New-York tribune., 1919-01-25
SpeculatorsBuv
I'm Block With
Federal Bank
Possibilities Arising From
Improvement Led to Pur-
chase of Building There
Trading Is Broadening
Deals Are Reported From
Many Sections; Uptown
Districts Are Active

Speculation on the property needs
Of the Federal Reserve Bank in the
block between Nassau, William and
Liberty streets and Maiden Lane, and
the effect the government institution
will have on adjacent property values,
led to the purchase yesterday of the
Montauk Building, at the William
Street end of the block, by Elias A.
Cohen and Alfred M. Bedell It is one
OF four buildings on the block which
have not been purchased by the Federal
Reserve Bank directors. AS several
properties have been added to the
banks holdings since the original pur-
chase was made last summer the be-
lief is that ownership of the entire
block is the aim of the board of direc-
tors. If such is the case the govern
ment viii have to pay Mr.. Cohen and
Mr.. Bedell we'll for their interest in
the Montauk Building
The structure is eight stories high
and covers the west side Of the block
OIL William Street. from Liberty Street
to Maiden Lane. The frontage there is
ISL feet; on Liberty Street it is "A
feet, and on Maiden Lane "a feet.
The property has been sold by IT.
Gaillard Thomas and Louise Carol
Thomas. widow of the late j. Metcalfe
Thomas, who erected the structure
several years ago
Mr.. Cohen began negotiations for
twenty one year lease of the property
soon after the death of Mr.. Thomas
last March, having in mind altering the
building along the lines he employed in
some of his other downtown operations.
He intended altering the ground and
first floors into quarters for one of the
large insurance concerns. This is Mr..
Cohen's fifth operation on Maiden
Lane, the others involving 16 and is.
corner of Liberty Place, and 20, 25
and 27.
Lower West Side Realty Deals
The warehouse at the southwest cor
ner of Washington and King streets,
adjoining the new right of way Of the
New York Central Railroad, has been
bought by an investor from Frederic
De P. Foster. The building is five
stories and covers site 79.6xS0.
The Markham Realty Corporation,
Clarence W. Eckardt, president, has
added another property to its hold
ings in the grocery section. The cor
roration purchased through George C.
Pointer (Inc.) the old building. on lot
25x73. at SO Laight Street, just west
OF Hudson Street, this making the
fourth purchase within the last few
months.
Harper to Alter Gramercy House
Henry S. Harper has bought from
tie Misses Mary, Louise and Emily
Lynch the four-story and basement
dwelling at l29 East Twerty- first
Street, on lot 24x9S.9. The property
faces Gramercy Park and has been
owned and occupied by the Lynch
family since 1857 The purchaser who
owns the adjoining property, Will re-
model the building for apartments.
Moore & WyckcT were the brokers.
Estate Sells Old Tenements
The estate of Henry Knebel has sold
the three and five story tenements. on
plot 75x962. at 107 to i'll East Fourth
Street, between First and Second ave
nues, which have been in the possess
sion of the selling family since 1861.
Baierlien G. Rosenblatt were the brok-
ers In the deal