New-York tribune., 1919-09-03

III 'he financial district was sold vcs-
terday by Captain John Jacob Astor.
son OF haron Astor. of England. Ex-
'hange Court, the twelve story build
ing winch covers the north end of tho
o'ock between broadway and New
street, Beaver Street and Exchange
fiace' on which is the Headquarters of
the Standard Oil Company and sub
s'd'arles, has been purchased by Rob
Srt C;. r: bowling, as president of the
Nlty investing Company. The deal was
on cash basis, meaning that Captain
Astor was paid idcrablc amount
OF American money for the building.
winch IS one of the largest office struct-
ures In that part Of Broadway. 1t is
assessed 70. taxes on valuation of
$2S0O,O 900. and there is no mortgage
on the property. Mr.. Astor owning it
Tree and clear. j. Clarence Davies ne
gotlated the deaf for Mr.. Aetor through
charles A. Peabody. his representative
IN TINS country. Harry j. Sachs was
associated as broker in the deal.
1t is the second property in the big
business district of New York sold by
young Mr. Astor in the last six months.
me other property disposed of is the
Astor Court Building, at 10 Wall
Street, which, it will be remembered
was acquired by the Bankers Trust
company as site for an addition to
the Bankers Trust Building at the
northwest corner Of Wall and Nassau
streets
Building Covers Block Front
The Exchange Court building covers
the entire block on the south side of
exchange Place, in addition to large
frontages on Broadway and New Street.
On broadway the building is twelve
stories high, and on New Street thir-
teen stories, the difference in height
being due to the steep grade of Ex-
change Place from Broadway east to
Broad Street
The building was erected about nine
teen years ago and the proportions of
the structure and the architectural
treatment of the facade were widely
commented upon al the time. Beinr
next to the Tower Building, the first
skyscraper in New York City. the
structure acccntuatcd the progress
made in Office building construction
and the capability of modern build
erS.
In designing the facade of the build
lng the architect was influenced bv
the historical associations of the site
S val! ->eW oIk, ana ne placed
on q cornice at the first floor gigantic
statues of men prominent in tic af
1airs of the city under Dutch rule.
one OF them is the stern and naughty
ilgure of Governor Peter Stuyvesant.
the tlrst Governor New York had.
Inc structure measures 1875 feet on
broadway. 1870 feet on Exchange Place
and 125 feet on New Street. Its old
neIghbor, the Tower Building, gave
way several years ago to the Standard
Arcade, built by the Standard Oil Com
pany over this and other property, to
carry them until such time as taller
bulldlng would be warranted by 'the
demand. Many leases in the Exchange
Tourt Building will expire next year.
ihe income now is based on rental
values of several years ago. Mr.. BOWL
ing is reported to have said that he
dld not care to say what his plans
are tor the future of the property.
Property Has a History
MI Davies, whose collection OF prints
TO be among the largest and most val
uable, said yosterday:
In 1877 MIR; Rombout's Well' was
located in front of this property, SO
broadway, for the better protection
OF the city against fire. This well was
abolished in 1906
The only building on the east side
OF Broadway was a tavern erected bv
John Corbett, in English days, below
Exchange Place. During the fire Of
1875 this and a number of other
small houses were burned and after
ward replaced by others as poor or
poorer.
Sales of property on the east
side OF Broadway were: 1899, house
and lot near Exchange Place, 34x2O3.
to New Street, sold by Pinhorn to
Vincent for S575; 1900, two houses
and lots. 4lx8O, sold by Turke to
Richard for S275; 1909, house and lot
near Exchange Place, 29xl23, sold by
!Corbett to Barbarie for S625; 1871,
house and lot on the southeast corner
Of Exchange Place, 34.6x75, sold by
Eastman to Morris for $237. About
700 the development of the block
with high class dwellings was started.
In 1852 the whole plot was oc-
cupied by the United States Bonded
Warehouse. Later this was changed
into an cffice building known as Ex-
change Court Building, in which
Flower & Co.-Governor Flowers
tirm-and long list of other promi-
nent brokers and bankers had their
Offices.
"This building was torn down about
1900 and succeeded by the present
building. It has always been one Of
the prominent building sites of the
financial district"