Chase Manhattan Bank was created through the merger of the Manhattan Company and Chase National Bank in 1955.
The new company was headquartered at Chase National's previous building at 20 Pine Street, immediately north of 40 Wall Street; soon afterward, Chase constructed a structure at the neighboring 28 Liberty Street to serve as its headquarters.
Meanwhile, several offices as well as a bank branch remained in 40 Wall Street.
By 1956, the building's financial situation had improved considerably, and the 40 Wall Street Corporation's $1,000 debentures were selling for $1,550.
That year, real estate developer William Zeckendorf had his company Webb and Knapp buy the leaseholds for the land from 40 Wall Street Inc., Chase, and the estate of the Iselin family.
Webb and Knapp also bought 32% of the 40 Wall Street Corporation's stock.

Webb and Knapp became the majority shareholders of the 40 Wall Street Corporation after buying further stock, thereby owning two-thirds of the corporation's shares.
The firm attempted to sell 40 Wall Street for $15 million, but a New York Supreme Court judge placed an injunction on the sale in November 1957 after several shareholders claimed the sale was illegal.
The corporation's stockholders then voted to sell the building in June 1959.
To reduce controversy, a New York Supreme judge ordered that an auction be held to sell off the building.
That October, the stockholders held an auction for 40 Wall Street, with a starting price of $17 million.
Zeckendorf submitted the highest bid, at $18.15 million, although there was only one other bidder.
At the time, 40 Wall Street was believed to be the most valuable real-estate property to be auctioned.
In total, Webb & Knapp had spent $32 million to acquire the building; besides the amount spent toward the auction, the remainder of the cost was used to pay Chase and the Iselin estate.

Webb and Knapp sold the property to the Metropolitan Life Insurance Company in April 1960 for $20 million.
Metropolitan Life leased the building back to Webb and Knapp for 99 years, under a leasehold that cost $1.2 million a year.
That September, Webb and Knapp sold the leasehold to British investors City & Central Investments for $15 million.
The sale was finalized in November 1960, and City & Central acquired title that following month.
The lower floors were no longer occupied by Chase, which had relocated to its new headquarters at 28 Liberty Street.
Parts of the interior and exterior were renovated, and the Manufacturers Hanover Corporation took the unoccupied lower stories in 1961.
City & Central sold the leasehold to Carl M. Loeb, Rhoades Company, 40 Wall Street's largest tenant, five years later.
Chase Manhattan Bank was created through the merger of the Manhattan Company and Chase National Bank in 1955. The new company was headquartered at Chase National's previous building at 20 Pine Street, immediately north of 40 Wall Street; soon afterward, Chase constructed a structure at the neighboring 28 Liberty Street to serve as its headquarters. Meanwhile, several offices as well as a bank branch remained in 40 Wall Street. By 1956, the building's financial situation had improved considerably, and the 40 Wall Street Corporation's $1,000 debentures were selling for $1,550. That year, real estate developer William Zeckendorf had his company Webb and Knapp buy the leaseholds for the land from 40 Wall Street Inc., Chase, and the estate of the Iselin family. Webb and Knapp also bought 32% of the 40 Wall Street Corporation's stock.
Webb and Knapp became the majority shareholders of the 40 Wall Street Corporation after buying further stock, thereby owning two-thirds of the corporation's shares. The firm attempted to sell 40 Wall Street for $15 million, but a New York Supreme Court judge placed an injunction on the sale in November 1957 after several shareholders claimed the sale was illegal. The corporation's stockholders then voted to sell the building in June 1959. To reduce controversy, a New York Supreme judge ordered that an auction be held to sell off the building. That October, the stockholders held an auction for 40 Wall Street, with a starting price of $17 million. Zeckendorf submitted the highest bid, at $18.15 million, although there was only one other bidder. At the time, 40 Wall Street was believed to be the most valuable real-estate property to be auctioned. In total, Webb & Knapp had spent $32 million to acquire the building; besides the amount spent toward the auction, the remainder of the cost was used to pay Chase and the Iselin estate.
Webb and Knapp sold the property to the Metropolitan Life Insurance Company in April 1960 for $20 million. Metropolitan Life leased the building back to Webb and Knapp for 99 years, under a leasehold that cost $1.2 million a year. That September, Webb and Knapp sold the leasehold to British investors City & Central Investments for $15 million. The sale was finalized in November 1960, and City & Central acquired title that following month. The lower floors were no longer occupied by Chase, which had relocated to its new headquarters at 28 Liberty Street. Parts of the interior and exterior were renovated, and the Manufacturers Hanover Corporation took the unoccupied lower stories in 1961. City & Central sold the leasehold to Carl M. Loeb, Rhoades Company, 40 Wall Street's largest tenant, five years later.
40 Wall Street