The history of Rockefeller Center began in the late 1920s, when oil magnate John D. Rockefeller (1839-1937) decided to build a complex of buildings in Midtown Manhattan, his neighborhood. At that time, he lived on Calle 54, and wanted to boost the district through the development of new economic activities. Rockefeller decided to invest part of his fortune in real estate projects, as he had already done in financing the construction of the Riverside Church, in Morningside Heights. On the other hand, his interests joined those of the Metropolitan Opera Company, which then tried to leave the Garment District since the early 1920s: it was decided that the Rockefeller Center would include an opera house and its complementary buildings.

The place chosen for the construction of the Rockefeller Center belonged to the University of Columbia since 1814.5 The area was built at that time with houses that were for rent. John D. Rockefeller, the father of the project, changed his mind after the financial crisis of 1929 (crash '29), and the Metropolitan's continued delays in trying to obtain more favorable lease terms caused Rockefeller to act without the union. Rockefeller did not live to see his project finished, as the work was completed in 1937, after his death. Therefore, it was his son and successor, John Davison Rockefeller Jr. (1874-1960), who developed the project between 1929 and 1940. He took charge of the complex as sole financier, based on a 27-year lease. of duration6​ (with the option of three renewals for 21 years, for a total duration of 87 years) of the land, signed with Columbia University. He covered the expenses by negotiating a loan with the Metropolitan Life Insurance Company and paying current expenses by selling shares in his oil companies. The initial cost of acquiring the space, demolishing the old buildings, and constructing the new buildings had an estimated cost of $250 million — a staggering sum for 1930.

Source consulted es.wikipedia.org