Although New York City was slowly recognizing the need for a municipal airport in the late 1920s, it sought to regain prominence by constructing the most advanced airport of its day. Construction in the far reaches of Brooklyn was started on October 29, 1929, the day of the stock market crash that heralded the Great Depression. The airport was named posthumously for Floyd Bennett, a Brooklyn native, Navy pilot, and Medal of Honor winner. Unfortunately, because of many factors–including poor timing, politics, and remoteness from Manhattan–the airfield was a commercial failure. Its advanced features, however, made it a mecca for private aircraft and the site of numerous record-breaking flights.