Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-02-25
LARGE Z IMPORTANT PURCHASE
Of Real Estate in New York
City by The
WASHINGTON LIFE ms. COMFY,
As Reported BY the New York Evening Post
Of February IS. 1896.

Brokers in nearly all sections OF the city
report "A satisfactory Improvement IN
general business, both as regards selling
and renting. A considerable amount OF
preliminary work has been brought 10 the
contract stage, but there would be no
particular demonstration of rejoicing over
his fact il II were not only precedent 10 IA
large volume OF new business in process
Of negotiation, under more favorable
auspices than TO: many months before.
AS for month or 50, the business has
been pretty fairly distributed over the
city, no section failing entirely to share in
the seasons improvement. There have
been some specially favored sections, how
ever, and, except that first place in the
favor Of Operators and investors Is given,
as for long past, to the lower sections of
Broadway the other specially favored
sections are contiguous to the new transit
lines in the upper part Of the city, as
heretofore noted.
The one conspicuous sale OF the week
was that made by +. A. Cruikshank *
Co, for the heirs Of Bowie Dash and the
Alvan Bininger estate, Of the Broadway,
Liberty street, and Temple street prop
| erty, 10 the Washington Life Insurance
ltiDItttl III l!lt TN'litHs J tHi
Of Monday. There are, according to the
last conyeyapccs Of the property, 9,74l.31
square feet in the plot, OF which r. ls2 %
square feet are in the Dash property, cm
bracing the corners with a frontage Of
29.5 ON Broadway. lJ7.IO on Liberty
street and 81. feet ON Temple street. m
2,5ls,39 are in the Bninger parcel, No
III Broadway
The price quoted for the property being
81 ESQ, Coz make, the square foot price for
the entire plot sl3l.3i. for thn Dash par
| Gel Sl3923 and for the Bilinger parcel
| sl09.Ii Considering he large area on
Liberty and Temple streets the price for
the broadway corner IS considered equiv
| alent 10 $lG0 pr Whereabouts per square
foot. Most brokers consider th.s cheap
price for the property. 1t is one OF the
| few best remaining corners in tho great
banking, Insurance, ana Office building
| section of lower broadway Ii is suseeu-
tiblc to Improvement 10 very great at,
vantage and has been in the eyes Of the
spectators for many years. President
Brewer Of the purchasing company cx-
presses modest IDEAS regarding the height
Of the new building which will 90 ~ on
che site OF the present old five story build
lngs year hence, but If his company
should conclude 20 do what a speculative
owner would he morally sure to do-huild
on the site the highest building in the
city-the location is such AS would insure
pretty steady renting at about a. good
rates As IN any Office building in the city
lt Is not a commercial but rather IN
a,sthetic spirit that will keep the height
Of this new building within existing
limits OF tall buildings
The sale OF this corner TO the Washing
ton Life Insurance Company presumably
takes it out OF the market for ever This
has been the case with many a fine down
town parcel in recent years and Is likely
to he so with many another one before all
the corporations wanting home office
buildings OF their own are supplied. The
corporation never dies and the motive for
purchasing and improving conspicuous
property grows stronger with its years Of
occupancy, 50 that in process of time the
property has value for the company that
1t can have for no other owner This is
the advertising value of the property.
once the building is erected and occupied
IL appears in vignettes upon letter heads. |
policies. pamphlets, circulars bill heads, |
business cards. envelopes and all other
forms of publications, and this not ONLY
OF the proprietary corporation, but of its
hundreds of tenants besides The build |
ing becomes geographical feature of the |
city, and, bearing the name of the corpor-
alton, links it for ever with the geography |
OF the city, SO that references to the loca- |
ton of the company or of any of its |
tenants must be expressed in terms which |
Will contain an advertisement for the |
company.