The evening world., 1894-09-27
The ACADEMY SOLD.
The Unique Building Of the School
Of Design May Be Destroyed.
S615, 1000 Said to Have Been Paid
for It by the Metropolitan Life.
This Purchase Completes Acquisition
of the Entire Block.

The announcement to-day that the
Metropolitan Life Insurance Company
yesterday purchased the Academy of
Design, at the north west corner of
Twenty-third street and Fourth avenue.
and the two dwelling houses adjoining
it, on the west, is of great interest to
artists and others interested in art mat
ters and Is to-day one of the chief top
les of interest in real estate circles.
Under the terms of the sale. the In
surance Company will take possession
of the Academy Of Design on May
next.
The Metropolitan Life Insurance Com
pany, about year ago. completed a
handsome ten-story marble building at
the corner OF Madison avenue and Twen-
ty-third street. Since then the Company
has, through Real Estate Broker George
r. Read, been quietly purchasing prop
located.
Some time ago the Company secured
1l6 feet frontage on Twenty,fourth
avenues, and work has, already been
begun tearing down the houses on this
property for the erection OF large
office building as an annex to the pres
The purchase yesterday of the Acad-
emy OF Design and the two residences
west of 1t gives to the Metropolitan
of the entire Twenty-third street front
on the north side. between Madison and
Fourth avenues. The price said to have
been pad Tor ,sih the eod Academy OF Design
seen by an, Evening World" reporter
to-day, denied that the reported price
to say what was paid! for the property,
but said that the price paid was less
than s616, 900.
Company. and Haley FisEe, ViceoPresi-
ing World" reporter. At first both were
reticent about the matter.
Subsequently, however, they admitted
that the purchase had been made.
We have bought this property and
also the other property on Twenty
of self-protection." said President Heg-
man. I'VE wanted to be sure that no
one one, else secured the property and and
that won Sed Se to o9s
whether we shall erect another office
BUILDING ,,o1 on Twenty,thrd street Is
Academy OF Design will continue in
their present home until May l, and
we would like to have them for tenants.
THE report that We have been trying
| to purchase DR.. Parkhursts church,
which Is north OF our present building
| on Madison avenue, is not true. We
have made no offer for the church
| property nor do we want it. We want
all the good things in that neighbor-
of our, purchases have been for the
protection Of our property, but DR..
Parkhurses church is entirely acceptable
as neighbor, and we are glad to have
| II so near"
The site on which the Academy of De-
sign stands was purchased from WILL
| lam Niblo in 1860 for $4,000 The build
| ing was completed and opened April "a,
1865, and since then has been the home OF
the. Academy. The building is of white
and black marble. and follows in gener-
| al style the Doge's Palace at Venice.
1t is three stories in height. The first.
School of Design; the second by the
offices OF the Academy, the reception
room. library and council chamber. The
galleries In which the exhibitions are
held are on the third floor. They are light.
| ed from above, and there are number OF
circular ventilators In the side walls
which take the place Of windows The
cost of the building was about $3.50. 900.
The members OF the ACADEMY have fol
some time been discussing the advisa.
b!lity OF selling the building and seeking
new quarters further uptown. 1t was
reported some time ago that a site for q
trail Park West, near the Historical 81.
eiety Building, but this was denied by
1t is understood that no site has ye'
been determined upon for q new Acad.
emy building.