Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-12
MUSI.SELL OLD
SITE TO GET NEW
{ POSTOFF|CE HERE
SO Board of Trade Men Hear
at Conference With Repre-
sentative Mccoy.

FROM opinions expressed after q
conference on the new postoffice
question in the Board of Trade rooms
today, it would seem that Newark s
greatest hope for a new Federal
building now depends upon the for
nation of a syndicate to guarantee
the sale Of the present postoffiee site
for at least $1,S00,000.
Representative Walter I. Mccoy
and the members of the postoffice
committee of the Board of Trade
were present at the conference, which
was called to devise means of con-
verting the present postoffice into
cash.
The building and land was offered
for sale. but no bids were received.
The terms of the sale were unfavor-
able, real estate men in this city as
serted at the time. The conditions
required that the purchaser pay the
purchase price of $1,SO0,000 in ten
payments and take possession of the
property at the expiration of at least
two years.
Need New Legislation.
New legislation of some kind will
have to be enacted before the new
postottice can be obtained, it was said
today Representative Mccoy today
asserted he did not want to go be-
fore the public buildings and grounds
committee of the House until he
knew just where he was at. He OBJ
tained special legislation under sus-
pension of the House rules in getting
through the original bill. Because no
bids were offered for the present post
office site this legislation could not
be taken advantage of.
The representative says when he
goes before the committee again in
the interest of new postoffice for
Newark he wants to be in a position
to state that the money is guaran-
teed
If this can be done then he says
ne will make an attempt to get an
appropriation from Congress amount
Ing to as much as the sum guaran-
teed for the purchase of the old post
office building.
He will ask, he says, that this
money be made available Immediately
for the purchase of a new site and
the building of new structure. BY
this plan the treasury will be refund
ed the amount of the appropriation
when the purchaser of the site takes
title to the property and pays over
the purchase price.
Only Plan in Sight.
This is about the only plan under
which the city can hope to obtain a
new postoffice within a reasonable
length of time, Mr.. Mccoy asserted
today. 1t has been found impossible
to sell the property under the exist
ing conditions, he continued, and per-
haps the best plan would be for a
syndicate Of business men to agree to
pay $l,S00000 for the site when the
title is turned over to the purchaser.
There are real estate men in the
city who assert this would prove q
profitable venture. There are several
large corporations which have been
seeking the property, but do not want
to wait two or more years before get
ting possession of it. If the sydicate
Is formed real estate men say it
would not be difficult to dispose of
the site when the new postoffice build
ing is completed.
After the conference. which was be-
hind closed doors, it was said the
syndicate plan was the most feasible
one. Various other measures were
discussed and discarded as imprac-
teal or impossible. The postoffice
committee of the Board of Trade, it
Is understood, now will take steps to
interest Newark citizens and capital
lists in the formation of the syndi-
cate.