November i6, 1907





RECORD  AND  GUIDE





799





1





Changes in Long Acre Square.

LONG ACRB SQUARE has been the center of quite a little
real estate activity during the past few weeks. Several
transfers have taken place, a nuraber of large sales and lêases
including the Shaniey piot, and iater the ĩease of the south-
east corner of Broadway and 43d st, also tbe auction sale of
the Saranac Hotel, an account of which will be found in another
column,

Some years ago 42d st was considered the "dead line." No
one was supposed to cross that iine. Mr. Oscar Hammeratein
was the pioneer when he built his "Olyrapia," or as it is now
kno^Yn, the New York Theater; but even he could not over-
come the "hoodoo" and the result spelt failure for hira. But in
the course of time the theaters were compelled to move up
town and finally there was a grand rush' to get lavorabie sites
for that class of building,

Nothing could be done in that section until the ĩarge ea-
tates which owned nearly all the avenue property showed a
disposition to either improve, lease or sell their holdings. The
form that the operationa took as a general thing was leasing.
The Astors started the ball rolling when they built the Hotel
Astor and tore down the old St, Cloud Hotel on the southeast
corner of Broadway and 42d st, and buîlt in its place the new
Hotel Knickerbocker. The result of all these improvements,
as well as having the subway flniahed, gave a treraendous boora
to ĩand values not only on Broadway. but also on the adjoining
streets, and apartment hotels were planned alraost over night.





cars passing the doors, It raust have plenty of side entrancea
;o take care of the carriages. Many plots were offered to
the corapany, but they were refused because they were all lack-
ing in some essentia! point. It is the desire of many of the
subscribers to have an opera house further uptown, where it
will be free from the congestion of the Broadway trafflc, and
yet be easy of access. Columbia Cirele was well thought of
at one t'ime, but it was afterward abandoned as unaeslrable, .
The next few years WiII see many changea in Long Acre
Square, as there are a number of large plota still to be de-
veloped.





Fourth Torrens Hearing.

The fourth public hearing of the Torrens Commission was held
Friday at City Hall, with David A. Clarkson in the chair. The
flrst to addreas the raeetlng was A, E. Moreley, vice-president
Allied Real Bstate Interests, who read many extracts from re-
ports from various cities where Torrens systeras are in vogue.
Only one of the many was favorable to the aystem, He aaid, in
conclusion, that he peraonally objects to the system becanse,
so far, he has faiied to iínd a sufficient demand frora property
owners for its adoption.

Mr. Wheeloek. vice-president Douglas Robinson, Charles
Brown & Co., said that he could not speak on the constitution-
ality of the proposed act, but he could strongly endorae Mr.
Moreley's attitude.

Coraraissioner Pegram read a letter from Edgar J. Levey,
president Title Inaurance Company of New York, in which Mr.







LONG ACRE SQUARE FIVE YEARS AGO.





ĩn 47th st, hetween Six'th av and Broadway, there are about
eight of this class of buildings, and on 42d st," between Broad-
way and Eighth av, there are seven theaters.

When Shanley Erothers started their restaurant íust over
the "dead line" every one that was familiar with the.section
~thought that it would be impossible for the business 'l:o pay,
but contrary to all expectations it waa a success from the
start, and then Rector's opened on the block above and bas
done an immense businesa. An old broker in that section said
to a representative of the Record and Guide last week: "Get
them coming to a given seetion, and you can make them stay.
People in a large city are creatures of habit. They continually
go to one section of the city and seldora change their route.
Yes, route is the correct word, they go over and over the
sarae ground with hardly any variance. Tou ask jsorae business
man who lives on the West Side: 'How iong is !t slnce you
were in the Museum of Art in Central Park?' and he will
probabiy say, 'About fifteen yeara ago; but then I never get over
to that part of the cĩty.' Ask his wife and ahe will glve about
the same  answer."

Some years ago when Pabst Hotel was built on the north-
west corner of Broadway and 42d at, every one tliought the
future of that corner was deflnitely settled. It only remained
there a few years, and though the building was in perfect^con-
dition, it was demoliahed to make room for the "Tímes" huild-
ing. The new Stuyvesant Theater, which will be controlled
by David Belasco when completed, will occupy the plot to the
eaat of the Hotél Gerard, on 44th st, and will add one more
beautiful structure to  that growing neighborhood.

The section north of Long Acre Square has been given over
to the au'tomobile trade. Entire blocks are rented by concerns
afflliated wíth this industry, and the renta pald in some cases
are very large. They extend as far north as 64th st, though
a few firma have rented stores even further up on the avenue.

The aection below 42d st has not had an opportunlty to havê
a real movement. It is today in exactly the condition that the
Long Acre Square section was a few years ago. ĩn all probahil-
ity the Metropohtan Opera House will be the next large plot
to be sold, though that wili not take place until they have
secured a suitable site on which to build a new home for rausic
lovers. Several very flattering offers have been recelved for this
property, but the directors of the Metropolitan Real Estate Cora-
pany were unwilling to accept any of thera, on account of the
difflculty of procuring another site. The requirements of an
enterprise of that size are numerous, For exaraple, it must
bø  centrally located,  and that  means  there  must  be  surface





■Av





Levey held that it was poasible for the Gomraission to draw a
bill which would prove raore advantageous than hurtful to his
corapany's business, and that a diacussion before a bili is drawn
must be on purely academic lines.                  ■   ■        ;

Henry F. Miller said that it seemed to him that the Torrens
aystem was not in general demand and therefore the State should
not favor it.

WiIIiam Seeligsberg, of 35 Naasau st, saw no reason why the
State or municipaiity should not have a title guarantee of its
owns, as in Germany, where the costa of guaranteeing tĩtlea
are very sKght.

J. F, Parish aaid he saw no danger from public offlcials per-
forming duties that are now entrusted to private corporations.
He asked to be recorded as in favor of a Torrens system very
much simplifled,

Geo, A. Baker. Esq., did not believe that the State should go
into the insurance business.

The chairman announced at the cloae that the next meeting
of the Commission would be held in Aibany on November 29th,
at one o'clock, in the Asserably Chamber.





n





Recording Lease.

To the feditor of the Recorfl and Guide:

Wiîl you be kind enough to decide a question as to the legality
of the recording of a lease without havîng the aame acknowl-
edged before a notary, or whether a leaae witnessed by ordinary
witnesaes and not by a notary can be recorded and considered
bînding or legal.

Answer.—Perfectly binding and legal, but it cannot be re-
corded, Shouid it be recorded, the Registrar would be guilty
of a misdemeanor for placing on record an improper document.





Stock and Real Estate Investments.

On a 6 per cent, dividend paying basis Baltimore & Ohio, at 125
a year ago, gave its holders a 4.8 per cent. income. Those who
bougbt yesterday at 80í4 will, at tbe same dividend rate, net nearly
3 per cent,  more,—N.   Y. Herald.

There is no security sold on any exchange in the world
that is so safe and wliich has the chances for prospectîve
increases in value as New Yî>rk Iî«al Bstate, 1 should estl-
niiite the average yearly increase in value at from 6 to 10
per cent., so that we niay safely say that the total yearly
income from New Yovk Real Estate is at least 10 per cent.,
and may go as high as 20 per cent.

JEi'FlílKSON M. líKVr.