New-York tribune., 1896-10-18
PROJECT OF w. w. ASTOR.
TO ERECT AN OFFICE BUILDING TO COST
MORE THAN s3,OOO,OOO.

IT Is TO BE BUILT on THE PLOT now OCCUPIED
BY THE EXCHANGE COURT BUILDING-cILN-
TON & RUSSELL THE ARCHITECTS.
William Waldorf Astor proposes to erect one
OF the largest and finest banking and Office build
ngs in the world. The site chosen Is bounded
by Broadway Exchange Place and New-st and
occupies Nos -, "a and 56 Broadway,
and Nos 35. 60 81 aid 30 New-st The
plans are being drawn by Clinton & Russell, we'll
known architects in the Mutual Life Building.
The contract for the construction of this man,
moth building has been placed with John DOW
ney who lives at Madison-ave and Fifty-sixth-
ST. The erection Of the building Is to be begun
on May / next. The building Is to cost from
SO. .OOO. 900 to $4,000. 900 The excavations alone
will make expense Of SloOOOO The best
features In modern building construction are
to be utilized in the production OF this proposed
splendid monument.
The plot selected is In the heart OF Wall Street
1t is at present covered by the famous old Ex-
change Court Building. which extends between
Broadway and New-st from Exchange Place
to the Tower Building The Broadway frontage
Is 12i IL feet. The Exchange Place dimension
Is 1852 feet The length in New-st. Is IDOL feet.
The southern line is 100 10 feet long. The number
OF square feet in the plot is about 1900 The late
John Jacob Astor bought the property from the
New York Guaranty and Indemnity Company
on February l. 1Ss3. for S1,CO0.WO. or about So3
a square foot. The plot was then covered by the
nve-story lead-colored brick office structure which
now occupies it. The well-known Exchange
Court, which runs into 1t from Exchange Piace
belongs to the parcel. In the division OF the
Astor property this plot went to William wal
dorf Astor
The Exchange Court Building is famous as
the office home Of prominent brokers and we'll
known bankers. Flower Co. are among Its
best-known tenants. Others are Jessup q La
mont. White. Morris & Co. r. b. Cuthbert d
Co. Grant Brothers and George h. Hopkins a.
Co. whose offices front in Broadway on the
New-s side are W. H. Granbery & CO.. f. l..
| Oppenheim & Co. and the Clearing House OF the
| Stock Exchange.
Many Offices In the building are already va
cant especially the Newest side Rumors
| have been floating through the gloomy. old
time structure for month that the ancient
! landmark was to give place 10 a big new build
| ing but so well were Mr. Astors intentions
! guarded that the secret has been kept TO HIM
| SELF and those Immediately concerned in the
| enterprise until the present time. All the leases
! ~ Offices in this building are annual. and VIII
| expire AT the furthcst on April 80 next
stoned 10y Mr. Asior 10 prepare the plans Tor the
| new building left their Offices early yesterday
| II was said there. however. that they were not
| In a position to talk about the matter
! John DoWney who was seen AT hlS nome said
| 1T is true that William Waldorf Astor Is having
! pl1ns prepared for an immense building on the
! Exchange Court site But can say nothing
/ about the plans. Because the contract for the
/ construction Of the building has been given To
me does not by any means imply that the plans
I have been perfected These plans are being
| prepared by Clinton & Russell. Yes. the inten-
ton IT, believe. to erect a magnificent structure
! tho finest OF It's kind IL this country. The de-
! ta'.s have not been determined upon. since they
/ must first be sent across 10 the other side Tor
/ Mr.. Astor's inspection and approval, or for any
/ changes In them which he may desire cannot
tell YOU how many stories high the building will
! be- since that point has not been determined
! nor have the kinds OF the materials to he used
! in the structure been settled upon The plans
! are well under way. The demolition Of the
present structure IL to be begun on May next
| in all probability
one who IL familiar with the plans OF Mr.
! Astor as outlined for the mammoth building
said yesterday: The structure is TO cost all the
| way from N,mWmW To S0oDOO0. When you
! bear In mind that the excavatlng for founda
| tlons alone Will cost 5000 you can gather an
| idea Of the scale upon which the enterprise Is
| 10 bp executed The building IL 10 be simply 4
splendid embodiment of everything possible In
| such a structure