Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-11

iy equal TO the value CT all OF the
The assurance OF the value OF the
investment lies in the fact tha;
centrally located business property
! rarely loses its character.
The central Square Mile" OF Lon
don, gland. has remained aNrd
Tor more Than l.GuV years and show
no sign OF impending change. The
original business centers or Paris
ana Brussels have continued tnv same
for centuries. IN this country the
part OF New York settled PRIOR 10
1901 is still the center OF CONNER
ciai and financial energy OF the en-
tire city. Business TO "A large degree
center still remains the hub OF hun
dreds OF millions OF dollars Of an
nual business.
For specific examples. the original
John Jacob Astor landed IN New
York at the close OF the Revolution.
and was amonE the nrst 20 pur-
chase land there. In this way his
investment grew to be worth $40.
100000 al the time Of his death In
the hands OF his SON il enhanced III
value until II reached the $4,000, 900
srandsons the value ot his estate
passed the E00,O0O,Oo0 mark and
now II has been estimated tina; the
original John Jacob Astors prop
erty has market va,ue OF approx
mately half billion dollars
In 1852 The city o: New York pur-
chased plot OF land known as the
bad lands" al Fo-tysecond street
and Fitih Avenue. Il WAS sold al
public auction and purchased by Gar
reii Storm for $4,000. About seventy
years later. the property has mar
kct value Of Sl5,ooo.0oo.
In 1862 the SOUTHEAST corner OF
Nassau and Crdac streets was pur-
chased FOR si0auQN. and sold in 1918
Cor sl5oo.eoo. the prUn; in atty years
being Sl,ooo,o'o.
There are MANY many other e1-
am0ies OF New York zeal estate tina,
would prove in;cTest.-E, hu, We need
no; 60 out OF our own city for ex
- the amount OF money 'avclved
Fifty years ago land on BROAD
Stree; Of Richmond. stretching from
Eighth Street to First Street could re
bought az q rIdiouloUsly low price.
: AT. told that the southeast corner
.: Sixth ard Broad streets fronting
on Broad Street. over hundred :cct.
Wss SOLO lo- Sh-NNu DONt c.tN years
$50 Today this piece OF property
would b. considered a splendid 7ur-
chase to- 100000. Less than Ht,y
Years ago the same corner al FIFTH
= NJ E-ost Streets could have been
purchased 81 TIRE rsiEnho-hcoG OF
1890 Today ;he owners O. iris
7-o7e-," are asking IN excess of
,;to1a Pc annum rental to- thc
?-ope-;y. ard value same =: over
less .hau 4t;een years ago prop
c-tv OF the north side - Sroad Stree:
from Eighth 70 Frs: Streets, was
sold 8, tru-ss ranging from $1,000
7s- ,-ct. while today much o, thls
property has ready market value
o. ovs- s3.0ot per t-ort foot.
These are not tales from me "-.-a-
hian Nights" hu; facts. You can 20
% the records and see many il'ust-a-
tions q enhancement il value thz.
IS almost beyond ~" power o. COM
p-chsnsion. ri, Is nevertheless ahso-
lutely ;-ue
II. therefore can NA safely stated
that IN ,he history ~ this city ;Ne--
has never Seen sn investment made
in central real estate wherein The
purchaser !as financially able 20
live u7 "a his agreement. whore s,
did not prove In y com pa-ativeiy Few
number @, y"7rs large personal
r-oH'
There has hean great fortunes
made 81 cert-a, real estate IN =! 90
,he 0-irci-al cities .. TITS country.
and Richmond has hEs7 no srca7-