New-York tribune., 1919-12-21

The sale last week of the City Invest
ing Building caps Il period of sensa-
tlona] trading that developed quickly
and at a time when it was thought
the buying south of Fulton Street was
on the wane for this year at least
The downtown district is again
boiling" After a period of quiet
which had mislcd lot of folks in the
market to think that the fireworks in
the lower section were over, the cloak
of secrecy was flung aside and there
came to light a series of transactions
that are as interesting and as sensa-
tional as any that have been associated
with the financial or big business dis
trct of the city since the first of the
year. Office buildings have been sold,
landmarks taken and large sites ac-
quired for structural development.
and over again.
Sensational and extensive as the
market has been since the first of No
vember, brokers who are associated
with the downtown realty field say
that the published reports are part
only of the story of real estate hap
penings south of City Hall. number
of the deals, of necessity, would not
be made public for some time to come,
as the mere sale of property is moth
ing more than an initial step in plans
which will take some time to consum-
mate, and for that reason brokers and
lawyers. and all associated with these
transactions have been asked to dis
close nothing
The City Investing Building deal
will go down in history as one of the
greatest real estate transactions that
has been closed in centuries for prop
erty in this city. The size of the
building, it's location and other fea-
lures placed this property outside of
the realm of negotiable real estate.
The market and Robert E. Dowlinc
regarded it as a structure of q per-
manent investment character. But the
fact that it has changed hands and
in such brief negotia tions clearly
indicates the range and capacity Of
the purchasing power of this market.
Cash was Mr.. Dowling's terms.
Millions of dollars he demanded for
his stockholders but Mr.. Grigor Ben
Russian Bank with headquarters in
London and Petrograd, did not demur,
but readily accepted Mr. Dowlins's
price and the terms on which he would
ell the giant structure.
Continuous Nhirl for Weeks
Since November Sc; in there has
oeen hardly a day :hat property in
he lower end Of Manhattan has not
,een sold or resold. There have been
lays when several Off ce buildings and
building s,tcs have been acquired. One
day recently, for instance. a block
ront on Greenwich Street and par
eel in New Street were taken for struc-
ural development; q corner on Liberty
Street was resold by an operator,
Maiden Lane property wa, disposed of
by family which had owned it for
more than century, a financial pub
ication added to it's holdings on Pearl
street, and a building in the Swamp"
section was sold. 1t will be seen that
the trading was both extensive and
somewhat general. One might say that
this was an exceptional day, but this
would not be correct. because there
we're several days last week which were
more sensational both in character and
volume OF business reported.
Every Street II Represented
Nearly every street figured in the
trading. Wall Street. Broadway, Pine
Street Liberty Street, Maiden Lane,
Cedar Street. Trinity Place. Broad
Street Battery Place. Trout Street,
New Street. John STREE. Fulton Street,
Nassau Street and Gold Street contrib
uted to the real estate activity to a
iegree. Some of the parcels inentioncd
in the news have changed hands three
times in lapse of few days. They have
been sold as a rule on price levels
which have been adjusted to values
attained by previous trading in the dis
trict Spectators and investors
showed no hcsitancy durin.. the week
n meeting the price demand OF those
who held choice parcels. They paid
willingly values which they had baked
at two weeks ago, the reason being that
some of them had lost their sense of
tmidty when they realized that every