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February 14, 1920
RECORD AND GUIDE
207
Review of Real Estate Market for the Current Weqk
Important Deals Closed Forecasting Big Building Operations — Columbus Circle
Activity Anticipates Construction Movement
DEALS involving important structural operations were
features of the business of the week which continued
to be unusually diversified. The lease of the Thorough¬
fare Building for sixty-three years at a rental of nearly $12,-
000,000 will bring to the Columbus Circle section a 20-story
office building which is expected to greatly accelerate the
long anticipated building movement predicted for this part of
the city. Another deal in the same neighborhood affected a
large plot on West 57th street between Seventh avenue and
Broadway acquired by the Excelsior Bank, which will also
provide a site for a tall office building operation. These two
projects, together with those contemplated by the Fisk Rub-
ter Company at Broadway and 57th street by the Kelly-
Springfield Tire Company on Seventh avenue and 57th street,
and by the Hotel Commonwealth interests a block to the
south, will bring to the Columbus Circle section probably the
most important building movement in its history.
The announcement that the Guaranty Trust Company is the
purchaser of the large plot at Broadway and Liberty street
reveals the information that this institution contemplates
the erection of another skyscraper on lower Broadway. Other
important building projects forecasted by the business of the
week affected the property at Broadway and 67th street ac¬
quired for a new theatre improvement and the northwest
corner of Si.xth avenue and 39th street upon which interests
identified with the Horton Ice Cream Company plan a com¬
mercial improvement.
Although speculative interest continued to center to a large
degree upon residential properties, operators figured in sev¬
eral large downtown transactions, notably the deal whereby
ihe Adams Building at 61 Broadway passed into the posses¬
sion of a syndicate in which Henry Morgenthau, Robert E.
Simon and Robert E. Dowling were interested. This deal
involving $9,250,000 takes rank as the leading transaction of
the year and signalizes the return of Henry Morgenthau into
the real estate field after an inactive period extending over a
number of years.
There were several other interesting transactions which
stood out from the great mass of trading, notably the sale of
726 Fifth avenue to a firm of dressmakers occupying adjoining
property at a price which may set a new high mark for inside
lots on Fifth avenue. The over-crowded condition in the ter¬
ritory south of Chambers street is continuing to force down¬
town business men to buy properties and a number of transac¬
tions were closed whereby tenants became owners of com¬
mercial holdings.
PRIVATE REALTY SALES.
THE total number of sales reported but not
recoraed in Manhattan this week was 1.j2,
as against 164 last week and 66 a year ago.
The number of sales soulh of SOth street was
56. as compared with 67 last week and '21 a year
Tlie number of sales north of .59th street was
96. as compared with 97 last week and 39 a
year ago. .
From the Bronx 43 sales at private contract
were reported, as against 4U last week and 26 a
year ago.
Statistical tables, indicating the number of
recorded instruments, will be found on page 217.
Nehrinsr Brothers Buy Heights Home.
The "Own-Your-Own-Home" movement among
real estate brokers has spread to Washington
Heights, where the progressive young flrm of
Nehring Brothers has purchased the 5-sty apart¬
ment and store property at the northwest corner
of St. Nicholas avenue and liisth street, cover¬
ing a plot li)0.xl40. Three stores now occupying
the grade floor will be altered into one store
and be occupied by the firm. The firm of
Nehring Brothers, consisting of Fred W. Neh-
Morgenthau Syndicate Buys.
Former Ambassador Henry Morgenthau, asso¬
ciated with Robert E. Dowling and Robert E.
Simon, has purchased the 32-story Adams Ex¬
press building at 61 Broadway, northwest cor¬
ner ot Exchange Alley, and running through
to Trinity place. The structure was put up in
1914 by the Adams Express Building Company,
of which Mr. Dowling is the president. It has
a frontage of 104.10 feet on Broadway. 21ii,2
feet on Exchange Alley and 109 feet on Trinity
place. The purchase price was $9,250,000 sub¬
ject to a flrst mortgage of ifS.OOO.OOO and a sec¬
ond mortgage ot $3,400,000. The building was
designed by the late Francis H. Kimball, archi¬
tect, and has a facade of marble and light
colored brick, with comparatively little lime¬
stone trimming.
Mr. Dowling, who is president of the Adams
Building Company, and who sold the greater
part of his interest in the company some time
since, now buys back a half interest, the re¬
mainder passing to Mr. Simon and Mr. Mor¬
genthau.
Last December the City Investing Company,
of which Mr. Dowling is also president, sold
its building at 165 Broadway to Grigori Benen¬
son, Russian banker. The sale was the largest
closed last year. The present deal is the larg¬
est consummated so far this year.
Heights—lends itself by virtue of its accessi¬
bility as an ideal location for a real estate
office. Not only is it convenient to the subway
but also to the Bronx service lines connecting
with the upper section of the Bronx, in which
Nehring Brothers manage a number of large
apartment house properties.
Fred W. Nehring, discussing the 1920 spring
market for real estate on the Heights, ex¬
pressed his confldence in the future of im¬
proved properties in that locality. "The most
encouraging feature of recent business," he
said, "is the growing interest of investors in
apartment houses. This class of purchaser is
steadily acquiring high class income producing
property for permanent ownership. In view of
the fact that building operations on the Heights
have been negligible within the last few years,
there is every indication that the active market
will continue for at least three more years.
Place $4,500,000 Loan.
One of the largest loans on New York City
real estate reported in years was placed by
Hughes & Hammond. The loan, which is in
the sum of .$4..">00,000, is to run for a term of
ten years, at ^l^ per cent, per annum, and is
to be secured by a first mortgage on the 32-sty
store, office and theatre building to be erected
by August Heckscher at the southwest corner
of 5th avenue anVl 57th street, extending through
to and including 3 to 9 West 5Cth street. Plans
for the new building have Just been completed
by Warren & Wetmore, architects. It is esti¬
mated the gross revenue from the new building
will be approximately .$1,500,000 per annum.
Hughs & Hammond in the last few months have
placed mortgage loans aggregating more than
$15,000,000.
Guaranty Trust Will Build.
The Guaranty Trust Co. proves to be the
buyer of the plot at the northeast corner of
Broadway and Liberty street, directly opposite
its present location. The company plans the
erection of a tall building for its occupancy.
For the purpose it has acquired at .mi estimated
cost of between S2..".iiO,0nri and $:i,.......miO, through
lease and purchase, tbe properties at 150 tn
l.'.s Broadway and 69 Liberty street, which have
a fronta;^e of I'O.o feet in Broadway and 15:^3
feet in I.ilierty street. The easterly line meas¬
ures 111,4 and the northerly line 115,.S re¬
spectively, with an interior court ot irregular
dimensions.
The property at 150 Broadway, which is the
corner parcel, was obtained through a lease
from the heirs of John G. Wendel for twenty-
one years, with two renewals of equal periods.
(Continued on page 20S)
FRED. \V. NEHRING.
ring president: Paul Nehring, vice-president,
and Charles A. Nehring. secreiari and treas¬
urer, began to do business only five years ago
at their present location, St. .N'ieliolas avenue
and 174th street. The threi' brothers had had
considerable real estate experience prior to that
time and brought to the new organization all the
present day up-to-date methods of real estate
lirokerage and management. Their business has
grown to such an extent that their present quar¬
ters are overcrowded and they have been re¬
quired to obtain larger and permanent quarters
elsewhere.
The flrm eomUiels a general real estate busi-
nes^ involving evi'ry phase of brokerage, man¬
agement and insurance. The new office—just
one block north from West Islst street, the
most important business thoroughfare on the
Chose Bureau Chairmen.
At the annual meeting of the Board of Di¬
rectors of the Bronx Board of Trade, held last
week at the board rooms, l."!7th street and 3d
avenue, and which was very well attended de¬
spite the inclement weather, the organization of
the directorate was completed and the following
unanimously chosen to serve as vice-presidents
and bureau chairmen during the current year:
Second vice-president and chairman of civic
bureau. Martin Walter: third vice-president
and chairman of industrial bureau. Louis H.
Werner; fourth vice-president and chairman of
publicity bureau. Albert Goldman; fifth vice-
president and chairman of traffic and waterways
bureau. Alexander Haring: sixth vice-president
and chairman of trade and commerce bureau,
Robert J. Moorehead, and seventh vice-president
and chairman of manufactures bureau, M. J.
de Rochemont. Theodore S. Trimmer was
elected to serve as treasurer and Charles E.
Reid as secreatry.
Mercantile Building Sold.
Samuel Kaplan sold for Daniel H. Jackson
to the 40" -Manhattan Avenue Corporation 133-
135 West lOlh street, a 10-story fireproof store
and loft building, on a plot 41x92, bringing in a
rental of $:!.1,00() a year. The property was
held at .$225.01 ii».