924





RECORD AND GUIDE





May 16, 1908.





lot 24.9x100.   The reported price was $150,000.   The upper west
side also came in for a good number of deals.

There were several mortgages of importance recorded. The
44 West 77th st Co, borrowed from the Metropolitan Life Ins.
Co. $500,000 on the building situated on the south side of that
street, 150 ft. east of Columbus av, 100x102- This loan bears
interest at the rate of 0 per cent, until the building is com¬
pleted, and 5^^ per cent thereafter until the due date. May 1,
1912. The Lawyers' Title Insurance and Trust Co. loaned James
A. Farley $300,000 for 3 years at 5Vi per cent on the property
at the southeast corner of Madison av and 55th st, 50.2xS2.G.
Anotlier loan of some importance was one for $114,000 on the
property 109 and 111 West 27th st. Mary E. Coleman loaned
this amount to the Marmac Construction Co. This is in the
form of a building loan due May 1, 1911, bearing interest at
the rate of G per cent. The West Side Construction Co., Jacob
Axelrod, president, borrowed from the Lawyers' Title Insurance
and Trust Co. $150,000 for five years at 5 per cent on the
property located on the northwest corner of llSth st and Morn¬
ingside av West, 100.11x90. Mrs. Margaret O. Sage again was
a loaner of money on bond and mortgage. She placed $212,000
on the property 31 and 33 West 21st st, 465.3 west of -Sth av,
55.11x98.9, due May 1, 1911, at oVz per cent. The Acme Build¬
ing Co. was the borrower, who also mortgaged all title that
they have to the land adjoining on both the east and west of
this holding.





THE   AUCTION   MARKET





■"T^ERE were several notable sales in the auction market this
1    week, and in the main the results were gratifying.

At the stand of Joseph P. Day on Monday a block front in
Furman st, Brooklyn, consisting of ahout seventeen lots, was
knocked down at $89,000 to James Stammalman. This was a
voluntary sale.    There were old buildings on the plot.

At the stand of Bryan L. Kennelly, on the same day, a va¬
cant plot, 100x87.5, on the north side of Baychester av, 250 ft.
east of Kingshridge road, was knocked down to E. D. Phelps
for $1,SOO. The 3-family house on the north side of 232d st, 50
ft. west of Bronxwood av, 54xl20xirreg., was sold to E, Malino
for $4,400.

There was a record-breaking crowd in the salesroom on Tues¬
day. The center of attraction was a sale of 369 lots sold by
Joseph P. Day at the order of the Hunt's Point Realty Co.
Martin Pletseher was the first buyer. He purchased the lot
On the east side of Bryant st, 100 ft. south of Garrison av, for
$1,050. The auctioneer offered him the option of taking one,
two or three at the same price. "I'll take ten," said Mr.
Pletseher. He got them, as well as applause from the crowd.
He used good judgment, as the adjoining lots went at higher
prices, though they were not so favorably situated.

Interior lots on the west side of Bryant st were knocked
down for about $1,050, while across the street the prices ranged
from $775 to $1,250. On Longfellow st Charles F. Pfizenmayer
bought nineteen lots, paying $750 apiece for them. On the
west side of this street prices varied from $800 to $925 each.
The prices obtained on Whittier st were between $575 and §675.
Edgewater road lots, which were extra deep and faced on the
Bronx River, brouglit between $2,500 and $3,100.

The total amount realized by the sale was $381,275 for 269
lots. At sis, o'clock the sale was stopped, with 100 lots unsold.
They are going to be ofEered at private sale.

At tlie stand of Brj-an L. Kennelly a sale was in progress at the
same time, of 63 plots of four and five acres each, at Oakdale,,
Long Island, at prices ranging from $110 to $950 an acre. The
sale consumed about two hours. This holding is well located,
lying as it does to the north of the railroad track, between the
game preserves of the South Side Sportsmen's Club and the
estate of Frederick G. Bourne. It is heavily wooded. The
total amount that the sale realized was $53,146, whieh makes
an average of ahout $843 a plot.





TRANSIT CONFERENCE OF 1908.

At a meeting held in the rooms of the Allied Real Estate In¬
terests, 165 Broadway, New Tork City, on May 12, 190S, the
following organizations  were represented:

Allied Real Estate Interests, Allan Robinson; United Real
Estate Owners' Association, Charles H. Schnelle; 12th and 19th
Wards  Real   Estate  Owners'   Association,   Charles   H.   Schnelle;

'Harlem Property Owners' Association, Dr, Abraham Korn;
12th and 22d Wards Rea! Estate Owners' Association, Ira J.
Ettinger; Transit Committee of Fifteen, William Williams;
Eeal Estate Board of Brokers of the City of New York, Irving
Ruland; Brooklyn League and 22 civic associations. ex-Senator
George   W.   Brush;    Citizens'   Central   Committee   of   Brooklyn,

-Frederick W. Rowe; Fiatbush Taxpayers' Association, Edmund
D. Fisher; Manufacturers' Association of New York, T. B.
Ackerson; 26th Ward Board of Trade, Brooklyn, Robert F.
Craig; Employers' League of Brooklyn. F. W. Rowe; Builders'
Association of Brooklyn and 44 civic bodies of Brooklyn, F. W.
Rowe.
On motion, -duly seconded, it was

Resolved, That this conference be known as the "Transit Con¬
ference of 1908."

Resolved, Tbat this conference favors a broadmlnded policy with
"reference to giib^yay constructiOB apd operation In New York City,





Resolved, That while the policy of subway construction and owner¬
ship by the cily is approved, yet the interests ot tbe city and of
its traveling public require that the Rapid Transit Act be amended
so as to permit subway construction and ownership by private capi¬
tal in addition to city construction and ownership, with a reserva¬
tion o£ the right oE the city to acquire such structure at a definitely
fixed time in the future.

Resolved, That the leasing term of a city-built subway be in¬
creased from twenty years, as at present, to thirty-five years, in
order that private capital may be iuduced to lease a subway built
and owned by the city.

Resolved, That the legislative bill—^known as the Robinson Bill,
Assembly No. 2232—amending the Rapid Transit Act, and embody¬
ing tbe foregoing principles is approved and that the Governor be
earnestly urged by representatives from this conference to sign this
bill.





NEW SYSTEM INAUGURATED.





COMPTROLLER  METZ  DEVISES  A   SYSTEM  OF  TABULA¬
TION AND  CLASSIFICATION OF CITY'S HOLDINGS.

Incredible as it may appear, the City of New York has not
any complete record of its realty holdings. There is no way
of telling what property the city owns without going to con¬
siderable trouble, and devoting much time in looking up the
meager records at hand. Comptroller Metz was brought face
to face with this condition, and immediately set about to in¬
augurate a system of records giving minute data of each
piece of property owned by the city. Work was begun about
a year ago, and a force of men have been constantly engaged in
straightening out the muddle,

HOLDINGS CLASSIFIED.

Tlie holdings of the city are divided into the following de¬
partments: Pire, Armories, Police, Parks. Borough Presidents,
Health, Charities and Correction, Bridges, Docks and Water
Supply. At the present time the records of flie holdings of the
Fire Department are ahout completed, but it must not be as¬
sumed that the other departments have suffered. The Comp¬
troller has gone about it in a businesslike way, and as informa¬
tion concerning any of the other departments was obtained it
was carefully noted in its proper place. It is estimated that the
city owns about $2,000,000,000 worth of property, in Greater
New York. Naturally this includes Central Park. These lots
are considered worth an average of $60,000.

The first step taken was the verification that the city really
owned a given parcel. A large vertical envelope was made,
suitably printed, so that a complete history of the property
would appear at a glance. Inside the envelope appears a card
with a diagram giving the dimensions of the holding and a
sliort statement, as per accompanying diagram. Attached to
this card is the complete search, the policy of insurance and
full Information as to how the property was acquired, price paid
and all other particulars.

N.MOORE ST      A
fir^-7     0*







FRANKLIN ST              ^^^^^^

SEC. 1, BLOCK 189. LOT 35.
Parcel "A."
Grantors, Smith Bloomfield and others.   Grantees. Mayor e_t al.   Con¬
sideration,   $5,982.    Date   of   conveyance,   March   1,   ISal.     Liber
568, page 295-    Dimensions, as per diagram.   Streets, North Moore
and Varick.

Parcel  "B."
Grantors, George H. Swords and wife.   Grantees, Mayor et al.    Con¬
sideration,   $5,200.     Date   of   conveyance,   March   4,   1851.    Liber
568, page 291.   Dimensions, as per diagram.    Streets, Nortb Moore
and Varick.

Parcel  "C."
Grantors,   Thomas^ T.   Woodruff  and  wife.     Grantees,   Mayor   et al.
Consideration $o.OOO,    Date of conveyance, March 5, 1851,    Liber
568, page 304.   Dimensions, as per diagram.
Parcel "D."
Grantors, Theodore J. Seixas and wife.   Grantees, Mayor et al.   Con¬
sideration, $9,000,   Date of conveyance March 11, I806. Liber 703.
page 3So.    Dimensions, as per diagram.   Streets, North Moore and
Varick.
Used for Hook and Ladder Company S; storehouse; Fuel Depot 3,

ATLAS USED.

A map of the city has been prepared, in black and white, and
then the parcels owned by the city are inserted in colors. For
example, those holdings owned by the Fire Department are
colored red, while those under the control of the Park Depart¬
ment are colored green, and so on through the list. It will be
apparent at a glance so soon as a page of the map is opened
just how much each department controls.

This system is going to be carried out in the future. Wlien
any property is acquired hereafter, it will be entered in Its
regular place. The Comptroller deserves great credit for de¬
vising such a method of handling the city's property, and the
beauty of it is that, while it is complete, it is at the sarae time
exceedingly simple.