Who Financed the Building of the Empire State Building
The Empire State Building, one of the most iconic skyscrapers in the world, stands as a testament to resilience and ambition during one of the most challenging periods in history. This architectural marvel was financed and developed through a combination of private investment and visionary figures. This article explores the key financiers, architects, and developers behind the iconic structure, shedding light on how it was built during the Great Depression.
Financiers and Key Figures
The financing and construction of the Empire State Building were spearheaded by a group of ambitious visionaries and notable figures. Among them were:
John J. Raskob
John J. Raskob was a financier and former vice president of General Motors. As the visionary behind the project, Raskob saw the Empire State Building as a symbol of industrial progress and economic resilience during the Great Depression. He partnered with Pierre S. du Pont, a prominent industrialist and philanthropist, to leverage their significant resources and fund the project.
Alfred E. Smith
Alfred E. Smith was the former governor of New York and a prominent figure in Democratic politics. He served as the public face of the project and the president of Empire State Inc., the corporation established to oversee the building's construction.
Financing
The project was primarily financed through private funds, with contributions from Raskob, du Pont, and a group of wealthy investors. These funds were crucial as construction began amidst the onset of the Great Depression. Raskob, du Pont, and their investors recognized the potential of the project to spur economic growth and attract attention.
Architects and Developers
The architectural firm Shreve, Lamb Harmon played a significant role in the design of the Empire State Building. They incorporated Art Deco elements and emphasized speed and efficiency in construction. Their innovative design not only made the building aesthetically pleasing but also helped it claim the title of the world's tallest building upon its completion.
The construction firm Starrett Brothers Eken was known for their expertise in building large skyscrapers. They were responsible for the rapid completion of the Empire State Building in just 13 months. This impressive feat of engineering and project management made the building a poster child for the capabilities of the construction industry during the early 1930s.
Motivation Behind the Project
The Empire State Building was conceived as a competitive response to the Chrysler Building, which held the title of the tallest building in the world at the time. Its development also served as a statement of optimism and progress during a challenging economic era. Raskob, du Pont, and Smith believed that the construction of the Empire State Building would symbolize resilience and economic strength, providing a much-needed boost to the spirits of a nation grappling with the Great Depression.
The building officially opened on May 1, 1931, and despite its initial financial struggles, it eventually became one of the most profitable and recognized landmarks in the world. Its iconic status continues to inspire awe and admiration to this day, standing as a symbol of human ingenuity and perseverance in the face of adversity.