In the early part of 1900 active consideration was being given by the Pennsylvania Railroad and other railroads terminating in New Jersey to the proposed North River Bridge, as hereinbefore stated, and, for the Long Island Railroad, Mr. Baldwin organized a new company to construct a tunnel from the Long Island Railroad at Sunnyside Yard, diving under the streets of Long Island City by two tracks under the East River to the foot of 33d Street and then proceeding under 33d Street as far as Seventh Avenue. A station was to be located at Fourth Avenue below the Rapid Transit Subway Station and also a large Terminal Station at Broadway. For this purpose an option was obtained on the property of the Newbold Lawrence Estate, at Broadway, Sixth Avenue, 33d and 34th Streets, now occupied by Saks' Store. Mr. Baldwin, however, considered that the amount of the investment ($1,600,000) for that property was too great for this purpose, and allowed the option to expire. The property was sold within a week thereafter to the Morganthau Syndicate for $2,000,000. At this time (May, 1900), the Pennsylvania Railroad obtained a controlling interest in the Long Island Railroad, and thereafter the two schemes became one. Mr. Baldwin and Mr. Rea purchased two 25-ft. lots on 33d Street just east of Broadway for an entrance to the underground station. Plans were also prepared for extending this line from Seventh Avenue northward under Seventh Avenue to 45th Street. The investigation and preliminary work in connection with this project were carried out in the early part of 1900. Reconsideration was given by Mr. Baldwin to the proposed location of the up-town tunnels, with the idea of connecting the New York Central and Hudson River Railroad by a tunnel between Long Island City (Long Island Railroad Station) and the foot of 42d Street and extending to the Grand Central Station, but nothing further than investigation and the preparation of estimates was done on this.