The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-06
POSTALLIFE SELLS
ITS OLD BUILDING
Disposes Of It's Former Home
at Corner Of Nassau and
Liberty Streets.
PRICE ABOUT S2,5OO,O0O
Big Financial Interests Said
to Be Back Of Deal: Sequel
Predicted.

Trading in the down town district
reached It's high water mark yesterday
IN the sale Of the old home OF the Postal
14fo Insurance Company at the south
west corner OF Nassau and Liberty
streets for a price said TO have been
IN the neishborhood Of s2.50o, 900. The
fifteen story building was sold by George
r. Read & Co. for tho Incas Realty
Company. a holding corporation con-
troiied by the Postal Life Insurance
Company.
The ,ostensibie purchaser OF the build
ing Is the City Real Estate Company, a
subsidiary of the Title Guarantee and
Trust Company. The principals in the
deal showed a marked reluctance yester-
day about discussing the transaction in
detail. II was intimated. however. that
the transaction may have sequel
equally as important as the sale recorded
yesterday. This will probably not be
in the nature OF building enterprise.
az the structure itself Is Of a good sub
etsntial type.
There II not much room for doubt that
big financial interests, bent upon estab-
fishing a permanent home or of adding
10 their present one, are behind the deal
The building Is ideally located from A
fnarcial point of view. the rest OF the
block on which 1t stands being occu-
pied. by the Bank of Commerce. which
ad1cfns II on the north: the Guaranty
Trust Company, which adjoins II on the
east the American Exchange National
Bank, which occupies the northeast cor
ner of Broadway and Cedar street. and
the Clearing House on Cedar street
Like ali the other deals that have pre-
ceded II In the financial district within
the past few weeks this particular trans
action may be said to reempha size the
demand for space which is growing
apace with the expansion OF business. In
This case Also the desirablity o. the
property was increa sed by the Federal
Reserve Banks requirement OF a site for
new home on the westerly portion of
the block bounded by Maiden lane. Mas
sau Liberty and William streets and
diagonally opposite the old Postal Life
Building
As far back as 1914 big financial in
terests had their eyes on the building as
possible future home and rlan was
announced at the time for adding five
stories to the structure The sale Of the
building yesterday, certain authorities
predict. Is likely to furnish the impetus
for other transactions Of magnitude
Several bids. II Is rumored. have been
made Tor the new Postal Life Building
At 511 Fifth avenue and another inter-
estirg deal may be reported from this
neis hborhood in the near future
The building sold yesterday covers the
property known as IS, 81 and 80 Nassau
street and Sc and So Liberty street. II
fronts 7e.s on Nassau street and III feet
on Liberty George r. Read & Co. rep
resented the purchasers in the deal and
are to be the agents of the building I'M
der the new ownership. Walter Lidner
~ the Title Guarantee and Trust Com
pany also acted for the buyer. The seller
was represented by William VI. Nc
Carthy and senator Charles G. Lock
wood acted for the 1ncas Holding Com
pAny.