The original 12-story Savoy was designed by architect Ralph S. Townsend, for landowners including New York Supreme Court Justice P. Henry Dugro.

[2] The 33-story, 420-foot (130 m)[3] skyscraper Savoy-Plaza Hotel was designed by McKim, Mead & White, built at a cost of $30 million,[4] and opened on October 1, 1927.

Western International Hotels assumed management on June 2, 1964, renaming the property The Savoy Plaza, without the original hyphen.

[11] The owners announced plans for the hotel's demolition on August 21, 1964, leading to a significant public outcry and protests.

[4] On December 16, 1964, the owners announced that the hotel would be replaced by a 48-story office tower, designed by Edward Durell Stone to house the Eastern headquarters of General Motors.