New-York tribune., 1912-02-16
DIRECTORS
VOTE TO SELL OLD SITE
Will Dispose Of Broadway Block
"If Satisfactory Price Can
Be Obtained"
ASSESSED AT S9,500,0O0
Since Building Was Burned Real
Estate Men Have Estimated
That Land Was Worth
S2O,0O0,000.

The board of directors Of the Equitable
Life Assurance Society at meeting
held Yesterday in the comeany's Offices
at No. 165 Broadway voted TO sell the
block in Broadway, between Pine ana
Cedar streets, where the ruins of the ola
Equitable Building now stand pro-
yided satisfactory price can be oo-
tanned"
II would be difficult to ascertain just
what satisfactory price for the prop
erty would be. The city assessed the en-
tire property last year at Sl2 loo'""'
II was specified that the building repre-
scented So. 900. 600 of this value, the land
So. 500 900 and the vaults under the
building 100000
The Equitable society had a private
assessment made by the Douglas Rob
inson. Charles F. Brown Company and
Jobn NJ. Golding three years ago. The
average assessment Of these experts was
found TO be S13.5O0, 900 but one Of them
set his total as high as Sl6,OOO,"'
Many real estate men are inclined u
think that in view OF the rapid Increase
4
I'm property values in lower Broadway
S2O,OOOOOO would be a fair estimate oi
the value Of the ground to-day.
The plot has a frontage Of 161 feet II
inches in Broadway, 1j2 feet inches In
Nassau street. 80 feet ! inch in Cedar
street and 3O5 feet ; inches in Pine
street. The city assessors placed a value
| o lot no Rr0a 6waV front
age S4OO,O 900 on the Nassau lots and
| $500. 900 on the Pine street and Cedar
street lots. Corner lots were rated at
| 80 per cent increase over these fgures.
The Equitable society did not acquire
the entire block until a few years ago.
| when the Belmont property, at the
corner of Cedar and Nassau streets. and
the section on the corner Of Pine and
Nassau streets were added. The build
| ing was constructed in 1863. and en-
larged and improved in 1887 under the
personal direction of Henry b. Hyde. II
was the first building in New York ia
| have a passenger elevator.
Two years ago the Equitable society
was seriously considering the erection OF
q sixty-two story building on the site
and. in fact. plans were drawn up by
| ID II. Burnham a. Co., of Chicago, FOR
the structure The building was TO cost
! SO 0OOO 600. II was finally decided that
| business conditions would not warrant
such an expenditure and the project was
| abandoned. Since the fire the company
has discussed the advisability Of replac-
ing the ruined building with a twenty
story structure, but this plan also seems
| 10 have been dropped.
! After voting TO sell the site the
directors elected the following officers for
/ the coming year:
President. w. A. Day; secretary, Will
/ lam Alexander; actuary, Robert Hender-
son.
The following standing committees
we're also elected: Finance committee
f. h. Thomas, T. De Witt Cuyler, Frank
S. Witherbee C. II. Zehnder. the presi-
dent and the vice president Executive
committee-The president, the vice presi-
| dent. c. b. Alexander, w. w. Findley
A. G. Humphreys, Thomas A. Gillespie
Wallace l.. Pierce, V. F. Snyder. Thomas
Spratt Samuel Rea, f. Fl, Outerbridge
Jacob G. Schmidlapp, William Whitman,
Henry DeForest and Charles ID. Morton.
Agency committee-A. c. Humphreys
John d. Herman. Bradish Johnson, Gage
f. Tarbell and r. II. Williams Insur-
ance committee-C Charles ID. Morton, C.
T.. Littlefeld. William c. Redheld, w. r.
McCook and F. w Bloomingdale.