New-York tribune., 1919-12-19
~ = Story Skyscraper, in
Lower Broadway, Valued
by City Experts at $7,-
100000, Changes Hands
Deal Completed in 5 Days
r. E. Bowling Lets Property
Go to Crigori Bcnenson,
International Financier

The City Investing Building has been
sold. 1t Il one Of the great office
structures Of the city. thirty-two
stories high and covering the greater
part Of lower Broadway block. 1t is
valued In the millions Of dollars. and
Is the homo of many large financial
and industrial corporations Grigori
Benenson, banker, Of London and Pet
rograd, well known in Continental
financial circles. particularly in Rus
sla, is the buyer. He has agreed to paw
all cash above S5.60000O, which is the
amount of the mortgage on the build
ing.
Mr. Benenson will pay over million,
Of dollars to Robert +. Bowling. az
president of the City Investing Com.
pany, some time after the first Of the
year, when title to the property will be
transferred TO the English and Rus
sian banker
Ihe transaction is one of the largest
realty deals ever closed here.
me city tax experts value the prop
perry at S'o00,o00, but real estate men
say that another $1,OOO,O 900, or Der-
haps S2,000,0O0, would be closer 70 the
price which Mr.. Bowling has agreed
to take for the big structure.
What reasons prompted th. nur
chase OF the City Investing Building
we're not to be learned Yesterday NJ
lowing said he did not know. and
Walter T. Stern, Of the law firm Of
Coleman, Stern E. Ellenwood attor-
ney Tor the buyer, would not sav il
ne knew. The transaction was con-
summated in record time for one Of
sucn magnitude. Five days ago. il is
said, MI Bowling received the first
intlmatlon that Mr.. Benenson would
hke to buy the building.
ahere was no bickcrng about the
prlce. ar' bowling announced his price
which was based on a rental income
of $1,l50,00O a year. Whatever .,.Nor,,s was
the price asked by Mr. Dowiinr it "I5 dd
not startle Arnold c. Hansen. who made
the inquiry as the representative of
Mr. Benenson. The two interests, had
seVeral meetings yesterday, the final
detalls were arranged and the con-
tracts tor the sale Of the building
signed BY MIR. Dowling. for the Citv
investing Company, and by Mr.. Hansen,
Tor q. Benenson & Co., of London and
Petrograd
As Mr.. Hansen arrived in this citv
lot the first time about five weeks ago.
the belief IN real estate circles is that
ne came expressly for the purpose Of
buying the structure.
Speculation as TO the purpose of the
purchase was active yesterday. Some
financial activities Of the Benenson
concern in this country is the prime
reason for the investment.
Mr., DOWllnC ayDrosSeJ cora fc =.
over the sale Of the structure, the
erection OF which was the grcates t
event IN has many years in real estate.
He said that there was nothing mani
mate that he regretted parting with
more than the great pile Of granite
and marble which he completed twelve
years ago on lower Broadway MIR
bowling secured loan Of S6.0O0,00O to
start the structure, which Francis II.
Klmball had designed.
corridor Of Italian marble which
so feet wide, extends through the
building from Broadway to Church
Street. The large number of Offices
are served by twentythree elevators
The building Is q series of wings built
to provide the maximum amount Of
light to the Offices.
Among the big business concerns
which have their headquarters In the
building are the Westinghouse Electric
and Manufacturing Company. the West
inghouse Air Brake Company, the Mid l.
vale Steel Company, American Car and
Foundry Company, Southern Pacific
Railroad and New York Air Brake Com
pany.
The British government also holds
under lease much space. Located there
are the British Ministry Of Food, Of
Munitions, OF Shipping, the British sec
tion agent to the Russian sub-commit-
tee and the British War Mission