Believe it or not, you are not the first to ask this question. The "shorter tower" has become something of an urban legend. The reconstruction was carefully documented and no one, including the engineers, construction workers, Landmarks Preservation Commission, Parks Department, or EDC gave any indication that the tower was altered in any way that reduced its height. Compare the two images in the accompanying photo. The 1994 image matches the current image and number of levels.
There are many other myths surrounding the Jump and two are worth mentioning:
1. Despite the numerous stories of made-up mayhem concerning the jump, no one was ever killed or seriously injured while riding it. The ride did not close because of safety issues.
2. The most annoying myth is the one caused by sloppy research from the Landmarks Commision. Although the Parachute Jump closed for good in September 1964 and never operated again, the Landmarks designation report claims that the ride operated until 1968. The report erroneously claims that Coney amusement maven Norman Kaufman operated it after Steeplechase closed. Mr. Kaufman still gets a good laugh over this error. Make no mistake about this: the Landmarks Commission has the wrong date and the jump never operated after 1964. We can be grateful, however, that the tower gained landmark status and hope that someday the Parachute Jump will operate once again!