The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-24
100000 BUILDING
OPPOSITE LIBRARY.
Twenty Story Structure for
Fifth Avenue and AID
Street Corner.
AsTOR TRUST A TENANT

y which VIII w
,,,,re home of the Aston Trust Com
,,rn now at Fifth avenu and Thirty
.,,,h street, is to be erected at the
,o,,beast corner OF Fifth avenue and
ro-v-second street, across from the
p,b,ic Library. The Improvement and
,.ase. which have been the subject OF
u,o,,hs Of negotiation, meanz an invest
van, OF many millions OF dollars. How
r,o,y millions, few besides Alfred T..
Thorre. Albert g. Milbank and George
<lchols. directors Of the Oceanic In
costing Company, owner OF property,
WOW definitely. But the Improvement
ru be one of the mist costly COM
cal operations that has been associ-
sted with Fifth avenue for years.
BROKERS' claim that the building and
ESQ wnl represent an investment OF
"a 500O 600 at the very least. and that II
,bs rental for twenty-one years to be
najd by the Astor Trust Company for
,ha three floors be included, the deal
.onld reach far beyond the IS 900, 900
mark.
sa,,i1n. which is "A Locality of fine build
lngs II Will he as tall as the tallest
,r The Fifth avenue zone and will har-
monte in design with the Publ LII
brary opposite.
Mon,asue Flsgg I'd is the architect.
The building will be OF brick. terra
Gotta and marble. 1875 feet on Firth
avenue and 100 feet on Forty-second
s,ree,. The plans for the big structure
we're finished months ago. but not until
Yesterday afternoon was 1t possible for
George +. Hite. Jr.. Of Milbanks Office
10 say definitely that the big structure
which THE L said last week was
being considered for the corner, wiuld
be built.
several things made the deal uncer-
tain IN TO the last minute. The CHIEF
one was the signing of the lease with
the Aston Trust Company. This lease
depeuded OF how the Building De1art-
mert would consider the novel construe-
,lon OF the first three floors of the
building, In other words. the deal de-
r.nded on "A series OF circumstances.
the failure of any one OF which would
have deferred the Improvement.
The Aston Trust Company will ave
,Ae first, second and third floors and
space in the basement for safe deposit
vaults. The three floors will be open
except for galleries. From the bank
iug noor 10 the ceiling will be a dis
tance OF thirty-hve feet. The trust COM
panv will have "a special entrance ON
Fifth avenue.
The ompany has been at Thirty
sixth street for many years, and the
claim is made that the extent OF its
business has been considerably ham
rered by the lack of adequate quarters.
The trust company takes the space
for a long term Of years at a rental
which has been withheld for the pres
en-
on the street level Of the building will
b. stores, several OF which have prac-
ideally been rented.
Another feature Of the improvement
IL thai a seven story building. erected
only a few years ago and bringing In
o good return, will come down to make
way for the new skyscraper, 1t will
no, he removed until next May. how
ever. because Of leases en- the premises.
TIL new building will be finished the fol-
loving May.
The Oceanic Investing Company
bought ne property in December, 1913,
from Edwin Wolf OF Philadelphia for
a price said TO be a little more than
100000 Only a few days previous
20 this purchase the Oceanic company
bought the northeast corner of Fifth
avenue and Fufty-s -cond street.
Mr. Won bought the southeast cor
nor from Felix Isman soon after he
had acquired 1t in 1910 from the Co
lnmI!a Bank and the American Safe
Deposit Company. Mr.. Wolf erected
the glazed brick building on the site.
The leasing Of space IN the projected
building 20 the Aston Trust Company
was negotiated by Paul Il, SAKE OF the
Frank B TAYLOR Company.