788





RECORD  AND  GUTDE





June 22, 1918





NEW YORK INCOME
CORPORATION

Bank of Commerce Bldg.

31 Nassau St., New York

Terephone, Cortland 4705





FINANCES Operation of Apartment
and  Business  Properties

Short-Term INCOME Loans

If you are Owner, Operator or Han¬
auer of Property, our Rooklet No. 2
will interest yoa.





Realty Supervision Co,

45 West 34th St., New York

Business Buildings Only

Completely maintained
and operated at a

Fixed Annual Contract Price

We supply and pay for

f COAL
._-         HELP

ALL   ■{  SUPPLIES

I   REPAIRS
L   INCIDENTALS
May we submit our estimate?





JOHN F. DOYLE & SONS

REAL ESTATE  AGENTS

BROKERS and APPRAISERS

74 Wall Street,          New York City

Management of Estates a Specialty
Member of Board  of BT-okeri

John F, Doyla    John F. Doyle, Jr.     Alfred L. Doyle





J.  CLARENCE DAVIES

BRONX BOROUGH
REAL ESTATE

149th STREET & THIRD AVENUE
Tel. Con.         Branch Office, 32 NASSAU ST.

Member of Board of Brokers





Let a trained and
equipped organization
manage your prop¬
erty.

SPEAR & CO., Real Estate

840 Broadway, New York





FIRM  OF

LEONARD J.CARPENTER

Agents              Brokers              Appraisers

25   LIBERTY   STREET

Branch: Comer Third Ave, and 68th St.

Entire Charge of Property

D. Y. Swainion       A. H. Carpenter       C. L. Carpenter





FRED'K FOX&CO.

Business Building Brokers

14 W. 40th STREET and 793 BROADWAY







F.R.Wood,W.H.Dolson Co.





REAL   ESTATE   AND





MORTGAGE    LOANS





MANAGERS    OF    ESTATES





Broadway, cor. SOth St.     141 Broadway





LEGAL    NOTES     AFFECTING    REALTY

Prepared by Committee on Real  Estate Laws of
Real Estate Board, Samuel P Goldman, Chairman





Effect of Sublease.

A LESSEE, to avoid a covenanl
** against assignment without the
written consent of the lessor, subleased
the remainder of his term, the sublessee
not attorning to the original lessor
The New York Appellate Division holds,
Times Square Imp. Co. v. James Mc¬
Creery Realty Corp., 169 N. "V. Supp. 536,
that the sublease did not establish any
priority of contract between the lessor
and the sublessee, enabling the latter to
sue the lessor on account of its repre¬
sentations to the lessee as to the de¬
mised premises. A suit by the sublessee
to cancel the lease to the lessee and the
sublease because of alleged misrepre¬
sentations by the lessor to the lessee as
to the space included in the lease would
not lie, as the sublessee might inter¬
pose its claim as a defense in an action
at law against it by the lessee for the
rent.

Absolute  Deed or Mortgage.

The Oregon Supreme Court holds that
giving a deed to secure a debt and re¬
ceiving an agreement to recovery on
payment of the debt, make the transac¬
tion a mortgage, although the giving of
a deed in satisfaction of a debt, and at
the same time receiving an agreement to
convey, would not constitute a mort¬
gage. In an action for damages for
breach of contract to reconvey land it
appeared that the nlaintiffs deeded the
land to secure a debt, and the defend¬
ant agreed to reconvey it in the condi¬
tion in which it was received.    Since the





defendant had committed waste and re¬
fused to restore the land when demand¬
ed under the terms of the contract, it
was not necessary to make a tender be¬
fore the suit for damages.—Angus v.
Holbrooke   (Ore.),  170 Pac.  1179.

Notice of Sale Under Mortgage.

Powers of sale iu a mortgage are con¬
tractual, and, as there are many oppor¬
tunities for oppression, courts of equity
are disposed to scrutinize them, and to
hold the mortgage to the letter of the
contract. It is essential to the validity
of a sale under a power to comply fully
with the requirements as to giving no¬
tice of the sale. This is the rule, but in
Its enforcement the presumption of law
is in favor of the regularity in the exe¬
cution of the power of sale.—Jenkins v.
Griffin. North Carolina Supreme Court,
95 S. E. 166.

Construction of Sale Contract.

Landowners contracted with a cor¬
poration that it would plat, advertise
and sell certain premises. The agree¬
ment provided that the corporation
should have its expenses reimbursed out
of the proceeds of sales, and that at the
termination of the contract the lands
unsold should be recon veyed to the
owners on their paying the improvement
charges. The Washington Supreme
Court holds. Cannon Hill Co. v. Moore,
170 Pac. 551, that the corporation is not,
on the expiration of the contract, en¬
titled to a deficiency judgment against
the landowner for expenses incurred for
the benefit of unsold lands.





QUERY DEPARTMENT





_ This department is intended to be of serv¬
ice to all interested in the real estate market,
whether as broker, agent or property owner.
The readers of the Record and Guide are in¬
vited to send ia questions on matters per¬
taining to real estate, building and building
management, though legal questions will not
be answered in this column. Questions should
be stated as fully but as briefly as possible
so as to allow intelligent answers. Arrange¬
ments have been made through which the
questions will be answered by a Committee
of the Real Estate Board, including 1 iie
foUowing

E. A. Tredwell, real estate broker.
Frederick  D.  Kalley,  real estate broker.
Robert R. Rainey, real estate broker.
B.  E. Martin.

vViUiam  Douglas  Kilpatrick, builder.
H. H. Murdock, architect.





E., F. W. Gridley, E. C. Benedict and
S. K. Green. The renting and selling
departments of the business are among
the largest of any firm in New York,
and the renting department alone
showed a gain last year of .744 per cent.
During the past year Mr. Noyes has
leased the entire sixth floor in the
"Wyllys" Building, 92 William street,
which will be exclusively occupied by
his business. On account of the rapid
growth of its agency department two
additional engineers have been placed
on the staff of Robert E. Leigh, the
plant engineer of the company. This
department alone exclusively manages
nearly 400 buildings, and the company
looks out for 2,370 tenants. Its busi¬
ness, as heretofore, will continue strictly
along the lines of managing, selling,
leasing and mortgaging business real
estate, specializing in the downtown
section.





V'-'i'.i-w-i i. u. itj.u.~.-i. c.«>.oL- Ut a u «*t' reuils
that tlie party of the second part icill pay all
taircs ichich shall be levied annualUf or other-
ii?t5e by the City of New York after Februan/
1. 1918, which is the date the lease oocs into
effect. Is th-c party of the first part entitled
to pay a proportHonate share of the tax of 1918
for the month of January, 1918?         W. C. D.

Answer.—No. 323. Under such a lease
the party of the first part is not liable
for a proportionate share of the tax of
191R for the month of January. 1918.





Annual  Report of  Realty  Company.

The annual report of the Charles F.
Noyes Company, which has been re¬
ceived, shows a very favorable condi¬
tion of this firm's business. The report
follows :

The business of the Charles F. Noyes
Company for the year ending April 30,
1918, was the best in the history of the
company. This organization was one
of the first co-operative organizations
in the real estate field. The report of
Warner & McGrath, certified account¬
ants, showed that the business had
made substantial increases in every
department and its business was greater
by $5,000,000 than that of any previous
year.

The business was established twenty
years ago by Charles F. Noyes, who is
still in active charge. Associated with
Mr. Noyes in the management of the
business are Fisher P. Weaver, Fred¬
erick B. Lewis, William B. Falconer,
Joseph D. Cronan, Robert E. Leigh, M.





Woman  Buys  in  Bronx.

Mrs. Louise H. Jackson acquired from
the Benenson Realty Company the two
five-story apartment houses at 887 and
891 Southern Boulevard, each on a plot
75 X 105, near Barretto street, Mrs.
Jackson gave for this property cash and
a free and clear tract of five acres on
White Plains Road, Clason Point.
Samuel Kronsky negotiated the deal,
which  involved about $200,000.





Sells   Country   Place.

Arthur C. Sheridan sold at auction for
the estate of the late O. E. Butterfield,
who was counsel general for the New
York Central Railroad, the large coun¬
try place known as *'Knollands," 155
acres of land and large Colonial dwell¬
ing and outbuildings located on Pines
Bridge Road at the shore of Croton
Lake, Westchester County, N. Y. The
buyer is Henry Hardway, Western cap¬
italist, and owner of extensive potash
mines in this country. When Mr.
Sheridan asked for bids at the sale
which took place on the premises at 3
p. m. last Saturday, June 8, fully 100
persons faced him. Bidding started at
$20,000. The property is convenient to
Mt. Kisco Station and in the neighbor¬
hood of the homes of Arthur S. Scribner,
Louis Marshall. John McKesson, Robert
Shaw Brewster and the Fargo, Van
Cortlandt and Van Rensselaer Places.