Now, Astor was a shrewd
calculator of the future. No reason appeared why New York should not
repeat this doubling game and this mile of extension every fifteen
years. He acted upon the supposition, and fell into the habit of
buying lands and lots just beyond the verge of the city. One little
anecdote will show the wisdom of this proceeding. He sold a lot in the
vicinity of Wall Street, about the year 1810, for eight thousand
dollars, which was supposed to be somewhat under its value. The
purchaser, after the papers were signed, seemed disposed to chuckle
over his bargain.
"Why, Mr. Astor," said he, "in a few years this lot will be worth
twelve thousand dollars."
"Very true," replied Astor; "but now you shall see what I will do with
this money. With eight thousand dollars I buy eighty lots above Canal
Street. By the time your lot is worth twelve thousand dollars, my
eighty lots will be worth eighty thousand dollars"; which proved to be
the fact.
His purchase of the Richmond Hill estate of Aaron Burr was a case in
point. He bought the hundred and sixty acres at a thousand dollars an
acre, and in twelve years the land was worth fifteen hundred dollars a
lot.
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