The reservoir was built in 1906 to serve the New Croton aqueduct[2] as part of the New York City water supply system.

It is named for Jerome Park Racetrack, a part of the former Old Bathgate Estate (owned by Winston Churchill's maternal grandfather Leonard Walter Jerome 1817–1891, for whom the racetrack was originally named) which opened in 1866 and which was the site of the inaugural Belmont Stakes in 1867.

[3][4] In 1996, residents organized under the leadership of Jerome Park Conservancy to stop the city from converting the site to a water treatment plant.

It was thought that the noise, chemicals, and unsightly construction would decrease the quality of life for area residents, and have a negative impact on the learning environment at nearby schools.

[1] The treatment plant was built in another part of the North Bronx underneath Van Cortlandt Park.