The structures on the building site were torn down starting in May 1921 and the site was cleared by that September. The architects filed construction plans with the Manhattan Bureau of Buildings in July 1921. The foundation was dug to the underlying layer of bedrock, up to deep. Afterward, the vault's door and frame were lowered into the foundation. According to the "Wall Street Journal", it was the largest ever foundation to be built in New York City at the time. About of material was removed. This process was made more difficult due to the presence of numerous buildings nearby, which had to be shored up during the excavation. The cornerstone was laid with a brief ceremony on May 31, 1922, after the foundations had been completed.