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Alexander Macomb, William Constable, and Daniel McCormick agreed to purchase nearly 4,000,000 acres (1,600,000 ha) from the state at the extremely low price of 8 pence (New York state money) per acre. [1] [2] This was an enormous amount of land, about one-eighth of the entire state of New York. Convinced something illegal must have occurred ...
Map of Phelps and Gorham Purchase 1802–1806. The Phelps and Gorham Purchase was the sale, in 1788, of a portion of a large tract of land in western New York State owned by the Seneca nation of the Iroquois Confederacy to a syndicate of land developers led by Oliver Phelps and Nathaniel Gorham.
After Massachusetts' claim was settled, New York state intended to sell the land for development and settlement. Phelps and Gorham were to pay $1,000,000 in three equal annual installments for this land, payable in certain Massachusetts securities that were then valued at 20 cents on the dollar.
In 1839, the last land in Western New York was sold off to local investors and settlers, and the Batavia office was closed. [2] Land sales in Pennsylvania were concluded in 1849, [7] and in 1856, the Philadelphia headquarters closed. [2] The company was formally dissolved in 1858. The town of Holland, New York was named after the company. [29]
Property Law in New York during the 17th Century colonial period was based upon manorialism. [1] [2] Manorialism was characterized by the vesting of legal and economic power in a Lord of the Manor, supported economically from his own direct landholding in a manor and from the obligatory contributions of a legally subject population of tenants and laborers under the jurisdiction of his manorial ...
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