The Gallatin Bank Building was constructed in 1887 on a plot at 34 Wall Street (Manhattan). It was enlarged from an original plot bought at 36 Wall Street when the bank was organized in 1829. The purchase price was $12,000. Originally called National Bank, 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 Tappen. The edifice endured for forty-two years and was the home of important financial firms. The Gallatin Bank Building was one of the most distinguished establishments on Wall Street from the late 19th century through the second decade of the 20th century. It was destroyed to make room for a new structure completed by the Bank of Manhattan Company in late 1929. The new edifice at 40 Wall Street occupied 100,000 square feet (9,300 m2) of space. The Bank of Manhattan building was 64 stories in height and became the tallest office building in the world when finished.