The New York Palace was built by an insurance company as a company hall. Its Café in the ground floor named New York Café was a longtime center (almost from its opening in 1894 on to reconstruct it in 2001) for Hungarian literature and poetry. The building was nationalized during the communist years. In 2001 it was bought by Italian Boscolo Hotels and the building was totally renovated, and reopened as a luxury hotel in 2006. The café was also reopened in its original pomp.