In 1913, the
Dual Contracts were signed by the
Interborough Rapid Transit Company (IRT) and the
Brooklyn–Manhattan Transit Corporation (BMT), two companies who operated parts of the present New York City Subway. A set of platforms at Grand Central, now serving the
IRT Lexington Avenue Line (), was to be built diagonally under the building site as part of the agreement. At the time, the site under the proposed station was occupied by Grand Union Hotel, which was condemned via
eminent domain in February 1914. The condemnation proceedings for the hotel cost $3.5 million (equal to $ million in ). To pay the station's construction cost, the Public Service Commission approved the construction of a 25-story building above the station. By May 1915, the building site had been excavated for the construction of the building. the site above the station was not developed as planned. The 25-story building's site, and the portion of Park Avenue immediately adjacent to it, was renamed
Pershing Square in 1919 to honor
World War I general
John J. Pershing. The site was then proposed for use as an open plaza with a three-story memorial "Victory Hall", but the idea of a victory hall was opposed by
Fiorello H. La Guardia, president of the
New York City Board of Aldermen. The Transit Commission attempted to sell the building site in May 1920 for $2.8 million (equal to $ million in ), but no one placed a bid. Then in July 1920, a realty consortium headed by investor Henry Mandel offered $2.9 million for the hotel (equal to $ million in ), a proposal that was accepted. Other members of this consortium included the accountant
Samuel D. Leidesdorf.
Planning and construction (left) and the Pershing Square Building (right) share what was believed to be New York City's tallest
party wall The corporation was headed by Leidesdorf. In January 1921, the Pershing Square Building Corporation received title to the site, with conditions that necessitated a subway entrance and a maximum building height and weight. Mandel gave the
Bowery Savings Bank the eastern half of the hotel site, which would be developed into an office building at 110 East 42nd Street. including what was believed to be the city's tallest
party wall separating two buildings. Mandel hired architect
John Sloan to create a design for a building, and Sloan had submitted preliminary plans by May 1921. Though the Fifth Avenue Association filed a complaint with the city's
Board of Standards and Appeals (BSA) to enforce the zoning code, Sloan stated that the inclusion of setbacks would be structurally unsafe, expensive, as well as a contravention of the existing agreement. The BSA ruled in favor of the Pershing Square Building Corporation, As such, the Pershing Square Building was the last tall building constructed after the 1916 Zoning Resolution that did not contain setbacks or a front plaza. That month, the opponents appealed the BSA's decision to the statewide
Court of Appeals. and the first lessees had already signed for space in the building. Sloan would form a partnership with
Thomas Markoe Robertson in 1923, and in addition to co-designing the Pershing Square Building, the pair would design the Pershing Square Building and several other New York City structures, including the Chanin Building and
Graybar Building in the Grand Central area. The State Supreme Court subsequently ruled against Frankel. The Pershing Square Building was renamed the
Continental Can Building when the
American Can Company leased space in the 24th and 25th floors in 1945. and the following year the Leidesdorf estate sold the Pershing Square Building to
Prudential Financial. After Suttom NV sold the building in 1994, it passed through numerous ownerships, including
GE Capital (1994), 125 Park Avenue LLC (1997); GE Capital subsidiary Watch Holdings LLC (1998); and Sri Six Operating Company (2004). The real estate firm
Shorenstein Properties had a stake in Sri Six.
SL Green purchased the building in 2010 from Shorenstein Properties. The Pershing Square Building received several renovations, especially in the 1990s and 2000s. The upper floors' masonry and windows were replaced; the ground-level facades at Park Avenue and 42nd Street were renovated; and the lobby was renovated with a new 42nd Street entrance in 2006–2008. In mid-2016, the LPC proposed protecting twelve buildings in East Midtown, including the Graybar Building, in advance of proposed changes to the area's zoning. On November 22, 2016, the LPC designated the Pershing Square Building and ten other nearby buildings as city landmarks. == Tenants ==