October 21, 189g.





RECORD AND   GUIDE.





bEcn raade ln the face of the conditions that existed. At the
same time these arrangements da not preclude a contractor from
carrying out the work as a whole if he wishes to do so, and is
willing to accord the city the necessary pecuniary obligation,
but such a contractor is not likely to be obtained, Frora the re¬
marks made from time to time by people who spoke with author¬
ity, it is to be gathered that five years was the miniraura of time
universally specifled for the completion of the railroad, and, judg¬
ing from the obvious practical considérations, the idea has al¬
ways been that the beginning should be made at the soufhern
end. The Corporation Counsel, even, while expressing the opin¬
ion that the northern end of the city should be flrst served, did
not feel justified in withholding his approval to the contract,
which spécifies that work shall commence on the southerly sec¬
tion. The délégation of uptown property-owners who waited on
the Rapid Transit Commission the other day, also seem to hâve
acqulesced in the arrangement, and everyone is laudably anxious
to avoid doing anything that would prevent or delay the com¬
mencement of actual work.





The Realty Market.

GENERAL disappoîntment was expressed wlth the week's
developments in the Real Estate Salesroom, This disap¬
poîntment was founded, not on any retrogression in the market
since last spring, but on the absence of positive signs of advance¬
ment, Despite the unfavorable turn which circumstances mean¬
time hâve taken in spéculative building, choice lots sold readily,
and, indeed, commanded prices which appear extravagant by
comparison with accepted standards. But there was no market
for improved properts'—^no more indication of an investment
movement than six months ago.

The sum realized at the Eno sale was 52,322,250. Wlth the ex¬
ception' of two, possibly three, parcels, the iraproved real estate
went to members of the estate. The exceptions were No. 147
West Broadway, at the southeast corner of Thomas street, which
was bought by the tenant; Nos. 108 to 114 Wooster street, and,
possibly. No. 101 West 64th, The West Broadway property
contains a 5-Etory brick and iron-front building, on a plot 25x50.
and is leased at $4,100, net, per annum. It sold for $36,000,
Nos. 108 to 114 Wooster, two 6-story brick buildings, on a plot
100x100, which rent for $14,000, brought $138,000. With the ex¬
ception of heirs, the principal buyers were Flake & Dowling,
and Justice P. Henry Dugro, whose purehases amounted to ?526,-
000 and $273,500, respectively. The compétition between these
two Interests for the plot of about S'-'/i lots at 8th avenue, 58th
street, and the Circle, was the raost notable Incident of the sale,
The bidding started at 5100,000, and advanced to $210,000, at
which price Flake & Dowling obtained the property. They took
three adjoining street lots Eor a total of $86,000, A high price
was also realized at the northeast corner of Broadway and 62d
Gtreet, where Justice Dugro paid $175,000 for a plot fronting 117
feet, with a depth cf 106 feet, and a northerly Une of 164 feet.
Oppenbeiraer & Hammershlag, bought a plot of alraost exactly
the same size at the corresponding corner of Broadway and 71st
street, at the flrst Eno sale, for $175,000. The latter location
is generally regarded as superior to that at 62d street. On 62d-
street, adjoining his holdings at the northwest corner of that
sireet and Central Park West, Justice Dugro bought flve lots at
$19,700 each. Lots directiy opposite on the south side of 62d
sireet, sold at the first Eno sale for $15,300 each. Flake & Dowl¬
ing paid $177,000 for four lots on the southwest corner of Broad¬
way and 65th street, and $53,000 for a lot at the southwest corner
of Eroadway and 69th street, opposite the Nevada Apartment
House, which they recently purchased. Other Broadway lots
between 68th and 69th streets brought $33,000, and between tbe
same streets on Amsterdam avenue the price was $22,500. How¬
ever, with the exception of those by Flake & Dowling, Justice
Dugro, F. W. Saitzsieder, G, A. Sutei-, and. possibly, P. S. Treacy,
all purchasers of unimproved as v.'ell as iraproved property, were
made for members of the estate.

There is, of course, only cne plot like the one bought by Flake
& Dowling on lhe Grand Circle. But the other unimproved
holdings also brought fancy prices. The intrinsic value of land
uptown has undoubtedly risen since iast spring, owing to the
érection of so many elevator apartments. However, an important
considération In the generous estimâtes put upon choice uptown
building sites by such judges as Flake & Dowling and Justice
Dugro Is unquestionably the circumstance that plots sufficiently
large for modem apartments are becoming scarce at désirable
points.

A spéculative holding of uncommon interest was the block
Iront on the west side of 7th avenue, from 125th to 126th street,
sold by Samuel Goldsticker on behalf of the Schubart estate to L
Steinhardt, son-in-law of the late Henry Schubart, for $415,000.
Fabulons sums are reported to haye been offered for this block





front; once, when it was proposed to locate the World's Fair In
Harlem, and, again, when Oscar Hammerstein was preparing
to build his Harlem Opéra House. A real estate operator who,
contemplated its purchase had plans drawn for a lO-story apart¬
ment house. Still the adaptability of the pîot is so uncertain
and so much a matter of the future, that the new owner is said'
to contemplate the érection on it of a 2-story taxpayer. In the
voluntary partition sale by Philip A. Smyth of fourteen lots In
the biock bounded by Westehester and St. Anns avenues, 150th>
street, and the Port Morris Railroad, all but two were bought.
by outsiders at prices flxed, in every instance, by spirited compéti¬
tion. The holdings of the Grinnell estate, at Audubon Park, sold
in partition by Richard V. Harnett. from one of the handsoraest
book-maps ever published, were for the raost part taken by heirs,
although some large plots were bought by the Lansing Improve-'
ment Co.

The brokerage branch of the market suffered somewhat froiri."
the concentration of professional attention on the auction busi¬
ness. The transactions at private contract were, Indeed, a trifle
more numerous than Iast week, but none of thera' was of first
importance. In Improved property, the activity was exciusively
in dwellings, tenements and low-priced flats. The feature of the
trading was the great proportion of uptown building sites and
antiquated downtown preraises sold for improvement. Probably
raost of the purehases of this kind were made on the assumption
that the cost of construction will be materially reduced by next
spring. At any rate, it is noteworthy that most of the buyers
were building loan operatoi-s, not builders. The interesting an¬
nouncement was made that a 7-story elevator apartment will be
erected on lhe southeast corner of Livingston place and 16th
street, sold by S. H. Stone and Mandelbaum & Lewine. A piot of
seven lots on Tlst street, near West End avenue, and another o£
four lots, at 7th avenue and 113th street, were also purchased by
builders. The transfer by the Schieffelin and Chisholm estâtes to
Clarence True of the block fronts on both sides of 92d street, be¬
tween West End avenue and Riverside Drive, which wlll be ira¬
proved with fifty private houses, means the continuation on a
large scale of the architectural making of this avenue begun by
Mr. True some blocks further south. The déniai by Mr. Sire of the
report that he has sold the Bennett Building rohs the budget of
its cne sensational item, Prellminary contracts are said to hâve
beeu signed this week for the sale of the Roman Catholic Orphan
Asyium, It seems reasonably certain that the successful bld was
lhe one submitted by Richard M. Montgomery for ex-Mayor
Smith Ely, Henry SeUgraan and Jefferson M. Levy. Il is learned
too late for vérification that contracts are to be signed to-day
by the Cenlral Realty Bond Exchange and Trust Co., for the pur¬
chase of the plot on the east sîde of Broad street, between Ex¬
change place and Beaver street, to which référence was made
some time ago in these columns. Tbe purchase will give the
Company frontages on four streets, which It is the intention to
improve with a modem building,                                                 ;





THE  ELEVATOR   MANUFACTURERS'  POSITION.

An elevator building is practically useless if the elevator do»3
not run,

Investments are made for estâtes, banks, trust and insurance
companies, in real estate, Those who décide where these invest¬
ments shall be made doubdess read the Record and Guide. Thia
means is taken to give notice that if there is money due the ele¬
vator manufacturer on the original contract, this amount will be
added to the cost of the first repairs maâe on the elevator.. Tt
would be well, therefore, before making an investment in- tRIs
class of buildings to know that the elevator has been fully paid
for.

Those who erect buildings are of two classes. One who builds
in his own name, pays for all he buys, and will do business in no
other way. The other uses a dummy and gets all the material
he can without paying for it. The latter class within a short
period hâve got upwards of $100,000 worth of elevators that they
bave not paid for.

Allowing these men to get elevators in this way has placed the
honest builder at a disadvantage, while it has encouragea dis¬
honest men to put up buildings as fast as they could find dum-
mies who could get trusted for material. Nor has it heiped the
unfortunate dummy, for each in his turn must go down when his
master has taken all he has, and has used him to get all the
material men's money he can,

So it Is believed that the stand taken by this association I3
not only the wisest for themselves, but Is also for the best Inter¬
est of all excepting those who get money by dishonest méthode.

ELEVATOn MANUFACTURERS' CREDIT ASSOCIATION,

New York, October 19, 1899.





BACK NUMBERS WANTED.
Fiftten cents each will be paid for the following numbers of
the Record and Guide: 1415. 1421, 1427, 1451, 1452, 1453, 1454,
14G?.. 14G4. 1470, 1526, 15Ô5-—Record and Guide, 14 ^.nd 16 Vesey
street.

■      )1