Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1916-01-05
Hundred Thousand Dollar
Transaction, involving Four
Pieces Of Property, Finally
Consummated Last Night.
DEAL PUT THROUGH
BY COLONEL SELLERS
Five-story Office Structure,
With Handsome Banking
Quarters on Ground Floor,
Prospect of Near Future,

An up.to-date office building, not
less than five stories high. modern in
every particular and up to the stand
ard Of the best to be- found in the
large cities of the country, Is assured
to Albuquerque as the result of a
series of deals finally consummated
last night by former Mayor ID. X. Il.
Sellers by which the four lots on the
north side of West Central avenue be-
ginning at the corner of Third street
and running thence east 100 feet were
acquired. ON the ground floor OF tho
building will be one of the handsom-
est banking offices in the country,
which will be occupied by the First
National bank of Albuquerque, while
on the upper floors the rooms viii be
fitted up as offices for business and
professional men.
\ cool hundred thousand dollars Is
involved in the deal which has just
been completed, making it the biggest
real estate transaction that has been
put over in Albuquerque since the
time when the White Elephant cor
ner, at Second and Central, was pur-
chased by Joseph Barnett from
George Neher for cash considera-
ton of $50, 0,000---a deal which also
There are four pieces of property
involved in the deal. The owners Of
the land. the present occupants of the
buildings and the prices paid are as
follows:
Mrs. Harriet A. Mcmahon, of Color
ado Springs, Colo, corner Of Third
and Central, twenty-five feet, occu-
pied by Coles & Co; $4,000.
Mrs. Julia. 9helns, os Oakland Cal.
twenty-five feet occupied by the Jaffa
Grocery company; $4,000.
Rosenwald Iirothers, twenty-five
feet, occupied by Pursell studio; 500
900.
A. E. Walker, twenty-five feet, oc-
cupied by Los Angeles restaurant;
$4,000.
History Of the Deal.
For several months there has been
n persistent rumor that the First Ma
tional bank. having outgrown its pres
cnt quarters was contemplating the
erection of a modern banking and Of
flee building at a central location, but
il was impossible to make anything
more out Of the rumor than nero
talk. Six or eight months ago Colonel
Sellers went to work to secure options
on centrally located property which
might be available for such build
ing as he believed the bank would de-
sire; but the time was not ripe ana
his efforts came to naughi.
Then with the announcement that
Joshua S. Reynolds, president OF the
First National bank of El Paso as well
as of the First National here, would
retire from the active management OF
the Ei Paso institution and transfer
his activities to Albuquerque there
came the certainty that the local ban1
would extend its operations and
would begin a plan of development
such as the city had never seen.
Colonel Sellers at once got to work
again. and 1t Is characteristic of his
hustling nature that within less than
three weeks he was able to put over
the biggest deal that Albuquerque has
ever known.
Plans for the Future.
The deed for the last OF the four
lots involved in the transaction was
not received until last night, and not
until then could the story be given TO
the public, for everything depended
upon the ability to get the entire tract
IL the building was to be erected. IL
was a delicate proposition, ana the
plans were kept a strict secret until
the last Of the deeds had been signed
and delivered.
Colonel Sellers stated last night thar