 The building installed the world's first successful passenger elevator on March 23, 1857, a hydraulic lift designed for the building by Elisha Graves Otis.It cost $300, had a speed of , and was powered by a steam-engine installed in the basement.Although the five-story structure was no taller than other buildings of the time, and did not actually require an elevator, Haughwout knew that people would come to see the new novelty, and stay to buy merchandise.