Construction of the Manhattan Company Building began in May 1929.
By that time, the syndicate developing the building was known as the 40 Wall Street Corporation, and the building was also known as 40 Wall Street.
The same month, the Manhattan Company leased its lots at 40–42 Wall Street and 35–39 Pine Street to the 40 Wall Street Corporation for 93 years.
Ownership would be divided among the Manhattan Company, Iselin estate, and the 40 Wall Street Corporation, with the Manhattan Company holding a plurality stake.
Simultaneously, the U.S. government invited bids on the adjoining building at 28–30 Wall Street, then occupied by a federal assay office.
In June 1929, the government announced that the 40 Wall Street Corporation had placed the highest bid for the lot, bringing the syndicate's total land holding to 40,000 square feet (3,700 m²).
However, the assay office plot was not to be part of the new skyscraper, instead being reserved for the Manhattan Company's future expansion.
While construction was ongoing, the Manhattan Company moved to temporary headquarters.

Excavations for 40 Wall Street were complicated by numerous factors.
There was little available space to store materials; the surrounding lots were all densely built up; the bedrock was 64 feet (20 m) below street level, beneath boulders and quicksand; and the previous buildings on the lot had contained foundations of up to 5 feet (1.5 m) thick.
Therefore, the foundation of 40 Wall Street was constructed at the same time that buildings on the site were being cleared, due to the builders' time constraints.
The old Manhattan Company building was the last to be cleared.
Further, caisson construction could not be used to excavate the site since the existing foundation contained heavy masonry blocks.
To ensure that the foundation could adequately support the structure, temporary lighter footings were installed during the demolition of the old buildings and construction of the first 20 stories, and permanent heavy footings were installed afterward.
In July 1929, the builders held a ceremony where W.A. Starrett, head of the Starrett Corporation, drove the first rivet into the building's column.
A $5 million loan was arranged the same month to finance the building.

Work on 40 Wall Street progressed quickly: the site was active 24 hours a day, with 2,300 workers working in three shifts, and interior furnishing progressed as the steel frame rose.
The building topped out on November 13, 1929.
By that time, the steel frame had reached 900 feet (270 m) above street level, the facade had been completed to the 54th story, and much of the internal furnishing had been completed.
By December, rental agents Brown, Wheelock, Harris, Vought & Company were leasing out the space at the Chrysler and Manhattan Company buildings, which aggregated 2 million square feet (190,000 m²).
Around the time, the 40 Wall Street Corporation was planning to issue $12.5 million in bonds.

The building was completed by May 1, 1930, and it officially opened on May 26.
The Manhattan Company took the two basement levels for storage vaults; the first through sixth stories for bank operations; and the 55th floor for its officers' club.
In total, $24 million had been spent on construction.
Paul Starrett, of the Starrett Corporation, said that "Of all the construction work which I have handled, the Bank of Manhattan was the most complicated and the most difficult, and I regard it as the most successful."
Construction of the Manhattan Company Building began in May 1929. By that time, the syndicate developing the building was known as the 40 Wall Street Corporation, and the building was also known as 40 Wall Street. The same month, the Manhattan Company leased its lots at 40–42 Wall Street and 35–39 Pine Street to the 40 Wall Street Corporation for 93 years. Ownership would be divided among the Manhattan Company, Iselin estate, and the 40 Wall Street Corporation, with the Manhattan Company holding a plurality stake. Simultaneously, the U.S. government invited bids on the adjoining building at 28–30 Wall Street, then occupied by a federal assay office. In June 1929, the government announced that the 40 Wall Street Corporation had placed the highest bid for the lot, bringing the syndicate's total land holding to 40,000 square feet (3,700 m²). However, the assay office plot was not to be part of the new skyscraper, instead being reserved for the Manhattan Company's future expansion. While construction was ongoing, the Manhattan Company moved to temporary headquarters.
Excavations for 40 Wall Street were complicated by numerous factors. There was little available space to store materials; the surrounding lots were all densely built up; the bedrock was 64 feet (20 m) below street level, beneath boulders and quicksand; and the previous buildings on the lot had contained foundations of up to 5 feet (1.5 m) thick. Therefore, the foundation of 40 Wall Street was constructed at the same time that buildings on the site were being cleared, due to the builders' time constraints. The old Manhattan Company building was the last to be cleared. Further, caisson construction could not be used to excavate the site since the existing foundation contained heavy masonry blocks. To ensure that the foundation could adequately support the structure, temporary lighter footings were installed during the demolition of the old buildings and construction of the first 20 stories, and permanent heavy footings were installed afterward. In July 1929, the builders held a ceremony where W.A. Starrett, head of the Starrett Corporation, drove the first rivet into the building's column. A $5 million loan was arranged the same month to finance the building.
Work on 40 Wall Street progressed quickly: the site was active 24 hours a day, with 2,300 workers working in three shifts, and interior furnishing progressed as the steel frame rose. The building topped out on November 13, 1929. By that time, the steel frame had reached 900 feet (270 m) above street level, the facade had been completed to the 54th story, and much of the internal furnishing had been completed. By December, rental agents Brown, Wheelock, Harris, Vought & Company were leasing out the space at the Chrysler and Manhattan Company buildings, which aggregated 2 million square feet (190,000 m²). Around the time, the 40 Wall Street Corporation was planning to issue $12.5 million in bonds.
The building was completed by May 1, 1930, and it officially opened on May 26. The Manhattan Company took the two basement levels for storage vaults; the first through sixth stories for bank operations; and the 55th floor for its officers' club. In total, $24 million had been spent on construction. Paul Starrett, of the Starrett Corporation, said that "Of all the construction work which I have handled, the Bank of Manhattan was the most complicated and the most difficult, and I regard it as the most successful."
40 Wall Street