850





RECORD AND  GUIDE





November 9, 1912





Blocks on Wall St..........   3:





BUILDING HEIGHTS ON WALL STREET.
sty.sty.8ty.sty sty sty sty 8ty.8ty.8ty.6ty.3ty.sty.8ty.





Broadway   to   Nassau.
^as«au  to  William....

William  to Pearl......

Pearl to Water........

Water   to  Front.......

Front  to  South........





1





25   18   14   12   H   10     9 ■ 8
1     1    ••     1    ..      1     2     3     8

:; :: .'.  I .'. :'  ■  ^ ^

..........  1 ..  i ;.

1  1





6    5

1  ..





5     2

1

4     3

8





3 Total Per Block.
8
14
15
4
0
1            13





Total  for street by  stories     1131(il338C2   17     83   Total 63 BldgsT~





timism that predicted a re-building of
\\'all street as far down as the water
front. The square foot prices in these
sales ranged between $59 and $90. No
new buildings, however, have been added
since that period of activity on lower
Wall street. The contrast between the
Bankers' Trust Building and the rook-
Building preceded the Gillender on the about 10,000 square feet. It wasn't large "^"f^ '^° blocks further east is very
site. The Manhattan Trust Company, enough for a banking building of the striking,
tenant of the Gillender, had been a ten-    kind that Mr. Morgan wanted.    It has                              Rental  Rates.

ant also in the old Union Building.             been said that he was ambitious to have        Rents  arc  highest,  of  course,  in  the

The sale of Ihi.s structure to the Man-     for his firm something just a little finer     block   between   Broadway   and   Nassau

hattan   Trust   Company   in   December,     than the old Custom House, remodelled    street.   Here ground floor space on the
1909,  and  the  resale  liy  the  trust com-     in 1908 by the National City Bank at a      north   side   brings   from   $7   to   $12   a

pany  to  Mrs.  Adele   Livingston  Samp-     cost of $2,500,000, making the total cost    square foot and upper floor space from
son,   owner   of   the   adjoining   Stevens     to the bank nearly $6,000,000.   So in Sep-    *2.25 to $4.    Upper floor space on the

building, were links in a chain of sensa-     tember of this year  Mr.  Morgan's  firm     south   side   brings   from   $2.25   to  $3.50.

tional realty events that year, the most     added  the  adjoining  property  at  29-33     Between   Nassau   and   William   streets,

sensational being the decision to demol-     Wall street.    This he bought from the     ground floor space rents at from $5 to

ish   the   comparatively   new   Gillender     Mechanics  and   Metals   National   Bank,    JS^nd upper floor space at $2.25 to $2.50.

Building.     Mrs.   Sampson   also   leased     bringing the area of the proposed new

this  site   to   the   Bankers'   Trust  Com-     building up  to  16,000 square  feet.    No

pany  for  twenty-one years,  with  three     figures have, been mentioned in connec-

renewals,   at  a  net   rental   of   between     tion with the sales.    The Drexel Build-

$800,000 and $900,000 for the first term,     ing is assessed at $2,700,000 and the ad-    on the south side from $2.25 to $2,75.

Both   sites  were  incorporated   into   one     joining property at $1,620,000, making a         East    of    Pearl    street    the    highest

of about 10,500 square feet, the sixteen-______________________________________________________________________________________

story plan was abandoned in favor   of an

improvement   with   the   present   thirty-
two-story     Bankers'     Trust     Building,

for    which    the    owner    of    the    land

thus   receives   a   net   annual   rental   of

about  $125,000,    The   Manhattan  Trust

Company,    which    is    closely   identified

with the  Bankers' Trust Company, was

to be a tenant in the new building.





Between William and Pearl streets
ground floor space brings $3.50 to $5.
L^pper floor space on the north side of
the street ranges from $1.75  to $2 and





HIGH PRICES PAID FOR REAL  ESTATE.

Date.     Location.            Buyer.                                                 Sq. Ft.              Price.     Price Sq. Ft.

Oot., ^12, Wall St., 50........................................     5,758           $1,500,000           $260.52

Sept., '12, Wall St., 20 to 33, J. P. Morgan & Co..............     6,000      N'o price given.

Feb., •12, Wall St., s. e. cor. Byroad, J. P. Morgan & Co.......   10,000      No price given.

July,   •09,  Wall  St.,  n.  w.  cor.   Nassau,  Mrs.  A.  L.   Sampson,

Duchess   de   Dino..........................................     1,845

.May, •09, Wall St„ 64-6, Bank of Montreal...................     5,000 & 12-sty 800,000

May 1, •OO,* Wall St, 52, New York Life Ins. & Trust Co.....     5,479

June 29, '05, Wall St., 1, No. 1 Wall St. Corporation..........     1,170

May 1, '02, Wall St., 50, New York Lite Ins. & Trust Co.....     5,758

Nov, 21,  '01, Wall  St.. 41  & 43,   also 45  & 47  Exchange PL,

Wall St.  Exchange B. A...................................     9,115





n   this   complicated   series   of   deals   it      Nov.   7,   '01,   Wall   St,  41  &  43,   also  45  &  47   Exchange  Pl
is not entirely clear from the newspaper        Charles  W,  Morse





reports whether the Manhattan Trust
Company acted for the final buyer or
actually made a profit on the realty deal.
But the only price quoted in the sale
of the Gillender Building—the sale by
Mrs. Asinari—was even more sensa¬
tional   than    the   plan   to   demolish   the





9,115

March 25,   ^01,   Wall   St.,  38,  N.   L.   McCready...............     2,029

Feb, 7, '01, Wall St„ 38,  Cen. Realty B. & T.  Co............     2,029

July,  •gg.  Wall,  William,  also  Exchange  PI.  &  Hanover  St.,

National   City   Banli.......................................   31,403

April 16,  '96, Wall St., 41 & 43, William K.  Aston..........     4,259

Feb. 28,   •go.  Wall   St.,  65,  Duchess  de  Dino.................     2,321%

.\pril   22,   '84,   Wall   St.,   15,   M.   Wilkes.....................      1,069>A

April 22,  '84. Wall  St.,  17,  M.  Wilkes.......................      1,300

Nov.  1,  '82, Wall  St.,  12,  John  J.  Astor.....................     2,695

May 2, '82, Wall St., 35, also 13 & 15 Broad, D. O. Mills......     8,622

May 1, ^82, Wall St., 7, s. w. cor. New, W. W. Smith.........      1,525

comparatively   new   Gillender   Building.     June 20, -Sp, Wall St., 21, M. Wiikes........................       508

M_„    A„.__•           •     J r      »u    io^ir                      -Ian. 22, '82, Wall St., 8 & 10, John J. .Astor.................     5,709
rs. Asinan received for the 1845 square     .\pril 29, '80, Wall St., 4, First National Bank..............     1,065

feet $1,500,000,   or  at   the   rate   of  $813   a      ^prll 14, -80, Wall St., 6. C. F. Southmayd, trustee...........      2.699

c^,,,;..   f„.^*       Tl •              c^otc                         Jan. 22,  ^76, Wall  St.,  19, M.  Wilkes........................     2,560

square   toot.      IhlS   Avas   $215   a   square      April 27, '72, Wall St., 27, A.  J.  Drexel.....................     1,803

foot more than was paid by a St. Louis     ■*-?"' ^0, '72, Wall st,, s. e. cor. Broad, a. j. Drexel.........       717

syndicate in 1905 for the little SilHman
corner of 1170 square feet, sold for $700,-
000,

This thirty-two-story Bankers' Trust
Building, with a pyramid roof which
brings the total height to forty-one stor¬
ies, is 540 feet above the curb. It cost
about $3,000,000. The first stone was
laid on February 1, 1911, and the stone
work completed by September 15—a
period   of   eight   months.     By   Novem-







1,500,000




813.00





y 800,000




160.00





1,000,000




164.26





700,000




598.50





1,000,000




173.49





2,245,000




246.29





1,200,000




131.65





260,000




128.14





202,000




99.51





3,265,000




103.65





805,000




189.01





138,905




59.83





300,000




280.50





146,000




105.o:i





300,000




111.31





625,000




72,84





240,000




157.37





168,000




330,70





500,000




87.58





94,000




88.26





156,250




57.03





285,000




111.33





250,000




138.C5





250,000




318,67





total of $4,320,000, including buildings.
But this is an average of only about $270
a square foot.

Mr. Morgan's banking house will be a
low structure^not much higher than the
old .*\ssay Office across the way. It will
in respect of height follow the example
of a number of other banking and finan¬
cial institutions, notably the Liberty
.                             -                        Bank,   Redmond   &   Companj',   Harvey

ber the renting agents, the Douglas Fiske & Sons, Speyer & Company, the
Robinson, Charles S. Brown Company. National Park Bank, the Title Guaran-
reported that sixty-five per cent, of the tee & Trust Company, and the new
space had been contracted for, although Guaranty Trust Company, at Broadway
-ihe structure was not to be ready for and Liberty street. Trowbridge & Liv-
occupancy before May 1, 1912. One of ingston are completing the plans for the
these early comers for rentable space Morgan & Company building and Marc
Avas J. P, Morga.n, who took the entire Eidlitz & Son have been aAvarded the
top floor at a rental reported as $240,000
a year,

Mr. Morgan's Move.
This    year's    transactions    on    Wall





ground floor rentals in the new build¬
ings are about $3. Upper floors bring
$1 to $1.25.

The foregoing table shows the values
on Wall street, taken from the records
or from accepted statements of prices,
since the first sensational record was
made in 1872.





Map Change for Throgg's Neck.

The width of Throgg's Neck Boule¬
vard and of Shore Drive, as laid out on
the map, is to be curtailed to 100 ft. At
the same time the boulevard is to be
extended from Layton avenue to a new
intersection with  Eastern Boulevard.

^^'hen Throgg's Xeck Boulevard and
Shore Drive were placed upon the city
plan in 1908, attention was called by
Chief Engineer Nelson P. Lewis to the
excessive width proposed. The former
street has been made the subject of an
(ipening proceeding and title to the land
within  its lines  has been vested in the





general  contract.

The most recent Wall street sale was
reported  last  month  when   No.  50,  ad¬
joining the northeast corner of William
street have been hardly less spectacular     street, was sold by the New York Life

than those of 1909.                                             Insurance & Trust Company at a price      .........._  .,..^.,  ..„.,  „^^..   ,^.,,^^  ......^

"riiis spring the firm of J. P. Morgan     reported at $1,500,000.   A report that the     citya't tlie request" of"the p'rrperty'own-
& Company acquired the Drexel Build-     buyer is the Bank of New York, -which     ers,

ing, at the southeast corner of Wall and     owns   the   adjoining   corner,   has   never         All of the interests affected now unite

Broad    streets,    opposite    the    Bankers'     been  confirmed.    This  plot  which  con-     in asking  to  have  the  street  width  de-
"^Tu' ^'^'''".^T,   -ij-                                         *^'"*  ^^^^ square  feet,  was  bought  ten     creased with the understanding that the

ton-^^c """^^el   Building  was   erected   in     years ago for $1,000,000 or fifty per cent.     land to be released from the street sys-
lb73,  for  the banking house  of  Drexel,     less than the recent figure.                              tern will be  ceded  back to  them for  a

Morgan  & Company.    In  1872 the  late         The easterly end of Wall street, with     nominal    consideration;    that    nominal

Anthony J. Drexel had established a the exception of one or two corners, pre¬
record price—not exceeded for more sents a marked contrast to the district
than thirty years following—for 717 west of Pearl street. In 1901-1903 a
square feet, comprising the corner por-     campaign   of   reclamation   was   started





awards will be made for the land re¬
quired for the street; and that two of
the interests will assume all of the as-
essment.    By  resolution  of  the  Board





f        ,.             -                   -C                 1   •                                                                                 »         w                                                                                                         ----------------         3\_OOllH-llt.          ±JJ       1.\.S\JILILI\J1±      Ul       Llic:      J-lUdlU

tion  ot  this  site.    For  this  he  paid  at     and a number of new structures, of eight     of Estimate the matter has been called

the rate of $348 a square foot.   The firm      to twelve stones, were built.   The Taber     to  the  attention  of  the   Commissioners

wasreorganizedasj  P. Morgan & Com-     and Orient buildmgs at Pearl street, the     of  the   Sinking   Fund   with   the   recom-

?,f"^iTt\        ll  ■•,^?°''^i'" 'J^' ''"" '"     Tontine   and   Bennett,   the   Ward   Line      mendation  that the proposition  submit-

the old Drexel Building for forty years.      Buildmg   and   the   Quincy   Building,   at     ted by  the property  owners  be  carried

The   Drexel  Building   site  comprised      Water street, were all the result of op-     out.