The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-06
THE WORLDS RICHEST LAND.
A Sight For Single Building That
Cost s.. 600 600.

The most valuable plat of ground in
the world. at least. the oue that has
commanded the highest price. is located
at the corner of Broad and Wall streets.
New York city, in the heart of the great
financial district Several years ago Mir.
Wilkes established a record for high
priced realty by paying Sl6S0oO for 56S
square feet Of ground on this site, or
SS30.70 per square foot
The immensely of this rate of valuation
can best be appreciated by measuring
off square foot of space and then COM
pairing its dimensions with those of $3.50
that If Mr.. Wilkes had paid for his prop
erty in 81 bills he would have been able
to cover his entire lot with 50 layers Of
greenbacks. or he could have paved it
with four tiers of silver dollars placed
edge to edge as closely as they would
lie. Doubtless if the worthy Dutch
burghers of New Amsterdam could re-
turn to earth they would be astounded
10 learn the value of the land on which
they pastured their cows 200 years ago.
Though no other piece of ground has
commanded an equal price per foot, there
are several plats in New York city which
are quite equal to the Wilkes property in
value. For example. considerably
larger lot on the northwest corner Of
Nassau and Pine streets. one block above
the Wilkes property. was sold last year
for $3.50 per square foot. and the opposite
corner of the same streets, including COB
feet was bought by the Hanover National
bank for Sl.S56.OO0 The lot on the corner
of Broadway and Maiden lane and the
site of the Commercial Cable company s
building in Broad street, are also prop
critics that could be covered 30 deep with
dollar bills out of their purchase price
Probably the largest amount ever paid
for the site of single building was that
given by the Broadway Realty company
for the lot on which the Bowling Green
building has been erected. This sky
scraper, which is the largest in the city
extends from Broadway through to
Greenwich street. ana covers %. 152 feet of
ground. for which $1,000 900 was paid
This is sl02.90 per foot, and though the
price per foot is less than has been paid
for several other plots, the total repre-
sents an enormous sum to pay merely for
the ground on which to erect one building
One peculiar effect in real estate values
that has followed the sky-scraper era is
the extraordinary price which has been
put upon sites that are suitable for very
high buildings. Spots with open sur
roundings. on which other lofty structures
are hot likely TO be built. are. of course
such places are few in the city of New
York. The result is that many buildings
which are already very profitable are be-
ing torn down to make room for the
erection of sky-scrapers.
II is now said that the famous old AStOr
house. which is still a paying and pros
porous hotel, will soon be torn down and
replaced by a 25-story office building This
site faces the churchyard of old St. Pauls
on one side and the open space above the
federal building on another. so that It is
an exceptionally advantageous location
for tall building.
OF course there are many big real estate
transactions in which the actual prices
that there have been any in which the
figures have surpassed those quoted
above.