October 2, 1915
RECORD AND GUIDE
565
commercial structure to be erected at
the southeast corner of Fifth avenue
and 43d street to a Westerner, takes high
rank among the big deals of the year,
not only on account of the millions in¬
volved, but also on account of the char¬
acter of the transaction. Within a per¬
iod of six weeks, a huge operation was
undertaken and all the details involving
the purchase of the site, the financing
of the project, considerable of the leas¬
ing and finally the re-sale, were effected.
The fact that the new owner is an out-
of-town resident who has shown his
faith in New York City real estate by
other large purchases, in the past, lends
additional significance to the deal and
exemplifies the desirability of well lo¬
cated income-producing properties for
investment purposes. The presence of
this class of buyer in the market in
many of the other transactions of the
week may be taken as a most encour¬
aging development.
Other individual deals meriting recog¬
nition concerned a plot in the "million¬
aires' colony" on Lenox Hill, acquired
by a banker as a site for his home; the
acquisition of a Bronx tax-payer and of
a row of new apartment houses in the
same borough by investors and the sale
of a Pinkney estate plot in Harlem to
builders. In East 91st street, near Park
avenue, a wealthy New Yorker bought
two dwellings which are to be made
into one. The improvement represents
a reversion to private house develop¬
ment in a section which has been expe¬
riencing considerable apartment house
building activity. In the immediate
neighborhood a similar project is being
contemplated, as the result of which
three old dwellings may make way for
two more modern houses.
The leasing branch of the market con¬
tinued active, commercial renting show¬
ing improvement. Apartment renting
maintains its steady strength and ac¬
tivity continues unabated. All told, the
week's business was decidedly good and
reflected the fundamental firmness of
conditions. Whether it was just an ex¬
ceptional week and therefore of no ulti¬
mate consequence or whether it is the
forerunner of a new era, will be known
shortly. For the present, things look
mighty cheerful.
In the Bronx the building feature of
the market is most encouraging. It is
reported, by the Bureau of Buildings,
that more than one hundred apartment
houses are now in course of construc¬
tion in the borough, involving appro.xi¬
mately $5,000,000.
The constructional activity is largely
centered on and around the Grand
Boulevard and Concourse and the Je¬
rome avenue sections. Provisions have
been made for 2,244 families, an average
of twenty-one families in a house be¬
ing maintained.
The total number of sales reported
and not recorded in Manhattan this
week was 27, as against 12 last week
and 18 a year ago.
The number of sales south of S9th
street was 6, as compared with 5 last
week and 7 a year ago.
The sales north of 59th street aggre¬
gated 21 as' compared with 7 last week
and 11 a year ago.
The total number of conveyances in
Manhattan was 96, as against 87 last
week, 10 having stated considerations
totaling $280,657. Mortgages recorded
this week number 79, involving $1,962,-
087, as against 65 last week, totaling
$1,869,677.
From the Bronx 17 sales at private
contract were reported, as against 8
last week and 8 a year ago.
The amount involved in Manhattan
and Bronx auction sales this week was
$440,132, compared with $795,580 last
week, making a total for the year of
$50,059,142. The figures for the cor¬
responding week last year were $369,966,
and the total from January 1, 1914, to
October 3, 1914, was $31,300,654.
Californian in $3,000,000 Deal.
Clarence Payne, of San Francisco,
Cal., has purchased from the 511 Fifth
Avenue Corporation, in which Harris &
Maurice Mandelbaum are interested, the
sixteen-story Guaranty Trust Company
liuilding, now in course of construction,
at the southeast corner of Fifth avenue
and 43d street, on a plot 62.11 by 135
by irregular, which was formerly owned
by the late Richard T. Wilson. The
sellers in the present deal acquired the
corner from the heirs of the Wilson
estate on August 9, a few weeks after
another deal for the site had fallen
through. Plans for the building were
prepared by York & Sawyer, architects,
and the building contract was immedi¬
ately left to the Columbus Circle Con¬
struction Company. The Prudential
Life Insurance Company with a loan of
$1,250,000 and the Guarantee Trust Com¬
pany with a loan of $300,000 agreed to
finance the operation. The trust com¬
pany also leased for a Fifth avenue
liranch the store, basement and first
floor of the contemplated structure for
a term of twenty-one years at $75,000 a
year. Although the foundation work on
the building has just been started, the
second floor was leased to F. L. Dunne
& Co. of Boston, tailors, for twenty-one
years at about $12,000 a year, and it is
reported that negotiations are well ad¬
vanced for the disposition of si.x other
floors. The reported purchase price is
about $3,000,000. The deal ranks as one
of the foremost of the year and marks
the termination of one of the successful
buildin,g operations undertaken within
recent years. The sale was negotiated
by Robert E. Lee Mordecai and Robert
C. Knapp as brokers. Stoddard & Mark,
as attorneys, represented the selling
company. Mr. Payne is interested in
other Manhattan realty holdings, having
Xjurchased within the year the twelve-
story apartment house at 383 Park ave¬
nue; and also 140 West 79th street.
Banker Buys Home Site.
Harold B. Thorne, vice-president of
the Bankers' Trust Company, has pur¬
chased from Samuel A. Herzog, through
J. Curry Watson, the plot, SOxlOO, in
the south side of East 71st street, 175
feet east of Fifth avenue. The plot ad¬
joins the mansion and grounds of Henry
C. Frick, occupying the Fifth avenue
block front between 71st and 72d streets.
The property has been held at $355,000.
It was owned several years ago by Otto
H. Kahn, who inteirded to build a resi¬
dence, but he later decided to live at
Fifth avenue and 91st street, and the
plot was sold to William Ziegler, Jr. He
also abandoned the plan for improve¬
ment and gave the plot to Mr. Herzog,
as part of the deal for the twelve-story
apartment house at the southeast cor¬
ner of Park avenue and 54th street.
While Mr. Thorne has made no an¬
nouncement regarding the property, it
is understood that he will erect a costly
dwelling in keeping with the splendid
residences in the immediate neighbor¬
hood. Among them are the modern
homes of William T. Hyde, Alvin W.
Krech, J. C. Moore, Julius Kayser, Wal¬
ter Jennings, David Hennen Morris,
Marie H. Clemens, Rosamund S. Auch¬
incloss, W. W. Cook, and Robert H.
Chesebrough, all of which were erected
within the last five years.
Two Dwellings to Be One.
Douglas L. Elliman & Company have
sold for Bing & Bing 109 and 111 East
91st street, two three-story houses on
a plot 30x100 to I. Townsend Burden,
Jr. Mr. Burden is having plans drawn
by S. Edson Gage for a handsome 30
foot .\merican basement house to be
erected on the combined plot. Bing &
Bing acquired the houses to protect
their large apartment house, at the
southeast corner of Park avenue and 92d
street and the property was sold with
restrictions to further this end. There
have been several private houses built
on or near Park avenue in recent years
near Mr. Burden's purchase, including
the northwest corner of 91st street
which was purchased by Mrs. Frederick
Bronson, now Mrs. Adrian Iselin, and
improved with two fine houses, one of
which is rented to A. D. B. Pratt and
the other to Herbert Straus of R. H.
Business Established 1853
Horace S. Ely &
Company
This company acts as agent for
Trustees, Executors and Owners in
taking entire charge of Real Estate.
Makes appraisals.
Acts as Broker in the sale aud leas¬
ing of Beal Estate.
21 LIBERTY STREET
489 FIFTH AVENUE
JOHN F. DOYLE & SONS
REAL ESTATE AGENTS
BROKERS and APPRAISERS
45 William Street
New York City
Management of Estates a Specialty
Member of Board of Brokers
JohnF.Doyle JohnF. Doyle,Jr. AlfredL.Doyle
JOHN C. R. ECKERSON
Successor to THOMAS & ECKERSON
Manager of Estates, Broker, Appraiser
299 MADISON AVENUE, N. E. Cor. 41st St.
NEW YORK
E. DE FOREST SIMMONS
REAL ESTATE
Tel., 837-838 Plaza 2 EAST SSth STREET
Established 1887
CHAS. S. KOHLER
REAL ESTATE and INSURANCE
Broker and Manager of Estates
901 COLUMBUS AVE., cor. 104th St.
Highest References. Tel., 5504 Riverside
FRED'K FOX & CO.
Business Building Brokers
14 W. 40th STREET and 793 BROADWAY
O. D. & H. V. DIKE
Midtown Business
Property
CANDLER BUILDING, 220 WEST 42D ST.
THOMAS J. O'REILLY
Real Estate Broker, Appraiser and Agent
BROADWAY AND 109th STREET
New York Representative of
Caughy, Hearn and Carter, Baltimore and
Washington
Sulflow & Mass Co., Minneapolis, Minn.
HAROLD W. BUCHANAN
Mortgage Loans and Real Estate
49 WALL STREET