The New York Fed's directors passed a resolution on October 24, 1917, providing for the construction of a new headquarters building. The Fed decided to buy the entire city block bounded by Nassau, Liberty, and William Streets and Maiden Lane. In May 1918, the Fed bought about on the block. The New York Fed's staff had grown from 175 to 1,200 in the past year, but the bank wished to wait until the end of World War I to build its headquarters. By early 1919, the Fed had bought more land on Liberty Street and Maiden Lane, increasing its land holdings to . The only structure on the block that the Fed did not acquire was the Montauk Building on William Street, as the Fed and the Montauk Building's owners could not agree on a sale price. The site had been fully acquired by June 1919 at a total cost of close to $5 million. Several lots were also acquired on nearby Gold Street for a storage facility.