New-York tribune., 1918-05-30
Federal Reserve
Bank Buys Site
For New Home
Will Build on Nassau Street
After the War
Ends

James f. Curtis. deputy governor and
general counsel of the Federal Reserve
Bank Of New York, announced yester-
day that the entire block front on the
easterly side of Nassau Street, from
Liberty Street to Maiden Lane, had
been purchased for approximately
$3,100,O00, and that after the war
building will be erected on the site
which will be used exclusively by the
bank. The tract acquired covers 5000
square feet, has a frontage on Nassau
Street of 1854 feet 8 inches, on Liberty
Street of 235 feet inch, and on
Maiden Lane Of 269 feet 2 inches. The
deal was negotiated through the real
estate Office of Horace S. Ely e. Co.
The street numbers Of the properties
.aken over comprise $3.50 Maiden Lane,
4O-52 Nassau Stteet, 1851 Liberty
Street, and include purchases from the
Mutual Life Insurance Company,
Lawyers Title G. Trust Company, the
estate Of William Ziegler, the estate of
WilliamRuhnstruck and Joseph L.
Dclafield.
The Need for More Space
"The site acquired by the bank" said
Mr.. Curtis, "was selected after care
full study by q special committee of
directors of the bank, and it was de-
cided upon by the board of directors
because of its convenient location,
splendid light, and the opportunity
which it afforded of erecting building
which architecturally would be in keep
ing with such an institution, also be-
cause this tract could be acquired at
price which realty experts considered
very low. The price was nearly $780,
900 less than the tax valuation, being
slightly less than $3,100000, which fig
ures about 500 per square foot.
"The action of the directors in &C
quiring this property has been rem
dered necessary by the extraordinarily
rapid enlargement in the business and
this increased activity has forced the
bank to operate it's various bureaus
and divisions in many places consider
ably separated from the central Office.
At the present time, for example, the
bank has under lease, in addition to
the space occupied by the executive Of
fees on the ground floor of the Equ-
table Building, the whole of the twenty
fourth and twenty-hfth floors of that
building, half of the fifth floor and
quarter of the fourth, as we'll as the
whole Of the building No. 81 Wall
Street. Even this large amount of
space. which is already too scattered
for efficient operation, will undoubted
ly become too small
"The directors plan to build a new
structure which will provide a suit
able permanent home for the bank the
construction Of which will, of course,
be delayed until after the close of the
war. 1t is estimated that very ma
terial saving in the cost of operation
will be made by eliminating the large
rentals now paid by the bank and sub
stituting therefor merely the cost of
operating it's own premises, plus the
interest on the original cost of pur-
chase and construction"
The Agents Involved
George R. Read & Co., Mr.. Curtis
said, were associated with Horace S.
Ely & Co. as brokers in the acquisition
OF the Aleglcr and RunnStrucK parceQ'
the estate Of William Demarest being
represented by William Curtis Dem
Arrest and J. Curry Watson. White &
Case, attorneys, and the Title Guaran-
tee and Trust Company represented
the bank in the title examinations.
Two other Federal Reserve banks of
the country have acquired property on
which will be constructed quarters for
their exclusive use. These are the
Richmond, Va, and Dallas, Tex, in