New-York tribune., 1920-09-19
Broad Street. Anticipated Thououfare of Wall Street District Rapid
Losing Its Melowness Under Pressure Modern Office S
More Than Thirty of Its Old Buildings
Removed i'm Last Year to Make
Way for SIS, ,00O, 900 Worth of Busi-
ness Homes for Bankers, Stock
Brokers and Big Combinations

Broad Street is losing its mellowness.
The ancient luildings with red, yellow
and grimy white fronts which have
lined its sides since years before Jay
Gould became the country's most dar-
ing stock manipulation, before the days
Of Jim Fiske. and even before that
memorable day, Black Friday, are
doomed to the second hand material
yards. Wall Street wants Offices, and
is willing to pay 81. SO, 50 and even
more for every square feet of Office
Germs arc located outside of Wall
street that should be in it, and they
arc clamorlne for proper places in the
hig business ornament of the city
Broad Street, the antiquated street
Of the financial district, passed over
IN the evolution of the Wall Street
section in the last fifty years because
Of the original substantial develop
mont Of the old street, It being the
hrst absolute business street in New
York, Is now receiving that attention
which has been denied it during all
these Years, The great value which
as been placed on business premises
IN Americas leading financial section
has concentrated attention on tho COM
Iarativcly undcvcloped condition Of
Broad street and the relatively low
<alno nf property there.
While land has continued to increase
., value, buildings have steadily de-
creased in worth up TO the time Wall
street began to expand and comman-
d"rrrd, so to speak. every nook and
corner within u reasonable distance
Of thc club" Of the district.
Ia;
rot provide much relief for the situa-
ron because Of the character of tho
buildings. Four and five stories high
Aad poorly arranged for modern busi-
ness needs, they were filled up quickly
and AZ rentals that carried message
20 thoIr owners. 1t forced on them the
logic Of bringing the street to a state
al development that would compare
with TIN" other streets Of the we'll
known business district. The income
they lost BY nrglccting to modcrnizc
Hroad street was not undcrcstimatctl.
New Broad Street in Two Years
From the information at hand it can
-" said htat every property not in
cuinhcrod b. longtcrm leases is slated
ior destruction, and that within two
EcArS mighty few of the structures now
lining the street will be standing. If
me present owners, who in many cases
have held the property for years, do
not make the improvements, others
viii, because there Is most active
demand by business concerns for
building sites in Wall Street.
At least thirty old structures have
been destroyed in the four blocks from
Exchange Place to Water Street in tho
Last year. In their places new build
ngs have been erected or are being
erected. South Of Exchange Place a
small army of building mechanics is
carrying through rush contracts for
concerns who want their buildings com
plctcd as soon as possible because of
the great need for space. 1t has been
estimated that at least S25 900 900 has
been appropriated for carrying through
these building projects.
These important building operations
are now under way in the Broad Street