Empire State Building In a separate transaction, the land underneath the building was sold to Prudential Insurance for $29 million. Helmsley, Wein, and Malkin quickly started a program of minor improvement projects, including the first-ever full-building facade refurbishment and window-washing in 1962, the installation of new flood lights on the 72nd floor in 1964, and replacement of the manually operated elevators with automatic units in 1966. The little-used western end of the second floor was used as a storage space until 1964, at which point it received escalators to the first floor as part of its conversion into a highly-sought retail area. In
Empire State Building proposed floor space near "one of the busiest sections in the world". While plans for the Empire State Building were being finalized, an intense competition in New York for the title of "world's tallest building" was underway. 40 Wall Street (then the Bank of Manhattan Building) and the Chrysler Building in Manhattan both vied for this distinction and were already under construction when work began on the Empire State Building. The "Race into the Sky", as popular media called it at the time, was representative of the country's optimism in the 1920s, fueled by the building boom in major cities.