Castorland, meaning “land of the beaver” was named in honor of the Castorland Company of New York, which was formed in 1792 to bring French settlers to the region. From 1795 to 1798, settlers came. In 1798, New York State passed a law stating that Frenchmen could not own land in the state. Consequently, all corresponding land titles became invalid. Most settlers left the area leaving only the names of northern communities and a few descendants. Settlement began again after 1870 because of the railroad and wood industry. The village was incorporated in 1929. Castorland business has declined since the 1930s and the village is now primarily residential with only afew businesses.
The Community Hall was built in 1920 for the purpose of housing Village offices and to create a recreational center for the Village. When first built, it included a stage and auditorium that was used by the community for plays, entertainment, dances, etc. The stage has been removed and a basketball court has been added.
During the winter, it is used for a basketball program conducted by the village for village children and guests. It is also used on Sundays by a church and it can be rented for family or meeting groups.