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492
RECORD AND GUIDE
April 22, 1922
Seventeen-Story Apartment Hotel on Famous Church Site
American Bond & Mortgage Company Underwrites Bond Issue on Project Costing
$1,500,000 to Replace Metropolitan Tabernacle at Broadway and 104th Street
WORKING plans are being prepared in the ofifices of
Carrere & Hastings and R. H. Shreve, associated archi¬
tects, 52 Vanderbilt avenue, for an important building
project that will involve an outlay of more than $1,500,000. The
operation will be located at the northeast corner of Broadway
and 104th street, upon the site of the Metropolitan Tabernacle.
The old structure, famous in its day among religious enthusiasts
of this city, is now being demolished by wrecking contractors to
make way for the construction of a seventeen-story apartment
hotel.
The proposed improvement will be of fireproof construction
tliroughout and will embody a number of interesting features ir,
both design and equipment. The building will contain approxi¬
mately 307 rooms, which will be completely furnished for apart¬
ment hotel purposes, for which there is apparently quite a de¬
mand in the neighborhood in which this project is located. The
main entrance to the building will be on the One Hundred and
Fourth street side and the ground floor of the Broadway front¬
age will be devoted to small shops.
The property upon which this apartment hotel will be erected
has a Broadway frontage of 72i feet 2 inches and the One Hun¬
dred and Fourth street front is 91 feet 5 inchs.
This property is owned by the Realty Sureties, Inc., who have
been negotiating for the purchase of this land for some time
past. The site is particularly desirable for the type of structure
now proposed, as there are very few available corner plots on
Broadway now in the market. It has been estimated by the
owners, who will also operate the hotel after its completion,
that the net annual rentals from the hotel will be in excess of
5188.000. The owners of this property also control other valu¬
able properties in the vicinity of the projected improvement,
which will later be utilized as sites for modern buildings as the
requirements of the community may develop.
The new building scheduled for the corner of Broadway and
One Hundred and Fourth street has been financed by a first
mortgage real estate bond issue of $850,000 at seven per cent,
two to twelve year maturities, and is oflfered for sale by the
American Bond & Mortgage Company. This is the second
large building project on a prominent Broadway corner plot to
Le financed recently by this company, the first being the build¬
ing now under construction at the northeast corner of Broad¬
way and Seventy-fourth street and which will be completed soon.
The proposed apartment hotel at the corner of One Hundred
Carrere & Hastings & R. H. Shreve, Architects.
Uongacre Const Co., Builder.
PROPOSED STRUCTURE ON TABERNACLE SITE
and Fourth street and Broadway will be erected under a general
contract awarded to the Longacre Engineering & Construction
Company of Chicago and New York, and work will be started
as soon as the old buildings are removed from the site.
Governor Miller Signs Bill Affecting City Construction Contracts
Gov. MILLER has signed the bill introduced by the Joint
Legislative Committee on Housing and subsequently
passed by the Legislature, which amends the Greater
New York charter, in relation to sub-contracts in cases where
the principal contractor abandons work under a contract.
The law formerly stipulated that in cases where any work
was abandoned by any contractor it was required to be read-
vertised and relet by the borough president under whose juris¬
diction it came, or by the head of the appropriate department.
The revised law now provides that "in cases where any work
shall be abandoned by the contractor the appropriate borough
president or the head of tho appropriate department may, if
the best interests of the city be thereby served, and subject to
approval by the Board of Estimate and Apportionment, adopt
on behalf of the city all sub-contracts made by such contractor
for such work and all such work shall be bound by such adop¬
tion, if made; and the appropriate borough president or the
head of the appropriate department shall in the manner pro¬
vided in this section readvertise and relet the works specified
in the original contract exclusive of so much thereof as shall
be provided for in the sub-contracts so adopted."
Mr. Moore Closes Y. M. C. A. Realty Training Lecture Cour.se
(Continued from page 491)
It is distinctly to the owner's advantage to have the superin¬
tendent on the premises at all times.
"The management department of any large real estate organ¬
ization must be prepared at all times to estimate on operating
costs from plans and, because of their experience in the suc¬
cessful operation of a number of buildings, they are usually in
a position to give very accurate information on the operating
costs of a new project.
"During the course of a year, the managing agent of a num¬
ber of properties will buy a great deal of material and award
many contracts, and it is fair to assume that, on account of
their large purchasing power, they are in a position to obtain
lower prices than could be obtained by the individual. Every
possible discount should be taken and, of course, the owner
should have the benefit of them."