New-York tribune., 1921-04-01
Bank Leaves
Sixth Ave. for
Herald Square
Greenwich Savings Buys Van
Ingren Block ON 36th
St. as Site for New Home: i:
To BE So, 600, ,OOOProjeci

Because New York has been made over
somewhat in the last quarter of cen
tury the location at Sixth Avenue and
sixteenth Street is no longer suitable
to the needs of the Greenwich Savinrs
Bank and a new home is to be erected
tv the bank in Herald Square.
The Sherman Building on the north
side of Thirty-sixth Street, extending
from Broadway to Sixth Avenue and
directly across from the old Herald
Building, was secured Yesterday by the
institution as the site for it's new home
the fourth in the history of the bank
which was organized in 1888 by dwell.
ers in the "Yankee Ward"
The new Greenwich Savings Bank
headquarters will represent an invest
ment of close to S3.000.o0o if not that
much. The land is valued at 81 500 00n
by the Tax Department. which means
that the bank paid the Van Ingren es-
tate, seller of the property, about So
100000. A building that New York will
Ne proud of is the aim of the trustees
and officials of the institution. This
means that S1.000,000 will be required
to erect headquarters for this mutual
banking institltion, which is the third
Oldest In New York City.
Monument in Architectural Design
1t will be monument betting 4
s90O00,000 organization. Charles NJ.
butcher, president of the bank, said
that the structure would not be tall
one: neither would it be low one. At
least, these are the views of the off,
GERS Of the bank at this time, but since
no architect has been selected and as
ii will be year before the building can
Re started, these views may be changed.
Possession of the property cannot be
given until year from Nay because of
leases on the building. AS soon as these
expire the Sherman Building. which
has become nearly as we'll known in
the section as the Herald BUILDING.
will be torn down and the new
structure erected In the interval it
is likely that the present home of the
Greenwich Savings Bank. at the south
east corner Of Sixth Avenue and Six
teenth Street. will have been sold. The
property was acquired IN 1891 and in
February, 1892 the building, which was
designed by r. W. Gibson. was COM
pleted and the bank took possession.
The Improvement and the land cost
s611 ,0oo At that time Sixth Avenue
was enc of the best business streets
in the city. What has happened in the
last twen1y-nine years may be best
told in figures. The city says that
property, land and building. is worth
s435,O0 and on the books Of the bank
it is carried at s25oOO0.
The bank moved to Sixteenth Street
from II Sixth Avenue, and, as Mr..
butcher pointed out yesterday, it will
continue on Sixth Avenue, as the new
site fronts $50 feet on Sixth Avenue.
Accessible to Many Sections
Six months ago the bank entered the
market for new site and was at
tracted to the Van Ingen property by
the transit serving the section. which
connects the neighborhood, directly or
indirectly with every section of the
city and suburbs.
There are $4,000 feet in the site pur-
chased. 1t measures 1894 feet on
Thrty-sixth Street, 1868 feet on
Broadway and 9s.9 feet on Sixth Ave
nue.. Edward Van Ingen, who died last
December, bought this property in 1896
and erected the two-story Sherman
Building on the plot to carry it until
the section had reached the stage Of
Importance which he expected it would
reach.
This is the second property that has
been sold by the Van Ingren estate
since his death. 1t may be followed
soon by the passing O. the northeast
corner of Broadway and Fortyhrst
Street, as deal is pending for the sale
Of that property through Horace S.
Ely & Co., who are TIE realty rep
resentatives of the estate The Ely firm
negotiated Yesterdays deal for the
family. The Brown Wheelock Com
pany represented the Greenwich Saw
ings Bank in the purchase. Middle
brook & Boland attended to the legal
part of the deal for the bank and
Thatcher & Bartlett were attorneys for
the Van moron estata