The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-24
US. STEEL BUYS
S5,0OO,OOO HOME
AT71BR0ADWAY
Renting Conditions Force
Purchase of Empire
Building.
rs SOLD BY POTTER TRUST
Largest Realty Deal Since
1912 Makes y. y. Head of
Worlds Steel Trade.

One of the largest real estate trans
actions ever made in New York city
was consummated yesterday when the
United States Steel Corporation pur-
chased from the o. B. Potter Trust the
Empire Building a twenty-one story
office structure at Broadway and Rector
street, through to Church street. The
property had been held for sale at
s5,oooooo, and while the amount in
volved was not made public it was
stated that the building brought close
to that figure. The sale was made
through Joseph p. Day, with Judge Ell
bert H. Gary. chairman of the board
OF directors OF the Steel Corporation,
acting for the corporation. and Clar-
ence II. Kelsey. president Of the Title
Guarantee and Trust Company, and
Frederick Potter, as trustee, acting
for the Potter Trust.
The Steel Corporation will take title
10 the property in the name Of a sub
sidiary corporation and will pay cash
FOR its new permanent home in New
York. From the point of view OF ac-
tual cash transferred this is unques-
tionably the largest real estate deal in
New York city essd-4lsspeA have been
few which approached or exceeded 1t
even under other conditions Of trans
fer.
About the only transaction which real
estate experts were able to recall yes
tcrday as having involved larger pur-
chase price was the sale OF the building
at AZ Broadway in 1912 to the American
Real Estate Securities Company at a
price understood to have been s7,5o0,o00.
Another deal which approached 1t in
magnitude was the sale few years ago
Of the Washington Life Building to
Robert f. Bowling for $4,000 900. The
only real estate transactions of recent
months that came within even a few
millions OF yesterdays deal were the
sales of the Postal Life Insurance
Building, at Liberty and Nassau streets
for 12,5O0. 900 and OF the Hudson Build
ing, 80 Broadway, for $l,o0o,ooo.
Circum stances Compel Purchase.
In financial and real sktate circles
The purchase is viewed is the natural
result of the present trend OF c!rcum'
stances, which have compelled many
large corporations to purchase buildings
IN order to insure permanent quarters
for the future. Under normal cond!'
lions the Steel Corporation could prob
ably have leased sufficient space to &C
commodate all the offices it will main
tain in New York, but at present Il
is questionable whether this could b'
dons. Many other corporations hav'
had to take similar action to guarantee
themselves against possible eviction ant
loss OF their quarters, and there hav'
been instances also where firms Of law
yers occupying considerable space hav'
had to purchase the structures TO obtaiI
permanent quarters.
The Steel Corporation now occupies
as tenant a considerable portion o
The building it has just purchased, ant
it Is OF interest to note that In 1899
when Judge Gary became ASSOCIATED
with the Federal Steel Company. he o?
cupied the same suite of offices as u
present. In 1908. when the Unite
States Steel Corporation was formed, 1t
first offices were In the Empire Building
which will now be the permanent head
quarters of the corporation.
Statement by Judge Gary.
In connection with the purchase
the building Judge Gary issued the FOL
lowing statement yesterday:
our purchase OF the Empire Build
ing through Mr.. Day, was influence
by the excellence of its location, by tn
character OF the building, by the recen
very great improvement and concentrs
ton OF transit facilities IN this hub c
the financial district. We deemed
wise to procure permanent quarters
this city,"
This statement was Issued by M
Kelsey:
This purchase in addition to bein
Of great personal interest and one
tina largest with which / have had N
honor TO be connected Is big with poteJ
,iaIities. 1t means that the City or Ne
york is now TO be the permanent ste'
centre of the world. for the sear OF an
great Industry is the place from whi
~ 4. 6nsnced. The city 10 to be COZ
graduated" .,s