Formerly known as St Patrick's Well Lane after a 12th-century well, it was renamed in the 18th Century, after the accession to the throne of King William III, a member of the House of Orange-Nassau.
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Folklore connects the well with Saint Patrick, who (legend states) struck the ground with his staff and brought forth water bubbling to the surface.
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The house stands on land previously belonging to the farm of Nicholas Bayard, Peter Stuyvesant's brother-in-law, and is one of seven houses that was built as an investment by Charles Starr, a bookbinder, whose business was on Nassau Street.
The Henry house has been moved repeatedly throughout its history, first in 1870 to a site behind East College, again in 1925 to the corner of Washington Road and Nassau Street to accommodate the construction of the Princeton University Chapel, and finally in 1946 to its present location.