In 1931, 20 Exchange Place was constructed as the City Bank Farmers Trust Building (a predecessor of present day Citigroup) and was the 4th tallest building in the world. The building's original plans called for a pyramid top and a taller tower. However, due to the Great Depression, the building was topped off at its present height of 57 floors.
In June, 2004, developers Nathan Berman, Yaron Bruckner and Eastbridge NV acquired 20 Exchange Place for $152 million. Berman and Bruckner converted the 800,000 square feet of space for residential usage. The Singer and Bassuk Organization had successfully secured $210 million in residential Liberty Bond financing for the Berman and Bruckner conversion of the top 41 floors of the 57-story office building into 369 luxury rental units. This allowed for the ground floor and four lower levels to house retail space. Floors two through 15 remain commercial.