New-York tribune., 1919-06-03
Bankers Trust
Gets Astor Realty
On Wall Street
Deal Closed in Last Few
Days Will Be Improved
With Building; May Not
Be as Tall as Planned

The Bankers Trust Company has
finally concluded arrangements with
Captain John Jacob Astor, son of Will
lam Waldorf Astor. for the purchase
of the property adjoining the thirty
one story building at the northwest
corner Of Wall end Nassau Streets,
which the Trust Company has under
lease. The deal was closed by the
Douglas Robinson, Charles S. B,own
Company in the last few days AMI title
will be transferred probably to-day. It
gives the Trust Company site of
66 feet wide and 1875 feet deep, as it
extends from Wall to Pine Street,
for an extension. The Bankers Trust
Company is as badly in need of business
premises as are other large financial
institutions.
The Astor building was one of the
most valued of the Waldorf Astor
holdings in this city. 1t was erected
many years ago and was the horne Of
a great number of leading financial
men. 1t is still popular structure
despite the fact that it cannot COM
pare in conveniences and appointment
with the skyscraper business homes
which have been erected on all sides of
II. When the leases on the property
have expired the seven stories of dark
red brick and heavy timber and thick
granite which nestle under the west
side of the tall Bankers Trust build
ing will be removed and a new struc-
ture erected on the site, which is 66
feet wide on Wall Street and "A feet
on Pine Street
Whether the rev building Will be
a. tall as the Trust Company's build
ing. which is thirty-one stories, or a
building of lesser height is to be de
cided.
The Trust Company. sure of the out
come Sc the transaction, filed plans
building for the site c. T. Birge was
the architect and he estimated the
cost at S1,50O,0OO. 1t was said at the
time that this was done to secure a
ruling from the building authorities on
the possibility Of erecting a building
Of this height under the building
height restrictions. AS the plans
have not come up for approval the
Building Department has practically
ignored the project, since no decision
is taken for or against plan until
approval is asked
It was said yesterday that the
Trust Company had a change of mind
and that the proposed annex would be
an exclusive structure of monumental
character.
Should the Trust Company officials
decide to erect tall structure there
is feeling that the city authorities
would permit it. The Bankers Trust
Company. owner of the corner prop
erty. would ask for permission to build
up to the height of the structure it
controls. The decision viii be watched
by other realty owners, as permission
70 the Bankers Trust Company will
be construed as right that should be
given other owners.
Skyscraper Owners Buy on Broad St.
Consummation Of the deal for the
Astor property was not the only deal
FOR downtown property concluded yes
-erday. The Alliance Realty Company.
owner of the Broad Exchange Build
ing, at the southeast corner Of Broad
and Exchange Place, who recently
bought 43, 45 and Al Broad Street,
Yesterday secured from the 40 Broad
Street Realty Company the two Tour
story buildings at 49 and 81 Broad
Stree. The property adjoining these
to the south was acquired recently by
the Seaboard National Bank as a site
for q new home.
The property taken yesterday by the
Alliance Company measures 50x92x
irregular and was secured through
Frederick Southack and Alwyn Ball,
jr. This property and the other par
cells, all comparatively recent invest
ments, are said TO have cost 81 900 900
The development of the plans for this
property is we'll worth watching An
arm of the Broad Exchange Building
is built along the rear of these prop
critics.