Mutual of New York built the structure in 1950 for its corporate headquarters and hired Shreve, Lamb and Harmon as architects.

In 2024, Yellowstone Real Estate bought the building's loan and considered converting the structure to residential use.

[4][5] Its most famous attribute was once a sign at the top of its façade which advertised for Mutual of New York, the structure's original owner.

The first version spelled out the entire name, with the first letter of each of the words in it (MONY) being red neon lighting which was twice the size of the rest.

The direction the lights on the tower moved depended on whether the temperatures were expected to rise or fall; absence of movement meant no change.