March 23, 1901.





RECORD  AND  GUTDE.





ml

497





REAL     ESTATE     NOTES.

Close attention to business is the secret of the success scored
by C, Schierloh. real estate agent and broker, of No. 896 Stb av,
near 53d st. His specialty is West Side property, and many
years' experience in law and realty matters enables him to in¬
telligently manage the many properties placed in his charge. Mr.
Schierloh's telephone call is S21 Columbua.

Judge McAdam, of the Supreme Court, has granted authority
to the trustees of St. Ltike's Hospital to dispose of the plot at
the southwest oorner of 5th av and 55th st, to Jeremiah C. Ly¬
ons for $575,000, of which $75,000 is to be in cash, the balance
being secured by a mortgage payable in three years, at 4 per
cent. The sale was originally reported in our issue of February
9, the price being then given at $600,000.

The Social Reform Club have decided to spur the Health De¬
partment into destroying insanitary tenements. They propose to
make inspections, and, having located a building which, in their
opinion, exists in violation ol the law, and is a disease centre, the
lacts will be brought to the notice ol the Health Department,
and il they fail to act voluntarily, a mandamus will be sought to
compel tbem to proceed against  the  property.

The reported trade ol Nos, 123 and 125 Liberty st for Nos.
42 to 48 East 20th st, turns out to be a transaction whereby the
building loan operator gets his second mortgage cashed, and is
not a transaction involving $1,000,000. Nos. 42 to 4S East 20th st,
on which Edmund Coffin made the loan, and on which he holds a
second mortgage of $64,000, is transferred to The Metropolitan
Life Insurance Co.; the company transferred to Wm. H. Redfield
(Henry M. Denton) the Liberty st property, and Mr. Denton Nos.
32 to 38 West 125th st to Edmund Coffin.

Boston parties have hit upon a plan to overcome the difficulty
of obtaining convenient sites for separate stables. A petitioi,
has been received by the Board of Health of that city asking lor
a permit to buiid what is described as a 7-sty apartment hotel
for horses on Lansdowne st, in the Back Bay. The petitioners art
all wealthy and influential men. It is planned to have the build¬
ing divided into suites of three and four rooms. The entrance
will be through an open court, and there will be a large elevator
to convey tbe horses to their suites on the upper floors.

Arthur S. Cox & Co. is the name of a new flrm who promise to
secure a place among tbe leading workers in the realty market.
Mr. Arthur S. Cox was for 17 years with the flrm of Geo. R. Read,
and as manager of the department of rental and management of
office buildings and other income properties he gained a knowl¬
edge that is invaluable, and the new flrm will make a specialty
of the entire management of such properties. They have opened
easily-accessible offices on the ground floor of No. 30 Pine st.
Mr. John J, Bueb is associated as partner with Mr. Cox.

In our issue ol February 9 we published a report of tbe sale
of tbe southeast corner of Stb av and 52d st, by Flake & Dowling.
It turns out after many denials that Frank J., William D. and
T. Judson Kilpatriek will take title to the property for a syndi¬
cate, and that an 18-sty hotel will be erected, as stated in our
report of tbe sale. The size of the plot is 125x100, and the price
is said to be $1,000,000. Tbe Barney-Sheldon syndicate paid
$600,000 for 125.5x150, and the present sellers appear to have
paid $750,000 for 125.5x100. If the report of $1,000,000 in the
present sale is correct, or nearly so, this particular plot has ad¬
vanced enormously In value within a year.

Henry F. Miller makes the following pertinent suggestion in
connection with the Carnegie offer: The acquisition, by tbe City
of New Tork, of sixty-flve building sites for libraries, means that
sixty-flve property-owners shall be deprived of property, which
they now own, and such proceedings are invariably attended with
considerable hardship and loss to tbe property-owner, lor which
he receives no compensation. In addition, such proceedings are
cumbersome and expensive. Alter the acquisition ol the sites by
the city they become exempt Irom taxation, so that the taxpayers
suffer a double loss, first, in the expense involved, and, second,
in the withdrawal ol juat that much property, otherwise taxable.
It is a grave question whether the list ol exempt property is not
now lar too large,

D. H. Scully. No. 57 East 125th st, who sold the Cambridge and
the Oxford, which he claims are the finest high-class apartments
in Central Harlem, is rapidly closing leases for the remaining
apartments. Mr. Scully has lound a steady increase in tbe
buyers of good Investment property uptown since the first of the
year, whicb, even witb bis lately-increased help and facilities at
his handsome offices. No. 57 East 125th st, keep him constantly
hustling, a quality he is noted for, as be is for unearthing bar¬
gains, which hia constantly increasing clientage can testify to.

Samuel H. Martin, whose specialty is the collection of rents,
this week negotiated tbe sale of No. 103 West 69th st. Mr. Mar¬
tin's office is centrally located, and he gives all business en¬
trusted to him close personal attention.

Apropos of the remarkable business activity in the upper Stb
and Madison avs residence districts, which has existed lor some
time past, we desire to cal! attention to a list of properties in
Ihat section in which the firm of S. Osgood Pell & Company has
figured as brokers; No. 987 5th av, to W. B. Leeds lor $260,000;
No. 383 Sth av, lease, $100,000; 6 lots on 95th st, adjoining Sth av,
to Isa&c H. Clothier, $210,000; No. 3 East 69th st, to Col. Thomp¬





son, $130,000; No. 35 West 56th st, to W. W. Hall, $90,000; No.
58 West SSd st. to Dr. Laidlaw, ,$45,000; No. 14 Bast 82d st, for
Mrs. Clarke, .$65,000; No. 24 East 64th st, to Judge Bookstaver,
$70,0(10; No, 22 East 78th st, sold twice within one week; Hotei
Virginia, SSth st and Park Circle, for Central Realty and Trust
Company, lor $275,000; corner Sth av and 54th st, lor Henry M.
Flagler, of the Standard Oil Company, to Cbarles Harkness,
$350,000; the southeast corner of Madison av and SOth st. for
Messrs. Farley, to James E. Taylor, for about $160,000. These
brokers negotiated also the sale of several of the houses re¬
cently built by Mr. Charles Buek, on East 49th and SOth sts.
Old "Columbia" site, as well as the lease of the Sherry Building,
corner of 37th st and Sth av, to Davis Collamore & Company, lor
an aggregate rental of $400,000 for the Goelet estate. It may bp
well to add, as a .further indication of the great activity in this
part of the city, that the gross business done by this single firm
last week alone amounted to more tban $600,000. The memberK
Of tbe firm are S. Osgood Pell, Stephen H. P. Pell and Peter R.
Labouisse.    Their offices are located at No. 542 Sth av





Bridge   No. 4





The fourth bridge across the East River will extend from be¬
tween 59tb an'd 60th sts and 2d av, Manhattan, across Black¬
well's Island and both channels of the river, to Hunter av and
James st, Long Island Oity. Each approach will consist of a ma¬
sonry ramp and a plate girder viaduct. Tbe lengths of the dif¬
ferent parts of the structure will be as follows: Manhattan ap¬
proach. 1,101 feet; west anchor arm, 46914 leet; west channel
span, 1,1.5S feet; Blackwell's Island connecting span, 592V2 feet;
each channel span, 1,002 feet; Queens anchor arm span, 469Vt
feet; Queens approach, 3.441.6 feet; total length, 8,231.1 feet.
The roadway and bottom chords of the main span« will be hori¬
zontal between the approximate centres of the channel spang,
and from those points will descend to grade at tbe terminals with
a slope of 3.41 per cent, at tbe west end, and 2.SS per cent, at the
east end. The minimum clearances above the ground of the
main spans are about 60 feet at the west anchor arm, 100 feet at
the east anchor arm, and 110 feet at the connecting span. The
minimum heights above mean high water will be about 118 feet
for the "fi'cst channel span, and 125 feet for the east channel span.
The Government requires 135 feet navigation clearance for about
47S feet ol tbe east end of the west channel span.

The approximate weight of the superstructure for the five main
spans is estimated at 33,000 tons. The piers will he of masonry,
built in open excavations, with foundations om solid rock not
more than 25 feet below the surface of the ground. The shore
piers will suffice for the anchorage of the end spans. Elevators
are planned for tbe side entrances to the approaches near the
end piers. Tbe location and general design of tbe bridge Is not
subject to farther change, but some modifications may be made
in the positions of the piers and in tbe details of the super¬
structure. The plans and estimates are being prepared under
the direction of R. S. Buck, engineer of tbe bridge, for tbe De-
partTnent of Bridges ol the City of New York; S. R. Probasco,
chief engineer, and John L. Shea, commissioner.





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THE    LARGER    LAWYERS'   TITLE    INSURANCE    CO.

The negotiations which have been pending for some time In
reference to the increase of tbe capital stock of The Lawyers'
Title Insurance Company of New Tork, were consummated on
March 14, 1901, when the stockholders of the company at a meet¬
ing called for that purpose authorized the increase of the capital
stock from one million to two million dollars by the issue of
ten thousand additional shares of new stock of the par value
of one hundred dollars per share. Thirty per cent, of the new
issue is taken by tbe existing stockholders in proportion to their
holdings at $174 a share, and the remaining seventy per cent,
has been sold at the same price to a syndicate represented by
the Central Realtj' Bond and Trust Company, The stockholders
also voted to increase the number of directors of the company
from thirteen to seventeen, and subsequently Messr.';. James
Stillman, President of the National City Bank; James H. Hyde,
Vice-President of the Equitable Life Assurance Society of the
United States; Henry Morgenthau, President of the Central
Realty Bond and Trust Company; and Thomas D. Jordan, Comp¬
troller of the Equitable Life Assurance Society of the United
States, were elected as additional directors. The purpose of the
increase of the capital and surplus is to provide the company
with resources to go extensively into tbe business of lending
money on bond and mortgage on real estate in this city, Aa a re¬
sult the resources of the company will be $2,000,000, of capital
and surplus of about -I!! ,400,000. Tbe Lawyers' Company will re¬
tain its close relations witb tbe real estate bar, anet also with
brokprs and owners, and wili bring into the field a large amount
of capital for investment upon real estate securities, securing the
active co-operation ol corporations and individuals largely Inter¬
ested in real estate investments.