New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-21
City Investing Building Deal Climax of Period OF Sensational
Real Estate Trading in Biz Downtown Business District
Accentuates the Great Buying Power and Possibil-
tiles Of the Current Market, Which Rightly Has
Been Termed Unprecedented Supposedly ON
the Wane, Activity South of Fulton Street Has
Established New Records i'm the Last Few Weeks

day is narrowing down the amount of
property on the market suitable for
speculation, investment or improve
ment. With such keen market experts
as D. A. Schultz paying profits, those
who doubted their judgment thought
differently about the decision which
they had reached and plunged into the
activity, carrying along the volume of
business to levels which were not ex-
pccted at this period of the year
Big Market Ahead
The trading has gained strength
ness pending and that likely to be con-
summated this week probably will
establish the week as a buster one than
any this month.
1t is not runaway market, by any
means. The large number of sales
which have been reported, and some
which have not been announced, are
based on sound economics. The mar
ket downtown is in the hands of the
wisest men in the realty world. The
men who are buying are shrewd bust
ness men or market experts They are
trading with brokers who have been
associated with the downtown field for
many years and know it's worth, and
their advice is that the market is go
ing to be bigger and that prices will
continue to move up at very steep
grade just as soon as it is fully appre-
cated that there is but ole big bust
ness district in New York and that it's
area is .,mall.
Buying in West Significant
That the amount of realty between
Broadway and William Street on the
market is limited is seen by the devel-
opment of extensive buying west of
Broadway. 1t was predicted by mar
ket leaders that with the volume of
business crowding into the downtown
district the old lines of the strictly
financial zone would have to be moved
east and west and north and south.
A good deal of the business which
has come to light in the last few
weeks has affected land and buildings
west of Broadway. For instance, three
Of the four corners at Liberty and
Greenwich streets have been sold. The
Havemeyer Building, at the northwest
corner Of Liberty and Greenwich streets,
was resold by Elias A. Cohen to Mr..
Schultz few days after he had bought
from Cedar to Liberty Street, had been
purchashed by an investor, who will re-
move the five-story buildings on the block
to make way for tall building, being
sure OF his investment almost from the
start.
Just back of this property is the
Beard Building, a structure which John
Larkin took in consideration for loan
to build his Printing Crafts Building
on Eighth Avenue.
There was no market for that section
of downtown until few weeks ago.
Frederick Brown paid Mr.. Larliin more
than he was willing TO take for the
property several weeks ago.
Blaine Ewing. who recently paid the |
American Bank Note Company tho price
it was asking for the site on Trinity |
Place, opposite Trinity Church, has re-
sold it to the Curb Brokers For i'm
provement With q building to house its
"cxchangc,' now in the roadway of
Broad Street
wall Street" Expanding South
The theory that the expansion of the
" all Street district is inevitable evil
IDENTIFY decided the purchase Of the
Scarles property on the north side
Of Battery Place, from Greenwich to
Washington Streets. BY Henry L. Do
hcrty as site for a building that will
be twenty-five stories nigh, and deter
mined the proposition to erect tall
building on State Street facing Battery
PARK from the east NJ. Doherty's III
vestmcnt in Battery Place North. was
backed by the information that there
are al least 500 concern in this city
that would like space below Fulton
Street Their needs would require o.
900 square feet OF space.
There is no doubt Whatever that
William A. White & Sons. the Charles
f. Noyes Company, the Brown WheelocS
Company, Horace S. Ely (; Co, the
Cruikshanh Company Cammann. Noor-
hees e. Floyd and other brokerage CON
Germs in The downtown field have con
veycd to buyers the needs OF the dis
trict. which have been ascertained by
applications for space which have come
70 them. This Information has in
spred and is Inspiring deals which
would not be attempted otherwise One
of these, for Instance, is the purchase
Of the Haight and TIE Huyler build
ings and the leasing of the Wendell
parcel at the northeast corner Of
Broadway and Liberty Street by syn
dictate. which is going to erect a build
ing on that corner for the accommo-