This Art Deco structure (wider shot here) was built in 1933. Babe Ruth served in the 104th Field Artillery, a unit of the New York National Guard, for a few years in the 1920s (photos here), but that was before the regiment moved to this location. On a related note, you can see Ruth's World War I draft card (from back in his Boston Red Sox days) here.
Thanks for the “bambino” links. I loved seeing his draft card. My grand-dad fought & was gassed in WW1. Must have been hell!