April i8, igo8
RECORD AND GUIDE
717
av and Riverside Drive. Two 12-sty apartment houses are go¬
ing to be erected by them. It is claimed that they will have
every modern improvement.
"The realty market is still quiet," said David A. Ciarkson,
President of the Real Estate Board of Brokers, "though there
has been some improvement shown lately. I do not look for any
great activity this spring. In fact, I think the market will
remain in its present condition until after the Presidential nom-
inalion. Money must flrst get easy. AH signs are pointing that
wav now."
The principal loan negotiated during the week just past was
on the Fifth Avenue Hotel property, 23rd st and 5th av. The
Metropolitan Life Insurance Co. loaned the Fifth Av Building
Co. $0,500,000. A new 14-sty structure is to be built on the
site. The 136 West 57th st Co. gave to the Metropolitan Life
Insurance Co. a mortgage for $475,000 at 6 per cent,, due May
1, 1912, on the property 134 to 140 West 57th st. This holding
is 310 ft. east of 7th av and is 80x100 in size. Richard Siden¬
berg loaned $105,000 to Adin G. Pierce and Roswell F. Easton
on the property 99 and 101 Sth av, where a 12-sty store and
loft building is to be erected. Mrs. Margaret O. Sage was again
a loaner of money on bond and mortgage. The Welling (Charleli
H.) Co. borrowed $400,000 for two years at 5'A per cent on the
property 170 5th av, on the southwest corner of 22d st, 29x120.
This property also includes 2 West 22d st.
THE AUCTION MARKET
THE results of the auction market during the week differed
but slightly from those recorded in this paper during the
past few months. The only noticeable difference was that sev¬
eral parcels were bought in by persons representing parties in
interest. This is a good sign. It simply means that the money
market is in a slightly easier state. A number of the offerings
wen!, to the various plaintiffs and several were withdrawn.
At the stand of Joseph P. Day on Tuesday No. 1952 2d av, a
5-sty tenement and store, 25x100, was knocked down to Louis
B. Wasserstrom for $23,777. The amount due in this action was
$4,540.50; taxes and other charges amounting to $451.20. The
4-sty dwelling, 14S East 4t;th st, 15x100, was sold to Peter J.
Shields for $16,250. The amount due was $13,812.15. The taxes
amount to about $207.89,
Among those properties to be offered during the ensuing week
by Bryan L. Kennelly will be the 4^-sty American basement
dwelling, 315 West 7Sth st, with a 3-sty butlers' pantry ex¬
tension. There are 11 rooms in this house and three baths. The
size of the house is 16x102.2. The American basement stone
and brick dwelling 339 West 71st st, 16x100.5, will also be
knocked down to the highest bidder. There are 11 rooms and
two baths in this house, open plumbing and hardwood trim.
The title is guaranteed and policies delivered free of cost to the
purchaser. Another building to be -disposed of Is 00 West OSth
st, the 5-sty and basement brick and stone apartment house,
four rooms and bath to each apartment, steam heat, hot-water
supply. This house has a frontage of 25 ft. and the depth of
the lot is 100.11. The gross rents aggregate $4,0S0. There will
be allowed to remain, at the option of the purchaser, SO per cent
on mortgage for four years, at 5 per cent.
At the stand of D. Phoenix Ingraham on Tuesday the plot on
the southwest corner of Broadway and 170th st will be knocked
down to the highest bidder. There are about nine lots in this
parcel. It has a frontage of lll.S on Broadway and 215 on
170th St. Tlie terms of the sale are liberal, one of which stipu¬
lates that SO per cent may remain on mortgage for tw-o years,
at 4'^ per cent.
LAW DEPARTMENT.
To the Editor of the Record and Guide:
"A" being the owner of a piece of property, authorises "B"
to lease his store. "B" secures a party and leases said store,
at $900 rental for the first year, $900 for the second, and $1,200
for the third year. "A" gives tenant an option of two years
at $1,200 rental per year. What amount of commission is "B"
entitled to?
Answer.—The Board of Brokers' rate for leasing for a term
of three years and upward, on gross rental, except by special
agreement, is one per cent.
DEATH OF A BROKER.—William A. Martin, a well-known
real estate broker, died suddenly Sunday morning. He lived at
the Montana Apartments, 35 Mount Morris Park West. Mr.
Martin suffered greatly from indigestion, and it was an acute
attack which finally killed him. He was 61 years old. He
leaves one son, William A. Martin, Jr. Mr. Martin was espe¬
cially identified with the Harlem section. His offlce was located
at 50 West 125th st. He has been in business in that section for
thirty years. He was a Director of the Hamilton Bank and
for many years President and Director of the Harlem Board of
Commerce. The funeral was held at the Calvary Methodist
Church, 129th st and 7th av, last Wednes-day. The interment
was at Greenwood Cemetery.
LEGISLATIVEIIDIGEST.
The following are excerpts of the minutes of the meeting of the
Law Committee and the decision of the Board of Directors of the
Allied Real Estate Interests relative to bills introduced in Albany,
N. T., affecting real estate:
SENATE BILL, INT. NO. 775. PRINTED NO. 993.—Mr. COHA¬
LAN'S bill to relieve religious, charitable and benevolent institu¬
tions from assessments. This bill is in line with a number of others
which have beeu opposed by this association. It Is Intended to re¬
lieve from assessments heretofore and hereafter levied upon prop¬
erty of such institutions while held, owned and used by them or
held for their benefit. As to assessments heretofore levied the loss
would fall upon the city. As to assessments hereafter levied it
would Impose a greater and Inequitable burden upon others; while
the institutions in both cases have had the beneflt of the improve¬
ment. The principle of exemption from taxation is wrong. There
is no reason why it should be e::tended so tbat there be exemption
from assessments which add to the value of the holding.—OPPOSED.
ASSEIVIBLY EILL, INT. NO. 1410, PRINTED NO. 1952.—Mr.
GRADY'S bill dividing all assessments which shall equal or exceed
5 per cent, of the land value into 5 annual Installments and pro¬
viding that one of those Installments shall be a lien 10 days after
entry and the other 4 installments shall become liens annually.
The city cannot afford to make public Improvements and wait 5
years for reimbursement. The result will be that public Improve¬
ments will he retarded and only the most necessary ones will be
made. Moreover, the provisions making four-fifths of the assess¬
ment not a lien immediately after the assessment has been con¬
flrmed, but making separate annual liens for the installments, will
lead to much injustice. Owners of property which have received the
beneflt oE improvements will sell them so as to get the enhanced
value, aud Impose upon purchasers the payment of the assess-
mcnt.—OPPOSED.
SENATE EILL, INT, NO. 788, PRINTED NO. 1007.—Mr. FOEL-
KER'S bill to repeal Section 83-a of the executive taw. This is the
section under which it is necessary that in counties where there is a
Register notaries must file their autograph signatures and certiflcate
of appointment with the Register before he Is authorized to accept
for record deeds acknowledged before such notaries. The pro¬
visions of this section of the executive law have heen found faulty
and not to add much to the safety of conveyancing. The necessity
for looking up the signatures of the notaries upon every instru¬
ment offered for record in the R,egister's office in the metropolitan
counties before accepting the instruments has resulted in very con¬
siderable delay, and it is no real safeguard, because an Instrument
acknowledged before a commissioner of deeds is recorded even
though the Register has no copy of his certiflcate or sample of his
autograph signature. The legislation of last year on this subject
was ill considered and hasty. Chap. 207 was so defective that it
had to be amended by Chap. 059. The bill to repeal should be sup¬
ported. If it is desired to provide substituted legislation upon the
subject it -would he simple enough to require that when notaries
and commissioners qualify, they leave with the County Clerk an
autograph signature upon a card which could be transmitted by the
County Clerk to the office of the Register, This would give the
necessary safeguard, for then the Register need not hold up the
deed when offered for record, but can compare the signature at his
leisure and if there be any question, call for explanation. It Is
not clear that tbe bill as drawn repeals Section 83-a as amended
by Chap. 559 of the law of 1907. This should be covered.-AP¬
PROVED.
SENATE BILL, INT. NO. 787, PRINTED NO. 1006; ASSEMBLY
BILL. INT. NO. 1414, PRINTED NO. 1956.—Messrs. FOELKER'S
and C. F. MURPHY'S bill by which it is intended to put upon the
city claims for damages for loss of business by reason of and during
the construction of subways in the city of New York. While It la
true that some persons have suffered serious damage and loss by
reason of the construction ot subways in such manner as to impede
traffic on public streets, to provide that the city shall now com¬
pensate for these uncontemplated past damages would Impose a
very considerable obligation and make the cost of tbe subway very
much more than was ever contemplated. To establish the principle
that the city may be made liable for such consequential damages
would lead to the assertion of claims for every kind of temporary
interruption ot traffic or damage to business. Where the establish¬
ment of Buch a principle would lead it is impossible to say.^OP¬
POSED.
SENATE BILL, INT. NO. 813. PRINTED NO. 1052; ASSEMBLY
BILL. INT. NO. 1450, PRINTED NO. 2002.—Messrs. RAMPSBERG-
ER'S and WEIMART'S bill to amend the insurance law in relation
to deposit of securities by insurance companies. Insurance cor¬
porations are now permitted to make their deposits with the State
Superintendent in bonds of the United States, of this State, or in
bonds of counties or incorporated cities and in bonds and raortgages
on improved, unincumbered real property. The object of this hill is
to provide that of every deposit made after Oct. 1, 1908, at least
one-halt shall consist of outstanding bonds of the State. This Is
an attempt to force the market for state bonds,which it would appear
is against the interests of tho State. Real estate interests are par¬
ticularly interested because it will take out of the real estate
market moneys now invested by insurance companies In real estato
mortgages which are deposited with the Superictendent and forces
the investment of State money in such bonds.—OPPOSED.
SENATE BILL, INT. NO. 821, PRINTED NO. 1073; ASSEMBLY
EILL, INT. NO. 1345, PRINTED NO. 1770.—Messrs. CASSIDY'S and
E. J. ST.^LEY'S bill in relation to passenger elevators, requiring
that all .elevators except those in private residences have safety
automatic locking devices. Such devices are unnecessary. There
have been few or no accidents which would be avoided by the use
of such devices, but they retard the running of elevators in such
manner as to be quite appreciable in large buildings.—OPPOSED.
ASSEMBLY BILL, INT, NO. 1056, PRINTED NO. 1884.—Mr. C. F.
MURPHY'S bill to amend Subd. 12 ot Section. 2732 of the Code of
Civil Procedure, relating to administration ot personal property.
This subdivision provides that in the distribution of the estates oC
intestates no representation shall be admitted among collaterals
after the descendants ot brothers and sisters. The object ot the
amendment seems to be to make the rule different when the decedent
leaves real property than when the decedent leaves no real prop¬
erty. It is difficult to understand how the administrator will know
which rule applies when making distribution, as he has nothing to
do with the real property, and it does not come into his possession.
The bill seems to be poorly considered.—OPPOSED.