October 16, 1920





RECORD   AND   GUIDE





543





Review of Real Estate Market for the  Current Week

Some Million Dollar Sales for Investment and Other Large Deals Gave Strength
to a Market Distinguished for Diversity of Dealing





THERE was good volume and variety to the dealing in real
estate this week. Two transactions of a million dollars
each figured in the total while numerous other good sized
sales helped it considerably. Considering that there was a holi¬
day in the early part of the week, it was one of market strength.
Another large sale of business property, on Fifth avenue, is in
the making; and it would not be surprising if it were closed
before Monday. It means the removal of a prominent firm in
Fifth avenue further north in that thoroughfare. Most of the
large sales this week were south of 42d street. Several old
buildings downtown changed hands, notably one in Vesey
street, in which street there has been marked activity this
year. The parcel sold adjoins two old buildings owned by an
estate; and it is wondered if this estate, which is never anxious
to sell anything unless it gets a good price, has been ap¬
proached for the fifty foot frontage that it owns. The buyer
of the Vesey street building mentioned is the tenant of the
property.

There was a strong investment feature to the market during
the week. Numerous fine dwellings were bought for occu¬
pancy and in some instances they were all cash sales. Notable
among the transactions were numerous corner properties.
Some of the larger general sales were a large University place
corner,   a   business   building   on   Union   square,   a   Lexington





avenue corner at 35th street, some large industrial sites in
the Bronx, numerous dwellings on Washington Heights and
in Harlem, an apartment house on Riverside Drive, as well as
some fine dwellings there and the Navarro apartment houses
overlooking Central Park at S9th street. The last mentioned
buildings were the first fine apartment houses to be built in
this city.

The week abounded in large leases, notably tha: of the
hotel and restaurant property known as Reisenweber's, which
passed into the hands of that persistent seeker for strategic
store locations, the United Cigar Stores Company. As usual
with large properties that this company acquires control of,
it managed to sub-lease all parts of the property that it will
not need for its own business; and the subleases were notable
for their size and duration.

Co-operative apartment house selling, just now, is sporadic.
The landlord and tenant agitation is having an untoward effect
on this kind of buying; but, the situation is temporary. So
far there has been no marked headway in the business areas
of the city in co-operative buying of commercial buildings or
small office buildings. There have been great expectations of
a busy market of this character. Instead there has been a
steady market for medium sized mercantile buildings bought by
individual.'; or  ii.ms  for their own  uses.





PRIVATE REALTY SALES.





THE total number of sales reported, but not
recorded, in Manhattan this week was 154,
as against 113 last week and 154 a year ago.

The number of salea south of 59th st was
43, as compared with 42 laat week and 51 a year
ago.

The number of sales north of 59th st was
111, as compared with Tl last week and 68 a
year ago.

From the Bronx 20 sales at private contr_act
were reported, aa against 34 last week and 37 a
year ago.

Statistical tables, indicating the number of
recorded instruments, will be found on page
552.





J. P. Lohman Enters  Real  Estate Field.

J. P. Lohman. for several years real estate
editor of the Record and Guide, and latterly
associated with the real estate department of
the New York Times, has become manager oi
the real estate department of John H. Scheier,
the architect, who has been prominently identi¬
fied with the recent market affecting properties
In the Times Square and Columbus Circle sec¬
tions.

Mr. Scheier Is now rebuilding the two 5-story
structures at 243 to 240 West Forty-seventh
street, adjoining the Strand Theatre, into a
high-class office building to be known as the
Romax Building, which will be ready for occu¬
pancy next week. He is also reconstructing the
seven-story building at 23fJ-238 West Fifty-fifth
street into a business building for the special
use of the automobile trade and is remodeling
the three private houses at 228-230 and 2.32
West Fifty-second street, near Broadway, for
store and apartment use. Mr. Scheier's other
real estate investments include the Empire, Rub¬
ber & Tire Company Building at 240 West
Fifty-fifth street and the store and apartment
properties at 34r»-.34" West Fifty-fourth street
and af the southwest corner of Eighth avenue
and Fifty-fifth street.

Mr. Lohman was secretary of the Mayor's
Coramitrnn on Taxation when Nathan Hirsch
was chairman.





Big Profit Taken on "Marine House.*'

Charles F. Noyes Co. sold for Cecil P. Stew¬
art, for all cash, to the Insurance Company
of North America the Merchant Marine House
occupying the front on Willinm st, from Beaver
to South William st. The building, originally
erected by Delmonico, was the most famous
restaurant  property downtown.

The property covers a lot of about 5,730
square feet, with street frontages of 70 feet on
Beaver st and 145 feet on South William st.
In addition to being right In the heart of the
marine insurance and shipping district. It Is
one of the finest properties in lower New York
on accopnt of Its street frontage, light and ex¬
ceptional  advantages of office layout.

The  property  is  located within  a  short block





of every prominent exchange in New York, in¬
cluding the Maritime Exchange and the Con¬
solidated Stock Exchange. The Cotton, Coffee
and Consolidated Exchanges are in the same
block. Numerous marine underwriting firms
abound there.

In addition to natural advantagep that the
property has for the purpose for which it was
purchased, the building lies in the center of a
section that has been active in real estate
trading and development during the past 12
months for steamship, banking and financiii
purposes.

The Noyes Co., who negotiated this sale, have
sold many properties in the immediate neigh¬
borhood, including the 40.000 foot plottage ac¬
cumulated by W. R. Grace & iCo. at Hanover
sq, the India House property, the Norton Lilly
Building at 26-28 Beaver st. the three sales of
the Curtis Building at 33-35 South William st
through to Stone st. 40-51 Brond st, the site for
the Post & Flagg Building. 02 Broad st. the plot¬
tage acquired by the Mexican Telegraph Co.,
and 72-74 Beaver st, which was leased to Os¬
borne & Co.

The Insurance Company of North America is
the oldest stock insurance company in the
Ignited States and one of the most aggressive
companies in the metropolitan district. It la
represented in its marine department by Piatt
& Fuller, who are now located at 27 William st,
and its fire department is represented by Darby.
Hooper & McDaniel, who recently had erected
for them a new building at 122-124 William si.

The offices of the Insurance Company of
North America are in Philadelphia and the
deal is of additional interest because the buy¬
ers were guided throughout the negotiations
by Thomas Morch. vice-president of the Fidel¬
ity Buildings Corporation of Philadelphia,
formerly vice-president and manager of the
Equitable Building, and well known to New
York  realtors.

This deal is of added Interest real estate wise,
because the owners have only had the property
a few years and have made on this "turn"
probably the l:irgest cash profit on any one trans¬
action  In  the neighborhood in  recent yeara.

Mr. Stewart is head of F. B. Hall & Co.. Inc..
prominent insurance brokerage firra. and this
profit is again an evidence of the fact that the
outsiders are securing the real big profits In
this active upward real estate market. It is
stated thnt Mr. Stewart has arranged the sale
of the property sublect to the existing F. B.
Hall St Co.. Inc.. lease, nnd that this firm will
not move from the building.





in part payment tlie 5-sty elevator apartment
house SO West 12th st. on a plot 4:;.6xl03.3;
also the 7-sty loft building 13fi West 22d st, on
a plot 41.8x08. Stafford Bros., Inc., recently
acquired the above properties thiough th-.' same
brokers. The entire transaction involved more
than ■; 1.000,000.

Navarro Apartments  Sold.

Negotiations are closing for the sale of the
v.ii'arro apartments on Central Park South to a
dicnte which, it is said, proposes to trans-
' im tbem into a hotel containing about 2.000
ooms and baths. The property, which consists
of 8. 0 and 10-sty structures fronting 433 feet
on aUth st or Central Park South, between Sixth
and Seventh avs. 455 feet on 5Sth st and 200
feet on Seventh av. is owned by the McCoomb
estate, represented by the Title Guarantee and
Trust Co. The apartments are held at about
.$.">,Ono.OOO and were built in the early oighties
by Juan N. de Navarro. Spanish Consul-General
in this city and father-in-law of Mary Anderson,
the actress.

W. D. Howells Home Sold.

M. H. Gaillard & Co. sold for the estate of
William Dean Howells, the author, the 5-sty
hrick American basement dwelling 250 West
85th St. on a lot 16x102.2. near West End av.
The buyer will occupy the house after altera¬
tions are completed. Tho same brokers sold to
Mrs. H. J. Power the 3-sty and basement brick
dwelling 333 West S5th st, on a lot 20.xl02.2. for
the  Campbell  estate.





Investor  Buys  Union   Square  Parcel.

William C, Walker's Sons sold for Duncan
Realty Co. to an umbrella and cane house for
occupancy 37 Union square. Broadway side, 3
doors south nf 17th st. a 5-sty stone front mer¬
cantile building, which was erected for the re¬
tail .iewelry trade at the time Tiffany & Co. were
on the west side of Union Square.





Buy  Pearl   St.  Corner for  Occupancy,

William H. Whiting & Co. sold for the Rich¬
land Ro.Tlty Co. to a business firm, for occu¬
pancy, 313 Pearl st and 53 to 57 Ferry st, being
tbe northwest corner of tbe two streets, two
old  4-sty buildings, on  a  lot 24x100.





A Sixth Avenue Corner Taken Over.

The 5-sty saloon property at 88." Sixth av,
southwest corner of 50th st. on a lot 23..".\01.11,
is to be taken over by the f^H^^ Sixth Avenue Cor¬
poration, formed at Albany with P. Wollag and
S. and D. Berkowitz as directors. Title stands
in the name of Herman P. Knlirs. Last May
It  was   reported  sold  to John   Babling,

Tenant   Buys   a   Vesey   Street   ButldinsT.

The White Tar Co. of New York, tenant,
bought from St. Michael's Protestant Episcopal
Church 50 Vesey st. a 5-sty stone front mercan-
tlTe building, on a lot 24.11x101.11. between
Church st and West Broadway. William C.
Walker's Sons were the brokers.





Big   Resale Near Madison Avenue,

Spotts ft Starr. Inc., resold for A. Jacobs
the 12-sty building 11-17 Eaat 40th st, adjoin¬
ing tbo northeast corner of Madison av, on a
plot 33.fixnR, to Stafford Bros.. Tnc. The pur¬
chasers, represented by Robert W. McLear. gave





University Place Corner Bought.

Spear & Co. sold for tho R. F. S. Realty Cor¬
poration 00-02 University pl. at the northwest
comer of East 10th st. an 8-sty brick and a 4-
stv stone front loft, building, covering a plot
55x100x54.10x103.0.