The building is the oldest surviving structure of the former "Newspaper Row", and has been owned by and currently houses classrooms and offices of Pace University since 1951. 41 Park Row contains a facade of Maine granite at its lowest two stories, above which are rusticated blocks of Indiana Limestone. Vertical piers on the facade highlight the building's vertical axis. The facade also contains details such as reliefs, moldings, and colonettes. When completed, the building was 13 stories and contained a mansard roof; the roof was removed as part of a later expansion that brought the building to 16 stories.The newspaper's first building was located at 113 Nassau Street in New York City. In 1854, it moved to 138 Nassau Street, and in 1858 to 41 Park Row, making it the first newspaper in New York City housed in a building built specifically for its use.The newspaper moved its headquarters to the Times Tower, located at 1475 Broadway in 1904, in an area then called Longacre Square, that was later renamed Times Square the newspaper's honor. The top of the building – now known as One Times Square – is the site of the New Year's Eve tradition of lowering a lighted ball, which was begun by the paper. The building is also known for its electronic news ticker – popularly known as "The Zipper" – where headlines crawl around the outside of the building. It is still in use but has been operated by Dow Jones & Company since 1995.
The building was purchased by Pace University in 1951. The above-ground stories were turned into classrooms and offices, while the basement was turned into a gym. The first floor became the Pace University bookstore and lobby and was converted to an art gallery and student commons between 2017 and 2019. Pace also installed a plaque outside the building in 1959 to honor the Times's usage of the building.Pace is carrying on the legacy of the building today, by housing the campus' student newspaper The Pace Press, as well as student organization offices.