New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-02

The Broadway block front on the east
side between Cedar and Liberty streets, is
to be improved with new buildings devoted
exclusively TO banking uses. as a result
of an agreement between the American En-
change National Bank and the Guaranty
Trust Company.
Each had plans drawn for new buildings
which have been materially changed by rea-
son VI the sale of one Of the lots. No. 49,
Broadway, which the bank was going to i'm
prove from plans by Clinton Russell with
seventeen story annex TO its office build
ing at the northeast corner of Cedar street
The property has been divided into two
ownerships. one-half being retained by the
bank and the other. or northerly, half having
been sold 70 the trust company, which re-
Gently purchased for about 100000 the
adjoining corner OF Broadway and Liberty
street formerly the home of the Mutual
Life Insurance Company.
The bank purchased No 1872 Broadway in
1906 for about 100000 from the Rhine
lander estate for the purpose of protecting
the light OF its Offices and recently, because
Of the pressing need for more banking ROOM
decided to build the annex. subsequently,
the trust company acquired the Mutual Life
property and the annex plans were aban-
doned temporarily. The lot has a frontage
Of 26 feet on Broadway, with depth OF
102 feet and rear line 296 feet on an al
ley separating the bank property from that
of the New York Clearing House
With this acquisition the trust company
has secured property il wanted TO complete
the site of its proposed building. and will
Immediately proceed TO erect from plans by
York & Sawyer monumental structure in
a classic design which will contain the larg-
est banking room in this city outside of
that OF the National City Bank. which is
housed in the old Custom House, on lower
Wall street It's height will not exceed 1875
feet. but that is to be divided into four
stories, two of which will be for the bank
ing room, which will have a frontage Of
9110 feet on Broadway and 1855 feet on
Liberty street The top Of the new build
ing will reach to the level of the tenth floor
of the old bank building.
The extension which the American Ex-
change National Bank now intends to carry
over the south half Of 40. 1872 Broadway,
in order TO increase its banking space TO
meet its present requirements. will be no
higher than five stories. the height of the
old structure now on the lot. which is 10
be removed next week. The tenants of this
as well as the Mutuals old home Will be
out by Saturday. and on Monday wreckers
will have dismantled the interior and will
begin the razing of the walls. The old
building. No. Sc Liberty street forming part
of the trust company site. which the Mutual
Life purchased after it completed its first
home in 1863. has already been partly de-
molished, and will be entirely removed in
few days.
The Llewelyn Realty Company has sold
the six story apartment house. known as
La Verne, at Nos. 263 and 265 West 18th
street 1t occupies plot 45x99.11 feet, ad-
joining the northeast corner of Eighth ave-
nue.
The purchaser is Miss Minnie Lewis, who
will hold the property as an investment
She gives in part payment the four six
family brick houses. Nos. 2S9. 291. $50 and
297 Ashford street, each 20u00 feet in
East New York and two dwelling houses,
each on plot 33x10O feet in the Hiltonia
section Of Newark. Frankenthaler e. Kauf-
mann acted as attorneys for the Llewellyn
Realty Company. The company acquired
the 18TH street apartment last March from
the Haywood Realty Company.