1158





RECORD  AND GUIDE





December 21, 1912





ESTABLISHED 1879

William P. Rae Co.

Main OfQce

180 MONTAGUE STREET

Uptown Branch

400 Nostrand Av., adj. Gates Av.





MANAGERS

APPRAISERS

AUCTIONEERS

BROOKLYN AND QUEENS





WE REPRESENT

JAMAICA          HILLCREST

SEA GATE     N. Y. HARBOR

OFFICE ON EACH PROPERTY





INWOOD HILL ACTIVE.





Member Brooklyn Board of R. E. Brokers

David Porter

Real Estate Agent
Broker, Appraiser

APPRAISER FOR

The State of New York

The City of New York

The Home Trust Company

The Equitable Life Assurance Society

The U. S. Title Guaranty Co.

189 MONTAGUE STREET

Telephone, 828 Main        BROOKLYN, N. Y.





Members
Brooklyn Board of Real Estate Brokera

BROOKLYN
ESTATE MANAGERS

CHAS. L. GILBERT, President

NOAH CLARK, Inc.

REAL ESTATE
INSURANCE

Water Fronts, Factory Sites, Appraisals

Main Office

837 Manbattan Avenue

Branches

545 Morgan Avenue    753 Nostrand Avenua

BROOKLYN, N. Y.





Member Brooklyn Board ot Real Estate Brokers

Fenwick B. Small

BROKER

APPRAISER

MANAGER

939 Broadway,        Brooklyn, N. Y.
Telephone, 5180-5181 WiUiamsburgh





James L. Brumley

ESTABLISHED 1888
EXPERT

Real Estate Appraiser
Broker and Auctioneer

189 MONTAGUE ST.
Telephone                        BROOKLYN, N. Y.





CLARENCE B. SMITH

Real Estate
Broker, Appraiser aad Manager

Established 1890
Phonr, 661 Bedford             1424 PULTON ST,





Sale of the McCreery Estate is the Pre¬
cursor of Other Transactions.

The sale of about seven acres on In¬
wood Hill, at the north end of Manhat¬
tan Island, which was recorded one week
ago, has attracted the attention of num¬
erous investors and speculators in real
property in that part of the city. The
sale was made by the James McCreery
Realty Corporation to the Inwood Dock
Warehouse & Markets Company, Inc.,
of Kerkonkson, Ulster County, N. Y.
The property comprises the residence
and grounds of the late James McCreery,
who was famous in his day as a New
York dry goods merchant. It is gen¬
erally believed that the purchasing com¬
pany represents capital much nearer
Manhattan Island than that in Ulster
County. The property is in the section
of Inwood Hill that overlooks the Hud¬
son River; and a mortgage of $200,000
accompanies the transaction. The sale
of the McCreery holdings is one of the
surprises of the year in real estate cir¬
cles and it has aroused a spirit of curi¬
osity about other properties in the vici¬
nity, with the result that it is under¬
stood that a river front tract of 103 lots
owned by Mitchell A. C. Levy and a
tract of 30 lots owned by the Burns
Realty Company has changed hands, al¬
though these sales have not been made
public. In other words, a buying move¬
ment in the Inwood Hill district is under
way, if all reports are correct. At the
office of Mr. Levy neither confirmation
or denial of the sale of his property
could be obtained.

There is only a total of a'bout a dozen
owners in the entire Inwood Hill. One
of the large owners in Cornelius Kahlen,
who owns a parcel of 62 lots with ripa¬
rian rights on the river front. It is not
known whether this parcel has changed
hands or not. Prices of land on Inwood
Hill vary in price, the highest known
price that has been obtained being |S,000
a lot.

A year or two ago city engineers were
busy on a street system for Inwood Hill
and it was submitted to a meeting of the
Local Board of Washington Heights, but
the plan proposed has not been adopt¬
ed. Last spring Mrs. Julia Isham Tay¬
lor gave to the city a tract of six acres
on the eastern slope of Inwood Hill,
which embraces one of the most, pic¬
turesque views in or near New York.
The proposition has been made, from
time to time, that the city should buy
all of Inwood Hill for park purposes;
but the proposition has not been en¬
thusiastically received. If a street sys¬
tem was built throught this attractive
part of Manhattan Island it would add
millions of dollars of taxable values to
the city's assets.





Mr. August Heckscher and His Purchase.

August Heckscher, of 576 Fifth avenue,
who is reported to be the controlling
power in the new 734 Fifth Avenue Com¬
pany, which paid $2,000,000 for the Whit¬
ney residence at the southwest corner of
Fifth avenue and S7th street, got his start
in business life as a mining engineer and
made his fortune in coal and zinc min¬
ing. He is a member of the executive
committees of the New Jersey Zinc
Company and the Central Foundry Co.,
a director of the Empire Zinc Co., the
Central Iron & Coal Co., the La France
Fire Insurance Co., and the Develop¬
ment Company of Cuba.

Mr. Heckscher has turned sixty years
of age and was born at Hamburg, Ger¬
many, and married Miss Annie P. At¬
kins at Pottsville, Pa. He is a member
of the American Institute of Mining En¬





gineers and also of the Union Club and
New York Yacht Club. The family
country seat is at Huntington, L. I.

He is presumed to be considering plans
for the development of the corner with
a business building, though he himself
is an avenue householder. With 57th
street holding the continuation of the
Fifth avenue chain of retail shops, this
corner will be the pivot on which the
shopping traffic will turn in the years to
come, when Fifth avenue will be the
most fashionable shopping district in the
world, if the skyscraper factory people
are withheld from destroying its qual¬
ity.

Mr. Heckscher has not invested largely
in real estate hitherto as an individual,
but is credited with being the principal
owner of at least two other sites on
Fifth  avenue  recently purchased.

Within Mr. Heckscher's lifetime a
lot on the block where the Whitney
house stands sold at a corporation sale
for the small sum of $575, though ten
years subsequent to this sale it was
estimated to ht worth ten times as much.





QUEENS   RAPID   TRANSIT.





First   Definite   Step   Toward   Construc¬
tion of Astoria and Corona Lines.

The Public Service Commission has
adopted resolutions calling for a public
hearing on January 4, 1913, on the form
of contracts for the construction of
rapid transit roads on Routes Nos. 36
and 37, viz., the Astoria and the Co¬
rona rapid  transit lines.

These two lines are to be built by the
city, and both the Interborough Rapid
Transit Co. and the Brooklyn Rapid
Transit Company will be given operat¬
ing rights for them. The Astoria line
runs from the end of the Queensboro
Bridge in Queens, out Debevoise ave¬
nue to Ditmars avenue. It will have
two and three- tracks and a total single
track mileage of more than seven miles.

The Corona line runs from the end
of the Queensboro Bridge in Queens,
out Queens Boulevard, Greenpoint ave¬
nue and Roosevelt avenue to Prime
street. Flushing. It will have two and
three tracks and a single track mileage
of sixteen and  one-half  miles.

After the public hearing, the con¬
tracts will be put in permanent form
and adopted by the Commission, which
will then advertise for bids for the con¬
struction of the roads. These.two roads
will give the citizens of Queens Bor¬
ough connection with the existing rap¬
id transit lines of the Interborough
Rapid Transit Company in Manhattan
and The Bronx, and also with the pro¬
posed Broadway-Seventh avenue and
S9th street subway to be operated by
the Brooklyn Rapid Transit Company.

As each company will have trackage
rights over the lines in Queens, it will
be possible for Queens residents to reach
any part of Manhattan and The Bronx
on the present subway and elevated lines
of the Interborough company and on
the proposed subway of the Brooklyn
Rapid Transit Co. for a single fare.
Both companies will run trains over
these lines and across the Queensboro
Bridge. The Interborough Company's
trains will connect with the Second ave¬
nue elevated line and also through the
Steinway tunnel with the present sub¬
way. The Brooklyn Rapid Transit Co.
will run trains from the Broadway
subway through 59th and 60th streets
and across the Queensboro Bridge to
and over the new lines to Astoria and
Corona.

The Steinway tunnel is to be extended
on the Queens side of the river to a
connection with the Astoria and Co¬
rona lines at tfie Queensboro Bridge
plaza.