Morning journal and courier., 1889-09-23
PAID DOWN s15o,ooo CASH.

The Largest Sale of Chapel Street Cen-
 tral Real Estate i'm Many Years-Ed-
 ward Malley Buys she LeMngweil
 Property on Chapel street ComPris-
 ing One Hundred and Two Feet
 Frontage-Mr. malley Now She owner
 of 228 Feet of Very Valuable Cnapei
 Street PropeFty-Intends to Erect as No Distant Day n Magnificent Dry Goods Palace.
 estate transactions in New Haven for many years has just taken place. The purchaser is MT. Edward Malley and the property pur- chased is what has been known for many years as the Lefdngwell property on Chapel street, in the mercantile center of the city. The property purchased has total frontage on
 Chapel street of 102 feet, and the price paid was $150, ,000 cash. This property MT. Mall ley has held under lease for many years. He has now become the owner. Upon the prop
 erty MT. Malley erected the large store for
 merly Edward Mslley's. afterwards Bolton &
 Neely's and now William Nicely & Co.'s; and
 beside this store he erected the stores now
 the furnishing goods store; and the property Mr. Malley has purchased includes also the brick building occupied below by 0. F. Snow, the confectioner, and overhead by Shumway, the photographer. The Chapel
 street frontage of the land Is in two parts, the Smith building property intervening be.
 tween them. There are 32 feet frontage as
 the Neely corner and 70 feet frontage east of the Smith building. The latter frontage has depth of 240 feet running clear back to Center street. The thirty-two feet front at the corner has depth of 137 feet, extending back to the Temple street entrance of MT. Neely's store, and includes strip of land Gncluded in the store premises> which is back of the Smith building. As back as Center street, he is now the owner of the entire space covered by the Wm. Nicely & Go. store, and he now owns, excepting the Smith building, the entire plot from Chapel street to Center on the one side, and from Temple street to the Insurance building on the other. This is one of the most valuable portions of Chapel street, or in other words, the land purchased is some of the most valu- able in the city of New Haven. The price paid, it will be seen, Is about $1 1,500 per front foot. We believe that the largest price ever paid for land,on Chapel street was $2 ,000 per front foot, but that was paid at a time when real estate in this city was held at boom prices, which were not maintained. Mir. Malley by this purchase becomes the
 
 in New Haven, taking the money value into consideration, as he now owns 1O2 feet east of Temple street between Temple street and the Insurance building and 124 feet west of Temple street, commencing at Temple street. The latter portion includes the Kenwick Hotel and the adjoining half dozen stores, his west line terminating at the Center church chapel property. This portion of MT. Mal- | ley's property has a uniform depth of 250 | feet and includes the half dozen stores on | Temple street occupied by Olerkin, Thal- | heimer and others and the livery stable just below the stores occupied byThalheimer. This property also has an ell extending back of the Center church property, and it was l bought by Mir. Malley fifteen years ago. The new acquisition by MT. Malley from the Lefingwell estate was obtained after much | negotiation. The right to sell the property ! did not occur until the death of MT. Edward Leffingwell who WAS for years curator of the New Haven Colony Historical society, and after his death there could be no sale until | the heirs, of whom there were many, had | united and concurred in an agreement to sell. As the heirs were widely scattered, and as there is usually a diversity of opinion on property matters among many minds, it was not an easy matter to obtain the selling price and the needed authority to sell. Even now the deed of sale is not signed by all the heirs, but the sale is made (through the Messrs. White of White building) and is binding on all. Mir. Malley is to be congrat- ulated upon his success in completing the transaction and acquiring this property. He to some extent held the key to the situation, owing to his having shrewdly acquired pos session of the rear land on which the Nicely &r Go. store stands in part, but without this piece the front would have been avail able for stores of moderate depth. MT.
 Malley will acquiese in the oft
 expressed wishes of MT. Nicely to
 again in the near future become
 actively identified with the vast dry goods
 store of which he was the original proprietor,
 the business of which has grown to such
 enormous proportions, and Mir. Malley wel- comes the idea of re-engaging actively in bus
 mess life; having had seven years rest which has been very beneficial to his
 health.
 A further enlargement of the business is telso contemplated, including the addition of
 furniture department and other depart
 ments, but full particulars are not yet ready
 and the change will not probably occur until
 spring
 Another important matter in contempla-
 tion Is the erection by MT. Malley of a mag nifcent dry goods house on the land he has just purchased, a dry goods house which shall eclipse in proportion anything of the kind in New England, Boston not excepted. The general plan for the same MT. Mslley has in view, and he expects to utilize some of the features of the plans for splendid new building which he had prepared by David H. Brown a year ago. This matter Mir. Malley says he has in serious contempla-
 tion.