"  New York merchants founded the Tontine Association in 1790 as a center for the merchant community. Until that time, there was no ideal place where merchants could congregate, and they would have to travel a significant distance for their daily coffee. Between 1792 and 1794, the Tontine Coffee-House was constructed on the northwest corner of Water Street and Wall Street. Initially the building operated as a coffeehouse, but the merchants quickly realized the building could generate greater profits for the Tontine if leased out to more profitable businesses. By 1834 the Court of the Chancery legally made this a reality, and the Tontine Coffee-House would operate as a tavern, a hotel, and a newspaper publishing headquarters over the course of its existence. Nine years later, the coffeehouse changed its name to the Tontine Building. The Merchants' Exchange also operated in the building until 1825, when construction of the exchange on Wall Street was completed. The original building survived the Great Fire of 1835, but was demolished 20 years later to make way for a larger Tontine Building.