New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-12
100000 Yearly
Rental for Tinv
Broadway Site
Corner at Broadway and 3 18th
Street for Which II. S.
Smith Gave 1915, 900 Is
Leased to George Loft
Tall Building for Lot
Candy Man Plans 10 Improve
Parcel With Structure of
From IL to 10 Stories

Unusual interest was aroused twenty
years ago when Robert S. Smith, head
of r. S. Smith & Co.. cloak makers,
purchased the tiny triangular lot at
the northwest corner of Broadway and
Thirty-fourth Street for $4,000. 1t
Adorned the store of r. II. Macy and
was sold by Alfred Duane Pell. 1t was
the opinion of almost every one inter-
ested that it was reckless price to
give for the site, which, they, said, was
Investment profitable one. Mr.. Smith,
however, held a different opinion
The site. which fronts 81 feet 10
inches on Broadway, so feet inches
on Thirty-fourth Street, with north
line of 40 feet 7 inches and the back of
the lot only 16 feet long, has been
leased, according to Mr. Smith yester-
day, to George Loft the candy manu-
facturer, for term of twenty one
burden of taxes, insurance and other
expenses to be paid by Mr.. Loft. Mr..
Smith says that Mr.. Loft will erect on
the site a building twelve or sixteen
stories high which will comply with
the new building regulations. In the
basement he viii conduct a soda and
lunch room and the upper part will be
used as an order department of his
candy business. With the improvement
says that it Will bring his rental up
10 about 100000 a year.
Can Extend Lease
A twenty-one years renewal of the
lease is to be given to Mr.. Loft when
the building is erected. On the site at
this time is a four-story building I'M
der lease to the United Cigar Stores
Company, which expires on September
Is, 1924. Mr.. Smith said yesterday that
Mr. Loft is now negotiating to buy the
lease held by the United Cigars, and
if successful will lose no time in i'm
proving the site with a larger building.
Regarding the site Mr.. Smith said:
Mr.. Pell was in Europe when decided
Straus was also seeking to acquire the
site. Both returned on the same day.
on different steamers, and managed to
make an appointment to see Mr. Pell
at his Fifth Avenue home a few hours
after he left the steamer. | fered him
100000, and was willing to give him
S225,QOO, but Mr. Pell refused. Mr..
Pell wanted $375,000, so finally I came
to his terms. | then asked about mort
cages, but he said that it must be all
cash. Before leaving l gave him
check for 5000 and on the following
day paid $4,000 more, and thirty days
later gave the balance, 100000.
ON the day this deal was closed |
met Mr.. Pell at the Title Guarantee
and Trust Companys office. He wanted
me to pay $4,000 water rent in addition
to the price agreed upon. protested.
He quickly answered that in such a
case he would call the deal off and
tossed the $4,000 | had paid him on
the table as though it was few cents.
But paid for the water, giving him in
all S387,000
81 was ridiculed for the purchase of
the lot at that price, and only once has
the property passed out of my hands
since | purchased it. On that occasion
l made good profit on the investment
and later bought it back. The 1915 900
paid for the tiny plot was much talked
or IN almost all parts of the world.
Whlle on steamer bound for Egypt,
soon after | bought the site, the can
tain of the vessel asked me if I had
read about the sale of small plot on
Broadway"
Flattering Offers for Site
When the r: H. Macy Building.
which surrounds Mr.. Smiths corner
at Broadway and Thirty fourth Street.
was being erected it was said Mr.
smith was the recipient of many fiat
tering offers for the site, but refused
Mr.. Smith was borne in Groldla.
near Kiev, in Russia, in 1864, and came
to this country when sixteen years old,
lie had $575 when he landed and was
without friends. Two days later he was
pcddling notions from pushcart.
from which he advanced to the manu-
iacture of cloaks in a small way, which
business steadily expanded.
lie said yesterday that while his and
Mr. Lofts lawyers were drawing up
the terms of the lease he had an offer
from another candy concern Of $4,000
more year than the rental to be paid
by Mr.. Loft.