October 26, 1918





RECORD  AND   GtJlDE





Real   Estate  Review for the  Current Week

Market   Shovvs   Broadening   Tendencies,   Keílecting   a   Decided
Improvement—Good  Demand  For  Small  Investment  Proi^erties





SUBST.\NTIAL progress was recorded in the real estate
marke* this week, business displaying distinct broadening
tendencies. Not only was there a consistent and well
maintained demand for downtown business property, but
there was an increased call for small investment holdings in
various parts of the city, the demand concerning itself chiefly
with moderate priced dwellings and tenements. A distinctly
encouragiug feature of the business was the comparatively
small number of trades, many of the transactions being nego-
tiated on cash basis. One of the weaknesses of the market
for many months has been the practical monopoly .of the
market by e.xchange deals, in other words, transactions in-
volving trades with little or no element of cash. This factor
in the real estate situation has rarely been considered an indi-
cation of strength since no new capital is released into real
estate   and deals simply involve transfers of equities.

The departure therefore from this trend and the acqui-
sition of a number of small parcels on a cash basis may be
regarded with considerable optimism since it may be inter-
preted as the possible beginning of an upward turn of the
market. While undue optimism cannot be expressed at this
time because the market has always been inclined to be
spotty and one week's particular activity cannot be fairly
taken as a foundation for a new trend, nevertheless the fact
that there has been a quickening of real estate interest and a
substantial increase in the demand is worthy of comment.

Coming at the close of probably the most remarkable finan-
cial campaign loan in the history of the world, during a
period  when  unprecedented sums were  taken  from ordinary





investment chaniuls and placed into Federal securities, the
business of the wcek assumes an additional favorable posi-
tion. Sales of mcrcantile buildings in the downtown section
continued to reflect the steady interest which business men
and investors are displaying in holdings in downtown neigh-
borlioods.

Tlie investment possibilities of New York real estate was
again demonstrated by the purchase of a Front street office
structure by a San Francisco buyer, who has become inter-
ested in downtown properties and has been adding to his
holdings from tinie to time. An important transaction re-
flecting the continued growth of the automobile center on
Broadway north of 53rd street involved a tall office building
at Broadway near 57th street, acquired by a prominent auto-
mobile company which already has extensive real estate in-
terests in the block. The establishment of this section as the
automobile's trade zone has tended to stabilize values to an
unusual degree and the purchase by the Chevrolet Co. of the
fee to this building indicates not alone their confidence in
the future of the section, but tends to strengthen the belief
that this district will remain the permanent center of the
atuomobile  industry.

linnorlant leasing transactions of more than passing inter-
est involved a Pine street building taken by a bank to meet
increased business requirements and the leasing of large
space in a Madison avenue building by a leading silk concern.
The growth of Staten Island as a promising center for indus-
trial activity was emphasized the lease of a large tract at
Stapleton  to an  English  manufacturing concern.





PRIVATE REALTY SALES.





THE total number of sales reported
and not recorded in Manhattan this
week was 24, as against 18 last week
and  16 a year ago,

The number of sales south of S9th
street was 9 as compared with 5 last
week and 9 a year ago,

The number of sales north of 59th
street was 15, as compared with 13 last
week and 7 a year ago.

From the Bron.x 10 sales at private
contract were reported, as against 9
last  week  and  11  a  year  ago.

Statistical tables, indicating the num-
ber of recorded instruments, will be
found  on  page  496 of  this  issue.





Adds to Broadway Holdings.

An important purchase in the auto-
mobile section involved the nine-story
Peerless Building at 1762 Broadway, with
an "L" to Fifty-seventh street, which
was sold by the Doan Realty Company,
representing the Peerless Motor Car
Company, to the Chevrolet Company.
Recently the same company purchased
the nine-story Demarest Building on the
southeast corner of Broadway and Fifty-
seventh street. The Peerless Building
froiits 70 feet on Broadway and 25 feet
on Fifty-seventh street, thc northerly
and southerly frontage measuring about
92 feet. The two buildings have a com-
bined frontage of 136 feet on Broadway
and 141 feet on Fifty-scventh street, the
easterly and southerly lines measuring
116 and 91.6 feet, respectively. The Gen-
eral Motors Company, through the Chev-
rolet Company, now controls the block
front on the east side of Broadway, be-
tween Fifty-sixth and Fifty-seventh
streets, with the exception of the Broad-
way Taberiiacle at the Fifty-sixth street
corner. These two investments involve
close to $1,500,000. The Cross & Brown
Company   negotiated   the   sale.





A  San  Francisco   Buyer.

The Charles F. Noyes Companv has
sold for Max Marx for about $50,000, all
cash, to Edward H. O'Brien, of 'San
Francisco,   the   Richardson   Building,   a





seven-story office structure, at 124 Front
street on lot 18 by 75. The building is 100
per cent. rented at an aggregate rental
of nearly $6,000. The property is well
locatcd, adjoiiiing the corner of Wall and
Water streets, leased by the Noyes Com-
pany to G. Amsinck & Co. for 21 years,
and also abuts the Beadel Estate hold-
ings at Wall and Front streets. Earlier
in the week Mr. O'Brien purchased
through the same broker 95-97 Front
street, corner of Gouveneiir Lane, and
both transactions were made on an all
cash basis. The Noyes Company has
been appointed Mr. O'Brien's agents.
The Front street buildingjust purchased
is in the neighborhood where a great
deal of activity has occurred. Lanborn
& Co. are erecting an office building at
130-132 Front street, corner of Pine, and
Joseph F, CuIIman recently purchased
the Venezuela Building at 135 Front
street.





John  Street  Investment  Purchase.

Charlcs L. Huisking, head of a large
drug brokerage firm, lias purchased
through the Charles F. Noyes Company
from Frederick J. Stimson the five-story
building at 110 John street, covcring a
lot about 20 by 50. The properlv was
valued at $35,000. Mr. Huisking is the
owner of 5 Platt street adjoining, and
by this piirchase now controls a plottage
of about 3,000 sq. ft., with entrances on
both John and Platt streets. He will
probably make extensive alterations to
the property just purchased, and use 110
John street exclusively for the oltĩces of
his firm, maintaining his present quarters
at 5 Platt street for warehouse aiul ship-
ping purposes.





Plan   Long   Island  Aero   Club.

Promiiicnt New Yorkcrs intercsted in
aviatiqn and hydroplaiie practise have
purchased a tract of 260 :ii res at l.loyd's
Neck, L. I., under tlu iiame of the
Lloyd's Neck Club, of wlilch Reĸinald C,
Vaiidcrbilt is president. It wil'. he used
to further Government wurk in iiis field..
The tract has a fronta'.'o of twc and a
half milcs on the Sound am! Lloyd's
Harbor, and almost in ihe cenlrc of the
tract is a lake of about ten acrcs. Its
location   for  schooling and  posl-gradu-





ate work in aviation and hydroplaning
is considered ideal. Few changes will be
necessary to place the property in al-
most immediate Governmental use. A
farm house on the property, together
with portable barracks, will furnish com-
fortable quarters for aviators. The vice-
presidents of the club are Henry Payne
Whitney and Lawrence Lewis Gillespie.
Samuel Willets is secretary and Henry
Sanderson treasurer. With them on the
board of governors are C. Oliver Iselin,
Edward D. Morgan, Frederick N.
Watriss, Elbert H. Gary, T. Coleman Du
Pont, Cornelius K. G. Billings, and others
equally prominent. After the war it is
planned to make the club a great centre
of social outdoor life. In due time a
clubhouse will be erected and an
eighteen-hole golf course, a polo field,
and a race course will be laid out.

Manhattan-Brooklyn Trade.

Meister Builders, Inc, have sold to the
Progressive Realty Company, 229 East
Tvvelfth street, a seven and a half story
elevalor apartment house, on plot 50 by
103.3, held at $100,000. In part paymcnt
the company took fifteen two-family
houses at 491 to 525 Alabama aveiuie,
East New York, on a plot 300 bv 100,





Buys   Long   Island   City   Plant.

The Amcrican Chiclc Coinpany bought
from the Ameiican Bar Lock Co. its
propcrty on the north side of Borden
avcniic. 275 ff. cast of building, cover-
iiig six lots. The property has been held
at $50,000, aiul adjoins the six lots to the
west, the property recently sold to the
sanic company, on which a buildiiig is
now being erected to be used in conjunc-
tion with this building as an experi-
mental laboratory for the refining of
gum. M. & L. Hess, Inc, were the
brokers.





Manhattan.
South  of S9th Street.

sri.I.IVAN ST.—SiJurbtT liros. Bokl. tlirough
í'iiriuici íí Co., 14li SuMivan st, .1 li-sty Hut, 011
a lo( i;:ixl(lil, bctween Prinee ancl West Houston
sts.

--I) ST,—The estatc of Douglas Taylor sold thc
old fashioneil ,'i-sty dwelllnĸ on jilot ,'i7.tlx!is.n. at
lío.'í West liL'd st, to an operator who intends to
alter the buiIdÍDg iDto sjiiall suîtes.    TUe prop-