New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-18
HIGH-PRICED REAL ESTATE.
WHAT BROADWAY PROPERTY SELLS FOR

THE PURCHASE BY THE SINGER SEWING MA.
CHINE CoMPANY-ALMosT THE RECORD
FOR THE PRICE PER FOOT. -
The real estate at the northwest Of broadway
and Libcrty-st., the adjoining buildings In broadway,
Nos 151 and 1853, and tho adjoining building In
Libery-st. No. So, have been purchased by the Singer
Sewing Machine Manufacturing Company for $950,00O.
The property at Nos. 151 and 1913 Broadway was
bought several weeks ago for $4,000 by the same
firm conditional on the purchase OF the corner building
which effected Friday last when the latter
property auction by Richard V. Harnctt
& Co.. by order of the Supreme Court to satisfy tho
claim for partition presented by John C.. Pennington.
husband of the late Mrs. Ellen Pennington one OF the
heirs Of tho late Isaac Green Pearson The price paid
for the property, 1914 ,500 with $1,000 additional for
the brokers' commission, over 1882 foot. Is the
highest paid for land on Manhattan Island with
the exception of the land which stands the Equitable
building, for which over 800 foot was paid The
land occupied by the Williamsburg City Fire Insurance
Company, tho opposite from the Pearson
Building, cost $ll5 a foot. Tic Pearson property II
sold alone woald not be worth within hundred
thousand dollars Of what it brought with the other
buildings as it is only nineteen feet wdc hardly wide
enough for a fvestory building, much less for
modern ninc-stOry structure which will doubtless be
erected in place o. tho present building.
The auction attracted only two bidders beside
Ferdinand Fish, the agent of the estate, who bid In
defence of the OF the two other bidders, one
unknown the Exchange, and the other was
John W. Prison. attorney for the Singer Company. The
bidding started at 100000 The stranger bid till the
figures reached s,i42ooo when he dropped out. Mr..
Fish managed to the price up TO $j44,500 before
he allowed his clients property 10 60 from his hands,
After the leases Of incumbent tenants expire which
will not be until 1893, the singer Company will tear
down the present structures and erect handsome nine
story building
:" 1t is only question Of a few years. said .
prominent real estate yesterday, "when all the
valuable downtown will be owned by corpora
tons. When concern has surplus of 10000 or
$50 OOO it doesn't mind a matter OF a 800, 900
In price. and thus IS able to crowd out the IN
dvidual buyers. Downtown corners scarce.
and they getting more every day. All the large
sales Of late have been TO corporations Every corner
in sight The standing at Broadway and Liberty ST.,
except the Anderson Building. at Pnest. and Broad
way, and l understand that will be in condition to be
offered for sale pretty IS owned by corporation"
During the Revolutionary War fire that swept up
the west side Of Broadway from the Battery, jumped
Ibertyst.. then called Crown-st., and skipping
the building that stood at the northwest corner
destroyed the buildings next u il in Liberty ST. Before
they were rebuilt The Legislature in 1854, passed a
bill providing that Crown-st. should be "icened hve
feet each side, declaring that the streetwa OF no
building thereafter erected should come within hva
feet % the street line, and II any building then stand
ing cncrOached this five feet. 1t could be taken BY
the city u nuisance and torn down. awarding proper
damages u the owner. The building then standing
not moe>ted however, and IN 1e20 was torn
down and building erected in its place. But the
forbidden ground placed his stIcctwall i've feet back,
erecting iron fence along the outside OF the strip TO
preserve MS right. Zen years aeF ms nelShpOts IN
Liberty It. petoned the Common Council to have the
fence removed as nuisance bat the supreme Court
decided that Inc fence Maa not nuisance ana ttt inc
land belonged to Mr.. Person hence he had right to
build fence there - the fence remains to the
present DAY, being left und,turaeI IN 1867 when tho
Old building was placed by the present structure