Gallatin Bank Building

The Gallatin Bank Building was constructed in 1887 on a plot at 34 Wall Street (Manhattan). It was enlarged from an original plot boughtat 36 Wall Street when the bank was organized in 1829. The purchase price was $12,000. Originally called The Bank of New York, the name was later changed to Gallatin because of its association with the family of Albert Gallatin. John Jacob Astor was one of the bank's organizers and he was instrumental in persuading financier, Albert Gallatin, to become its first president.

History of the edifice

The Gallatin Bank structure, which opened in 1887, was built on land purchased after the resignation of bank president James Gallatin, in 1868, and the beginning of the term of his successor, Frederick D. Tappen. The edifice endured for forty-two years and was the home of important financialfirms. The Gallatin Bank Building was one of the most distinguished establishments on Wall Street from the late 19th century through the seconddecade of the 20th century. It was destroyed to make room for a new structure completed by the Bank of Manhattan Company in late1929. The new edifice occupied 100,000 square feet of space. The Bank of Manhattan building was 64 stories in height and became the tallest office building in the world when finished. ["Razing Buildings On Wall Street", New York Times, May 12, 1929, pg. RE1.]

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