New-York tribune., 1920-11-12
Bowery Savings
Bank Buys Part
OF Hotel Site
Paws Sl,4OO,OOO in Cash
for East Half of Former
Grand Union Plot at
42d Street and Park Ave.
To Build Tall Branch
Victory II all Association
Had Chosen the Location
for Proposed Memoria!

The Bowery Savings Bank has pur-
biased the east half of the old Grand
I'njon Hotel site. extending from Forty
second TO Foriy-trst Street, As q site
;or twenty-five story building in
Witch the bank Will have q branch 1t
i understood that the bank paid ST.
900 600 IN cash for the property to the
Pershing Square Building Company.
which was organized by Henry Mandel
snd associates, to buy the property
rom the city several months ago.
The Bowery Bank, one of the largest
savings banks in the city. was induced
to build in the Grand Central Ter
mjnal district because the majority Of
;.s depositors live north of Fourteenth
Street. The uptown branch Of the
Bowerv Bank Will cover site 1876
Zee. on Forty second Street and 1856
Zee: on Torty-frst Street. with
den;h Of 1915 sect. 4 building Of
monumental character will be erected
bv the institution. 1t may IN time be-
come the executive headquarters of the
institution, which for eighty-siX years
has been located at the northwest cor
rer OF Bowery and Grand Street
Plan Costly Building
At least Sl.000,00O viii be spent in
WNlCn
is 10 be planned to handle the bulk Of
ne banks business. The network Of
sub-surface transit at that point con-
meets the section with every borough
in the city The records Of the bank
show that the Bowery location is not
IS convenient to It's Geposltors as that
us. selected
Mr. Mandel retains the Park Avenue
frontage OF the block. extending back
i25.5 feet on each street. He plans
It's improvement with a twenty-fivo-
story building. BIZ, again he may have
to alter his plans, as several attrac-
tive offers have been received for lcas-
ing the property. If Mr.. Mandel
accepts any of these it VII end his
rlans fer Improving The plot He or
ginally intended 20 erect twenty-five
stories on the entire plot, Sut gave
way to the Bowery Bark $ wish for a
lrsnch on The property
An interesting detail in connection
with the sale was the necessity of the
purchaser TO acquire sufficient fronta &c
IN order u use and conform with the
spacing Of column footings already
provided for over the subway station.
This accounts for the odd frontage Of
lQ46 feet. and necessitated a party
'"t- Hf4i4E tNLtltO I'M %
with the seller, in order that both
might use and take advantage Of the
bearing capacity of these footings.
Former Grand Union Hotel Site
The site was formerly occupied by
the Grand Union Hotel. one Of the
most famous IN IT'S day. Il was a five
story structure. built about 1880, and
wss operated by Simeon Ford and Sam
usl A. Shaw i was the met ng place
Of many OF New York famous c.ti~
lens. and many Interesting tales are
tod regarding it,
The Subway Transit Commission
sold II last July 70 Mr.. Mandel for
$500 600 q, private sale, after it
tailed to get d buyer at an auction
held By Henry Brady last spring.
The contract for the sale to the
tank was drawn by Feiner < Mass,
attorneys who represented the sellers,
and Cadwa.4der. Wickcrsham & Taft,
rsqresent.nc the purchaser The
Brown-W Wheeiock Company. Inc, was
the broker
The site is that selected by the Vic
tory Hall Association for victory hall
memorial to the valor Of the soldiers
Of New York State who We're in the
American Expedltionary Forces.