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Hotel demolition

Demolition of the old Waldorf–Astoria began on October 1, 1929. Stripping the building down was an arduous process, as the hotel had been constructed using more rigid material than earlier buildings had been. Furthermore, the old hotel's granite, wood chips, and "'precious' metals such as lead, brass, and zinc" were not in high demand, resulting in issues with disposal. Most of the wood was deposited into a woodpile on nearby 30th Street or was burned in a swamp elsewhere. Much of the other materials that made up the old hotel, including the granite and bronze, were dumped into the Atlantic Ocean near Sandy Hook, New Jersey.

By the time the hotel's demolition started, Raskob had secured the required funding for the construction of the building. The plan was to start construction later that year but, on October 24, the New York Stock Exchange experienced the major and sudden Wall Street Crash, marking the beginning of the decade-long Great Depression. Despite the economic downturn, Raskob refused to cancel the project because of the progress that had been made up to that point. Neither Raskob, who had ceased speculation in the stock market the previous year, nor Smith, who had no stock investments, suffered financially in the crash. However, most of the investors were affected and as a result, in December 1929, Empire State Inc. obtained a $27.5 million loan from Metropolitan Life Insurance Company so construction could begin. The stock market crash resulted in no demand for new office space; Raskob and Smith nonetheless started construction, as canceling the project would have resulted in greater losses for the investors.