Rockefeller Center was named after John D. Rockefeller, Jr., who leased the space from Columbia University in 1928 and developed it beginning in 1930. Rockefeller initially planned a syndicate to build an opera house for the Metropolitan Opera on the site, but changed plans after the stock market crash of 1929 and the Metropolitan’s continual delays to hold out for a more favorable lease, causing Rockefeller to move forward without them. Rockefeller stated, “It was clear that there were only two courses open to me. One was to abandon the entire development. The other to go forward with it in the definite knowledge that I myself would have to build it and finance it alone.” He took on the enormous project as the sole financier, on a 27-year lease (with the option for three 21-year renewals for a total of 87 years) for the site from Columbia; negotiating a line of credit with the Metropolitan Life Insurance Company and covering ongoing expenses through the sale of oil company stock. The initial cost of acquiring the space, razing some of the existing buildings and constructing new buildings was estimated at $250 million.
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From New York
Travel from Jan 12 to Jan 29
Thanks Denise !