The Knickerbocker Trust Company bought the land immediately south of the Manhattan Life Building in early 1906, and finalized building plans the next year. The 22-story Knickerbocker Trust building at 60 Broadway was completed in 1909 and contained a ground-floor banking room, a private penthouse restaurant, and eight elevators. There was a space between the Manhattan Life and Knickerbocker Trust buildings. A strip of land on the northern side of the gap was sold to John E. Schermerhorn in 1912. The Schermerhorn family subsequently built an eight-story structure at 62 Broadway, within the gap.