $1 million to $10 million. Trump’s legal advisor George H. Ross confirmed these amounts in 2005. Trump also publicly asserted that the building’s value ranged between $400 million and $600 million during media interviews.

Valuations for 40 Wall Street have varied widely over time. City tax assessors appraised it at $90 million by 2000 and maintained this valuation through 2004. In 2012, Trump estimated its worth at $1 billion; however, an independent appraisal that year valued it at $220 million. In 2013, Trump claimed a valuation of $530 million. Lenders assessed the property at approximately $540 million in 2015, while the Trump Organization reported a value of $735 million. Bloomberg News estimated its worth near $550 million in 2016.

From the 1990s through the 2010s

Trump invested approximately $35 million in renovating 40 Wall Street. The lobby was redesigned by Der Scutt Architects; meanwhile, the Trump Organization replaced several hundred windows, refurbished thirty elevator cabs, and installed lighting on the roof. Initially, Trump intended to convert the upper floors into residential units while maintaining commercial use on lower levels, contingent upon a 1995 state tax exemption law supporting such conversions. He planned to offer apartments ranging from studios to three-bedroom units; however, experts noted that large floor plates rendered residential conversion economically unfeasible. By 1997, Trump engaged with hotel operators such as Marriott International, which proposed establishing a Ritz-Carlton hotel occupying ten to twelve floors. At this time, occupancy stood at roughly 25%.

Ultimately, Trump abandoned residential plans due to prohibitive costs. By 1998, nearly all available space was leased to prominent tenants including American Express, CNA Financial Corporation, Bear Stearns, Nomura Holdings, Country-Wide Insurance, Hilton Hotels & Resorts, and Union Bank of California. That year he secured a $125 million mortgage from European lenders. In 2004, Trump attempted to sell the property expecting bids exceeding $400 million; no offers materialized. By 2005, the building carried debt totaling $145 million but generated annual rental income of approximately $32 million with occupancy near 90%.

In July 2011, Duane Reade inaugurated a flagship pharmacy within the former banking hall space. Ownership transitioned to 40 Wall Street Holdings in 2014. During Trump's presidential campaign in 2016, filings revealed an outstanding mortgage exceeding $50 million; Trump paid an annual lease of $1.65 million plus about $1 million in expenses and fees. Bloomberg News reported that several tenants had been linked to fraudulent activities. Rental income increased from $30.5 million in 2014 to $43.2 million by 2018. In 2020, Forbes estimated that Trump owed Ladder Capital approximately $138 million on a loan scheduled for maturity in 2025.

2020s to present

By 2021, prosecutors in New York began investigating multiple Trump Organization properties, revealing major inconsistencies between the asset values reported to lenders and those declared for tax purposes from 2011 through 2015. A particularly striking example was 40 Wall Street, which was appraised at $527 million for lending institutions in 2012 but valued at merely $16.7 million for tax assessments. As of February 2023, the building faced an 18% vacancy rate alongside maintenance expenses that had increased by 11% since 2015, resulting in its placement on a lender watchlist. Due to tenant losses and sluggish leasing activity, Fitch Ratings downgraded the building’s loan credit rating in August 2023. Later that year, the Duane Reade retail outlet shut down amid ongoing shoplifting problems, and the loan was reassigned to a special servicer amid continuing civil probes into the Trump Organization.

After a civil fraud judgment against the Trump Organization in January 2024, New York Attorney General Letitia James expressed her intent to seize the property if the $355 million penalty remained unsettled. By April 2024, vacancy had risen to 21%, with the mortgage loan scheduled for maturity in 2025. The building became a contentious attraction for tourists, with few real estate professionals willing to openly comment on its financial situation due to its controversial nature. Several retail units and multiple floors remained unoccupied by late 2024.

Additional credit rating reductions took place in March 2025. In June of that year, the Trump Organization paid off the outstanding $114 million on its Ladder Capital loan. However, by July, approximately one-quarter of the building had been vacant for an entire year, and annual revenues were trailing mortgage obligations by $2 million. In mid-2025, an Italian food hall named Nerolab opened within the building, marking an initiative to rejuvenate its retail environment.

Impact

In February 1930, the Down Town League honored 40 Wall Street as the finest building completed in Lower Manhattan during the previous year. That same year, Fortune magazine commended Ohrstrom for his "shrewd and able financing" of what was then called the Manhattan Company Building. Two years later, W. Parker Chase characterized it as a structure that "thoroughly typifies the American spirit of hustle." When 28 Liberty Street was erected in 1960, Architectural Forum acknowledged the lasting significance of 40 Wall Street's ornamental pinnacle, which had been crafted decades earlier.

Architecture historian Robert A. M. Stern observed in his 1987 work New York 1930 that the proximity of 40 Wall Street to other skyscrapers diminished older towers into "foothills in a new mountain range." Eric Nash noted that its influence was constrained by its mid-block position adjacent to the Greek Revival Federal Hall National Memorial. A critic writing for Newsday in 2003 pointed out that although it aimed ambitiously to be the tallest building worldwide, it remains less prominent among tourists and guidebooks.

On December 12, 1995, the New York City Landmarks Preservation Commission designated 40 Wall Street as an official city landmark, recognizing its role as headquarters for the Manhattan Company and its part in New York’s skyscraper competition during 1929–1930. The building was listed on the National Register of Historic Places on June 16, 2000, and later included as a contributing property within the Wall Street Historic District in 2007, thereby securing its protected status within this historic district.

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

External links

• 40 Wall Street featured on The Trump Organization’s official site
• The Trump Building listed at the CTBUH Skyscraper Center