The sun., 1919-09-10
96 BROADWAY SOLD
BY VINCENT ASTOR
Schermerhorn Building Is
Bought by American Surety
Co., It's Present Lessee.
AT $1,650,000
One of Most Valuable Hold
ings Per Square Foot in
City's Lower Sector.

Another valuable Astor holding In
the lower downtown section changed
hands yesterday when William Vincent
Astor sold the schermerhorn building
at 90 Broadway to the American Surety
Company which held ninety-nine year
lease of the property with seventy-six
years of the lease yet TO run. The
site fronts thirty-eight feet on Broad
way and has a "TS' formation running
back 100 feet and south to Wall
street and north to 3 and Pine street
The land and old fashioned building
were assessed for S1,650.000 and II IS
said the American Surety Company PAID
a trifie less than the assessed valuation
The transaction was all cash. The build
ing is seven stories on the Broadway
front and nine stories on Wall ana
Pine streets The negotiations were con-
Quoted by Nicholas Biddle. Mr. Astors
manager and by F. w. La Frentz.
president of the American Surety Com
pany. The law Arm of Carter, Led
yard and MIlburn represented Mr.. Astor
and Henry c. Wilcox. general solicitor
for the American Surety Company. rep
resented the buyers.
The purchase gives the surety COM
pany a Broadway frontage OF 12S feet,
taking in it's twenty-five story properly
at 100 Broadway. southeast corner or
Pine street, the site of which II pur-
chased in 1892 and improved with the
present building two years later. The
Wall street, frontage has twenty-five
feet and the Pine street frontage Is
forty feet The property surrounds on
two sides that OF the First National
Bank at the northeast corner OF Broad
way and Wall street and on account or
its greater area and frontage on three
streets is regarded as one Of the most
valuable holdings per square foot In
the lower downtown section.
The Schermerhorn building is an old
fashioned structure OF brownstone and
red brick and was built by the original
John Jacob Aston. In 1895 1t was leased
by the American Surety Company for
$3.50 per annum plus taxes, assess
ments and repairs. Since that time the
lessees have added two stories to the
Wall and Pine street wings ana nave
strengthened the entire building.
For many years It has been the home
of conservative brokerage and banking
houses and several of the prominent law
firms have had Offices there. Former
Governor Charles e. Hughes and his
Arm are present tenents.
because they wanted to own their own
home" said Mr. Wilcox. at Is doubt
full whether there Is a more valuable
downtown tract than this one and II
was taken for all cash at figure which
made 1t especially attractive. Consider
ing the peculiar layout of the site II
would no doubt be more valuable with
out the old fashioned building than with
It. However, there is no immediate
prospect Of improvement Most OF ouI
tenants are conservative and are ap-
parently well satisfied with their loca'
ton and rent and comparatively few
changes are in prospect"
Mr.. Wilcox was asked whether he be-
lieved the time was coming when the
richest plots OF Manhattan real estate
would be sold only on leaseholds as Is
now the case In London.
Somehow" he said, II feel that thai
custom would so against the grain o.
the democratic spiyit of America L
may come, but / would not care to SCI
such a condition in New York"