April 22, 1899





Record and  Guide





715





prediction as to the course of the market, indications would
seem to support the assumption of a fairly well sustained ac¬
tivity until the approach of summer, inasmuch as financial con¬
ditions are certainly more favorable to real estate investment
than they were before the banks began to discriminate against
the new industrials. It is interesting to note that the buyer of a
large plot, with old houses, in West 33d and 32d streets, is said to
be a Wall street speculator who is putting a recently made for¬
tune into a permanent investment, and who intends eventually to
erect a 14-story apartment hotel on the order of the Martinique.
That there is room for another hostelry in this neighborhood of
hotels is-evident from the fact that the Martinique has a waiting
list of G5 names, and that at least one suite of two rooms and
bath, rented at ^fOOO, has been sublet at $1,200. The sale of No.
b± West 31st street helps to swell the budget of news from this
interesting neighborhood. The most notable transaction of
the week, however, was the sale of the 5-story building on Broad¬
way, adjoining the southwest corner of Dey street, by the Rem¬
sen estate to the Mercantile National Bank, which already owns
the corner. This transaction is said to prefigure an important
building operation, and, taken in connection with rumors of
negotiations for other Broadway sites, would seem to foreshadow
a revival of the building movement in the downtown section of
the avenue. An important deal in the opposite end of the island
was the purchase by Hyman and Henry Sonn of 31 vacant lots
in the block bounded by Lenr:; and 7th avenues, 140th and 141st
streets. This purchase forms part of the old Watt homestead,
which extended to the Harlem River, and much of which has
been sold to operators and builders, including John D. Crimmins
and Henry Morgenthau. The latter bought In October last the
entire block bounded by Lenox and Seventh avenues and 13Sth
and 139th streets. The excellence of the demand for vacant land
is further evidenced by the purchase by Samuel Green of 3G lots
comprising the site of the Dwight factories on the westerly block
front in 1st avenue between 112th and 113th streets, and which
lie opposite the new Jefferson Park, in Little Italy. Francis S.
Kinney bought 576 Madison av. for the purpose of securing, with
previous holdings, a site 75x100 on which to build a 12-story
brick and limestone hotel. These more or less sensational deals
are well supported by liardly less notable transactions which,
taken together, make a very satisfactory week's business.

The total number of transactions reported below is 82, with
considerations given in 18, and amounting to $1,517.50; corre¬
sponding figures for last week were G'.i, S and $804,000. respec¬
tively.

The auction room was quiet this week, compared with the ac¬
tivity of the recent past. Nevertheless, despite the fact that
many offerings were withdrawn and many more bid in, a million
of dollars worth of realty was disposed of. No new tendency was
disclosed as regards the market. Vacant lots in active localities
found ready takers, and Harlem flats, except where secured by
operators at bargain prices, were for the most part bid in. The
few parcels that possessed any attraction to investors found
actual buyers at prices which the professional element regarded
as high. The 5-story 50-foot apartment house at Nos. 203 and
20." West 56th street, near 7th avenue, adjoining the Hotel Gren¬
oble, which sold at voluntary auction for $08,500, suggests the
true reason for most of the unsuccessful sales noted in our detailed
report of the week. This house some years ago had an annual
rent roll of $12,000; at present, if all the apartments were occu¬
pied, which they are not, the rents would aggregate $7,900. In
too many instances owners who put up properties of this kind
have no intention of accepting a bid based on actual returns; if
no one in the crowd is foohsh enough to pay the sometime in¬
trinsic value, the cwner bids the property in, content to hold it a
while longer as a speculation. His action has not the slightest
Signifieation as regards the general supply of capital available for
real estate investment. The only sizable sale during the week
was the foreclosure of another of the John Pettit properties—the
7-story office building at the southwest corner of Pearl and Beek¬
man streets. The Hamersley Estate, of which Lady William
Beresford is the chief beneflciary, had claims for mortgage and
unpaid interest amounting to .'^148,573, besides $3,502 of unpaid
taxes. The property was sold to the Hamersley Estate for $140,-
000. The price, in view of the "overmortgaged" condition of all
the Pettit properties, requires no comment.





The auction sale of the Huntington tract lots by Peter P. Meyer
on Tuesday next, promises to be very successful. There is a
great demand for the book-maps and the sale is much talked of
by builders and operators. As stated last week, part of this tract
was sold last spring, and the balance, consisting of 91 choice lots
is now to he closed out. Since the last sale there has been con¬
siderable building on this tract, which is right in the line of de¬
velopment. The city has spent a great deal of money in this sec¬
tion in completing the street improvements, and building schools,
etc. The "L" road and trolley lines afford good travelng facili¬
ties. The terms of sale, as will be seen from the advertisement
on another page, are liberal, and Title Guarantee and Trust
Co, will guarantee titles free of charge to purchasers. Maps and
full particulars can be obtained of the auctioneer at No. Ill
Broadway.





Richard V.  Harnett & Co.  announce the auction sale of the
holdings of the John Bisco Estate, which will be sold on Wednes¬





day next, 26th inst., by order of the executors, Frank Moss and
Thomas Snell. They consist of attractive flats and tenements lo¬
cated between East 13th and East SSth streets, which will be
found described in our business pages and to which attention is
recommended. Further particulars with maps, etc., can be ob-
tained,of the auctioneers at Nos. 71 and 73 Liberty street.





Bryan L. Kennelly calls attention in our advertising pages to
the auction sale of the dwelling No. 57 East 67th street; the tene¬
ment and stores. No. 340 West 37th street; the leasehold build¬
ings Nos. 352 Oth avenue and No. C""5 West SOth street, and five
Edgecombe avenue lots. Descriptions will be found in the' ad¬
vertisement, and maps and terms of sale can be had of the auc¬
tioneer, at No. 66 Liberty street. The day of the sale is Wednes¬
day next, 2Gth inst.





Attention is called to the important sale of Bronx parcels,
which will be conducted by James L. Wells on May 4th, by order
of the executors of the estate of Josephine L. Peyton, deceased.
The book-maps of this sale contain 132 parcels of improved and
unimproved properties, located on, 3d, Bathgate, Webster, Brook,
Gerard. Jerome, Walton, Creston, and Marion avenues, and on
connecting Important streets and roads. The terms are liberal,
and the sale is to be absolute. The particulars given on another
page should have carefuT attention from would-be realty inves¬
tors. Book-maps can be obtained from the auctioneer at No.
141 Broadway.





Wm. Cole will sell at auction on Tuesday next, 25th inst., in
the Real Estate Exchange, No. 189 Montague street, Brooklyn,
the dwelling. No. 415 Pacific street. In the same borough. Par¬
ticulars can be had of John Dill, Jr., attorney, No. 49 Court
street, Brooklyn, and of the auctioneer.





Gossip of the Week.





SOUTH OF 59TH STREET.
Broadway, No. 189, adjoining the southwest corner of Dey st,
5-sty building on lot 25.5x100.2; seller, Remsen estate; buyers.
Mercantile National Bank. The buyers are the owners of the
corner adjoining, 20.9x100.4, which they bought in 1861 for
$52,500. No. 1S9 wag bought by William Remsen in January,
1SS4, for $154,060. The estate have been asking $350,000 for the
property and have obtained very nearly that figure. It is also re¬
ported that the bank will build.

17th St. north side, 150 feet west of 5tii av, 15x92; Henry Corn
is reported to have sold this strip to the Goelet estate, whose
offlce adjoins this property on the west. This leaves Mr. Corn a
plot fronting 50 feet on 17th st and running through to ISth st.

James st, No. 58, near Oak st, 6-sty tenement, 2jx100; sellers.
Weil & Mayer.

Slst st. No. 31 West. 4-sty dwelling, 16x100; rellers. Mrs. J. W.
Craig and others; brokers. Ashforth & Duryee; price.$78,000. This
property was purchased by Sarah M. Thomas in 1853 for $12,500.
It adjoins the 7-sty building erected by Adams Brothers in 1896.

Goerck st, Nos 129 to 135, near Stanton st, four 6-sty tene¬
ments with stores on plot 103.7x100, and Goerck st, west side,
175 feet south of Houston st, 25x100, vacant; seller, Abram Perel¬
man. who takes in exchange old building, 50x100, Nos. 120, 122
Lewis St. and $120,500 in cash; buyer, Elizabeth Schlesinger.

2Sth st, Nos. 4 2to 46 East, old buildings, 65x98.9; Boehm &
Boehm, who purchased this property at the Stephenson sale in
March for $68,000, are reported to have resold for $95,000 to a
builder with a loan. This sale disposes of all the lots on which
the Stephenson car works were located for many years.

SSd st, south side, Nos. 30 to S6 West, 70x98.9, four 4-sty
brownstone dwellings, and 32ct st, north side, No. 35 West, 25x
98.9, 4-sty brownstone dwelling; seller of No. 30, Matthew Mor¬
gan; of No. 32, Dr. Thomas T. Gaunt; of No. 34. James Gaunt;
of No. S6. Francis Carlson; of No. 3a, Dr. Thomas T. Gaunt;
brokers, J. Romaine & Co.; price, about $300,000. The buyer Is
reported to be a WaU street speculator who has regained a lost
fortune by recent operations. He is said to be contemplating the
erection ultimately of a 14-sty apartment hotel on the order of
the Martinique, his chief object in the purchase, however, being
merely to put his money into a secure and permanent form of in¬
vestment. No. 32 sold in 1S90 for $30,000, and No. 34 sold in
1S73 for .$20,000. The same buyer has also purchased, at $90,000,
an adjoining piece in 32d st, and is negotiating for another which
is held at $100,000.

2d av, Nos. 1000 and 1002, southeast corner of 53d st, 4-sty
buildings, on lot 40x100; seller, Joseph J. Gleason; brokers.
Pocher & Co.

52d St. No. 38 West, 4-sty and basement dwelling, 22x100.5;
seller, Adolphe Openhym; buyer, F. Bianchi; brokers, L. V.
■Scuthack & Co.

Rivington st, Nos. .341 and 343, near Mangin st, two 4-sty tene-
m.ents, 40x75; buyers, Epstein & Solomon, who have resold to D.
L. Sackraan.

Mangin st. No. 7G. near Rivington st, 4-sty tenement, 20x60;
buyers, Epstein & Solomon.

Houston st. No. 160 West, near Hancock st, 6-sty tenement,
25x100;  seller, Kate Burger;   buyers, Epstein & Solomon.

Madison av. No. 570. near 56th st, 4-sty dwelling. 25x100;
seller, Francis L. Stetson; buyer. Prancis S. Kinney.    This gives





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