New-York tribune., 1901-07-18
COIGN OF VANTAGE SHARED
HENRY SIEGEL JOINS ROBERT SMITH
IN BUYING A LOT ADJOINING THE
NEW MACY PROPERTY.

A half interest in the plot at the northwest
corner OF Thirtyfourth-st. and Broadway has
been bought by Henry Siegel of Siegel Cooper
& Co. from Robert Smith, of R. Smith & Co. in
West Fourteenth-st. This is the plot for which
Mr. Smith recently paid A. D. Pell 1915, 600. 1t
was the highest price a square foot ever paid
for realty in this city, with two exceptions. The
paid a square foot for this plot was S343
The parcel adjoins the site on which r H Macy
& Co. will build their store.
1t was announced some time ago that Mr.
Smith would build a twelve story skeleton build
ing for his occupancy his Thirty-fourth-
st. plot The buhoing will be built as soon as
the leases the the plot expire or
they bought by the owner of the property.
1t will not, however, be built by Mr.. Smith
alone. but by him and Mr.. Siegel as equal own
ers in the land and in the building. building
TO cost more than 100000 will be put up on the
site 1t will be occupied, as previously planned
by r. Smith & Co. which means Robert Smith
as there are no other members.
1t was also learned last night that the Siegel-
Cooper Company had obtained from Mr.. Smith
a lease for twenty years to his building, No. IS
West Fourteenth-st., and the adjoining it
the west, which now forms part of r. H Macy
& Co.'S big store. and which used to be known
as No GO West Fourteenth-st Mr.. Smith leased
recently. the lease to take effect when that held
by r H Macy & Co. expired. The Siegel-Cooper
Company will take possession Of the property
when r. n Macy & CO. move 10 their new home
at Thirty-fourth-st and Broadway. 1t will then
build a ten story building for its own occupancy
on site having frontage $50 feet in Four
teenth-st. 200 in Sixth-ave.. and 100 feet in
Thirteenth-st.. which forms part OF the premises
occupied by R H Macy & Co. The cost of their
new home will be about 81 100000
Mr. Smith said last night to Tribune re-
porter that his net profit in his real estate deal
in Fourteenth-st would be about 100000 A
real estate man who learned of the transaction
said that il gave a good idea Of what some busi-
ness men thought of the future of the thorough
fare for business purposes
Mr.. Smith will obtain title 70 his Thirty
fourth-st plot to-day. When he signed con-
tract for the purchase of the plot on June % he
paid $4,000. He will give today the remaining
sum due which is $500 900. These various realty
deals in which Mr.. Smith figures were made
through Julian Benedict the we'll known real
estate broker.
A peculiar feature of Mr. Smiths realty deal
ings is the fact that though he has just paid
many thousands for the plot at the northwest
corner of Thrty-fourth-st. and BROADWAY ne Is
Sl2. 900 richer in purse. AS the leases gwen by
him to his Fourteenth-st property netted him
about 100000 the total sum he has received
from his transactions is 1887, 900. He has paid
out in these transactions S3150oO He is even
a greater gamer than these figures show. He is
not only richer by Sl2.Uc through these dealS'
but he has a free and clear title 10 a half inter
est in the hrty-fourth-st. plot which is known
as No. 1913 Broadway. An old building stands
the site The size of the plot is 81 1Ox45. TX
16x5o6 This parcel. together with strip of
land was bought by the father of Alfred Duane
Pell for $4,000 in 1875. Later Mr.. Pells father
received $4,000 for the strip, which was taken
TO widen Broadway.
The highest ever paid a square foot for
realty in this city is said TO have been for lot
containing III square feet at the southeast cor
ner of Broad and Wall SITS. This lot sold
for S3lS 60 a square foot in 1872 10 Anthony j.
Drexel In 1882 NJ. Wilks paid $3.50 30 square
foot for plot at the southwest corner of Broad
and Wall SITS The parcel bought by NJ. Wilks
contained only sos square feet.