From Scouting NY:
It was built in 1892 as an office for the New York Architectural Terra-Cotta Works, the company that supplied terra-cotta for Carnegie Hall and the Ansonia Hotel, among others. The company went out of business in the 1920s, and the building became vacant. It was eventually bought in 1970 by Citibank.
Some very intelligent locals managed to get it landmark status in 1982, so of course, Citibank simply boarded it up, fenced it off, and left it to rot.
The Forgotten Building Under The Bridge