New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-11-09
Doherty Tries to Extend
''Wa1l Street" to the Battery
r'nancler Will Establish Corporation Home State
Street in Big Building and Hopes to Take Other
Large Concerns With Him; Plans New Structure

"hen plans now in process of forma-
ton in the office of Henry l.. Doherty
& Co. have been executed "Wal1 Street,
Will have a new meaning, but while the
financial district is showing tendencies
OF growing northwsrd it is the inten-
ton of the Dohorty concern to take q
large section of it further downtown to
the very edge of Battery Park and
anchor it very firmly and permanently.
Everybody who is interested in tinan-
cial or real estate affairs will recall that
a few months ago the Doherty firm pur-
chased the Chesebrough holdings Dor
derlng on Battery Park and CONSISTING
OF several large Office buildings and a
considerable amount Of undcr-inproved
real estate. 1t was thought at the time
mat the buying company had purchase d
10 obtain space for their own Offices
where the affairs of something like 22O
corporations are handled, but it devcl-
ops now that the Chesebrough holdings
were taken as an investment, and the
plans OF the Doherty Company include
the erection of a monumental office
building where some of the largest con-
Germs in the financial district will be
r
ests themselves.
Such building will be erected be-
cause Mr.. Doherty and his associates
are convinced that State Street offers a
better location for large financial houses
than do such streets as John Street,
Ma den Lane and Fulton Street. into
which financial concerns must move un-
der present space stringency if they are
to obtain the room they require to
transact their business. 1t is pointed
out that the location of the new Doherty
skyscraper is nearer to the heart Of
the present financial district than is
John or Fulton Street. and the location
fronting on Battery Park has more su-
perlor attractions, including light and
air, the open park adjoining and a
remarkable view of the upper harbor
Boon to Those in Need of Space
1t was these unusual attractions of
the downtown location that caused Mr.
Doherty to decide to place there his own
offices, which will require not less than
100000 square feet, and he figured that
II the location was attractive to him it
probably would be to other concerns
So he is making the proposal that he
will put up a building in which he will
meet every requirement of those who
will go with him to this new section of
NV llHdilS'"i uiSlTlCl. All MS plans arc
merely tentative, but he is determined
uoon building for his own concern.
which gives assurance that q good-sized
building will be erected, even though he
is to go alone. But that is not likely.
In approaching the matter of relo-
eating considerable part of the fnan-
cial district Mr.. Doherty has adopted
rather a novel method. The ordinary
thing would be to put up a great
building and then offer the space for
rent but no such idea is thought Of in
this instance. Not even an architect
has been selected for the new structure
so it is impossible to say how big the
building will be, how high or anything
about its features, because all of these
details depend upon how many and
how big concerns accept the Doherty
invitation to obtain what they require
IN the new structure. Just now Mr..
Doherty is asking those who are
pressed for space to let him know what
their requirements are, and depending
on those requirements are the details
of the building.
Location Is Local
The site which he has selected for
this big improvement fronts on State
Street, between the South Ferry Build
ing, on the Whitehall Street corner and
the Chesebrough Building. on the Pearl
Street corner. 1t is on a plot eccu-
mulated by the Doherty interests sew
eral months ago. 1t extends through
to Pearl Street, where it is just a block
south of the Custom House. Just now
1t Is covered with q number of old