May 12, im





Record   and   Guide.





603





lots.   Elegant site for pubhshing house or factory.   Address, No. 492, care
Real Estate Exchange.

125th street, southeast comer 6th avenue. Four lots. To lease for a
term of years. Rare chance for a large establishment. Brokerage paid.
Address, No. 492, Real Estate Exchange, 59 Liberty street.





Hew Members.
Ed. H. Rath and Remsen Johnson, both of  60 Liberty  atreet, were
elected stock membei's of the Real Estate Exchange last Tuesday.





How to Draw a Contract.
An invaluable work for all dealers in realty ia found In " Tbe Guide to
Buyers and SeUers of Real Estate," by CounseUor Geo. W. Van Siclen.
Thia pamphlet, of only flfty-six pages, offers a complete solution of aU tba
compheated questions tbat arise in drawing contracts. It discusses ques¬
tions of titles, lieus, curtesy and dower rights, deeds, searches, etc., and
contains forms of contracts and judicial decisions which, with other general
information, wiU go far towards making' every man his own lawyer. It
teUs all about fixtm-es, assumption of mortgages, apportionment of rents,
description of property, terms of payment, damages for failure to carry
out contracts, information on setting aside contracts for mistake or fraud,
and forms of deeds. Published by The Record and Guide, 191 Broad¬
way.   Price, 50 centa.

It is currently stated that the Sixth Avenue Railroad Company intends
bmUding a cable depot on the plot on 6th avenue, 140tb and 141at streets,
which we last week referred to as being purchased by them. The preaident,
eecretary and others connected with the road were called upon by a
reporter of The Record and Guide, aU of whom refused to speak on the
matter. The president said that he had " nothing to say at presBnt." It Is
said that the charter of the company permits the road to run tbe entire
length of 6th avenue, and that the project has been settled to buUd the line
from 110th street northwards, using either horse, electricity or cable power,
most Ukely the latter.

The aaphalt roadway ou West End avenue haa heen completed between
73d and 70th streets, and is now in condition for driving over; 7Sd
street, between Weat End avenue and the Boulevard, is also ready
by tbia time. A petition has been presented by property-ownera and
residents on the first-named avenue to pave it with asphalt from 76th to
92d streets, which wUl no doubt he done. Tbo pavement Is the same
aa that in front of the Mutual Life building, and is unquestionably a
great Improvement over the block system as far as noiseleasneas and neat¬
ness are concerned.





The Improvement and widening of 110th street is a needed measure.





Real Esta'e Department;

The salea at private contract continue duU. At auction tbey have heen
moderately numerous, but parcels continue to be bid in to a large extent.
Indeed, it is not always possible to ascertam every case in which property,
though apparently sold, baa not changed bands. For inatance, the three
lots on the northeast corner of 5th avenue and 90tb street were ostensibly
sold to two brokers, the corner for $21,000 and tbe two inside lots for
$29,000, an average of S14,500 each, whereas tbey were actuaUy not sold,
but were merely protected, or^ what is technicaUy termed "bid ui" for
the owners.

A broker writes to us criticising the article last week in which we
showed from the figures that real estate transactions during the first four
months of this year were §20,000,000 in amount behind the corresponding
period iu 1S87. He thinks that The Record and Guide should not pub¬
lish these facts, nor state the position as it is. He advises us rather to
"boom" real estate. Another broker told a reporter of this paper that
"The Record and Guide is perfectly right, but it shouldn't teU the
truth," A prominent official of tbe Real Estate Exchange, when spoken to
by the writer yesterday, expressed himself somewhat differently. " ItisaU
nonsense," he said, " for the daily papers to try and boom property when
almost every broker and agent in town wiU tell you that he is doing little
or notbing compared with last spring. These jom'nals are unreliable in
their real estate news, and it is refreshing to read The Record and Guide
after tbeir often absurd statements. The truth should be told at aU times,
and The Record and Guide seems to be the only paper which knows how
tbe situation stands and has the courage to give the true condition of the
market."

In our last week's report we took occasion to note an improvement In
tbe prospect for bmlding. The projected buildings filed at the Building
Department this week have borne out the prediction. For the first time
in many months the plans show a larger number and cost, the latter not
far from double. This is encouraging, but It Is desirable not to base too
much upon tbis showing, which may or may not be temporary. The plans
brought in by our reporters from the builders and architects during the
current week are not as large as the previous week by any means, and
whQe we do not wish to anticipate a lapse in the sudden spurt of last
week, we shaU hasten to chronicle with a welcome feeling a reappearance
and continuance of the activity which they seemed to foreshadow.

The Manbattan Athletic Club decided to pmchase tbe Christ Church prop¬
erty on the Boutheost corner of 5tb avenue and SSth atreet on Fi-i day afternoon
of laat week, A few hours after the information was in posaeasion of
The Record and Guide, and tbe property was reported aold in our issue of
the next morning. But we now leam that the contract has not been aigned.
"Thereby hangs a tale." Quite an interesting revelation migbt be made
if the inside facts could be gotten at. The Church people deliberated upon
the lowest flgure at which they should sell the property to the club, and
fixed upon $315,000. Tbe club, after considerable discussion, made the offer
and were perfectly willing to pay that figure, but no more. And here comes
the curious part of the story.   An hour before the club made the offer, it is





said, a second party, whose name would not he divulged by the broker or
Church representative, also offered $215,000, and the parties of tbe flrat
port, so tbe story goes, informed the BuUding Committee of the club that
they would probably seU it to the party who made the first offer. The
broker intimated, at the same time, tbat the club migbt possibly be able to
purchase the property from him at an advance of 110,000. The committea
at once dropped negotiations, and are now considering otber sites on the
avenue. Tbe contract was not signed hy the "second" party unless within
a few days ago, and it is heheved is not yet signed. This httle atory is
worth relating, and while the names of the parties are known to iu w«
refrain from publishing them.                                                            .  .,.,,.,.,

The sales held on Monday were few and unimportant, and tbe a^n3a.ri(&
at the Exchange was quite small.

Tuesday was a busy day on 'Change; many aalea were held and th»
attendance was large. DweUings, flata, a factory, cottages and vacant
lots were embraced in the list of sales, the latter being tbe most numerous.
The dweUing No. 46 West 55th street, with lot 20x100.5, was started at
$18,000 and sold at $'28,400 to B. Aymar Sands. Three similar dweilmgs on
this street, each 18x100.5, changed hands last year at $36,000, $38,500 and
$39,500 respectively. Judge P. H. Dugro secured tbe flve-story brick
building No. 23 Chambers street, northwest corner of Centre, size 30x37.6i
33.4x38.4, for $60,000. Tbe premises rent for $3,430 per annum. Four flate
on West 40th street, Nos 315 to 321, each 25x98.9, belonging to the estate of
Louis Walter, were sold together for $100,700. Thirty lota on New and
Edgecombe avenues and 151st street were sold under foreclosure for a total
of $53,675.

The Colweil estate sale was the most important held on Wednesday. It
embraced twenty-four lots on llth avenue, 37th and SSth streets, and was
sold for a total of $181,4.50. The improvements consisted of buildings occu¬
pied as iron works. The bidding was quite Uvely throughout. Richard V.
Harnett was the auctioneer, and Hon. Noah Davis, the referee, and Georg»
W. Van Siclen, the plaintiff's attorney, were present during the sale, Tha
dweUing No, 44 East 65tb street was knocked down at $30,000. This waa
the flrat and only bid made for the house.

Moat of the sales held on. Thursday embraced dwelling houses, the two
costUest being on 5th avenue, The attendance waa fair aud the bidding;
quite active. Pelham St. George BisseU paid $85,000 for the house No, 811
5th avenue, near 62d street, size 35x65x106. The flrst bid offered was $60,000.
Edwin W. Ivins (brother to the Chamberlain) secured tbe new dwelling
No. 931 5th avenue, near 74th atreet, for $87,500. Tbere is about $84,000
due on the mortgage foreclosed. Several parcels in North New York wer»
also sold. L. J. Carperter bid $32,500 for five lots on the corner of Railroad
avenue and ISSth street. G. Reusens paid $7,650 for six acres with houM
at Oscawana-on-the-Hudson.

Several sales were held yesterday, which ia rather unusual for Friday.
The four parcels offered were aU sold under foreclosure ordera. Two
Madison avenue lots, near 86th street, on whicb over $9,800 apiece Is due,
went for $8,600 each to a party In interest. Ten ;lots on 1st avenue, 103d
and 104th streets were aold cheaply at $39,000, and four lots on the corner
of 2d avenue and 100th atreet brought the fuU figure of $26,300.

On Monday, May 14th, James L. Wells wiU commence a series of import¬
ant sales, which wiU be continued on Tuesday, May 15tb, Wednesday, May
16th, Thursday, May 17th, and on different dates during the foUowing two
weeks. The property is located in some of the choicest spots of the 23d and
34th Wards, in BeUeviUe, N. J,,'and in Astoria, and contains improved and
unimproved parcels weU suited for investment. In our advei'tisement
columns the property is described at length, and our readers should refer
to It or to the auctioneer for fuU imformation.

The Corporation sale of property, which takes place on Tu^day next, is
attracting some attention. The sale wih be under the direction of Comp¬
troUer Theo. W. Myers, by order of tbe Sinking Fund Commissioners, It
will comprise several valuable building lots in the 12th Ward, on the line of
the old Aqueduct, ou 99tb, 101st and 102d streets, near 9th avenue, and on
the northwest corner of ISOtb street and 13th avenue; abo Primary School
No. 18, in the yth Ward, situate on Waverley place, between llth and
Bank streets.

On Tuesday, the 15th Inst., Wm. Eennelly Se Bro, will sell flve valuable
lots on 151st street, west of 10th avenue, aud five other lots, witb a splendid
brick residence thereon, on 153d atreet iu tbe rear adjoining, Theae are
directly in the line of advancing prices.

On Tuesday, May 15th, Richard V. Harnett wiU sell the property belong¬
ing to the estate of one of his old business confrferes—tbe late Homer
Morgan, It comprises sixteen desirable lots on Central Park West and
102d, lOSd, 104tb and 105th streeta West. This wdl be an intereatiug sale.
On the same day Mr. Harnett sells the five-story tenement No. 30 Goerck
street, near Broome.

On Wednesday, May 16th, Richard V. Hamett wiU offer three choioe lata
on 114tb atreet, near Riverside Drive.

On Thursday, the 17th inst., Richai'd V. Harnett wUl seU the foUowing
properties: Tbe Sailors' Snug Harbor leaseholds Nos. 775 and 777 Broadway
and 48 Clinton place, very valuable leases; the private house No. 1056 Lex¬
ington avenue; the three tenements at Nos. 413 to 417 West 40th street, and
the four-story house No. 307 West SSth street.

On Thursday, the 17th Inst,, A. H. MuUer & Son will conduct one of the
most important sales of the season in Brooklyn property, situate in the 17th
Ward of that city. There are 312 desirable lots located on Kingaland, Van
Cott, Nassau and Norraan avenues, aud on RusseU, North Hem-y, Monitor
and Sutton streets. These properties wiU be sold at tbe New York Real
Estate Exchange, by order of the executors of the late Ambrose C. Kings-
land, and the sale will no doubt attract a large crowd of buyera from the
City of Churches, New York and elsewhere.

J. Thomaa Stearns will sell at auction, on Tuesday, May 22d, 100 valua¬
ble lots on Webster and Brook avenues, Anna place and 170tb and 171st
streets. Sixty per cent, may remain on bond and mortgage for three
yeara. This is a part of Zborowski's estate, and includes some of tha
choicest portions at the 'iSd and 34th Wards,   Webster avenue will be the