Real estate record and builders' guide: v. 109, no. 14: April 8, 1922
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April 8, 1922 RECENT LEASES. Choice Leasehold Bought The HamiJton Shops, Inc.. decorators, pur¬ chased from Helena ii. Garvey Hayden the ground site of their 11-sty building, 18-20 East 50th St. measuring o(J.lixlOU.5, on the south side of the street, facing St. Patrick's Cathedral. The sale terminates one of the most unusual leases evtT drawn in New York city. It was remarkable because it was made to operate prac¬ tically in perpetuity with no reappraisals. It was drawn in ISM'S by Andrew Jeffries Garvey, an old time politician, to Arthur H. Cutler of the Cutler School. The property then contained two substantial dwellings. The lease was to be¬ gin in 18!>4 and was to run for liO years at JfS.oOO a year. The lease also carried options for similar terms to run indefinitely and the rental called for in the first term was to be con¬ tinued throughout the renewals. Usually leases are made with rental values based on reap- praisements of the property every 21 years. The taxes on the Garvey property at that time were $1,087.40 a year and it was agreed that the owner would always pay this tax, but that all taxes above that amount were to be paid by the tenant. In 1908 the Cutlers assigned the lease to W. W. & T. M. Hall, and G years later they dis¬ posed of it to the Grand Rapids Furniture Co., which improved it with an 11-sty building. This subsequently became the property of the Hamp¬ ton Shops. Inc. The Mutual Life Insurance Co. has advanced a loan of .$:i0o.00o on the property. A Long Lease in Fulton Street Walter F. Libby. Inc., who have for years occupied the store in 122 Fulton st, have leased the entire 6-sty building from the 122 Fulton Street Realty Corporation, for a term of 21 years, at an aggregate rental of $262,000. Libhy's Oyster House has been famous for more than 75 years and was the favorite eating place of Horace Greeley, Henry Ward Beecher, Grover Cleveland and many other prominent citizens. The Libby Co. will make extensive al¬ terations to the building for the expansion of their ever-growing business. Harold L. Lewis was the broker. Lease with Right to Buy Lewis L. Rosenthal Co. leased, for a term of 21 years, to Edward Hart, owner of the Hub Clothiers, the building, 20x100. at 166 West 48th st from the Freeman Purveying Co., with an option to purchase. This lease aggregates a rental of $126,000. Plans are being drawn for RECORD AND GUIDE remodeling the presint structure or erecting a new building. Hotel America Leased Edward Arlington, proprietor of the Hotel Harding at Broadway and 54th st and the Colonial Arms in Jamaica, has leased the Hotel America at 145 West 47th st for a long term at an aggregate rental of $1,335,000. The house will be continued under the management of Juan Berutisch and will continue to cater to the Latin American clientele. Mr. Berutisch will act as assistant to J. H. Kenny, treasurer and general manager of the 145 West 47th St. Co. Messrs. Arlington and Kenny are negotiat¬ ing for another hotel in the Forties, and will then control more than 1.000 rooms within ten square blocks. Milliner Invades Sixth Avenue Frederick Fox & Co., Inc., leased for the United Cigar Stores Co. a store on Sixth av, adjoining the southeast corner of SSth st, to William J. Houser, millinery, for a term of 10 years, at an aggregate rental of $100,000. Leases a Lexington Ave. Parcel Pease & Elliman leased for Mrs. A. Wintjen, for a term of 21 years, at an aggregate rental of about $100,000, the 5-sty building. 562 Lex¬ ington av. The lessor will extensively alter the building for business purposes. Cortlandt Street Corner Leased Tankoos, Smith & Co. leased to Burnee Co.. who own and operate tbe Nedick Orangeade Drink Stands, the store at the northeast corner of Cortlandt and Greenwich sts. adjoining the Hud^:on Terminal Building. The lease is for 20 years, at a rental aggregating approximately $185,000. The lessee, upon completion of alter¬ ations, will open a branch establishment. From Tower to Tower Whit .'-Goodman leased for the New York Times Co. the entire 2Sd floor in the tower of the Times Building, Broadway and 42d st, to Morris and Samuel Meyers, lawyers, who are now located in the Metropolitan Tower, 1 Madison av. Some Fine Apartments Leased Pouglas L. Elliman i^- Co. leased a large apart¬ ment of IS rooms and 6 baths in 907 Fifth av, southeast corner of 72d st, for the 907 Fifth Avenue Co., Inc., J. E. R. Carpenter, president, to Emanuel Gerli ; also an apartment in 383 Park nv to William E. Winchester; and an 433 apartment in 830 Park av to Mrs. Frederick Roosevelt ; and an apartment in 840 Park av to Mrs. Francis M. Weld, Sr. Pease & Elliman leased for J. E. R. Carpenter an apartment of 12 rooms and 4 baths in 920 Fifth av, which he is building at the south cor¬ ner of 73d st, to Mrs. Richard T. Jader ; also kased for Potter Bros, an apartment in 350 Park av. the southwest corner of 52d st, of 10 rooms and 3 baths, to Mrs. J. P. Edwards; and one in 11 East OSth st northwest corner of Madison av, to Mrs. H. C. Horton. Law Firm Not to Move The law firm of Cadwaladcr, Wickersham & Talt will not remove its offices from 40 Wall st lo the new wing of the Bar Association building at 30 West 4-lth st. They have merely leased siiaee in the new building to be used for con- terence purposes exclusively. Notable Garage Leases Silberman's Exchange, in conjunction with the Promoters Realty Exchange, leased for Isaac Ziff & Son to Schiller & Katz, the irregularly shaped 2 and 3-sty brick and concrete garage at 474 West 130th st, running through to and along West 121>th st to and including the north- Wi'St corner of 129th st and Convent av. There is a store in the corner which has a frontage on the avenue of 54.2 feet. The garage fronts on West 129th st, 251 feet, and on West 130th st, 22.6 feet, with a total depth of 198.8 feet and ol irregular width. It is known as the Covent Garden Garage. The lease is for a term of 21 years, at an ag¬ gregate rental of $750,000. Embracing 66.000 square feet, the garage will house 300 automo¬ biles. Silberman's Exchange leased for the Podher Realty Corporation to the Mossgut Co., Inc., the O-stv and basement fireproof garage, at 256-258 West 36th st, on a plot 35.7x98.9 for a term of 20 years, at an aggregate rental of $145,000. Some Bronx Store Leases Herman A. Acker leased for clients the store in 1066 Westchester av to Max Rubrum, for the dry goods business; also, store on the northwest corner of Grand Boulevard and Con¬ course and Burnside av to Gristede Bros.; 1947 University av to Collins and Collins; 1949 Uni¬ versity av to a client, Benjamin Zatlin, as a first-class delicatessen ; 1951 University av to the Great Atlantic and Pacific Tea Co. ; 1953 University av to the Morningside Supply, Store, for hardware and house furnishings. This completes the leasing of all stores at the June- MANHATTAN BROKERS ORVILLE B. ACKERLY & SON Brokers and Appraisers LONG ISLAND REAL ESTATE Phone: Longacre 2280 243 West 34th St., New York City HARRIS EXCHANGE Real Estate—Mortgages Renting and Leasing of Stores and Lofts Times Building Broadway at 42d Street Phon©: Bryant 310-1114 JOHN CONSTABLE MOORE REAL ESTATE 15 EAST 40th ST. VanderbUt 8188 ERNEST N. ADLER Upper East Side Property a Specialty ISM FIRST AVE., st 79th St. ArtAtHlshed 1903 Pbona; RUneliuider •126 HOLT & MERRALL. Inc. Industrial Real Estate 342 MADISON AVE. Tel. Vanderbilt 4699 SANSONE-ARENA CO. Real Estate Insurance Specializing in Italian Properties 320 EAST 34TH ST., NEW YORK Tel. VanderbUt 4218 J. & E. REALTY CORPORATION SEI.LING—LEASING—MANAGEMENT 5 COLUMBUS CIRCLE Columbus 7094 ARTHUR L. SHAW Washington Heights Specialist 4032 BROADWAY, ABOVE 169TH STREET Wadsworth 4150-4151 ARMSTRONG & ARMSTRONG Real Estate Aeents and Bnskera 212 ST. NICHOLAS AVE.- Ne»r n«hth Ave. und 121st Street Phons: Morningside 1376 WM. P. JONES & SON Real Estate & Insursuice 1358 BROADWAY ESTABLISHED 189 5 Comer 36th St. Phona: nta Boy 0287 SHERMAN & KIRSCHNER Real Estate and Insurance 54 E. 109th STREET NEW YORK Tcl. Harlem 90285863 GEORGE H. CORTH & CO. ECONOMICAL and EFFICIENT MANAGEMENT OF PROPERTIES 342 MADISON AVENUE, NEW YORK Telephone: Vanderbilt 940 4 JOSEPH MILNER CO., Inc. Real Estate 505 FIFTH AVE., NEW YORK Vanderbilt 3607 LEONARD MORGAN CO. Real Estate—Insurance—Estates Managed Gotham Bank Building. Columbm Circle Suite 504-5 Phone: Columbus 1646 JAMES B. SPEYERS, INC. Real Estate CANADIAN PAHFIC BUILDING 342 Madisnn Ave. Suite 814.81* JAMES A. DOWD Real Estate—Instirance Renting—Management 874 SIXTH AVENUE, aboTe 49th Street ARTHUR G. MUHLKER Real Estate—Insurance 1113 PARK AVE.. NEAR 90TH ST. Phso*: L«nn SSIS TANKOOS, SMITH & CO. REAL E.STATE n JOHN STREET. CORNER BWAY Cortlandt 69,18-2372-1306 JACOB FINKELSTEIN & SON Real Estat*—MoTtffmfes Specialists in the Bowery Section 42 BOWERY Phone: Franklin 1810 FRED. OPPENHEIMER Real Estate—Mortgage Loans 540 Beruen Av.. at 149th St. Phone: ^^BLI^0R1^ 5(107 WILLIAMS-DEXTER CO.. INC. Greenwich Village Reed Estate Insurance 72 GREENWICH AVE. Chelsea 8096
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