This is a story of structure that remained tallest for 42 years. It is one of the best known structures of the world and has been admired by all of us. So much so that each of us knows its name. This building not only became an icon but a symbol of twentieth century man's attempts to achieve the impossible. But how did this gigantic icon get built?
- Chandra Bhushan, Architect
In 1920’s America’s economy was flourishing. Business leaders were funneling their profits right back into industry, investing in factories and new machinery eventually making huge stocks. The stock market was at boom. One of the leading companies, General Motors (GM) was making spectacular profits and John Jacob Raskob who was the President of GM, enjoyed the status as one of the America’s leading capitalist.
In 1928, for presidential elections Raskob supported his friend Alfred Smith and became the chairman of the Democratic National Committee. But Smith lost to Herbert Hoover and things changed. Sloan an ardent supporter of Hoover, demanded that Raskob resign either as Democratic chairman or from General Motors. Raskob refused. But the board of directors supported Sloan. Hurt, Raskob resigned from General Motors. Raskob later cashed his $20 million worth GM Stock in 1929.
After auto industry it was the real estate industry that was booming at that time in America and so Raskob chose to invest his money in making a commercial building in New York City. Luckily at that time owners of Waldrof-Astoria Hotel in New York decided to sell the property and thought of building a new hotel at different location, since the property on which the hotel was located had become extremely valuable and could fetch a good price for them.
Raskob bought the property in $16 million. As he was, he decided to make a building that world has never imagined. He now needed a plan. Raskob hired Shreve, Lamb
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