Hanover Square was a public commons as early as 1637. The statue is of New Amsterdam-born Abraham de Peyster, a one-time governor of the British colony.

The Square, Hanover Street, and the Hanover Bank (the first occupant of 1 Hanover Square), all take their name from the House of Hanover, the German family that became the rulers of Great Britain in the early 18th century.

Now known as India House, 1 Hanover Square's architecture is inspired by Italian Renaissance palaces, a style downtown banks favored in the mid-19th century. The building dates to 1852.

In 1914 local businessmen rented the building and established a membership club for those interested in foreign trade. They chose the name India House to symbolize the Indies, then believed to represent all that was rare and exotic. The name also pays homage to the Dutch West India Company, the first colonizers of Manhattan. The club still functions.