January 10, 1912, New York Times, "Site Worth $18,000,000,"
That Sum Offered for the Equitable Lot, E.A. Woods Says.
PITTSBURGH, Penn., Jan. 9.--Edward A. Woods, manager of the Edward A. Woods Agency of the Equitable Life Assurance Society, said today that the destruction of the Equitable Building in New York, instead of being a loss to the society, would be an actual gain.
"The society had been offered $18,000,000 for the lot," he said. "The old building was considered a dtriment and was carried on the books at $1,000,000 less than its apparent wirth. This was because the society estimated that in tearing down the structure and erecting a new building would require at least a year. Five percent on $18,000,000 would mean $900,000 a year. In addition, the cost of razing the building would be considerable, and this is now saved."