Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 90, no. 2330]: November 9, 1912

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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.