On every regular notice sent to the brothers of Masters Lodge, appears the notation “Warranted March 5, 1768.” This is the date upon when the Lodge received its Charter under which it presents the three degrees of Masonry. It was received from the Provincial Grand Lodge, George Harrison, Grand Master. This entity was the predecessor of the Grand Lodge of the State of New York as now constituted. The first Master of Masters Lodge was William Gamble. Samuel Stringer and Jeremiah Van Rensselaer were the first Wardens and Francis Pfister, Thomas Lynott, Stephen Tuttle, Thomas Swords, Stephen March, William Hogan, Henry Beasly and Thomas S. Diamond, were the founding members.

The Lodge was duly opened on April 4, 1768. The first visitor of record was Richard Cartwright. A petition having been received from Mr. Peter Schuyler, he was unanimously accepted and entered the Lodge accordingly. The expenses for the first meeting were for the Charity Fund, 8 pounds; for the Tyler, 8 shillings; dues for the remainder of the year, one pound, 10 shillings and for aprons, two shillings. This made a grand total of 10 pounds.

At succeeding meetings, the minutes record that Brothers Stringer and Van Rensselaer, in compliance with the by-laws, paid six pence each for arriving late to meetings and that Brother Stringer was ordered to transmit, at the earliest opportunity, three pounds, five shillings to the Worshipful George Harrison, Provincial Grand Master, as the Lodge fee for its warrant. The Lodge voted to hold weekly meetings on Wednesday evenings.
There were 14 subscribers to the original Lodge building which was the first Lodge house in America. It stood on the site of the present Masonic Temple on the north-west corner of Lodge Street and Maiden Lane. The corner-stone was laid with impressive ceremonies on May 12, 1768.

In the original by-laws of Masters Lodge, we find the following: “Article Three: The Body shall continue to meet once every week on Mondays, in the building being erected by our Brethren of the `Ineffable Lodge of Perfection` (as per written agreement made between the two bodies dated—March 1768). As long as any three members shall choose it shall be held there.”

“Article Four: In consideration of the many advantages and conveniences this Body will enjoy by virtue of the above mentioned agreement, the dues of Initiation and of Brothers, as well as of transient Brethren advanced, together with Quarter Dues and Fines and all other monies except what the Body may acquire to defray the Contingent Expenses shall go to the Ineffable Body towards paying the expense of the building, until they shall be entirely paid for and no longer.”

On June 6, 1798, following some rather stormy times with Lodges in the jurisdiction who did not want to surrender their original warrants from the Provincial Grand Master, De Witt Clinton, Grand Senior Warden of the new Grand Lodge, reported to his superior, “that he had received the old Warrant held by Masters Lodge at Albany, delivered to them a new one, and installed the officers under it.”

This report was accepted and ordered filed. The new Warrant designated the Lodge as “No. 2.” In a latter renumbering, based on the dates of inauguration of other lodges in the State, Masters Lodge was assigned “No. 5” by the Grand Lodge.