Evening star., 1898-03-05
HIGH PRICES FOR LAND

The most valuable plat of ground in this
country, at least,- the one that has COM
manded the highest price. is located at the
corner of Broad and Wall streets. New
York city, in the heart of the great finan-
cial district. Several years ago Mr.. Wilkes
established record for high priced realty
by paying $16S,0O for sos square feet of
ground on this site, or $33O.70 per square
foot.
The INNER sity of this rate of valuation
can best be appreciated by measuring off
a square foot of space and then comparing
| Its dimensions with those of $3.50 in money.
Such a comparison will show that IL Mr..
Wilkes had paid for his property in one
dollar bills he would have been able to
cover his entire lot with 50 layerN of green
hacks, 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 Am
sterdam could return to earth they would
be astounded to learn the value of the land
on which they pastured their COWS 200
years ago.
Though TO other piece of ground has COM
manded an equal price per foot, there are
several other 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
same streets, including 8,04S feet, was
bought by the Hanover National Bank for
Sl,3oo,OO0 The lot on the corner of Broad
way and Maiden Lane and the site of the
commercial Cable Company's building in
Broad street are also properties that could
De covered fifty deep with dollar bills out
of their purchase price.
Probably the largest amount ever paid
for the site of a single building was that
given by the Broadway Realty Company
Tor 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 Green
| wlch street, and covers 29,152 feet of
| Is slO2.90 per foot. and though the price per
loot Is less than has been paid for several
other plots, the total represents an enor-
| nous sum to pay merely for the ground on
erect In real estate values that has follow
ed the sky-scraper era Is the extraordinary
price which has been put upon sites that
| are suitable for very high buildings Spots
with open surroundings which other
| lofty structures are not likely to bo built
are, OF course, the most desirable for this
purpose. and such places are few in the city
| or New York. The result Is that many
buildings which are already very profitable
| are being torn down to make room for the
| erection of sky-scrapers.
1t Is now said that the famous old Astor
| House. which Is still paying and pros
porous hotel, will soon be torn down and
| replaced by 25-story office building. This
on one side and the open space about the
| federal building on another, so that 1t is
| an exceptionally advantageous location for
] a tall building
or course. there are many big real estate
transactions in which, the actual prices
paid do not appear. but 1t is not likely that
| there nave been any in which the figures
| nave surpassed those quoted above.