September 21, 1912
RECORD AND GUIDE
529
a design becomes an adornment to the
street on which it is erected.
There is only one objection to it, which
is, unfortunately, that it has to be used
for trains. But in any event the differ¬
ence between such a structure and the old
ugly, dingy and noisy elevated roads in
Manhattan constitutes all the difference
between civilization and barbarism. Will
it ever be possible to get rid of the Man¬
hattan elevated roads?
For the most part the question carries
its own answer. No attempt is being made
to get rid of them. They are going to be
changed into even more useful and neces¬
sary means of travel than they are at
present. But it does seem as if a possi¬
bility existed of getting rid of the most
objectionable single structure, because it
is also the least useful one. The Sixth
avenue elevated runs one of the most
central avenues in Manhattan. This ave¬
nue, in spite of the noise and disflgure-
ment of the structure, is used as a loca¬
tion for Important shops and places of
amusement, but with the elevated road
removed it would at once become im¬
mensely more useful, particularly that
part between 42d street and 23d street.
The destruction of any of the other lon¬
gitudinal lines is inconceivable, but after
the Seventh avenue subway is constructed
it looks as if Manhattan could get along
very much better without the Sixth ave¬
nue elevated than with it.
The Week in Real Estate.
Considering its dulness during the pre¬
ceding fortnight, the real estate market
made a very good showing, indeed, this
week. The trading was not only con¬
siderable in volume but included a num¬
ber of transactions of importance. It
was widely extended, embracing most of
the leading sections of Manhattan; and
a substantial budget of sales was re¬
ported with an equally substantial list
of mercantile, apartment and private
house leases.
The most notable deal of the week was,
of course, the purchase of the property
of the Mechanics' National Bank, at 29
to 33 Wall Street, by J. P. Morgan & Co.
The price, while not published, was no
doubt in excess of the valuation of
$1,620,000 at which the holding is assessed
by the Tax Department. The property
adjoins the premises occupied by J. P.
Morgan & Co., acquired not long ago from
the Drexel estate of Philadelphia. The
new owners will build on the combined
sites, which afford a frontage of 113.5 on
Broad street and 156.9 on Wall street.
The total area is assessed on the tax
books at $3,870,000. The new building will
be erected from plans by Trowbridge &
Livingston. The probability is that it
will not go beyond seven stories, although
the matter of height has not been finally
determined. It is interesting to note that
a relatively small building is to be put
up on so valuable a site in a neighbor¬
hood where skyscrapers have been grow¬
ing taller and taller. Another transac¬
tion of particular, interest was the sale
by Thomas Dimond of his property at
128 West 33d street and 137 to 149 West
32d street to the Stuyvesant Real Estate
Company, which acts as a holding com¬
pany for the Pennsylvania Railroad. Mr.
Dimond has been holding the property at
$2,000,000. It contains 18,700 square feet,
beginning at the westerly end of the
Gimbel building, and extending to land
already owned by the Pennsylvania. With
the Dimond property, the Pennsylvania
has a plot 197.6 ft. on Seventh avenue
and extending 400 feet eastward on 32d
and 33d streets.
That the company will utilize this for
a building of some sort is taken for
granted, but from the best information
obtainable it is understood that a hotel
is not contemplated. If the Pennsylvania
iever influences yie construction of a
hotel near the station, it will be between
33d and 34th streets, west of Seventh
avenue. Whatever the nature of the
building the Pennsylvania will permit to
be erected on Seventh avenue opposite
the station, the structure will be re¬
quired to sit back from the avenue at
least twenty feet.
Under the laws of the State of Penn¬
sylvania, the railroad company as such
cannot improve property not required In
connection with its regular transportation
business. Whatever the Pennsylvania
does therefore, in the way of building,
will have to be done through an inter¬
mediary. It is not known in New Y'ork
if the plans of the Pennsylvania are for
an immediate improvement of the prop¬
erty or not. Officers of the company
when in town have intimated that the
Dimond ironworks site will not be used
for a hotel, and the once rumored "es¬
planade" is out of the question now.
There remains the chance the Pennsyl¬
vania will somehow bring about the
erection on the site of an exposition
building of some sort, rivaling the plans
of the New York Central for Park ave¬
nue.
"Xo one need have any concern about
the Pennsylvania," remarked a man
who has been close to the directorate.
"They know what they are doing."
Still another interesting deal was a
purcha.se in the Greenwich Village sec¬
tion by the St. John's Park Realty Com¬
pany, composed of James J. Cruikshank
and William D. Kilpatrick. The purchase
was not a large one, but it was the last
of a series of purchases which now
finally gives the St. John's Park Realty
Company a block front on the west side
of West 4th street, between Horatio and
Gansevoort, on which a mercantile build¬
ing is to be erected. This has alreaay
Ijeen leased, from the plans, to the Riker-
Hegeman Corporation.
Mention may also be made of a lease
recorded by the Ames-Shubert Central
Theatres Leasing and Construction Com¬
pany of a plot on the south side of 4.Tth
street, west of Broadway, and running
through to 44th street, on which twt>
theatres will be erected.
These transactions were supplemented
by considerable number of miscellaneous
de.als, some of which affected valuable
sites for loft buildings and apartment
houses. Indeed, a large share of the
trading was concerned with building
sites.
This was true also in the Bronx, where
as the result of the week's brokerage
business a number of apartment houses
and dwellings will go up. Perhaps the
most notable transaction there was the
purchase of ten lots at the northeast
corner of Third avenue and 168th street
by an investor who will erect a block
of twenty stores.
The brokerage reports from Brooklyn
showed an increase of buying also in that
borough. Announcement was made that
twenty-flve 1-family houses in the Ma¬
pleton section near the 22d avenue sta¬
tion of the Sea Beach line "L" have al¬
ready been sold by the Alco Building
Co., which is associated with the Realty
Trust. The houses were sold to individ¬
ual investors, and carry with them life
insurance policies by the Metropolitan
I.iife Insurance Company, covering the
mortgages. The insurance is so arranged
that, in case of the owner's death before
the mortgages run out, the latter are
automatically satisfled by the policies,
and the heirs receive title free and clear.
The flrst mortgage is held by the Metro¬
politan Life Insurance Company and runs
for twenty years; thus obviating the
usual necessity of renewing one's mort¬
gage every three or five years. Fifty-
four Alco "life insured" homes were
erected this summer, and the demand for
this type of house has become so great
that the Metropolitan has already auth¬
orized an additional loan of $450,000 to
cover the construction of 140 more Alco
houses. These will bring $6,500 each, in¬
stead of $5,500, which is the present sell¬
ing price.
The houses already erected comprise
two entire blocks facing each other on
67th street, between 21st and 22d ave¬
nues (Bay Parkway). Those on the
southerly side of the street have been
sold, and among the purchasers are the
following: Charles H. Loughrey, the Fifth
avenue merchant; C. M. McLaughlin.
chief officer of the S. S. "Pencho" of the
Mallory steamship line: a Mr. McGuire.
Bruno J. Feldman, of the Bureau of
Buildin.g and Design: Alfred N. Wilhelm,
the advertisinig writer: Frederick Lin¬
ing, of the Provident Loan Society: E.
Silterley, of the Consolidated Gas Com¬
pany, and a Mr. Moynan. of New Tork.
Alva Thornton has purchased a house
on 65th street, also belonging to the Alco
property. This house is one of about 48
erected on this street, which carry fir.st
mortgages of ten years held by the Law¬
yers' Title Insurance and Trust Com¬
pany. Other buyers in this section are
Frederick Cook and G. W. Limmer.
The Public Service Commission has re¬
cently specified 22d avenue as an express
station on the new Fourth avenue sub¬
way. This is very welcome news for the
Mapleton section and profits have al¬
ready been ofijered to certain parties
owning their own homes on 22d avenue
near the station.
The good showing made in what may
be called city property was not less ap¬
parent in suburban property. In fact,
the number of suburban sales was quite
unusual for this time of year. Altogether
it seems as if the market had made a
good start towards an early recovery of
general activity.
Building materials in all departments
are in fair demand despite the fact that
prices are stiffening. Even common brick
came into the category of stiffening com¬
modities this week with ai stronger out¬
ward movement of cargoes at the whole¬
sale docks. In the Department of build¬
ing supplies attention was directed for¬
cibly toward the higher price of pipe,
which advanced from $2 to $4 and car¬
ried with it boiler tubes, thus affecting
the equipment market. Sheet iron moved
up $2 and $3 a ton aJid bar iron is to-day
quoted at $31, as against $29.50 a fortnight
ago, thus keeping pace with the higher
cost of reinforcing materials. The wire
mesh interests advanced their prices $2
a ton on August 8.
There is no doubt whatever that the
prices of steel will go higher as the fall
advances. Shipments are at high ten¬
sion from the steel plants now, and yet
new business is coming in at all times
Coupled with the present large unfllled
order tonnages reported from the plants,
comes the announcements that the Equit¬
able Building will take 30,000 tons and
that the new Hell Gate bridge, which
will now go ahead, since tlie last legal ob¬
stacle has been removed, will take 80,000
tons in addition. This does not contem¬
plate the heavy steel requirements of the
subway nor the tonnage for the new
buildings that are to go up in the East
Side of Manhatta,n, plan.s for which have
been flled. but work on which has been
temporarily postponed.
The common brick situation is also at¬
tracting considerable attention from build¬
ers, because dealers are flnding them¬
selves with low stocks and without any
promise of lower prices. Instead, they are
faice to face with the possibility of early
covering charges in addition to the $6.75
to $7 per M wholesale price they are now
paying. These dealers had hoped by buy¬
ing heavily from Raritan and Bergen
county interests to force lower prices from
the Hudson river manufacturers, but ow¬
ing to scarcity of labor in the North river
district during the last season, it is prob¬
able that no- more than 800,000,000 has
been turned out this year; consequently,
they can afford to hold on to the price
they are now quoting because they, and
not the dealers, havf control of the sit¬
uation, and it is their intention not to
sacrifloe the scanty supply they have on
hand and bring upon themselves famine
brick conditions next February, March
and April.
The Raritan interests have been so
pressed to fill orders from the metropolis
this year that they will probably have to
run much later than usual to supply their
sheds for winter requirements, which
probably will continue to be heavy.
It is now considered doubtful if the de¬
cision in the case of the People vs. the
Greater New Tork Brick Company will be
forthcoming before the middle of Novem¬
ber, as it is the intention of Assistant Dis¬
trict Attorney Ellison to go over the tes¬
timony taken with the members of the
Grand Jury before a decision is handed
down by the magistrate before whom the
hearings have been held.
The lumber situation is also tight, with
higher prices imminent. The reasons in
brief are lower stocks at mill points, an
increasing demand from dealers upon
wholesalers in anticipation of heavy
building operations following the gen¬
eral elections, the break on Septem¬
ber 4 of the bank of the Erie Canal,
thus shutting off Canadian supplies from
this market until next spring, unless cold
weather holds off long enough to permit
operation of boalts after temporary re¬
pairs to the fracture'have been made and
to the shortage of cars in which to trans¬
port lumber from the South and East.
Prices are already moving up.
Generally speaking, the situation is such
a|s to force prospective purchasers into the
market for building materials and sup¬
plies at the earliest moment. Even if nor¬
mal conditions prevail next year the mill
stocks are barely sufficient to take care
of requirements, and in the event of any
unusual activity in building construction
there is sure to be a sharp rise in prices.
Death of a Master Builder.
KiHliir of the Record and Guide :
The passing away of the late Mr. Peter
Schaeffler, whose death occurred Sunday
morning at his residence, 969 Lexington
avenue, recalls to our memory the sin¬
cere and strenuous activity of this New
Y'ork master,builder, whose integrity and
ability stood unquestioned among his con¬
temporaries
His associates in the earlier part of his
calreer were his two brothers, all being
from a family of builders tr.iined in the
old school, and their numerous works in
and about the city, which represent nearly
every class of building, from institutional
and private to commercial and public,
are monuments to the credit of his call¬
ing.