Race To The Sky
Manhattan's glittering towers were erected in a frenzy of speculation and self-promotion
The push for height was driven by economics as well as vainglory. By 1927, oceans of speculative capital were spilling into commercial real estate as well as the stock market. With land prices spiraling, developers began to add stories to their buildings. A 1930 study calculated that a 63-story skyscraper would earn a desirable 10.25 percent return. More stories added to construction costs--but might also fetch higher rents.
At 40 Wall Street, the cold calculus of money was paramount. Ohrstrom, the investment banker, chose Craig Severance, Van Alen's estranged former partner, to be the architect. The building took form from the inside out, according to Bascomb. Severance figured out how many offices he could fit on a floor, then placed the elevators and the steel columns to determine the shape of the building, which would rise 67 stories and reach 840 feet. Construction started in May 1929, under deadline pressure. In those days, all New York office leases began on May 1. To finish 40 Wall Street by that date in 1930, workers laid foundations for the tower even before they had finished wrecking the old building on the site.
In August 1929, Bascomb writes, rumors reached Severance that Van Alen had tweaked the Chrysler Building to exceed the official 808 feet. Severance made his building's pyramidal top steeper and added a 60-foot steel cap to push 40 Wall Street to 925 feet. With three shifts working seven days a week, builder Paul Starrett met the May 1930 deadline and set a speed record for completing a skyscraper.
But Ohrstrom, Severance, and Starrett had jumped the gun in claiming the height prize. In November 1929, with the interior still unfinished, they invited the downtown elite to a ceremony. "The World's Tallest Building Raises the Stars & Stripes to the New York Heavens," said the headline in the New York World. Unbeknownst to those assembled, Chrysler and Van Alen had outfoxed them.
First Van Alen added an arch to the ornate steel dome, bringing the Chrysler Building to 860 feet. Then he ordered workers to assemble a 27-ton steel tip deep within the construction site. A few weeks before the Wall Street event, workers hoisted the spike--called a "vertex"--to the top. The Chrysler Building gained 186 feet instantly; at 1,046 feet, it surpassed 40 Wall Street and the Eiffel Tower, for 40 years the world's tallest structure. No one noticed until the story broke four days after the downtown ceremony.
Gimmicks. Ohrstrom and Severance led a campaign to condemn Chrysler's dirty trick. George Chappell, the New Yorker's architecture critic, denounced Chrysler's building as "a stunt design, evolved to make the man in the street look up." In response, Chrysler hired famed photographer Margaret Bourke-White to climb 1,000 feet and take sweeping photos of his building.
Chrysler was soon overshadowed by Raskob, who had hired Al Smith, the former presidential candidate and New York governor, as a front man. In December 1929, Smith announced to his old pals in the press that the Empire State Building would rise 202 feet taller than the Chrysler Building. Most of the elevation would come from a mooring mast for zeppelins. It soon became clear that zeppelins could not land at 1,250 feet, 102 stories above the street, because of crosswinds. That didn't faze Raskob: Topping the others was what counted.
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