The site of the present building was occupied by Yates Co. Bank (1831-1857) and the private banks of Stark and Rapalee through the 1870's in a previous structure. The present building was constructed in 1889 as the Lown Blopck, named for John H. Lown. The dry goods business began as Jones & Lown in 1871 and changed to J.H. Lown & Co. in 1877.

Originally the upper stories of the building were used for commercial space, stock area and apartments. The Odd Fellows, Keuka Lodge, occupied the 3rd-story meeting hall from April 1889 to April 1922. In 1903, Lown Dry Goods Co. Incorporated was formed, I.L. Yetter being a company member. Yetter became president of the company on Jan. 14, 1946. Stock was valued at $40,000 in 1903.

The Lown Block escaped damage by fire in 1904 begun in the millinery stock room when goods ignited from a gas jet. In March 1907, a major fire swept through Main Street, destroying buildings north of the Lown Block. Odd Fellows were moved out of the building successfully. On May 2, 1946, the Penn Yan Democrat announced the reopening of "Lown's Store" after a week's inventory. The occasion was the purchase of the storebuilding and business by James L. Curbeau from Elmira. Included in the new venture were his sons, James and Donald. Mr. Curbeau was credited with having had "thirty years" experience in the retail merchandising business.

The "Lown's Building," as it is known today is the major store of its kind in Penn Yan. At the beginning of the century it was heralded as "the leading dry goods store in the section." After 1889, in the new building, the Lown Company began to use women as clerks. The by-word of the enterprise in the early twentieth century was "where shopping is a pleasure."

Architecturally, the structure is most significant for its exhuberant and extensive use of terra cotta decoration, particulary in the first story cornice, with its bead molding. The unusual and varied window treatments of the second and third stories enhance the building. Also of note is the still-operating change car money system used in the first story retail area; the pulley lines criss-cross the store.

The Lown Block is locally significant as a most decorative expression of late nineteenth century architecture.