New-York tribune., 1895-06-16
A GREAT REAL ESTATE SALE
NOS kzsAND II BROADWAY PURCHASED
BY A SYNDICATE.
SPENCER TRAsl & co. REPRESENTING 1T. PAY
sl5oOooo FOR THE PLoT-A BUILDING SIX
TEEN STORIES HIGll-sOME OF THE
NOVEL FEATURES.

TEEN STORIES HICH-soME OF THE
NOVEL FEATURES.
tn. rea. estate business of the week ended yes
terday with the announcement OF the largest real
estate sac of the season. syndicate headed by
spencer Trask & Co. mas bcugh; for N,5OO0c the
property on the side OF Broadway between the
Washington Building and the Old Stevens House.
The prce paid was at the rate Of about sixty
the SQUARE foot. An interesting fact in this connec
ton is that the land the west side OF New
Yorks leading horoughare is usually more valuable
than that on the cast side. Plots on the opposite
side Of Bowling Green. that is on the east side or
Broadway have been sold rates high 81 SO
square foot
There are many other interesting instances con-
nccted with this great sale. The and is the last
large piece Of unmproved ground in lower Broad
way II has frontage OF l62 feet and an average
depth Of about hundred and ninety feet. running
through 10 Groenwich-st. 1t includes Nos. ), Z. .
and II Broadway. The sale made to the synd-
cate BY c. Is BIZ. acting broker for Joseph F.
St,er Mr. BIZ said yesterday that the names of
those In the syndicate cannot be made public at
present excepting that of Spencer Trask. who Will
be the president of the company. which Will erect
upon the plot office building of sixteen stories
Mr. Bill who carried through the sale Of the prop
a-ty Will be the general manager during the con-
struc;ion and Will take charge OF the management
of the building after it is erected The English
architects. W. and c. Audsley, have already pre-
pared the plans
MANY NEW FEATURES.
The proposed building said Mr.. Bin yesterday.
twill contain many novel features and equal If not
surpass, in comforts and conveniences anything
that has yet been furnished. There Will be over
four hundred offices in the building The court
will be the largest of any In the city, being CXoV
feet and every office will be well lighted and ven
tilated Nine elevators will be required 10 accommo-
date the army of people who VII! go TO make up
.he Of
nearly twenty thousand feet Of rentable area TO a
floor The views from the upper stories. Doth on
the east and west fronts will be unsurpassed. and
the building is so situated that nothing can pos
sibly ever interfere with them In the future.
The building will be IA landmark Tor all coming
up the Bay toward the city, being one of the first
objects seen. 1t is intended that its architectural
design shall be fully worthy OF It's superb location
Work will be begun a. once. The plans anu 'he
location OF the building such that even II II Is
not possible TO have the entire building ready 'oF
occupancy by next May, work can be 80 pushed
that the principal Offices can be ready for occu-
nancy even before next May. The structure Is 10
bear the name Of the Green near which IL IS s''u-
ated. and thus perpetuate one OF the Ola !Ahd-
marks OF the city. This plot of ground mas ior
many years been unmprovcd. II has been
source OF wonder TO the thousands daily passing
that such n valuable piece OF property could be so
long In its present condition
BONDS TO BE OFFERED TO THE PUBLIC
Spencer Trask & Co.'S chief inducement In tax
ing hold OF the enterprise and forming 'he syn
d,cate which Is 10 control the properly was 10
procure "A property upon which nrst-morisase rear
estate bonds. representing 30 per cent OF inc V"'"e
OF the entire property could be placed, ana issued
In small denominations, thus anording iesai ana
safe investment for trust funds. This idoa mas
heen Of late years often suggested. ana whhe III
individual cases for instance In private cIuoS'
bonds have been issued and taken by the members
this. believe. is the first instance where oonus
OF this description will be offered publicly. Inc
bonds will bear per cent interest There Is every
reason to believe that they Will meet a ready sale
whenever the firm is ready TO offer them
81 have lust received word that all the tenants
the property viii leave by M1nray Tr y niH, Sc
so work can be begun without Geisy lnrfe VII &c
no necessity for sinking caissons "a IN lhe a. V1
SO any large 61ans' a Se as @Mor S9TnSs afhy
show that there IS rock under the entire pr1IerMiy, ~
construction OF the building. very light variety o,
granite and very ght KIND of brick Will ne hs usei I
be- treated alike. SO there viii be dead walls.
stories above the Washington Building WI so haT, ar
monize with the latter nat IL VIII al 'oN i'o' '"e
Bay like one large building
COST OF THE BUILDING.
The cost OF the new building Will be s2cco.oo 50
that the enterprise VIII represent with the land
total investment of $4,000 The entire capital OF
$4,000 has alreasy been arranged for.
zone or two Of the features Of the building are
we'll worth special mention. At The entrance VIII
be e,ePsony s,h nyory oiee in The budng 50 that
man in ore Office converse with parties In any
s;e Sse VIII G@ be entey sepaTas from ihe
telephone service OF the city and VII be oar own n
service and arranged for by us Al the n.ne Ieo eie
vators viii be electric elevators The pans asp
provide for suite q; Ra,hrooms m so ba,h ,nf' w.oa
charge On the upper floor Of the building VII aiso also
Ia%versF CUB Every day during the construction
OF the building !nteal 10 arrange 10 .ape M m m1Gto