New York Life Insurance Company Building

History and architecture

The 40-story tower for the New York Life Insurance Company, one of the "big three" insurance companies, was designed by noted architect Cass Gilbert in 1926 and constructed in 1927-28. The building is Gilbert's third and final version of the neo-Gothic skyscraper in New York City, following his successful use of the style for 90 West Street in 1907 and later for the 1913 Woolworth Building .

With the New York Life Insurance Company design, Gilbert melded the neo-Gothic embellishments of his earlier buildings with the cubic geometries of 1920s skyscrapers, making this building a significant transition from the historical revival-styled skyscrapers of the 1900s to the Art Deco towers of the late 1920s. New York Life's desire for a monumental headquarters building allowed Gilbert to finally achieve his wish of creating a skyscraper clad in stone.

Details include the richly-molded surrounds of the entrance, window spandrels, and gargoyles at the roof line. The structure's pyramidal tower makes the building a distinctive contribution to the Madison Square neighborhood and the New York City skyline. The New York Life Insurance Company was founded in 1841 as the Nautilus Insurance Company in New York City.

The building was constructed during the administration of President Darwin P. Kingsley, an internationally-renowned businessman who expanded the firm's operations and developed new types of insurance policies. The New York Life Building, the most prominent insurance company building constructed between World War I and the Great Depression, was also the last signature home office building constructed for an insurance company in New York City. It was designed to project a strong corporate image through its siting, style, and silhouette. Rising above Madison Square Park, the building is a powerful symbol of the New York Life Insurance Company's lasting stability.

The New York Life Insurance Company was first chartered in 1841 as the Nautilus Insurance Company, offering marine and fire insurance. A mutual plan of life insurance was first offered in 1845, and the company officially changed its name to the New York Life Insurance Company in 1849.

By the end of the 1850s, most of the basic principles of the life insurance industry had been formulated. Level premium policies were the norm , and company medical examiners reviewed applications. State regulatory boards had been set up; reserves, dividends and rates had been established; and a strongly competitive marketing system had engendered a thriving industry.