The building opened on October 23, 1894, as a local office of the New York Life Insurance Company.

It was designed by architect Alajos Hauszmann, along with Flóris Korb and Kálmán Giergl.

The statues and other ornaments on the facade of the building, as well as the café's 16 imposing devilish fauns, are the works of Károly Senyei.

In 1957, Hungarian sculptors Sándor Boldogfai Farkas, Ödön Metky, and János Sóváry carved replicas in the café of the damaged allegorical sculptures of Thrift and Wealth, America and Hungary.

In February 2001, the structure was sold by the Hungarian government to the Italian Boscolo Hotels chain for US$8 million.