New-York tribune., 1919-07-01
Munson S. S. Line
BUYS Tall Building
On Beaver Street
Takes the Hoffman Estate
Property at Junction of
Beaver and Pearl Streets;
Was Held at SI,5O0,OO

The Beaver building, at the juno
ton OF Beaver and Pearl Streets and
rust south OF Wall Street. held in tho
market at $l,5oo,0o0. was purchased
yesterday by the MunSon Steamship
Line. which occupies space in the
building. al a price close TO the asking
iisure. The scramble for space III the
big business district" Of the country
has not escaped notice Of the officials
of the Munson line, and since 1t IS as
essential that they be in this district
Us any other concern, 1t WAS decided
tnat no time should be lost in securing
permanent footing IN the distrlct.
Purchase was the only guarantee that
at the expiration Of d few years or
whenever their lease ended the con-
Germ would not be without Il home and
placed in the field with hundreds OF
other space seeking concerns.
William A. White Il Sons, who have
made several large concerns appreciate
the seriousness of the space situation
downtown and take steps 10 protect
themse elves against consequences, nego-
tiated the sale OF the Beaver building.
The structure is fifteen stories high,
covering p "fatiron' shaped site CON
tanning about 1000 square feet The
apex of the site points north on
small plaza formed by Wall Street on
the north, Pearl Street on the east
and Beaver Street on the west. The
building was erected sixteen years
ago by William H. Nhesebrough. 1t
rented rapidly. The ground floor was
taken by a bank and the Offices by
marine interests, ship owners, opera
tors and insurance men. The success
Of the building made it an attractive
investment property and soon after its
completion the Hoffman Estate pur-
chased it from Mr.. Chesebrough. 1t
has ever since been one Of the best
or the extensive holdings Of the estate.
1t measures 122.3 feet on Beaver
Street 1876 feet on Pearl Street and
20 feet on the plaza, with a rear line
SSH feet.
Hoffman estate all cash for the build
lng above a mortgage of S540,0Go The
building is about three blocks from
the Hudson line pier, Al the foot of
Old Slip, and from the upper floors Of
the building the wharf and the entire
movement OF shipping along the lower
East River and the Brooklyn shore
may be seen. At the back door of the
building is the growing marine insur-
ance centre, without doubt the larg-
est and most important in this country.
Then block away is the subway
through the Clark Street tunnel, which
brings the shipping distric. of Brook
lyn almost to the door of the Man
haitian marine interests.
The deal is nothing more than ad-
ditional evidence that big business
concerns appreciate conditions south
Of Fulton Street and are taking meas
ures Of protection by buying desirable
property at the first opportunity Of
IL red.
Deals Of this nature closed since the
first of the year included the purchase
hy the United States Steel Company of
the Empire Building, the tall building-
al 60 William Street by the Royai
building on Nassau Street by The Sin
clair Oil Company, 45 William Street
by the Bank of North America, Stock
Quotation Building on Beaver Street
hy Norton, Lilly & Co., Seligman
Building by marine insurance brokers,
tenants of the building, and Del
monico's downtown property by marine
interests The Post Building on
Beaver Street, about block from the
Beaver Building was purchased about
six weeks ago by the Canadian Bank
of Commerce. Two of the buildings
mentioned, SO William Street and the
Liberty Tower on Nassau Street, were
sold by William A. White &, Sons, the
firm representing the seller, the Gar
den City Company, in the latter deal.
Masten & Nicholas represented the
Munson Line as attorneys Middlebrook
& Borland looked after the legal in
terests of the Hoffman estate.