Final answer:
The Bonwit Teller Flagship Store was destroyed in 1929 to make way for the construction of Trump Tower, which became the 64th tallest building in New York City and is notable for its reinforced concrete structure.
Step-by-step explanation:
The architecturally renowned building that was destroyed in 1929 to give way for the construction of a new structure was the Bonwit Teller Flagship Store. This iconic building, a symbol of early 20th-century commerce, was demolished to make room for the Trump Tower, which at 202 meters high, became the 64th tallest building in New York City upon its completion. Trump Tower is known for its reinforced concrete, shear wall structure and gained additional fame as the setting of the NBC television show The Apprentice and as the fictional headquarters of Wayne Enterprises in the Batman movie The Dark Knight Rises.