New-York tribune., 1920-02-19
Wall Street Men Purchase
Broadway Office Buildino
Tenants of Empire and Exchange Court Build;nos
Decide Solution of Problem Is in Buying the
Latter Structure FRI ON Robert E. Dowlinu

Fourteen concerns. mostly Stock Ex-
change houses, a mining company and
a firm of lawyers housed in the Ex-
change Court Building, at So Broad
way, and the Empire Building. at II
broadway. have bought tho former
STRUCTURE nr;ea from Robert r. Goo Bowling for
the figure the president of the City
Investing Company had been asking
for the big structure. Edwin N. Chap
man, of the stock brokerage firm Of
Chisholm & Chapman, ia head Of the
buying syndicate, which includes, be-
sides Mr.. Chapman's concern. Carstairs
4 Co., +. M. Lockwood & Co., Prince t.
Whitley, Henry Zuckerman e. Co., Will
cox d Co., Boissevain & Co., f. w.
Wagner & Co.; Billings, Olcott l.
Wlnsmore; Burnett, Laidlaw & Mey-
ers; Post Brothers g. Co.. RAYMOND
Shaw. e. Co.. the Quincy Mining Cor
poration. and Green & Hurd.
Many Interesting Features
In many respects the deal is one Of
the most interesting consummated in
the financial district in some time. Mon
day afternoon was the time set for
the closing of the transaction. which
was first presented to MIR. Dowlinp on
Wednesday last week by William G.
Speers and Albert +. Pointer, of the
Brown Wheelock Company. On Tues
day afternoon men close to the trans
action we're of the opinion that the
proposition was dead Mr.. DowIinr
was at the point of recording another
miss fire" on this property, which on
two previous occasions had nearly been
sold for him.
Mr. Chapman and other members of
tho syndicate fully realized that if
they We're to continue in the financial
district Mr.. Dowling's building would
have to be purchased, and efforts were
renewed to dispose of the dltficult:es
which had come up at the last minute
Monday. They succeeded, and the deal
was closed yesterday.
Why the Determination
The reasons for the determination
10 own the Exchange Court Building
are these: The Empire Building is
owned by the United States Steel Cor
poration, and until recently tenants
in the twenty-one-story structure.
which extends from Broadway to
Trinity Place on Rector Street. were
sure that they would not be disturbed
1t has developed that the steel cor
poration wants the entire structure
except the street floor for its own use.
and will formally notify tenants some
time next year that possession is de-
sired: The corporation desires the
building by January l, 1923.
To Mr.. Chapman and other tenants
in the structure the plan meant that
occupancy of their premises would be
Tor no longer than two years at the
most. Tenants in the Exchange Court
Building were confronted with the pos
sibilities of losing their Offices, as the
building might be bought by concern
badly IN need of space, and big boost
lnrentals, as most Of the leases made
with the late Lord Astor we're based
on the rates prevailing several years
ago, when downtown space was unusu-
ally plentiful.
Mr.. Chapman called meeting Of a
number of concerns In both buildings
and placed before them the problems
which confronted each group, explain
ing that there was only one way out
of it, and that was the purchase OF the
Exchange Court Building from Mr..
Bowling.
Built by Lord Astor
Exchange Court is a twelve-story
building extending along the south
side of Exchange Place from Broadway
to New Street. 1t measures 124.10 feet
on Broadway, 1856 feet on Exchange
Place and 130 feet on New Street. 1t
was erected by William Waldorf Astor
before he took up his residence in
England. Captain John Jacob Astor,
his son, sold the property to Mr.. Dow
ling last fall on an ali cash basis. The
broker. miner and lawer syndicate
takes the property on terms. Title
will b etransferred to it on April /.
1t will be operated on a cooperative
basis, somewhat on the plan of the
cooperative apartment house Every
member of the syndicate will pay
rental for the space occupied The
rental to membe will not be as high