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.March I, 1919
RECORD AND GUIDE
Real Estate Review for the Current Week
Market Reaches New High Mark for Sales iu Manhattan and Bronx with Operators
Setting the Pace
MAINTAINING its upward trend the business this week
reached a new high mark in both Manhattan and the
Bronx. The total of ninety-three transactions in Man¬
hattan and fifty-eight transactions in the Bronx during the
past week reflects an existing market condition which is better
than that of any other corresponding period since the closing
days of the famous 1906 boom. Not in years has there been
a more concerted buying movement directed against prop¬
erties of every description, with both speculators and investors
figuring prominently, although the pace is being set by the
Aside from the substantial increase in the number of trans¬
actions the outstanding feature of the business of the week
was the unusual activity of the operator, who, although he
kept up his demand for Manhattan properties, directed con¬
siderable attention to Bronx apartment houses. The housing
shortage has been just as marked in the Bronx as in Man¬
hattan, and the owners of multi-family structures in that
borough have for a long time been reaping the benefits of
one of the best renting markets in the historj-^ of the borough.
So marked, indeed, has become the demand that it is not
unusual to find instances this week of deals where operators
sold to operators, a most unusual transaction and indicating
perhaps as no other single factor the improved demand for
real estate in the Greater City and the prevalent belief that a
rise in values was imminent.
Individual transactions of note, which further reflected the
improved conditions of the market generally, concerned a
valuable site on Liberty street, which will be added to the
plottage of the Federal Reserve Bank of New York, and a
$1,000,000 Park avenue apartment house, which was taken by
a downtown investor who sees the investment possibilities of
well-located, income-producing Manhattan real estate.
The other transactions involving business properties con¬
cerned a Broadway building, near Crosby street, bought by a
well-known firm of operators who have been long inactive, but
who have been attracted back into the speculative market;
a West 24th street loft building, sold by the Metropolitan Life
Insurance Company, and the third large mercantile structure
sold by this company within the last few weeks; and two
business buildings at Water and Pine streets, acquired by a
tobacco company. This immediate neighborhood has been the
center of a strong buying movement, resulting in the sales
of buildings for occupancy to a number of other prominent
tobacco concerns, and is in line with the well defined move¬
ment within recent weeks for business men to acquire prop¬
erties under sale rather than lease in order to insure perma¬
The demand for dwelling properties also continued firm,
with considerable interest centering on east side holdings.
Several interesting transactions concerned parcels on East
63d street, which will be modernized; on East 75th street,
$250,000 house, bought for occupancy, and Columbia College
leaseholds in West 49th street and West 50th street, which will
ue remodeled into small suites, the demand for which con¬
tinues unabated, with supply far behind.
PRIVATE REALTY SALES.
THE total number of sales reported
and not recorded in Manhattan this
week was 93 as against 66 last week and
32 a year ago.
The number of sales south of 59th
street was 26 as compared with 27 last
week and 18 a year ago.
The number of sales north of 59th
street was 67 as compared with 39 last
week and 14 a year ago.
From the Bronx 5H sales at private
contract were reported as against 26 last
week and 17 a year ago.
Statistical tables, indicating the num¬
ber of recorded instruments, will be
found on page 280 of this issue.
The Hartford Fire Insurance Company
occupies the six-story structure at 58
Maiden Lane. 25-27 Liberty street and
56-58 Maiden Lane were purchased from
Mrs. Frederick C. Penfield, and 23
Liberty street was acquired from Cort¬
landt F. Bishop. Horace S. Ely & Com¬
pany arranged the sale. Dwight & Hilles
and Hurry & Dutton represented Airs.
Penfield and the firm of White & Case,
attorneys, acted for the Bank.
Federal Reserve Adds to Site.
Negotiations have been completed for
the purchase by the Federal Reserve
Bank of Xew York of the premises 25
to 27 Liberty street, through to 56 and
58 Maiden Lane, a plot fronting fifty-
eight feet in each street. The acquisi¬
tion of these properties gives the
Federal Reserve Bank an ownership of
about 43,500 square feet of land, and
takes in the entire block bounded by
Liberty street, Nassau street. Maiden
Lane and William street, with the ex¬
ception of the properties at 21 Liberty
street, now occupied by Horace S. Ely
& Company, and the Montauk Building,
at the corner of William street.
The largest single tenant in these
properties is the Employers' Liability
Assurance Corporation of New York,
under the management of Dwight &
Hilles. They occupy almost the entire
twelve-story building at 56 Maiden Lane.
$1,000,000 Park Avenue Deal.
.■\ big apartment house on Park ave¬
nue has been sold in an interesting deal.
The twelve-story structure at the north¬
east corner of Park avenue and 87th
street has been sold by the Bankers'
Trust Company for a client, through
Mark Rafalsky & Company, to an out-
of-town investor. The house, which
contains thirty-five duplex apartments,
varying in size from nine to fourteen
rooms, with baths, rents for $125,000, and
has been held at $1,000,000.
It was built by William J. Taylor in
1911, and is one of the fine structures in
the central east side apartment house
district. The site, 100 feet on Park ave¬
nue and 139.8 feet on the street, was
formerly occupied by the Winona, the
pioneer of apartment house construction
in Park avenue.
Mid-Town Dwelling Project.
Frederick J. Sterner, architect, pur¬
chased, through Harris & Vaughn, from
the Almy Realty Company, represented
by the Cruikshank Company, 159, 161,
163, 165 and 167 East 63d street, i\\e
dwellings, on a combined plot, 100 x 100.
The property was held at $160,000. Mr.
Sterner has been active in this block,
having bought and sold houses, through
Harris & Vaughn, to Mrs. Barbara
Rutherford Hatch, Leonard Thomas. Dr.
(ieorge Draper, John Magee. Philip
(jossler and Dr. Walter Martin. The
new owner will erect a forty-foot dwell¬
ing ou the plot just bought and the other
property will be modernized and resold.
East 82d Street Apartment Deal.
Douglas L. Elliman & Company and
X. A. BerwMu & Company sold for David
Dows to S. Morrill Banner the nine-
story apartment house at 122 East 82d
street, on plot 75 x 102.2. It was held at
$350,000. The property was sold to Mr.
Dows by Douglas L. Elliman & Com¬
pany in 1913.
Weil & Mayer Return to Field.
The Adams Laud and Improvement
Company-, a holding concern of the
.Vdams Express Company, disposed of
another of its Broadway properties to
Weil & Mayer, operators. The trans¬
action, which involved the twelve-story
loft building at 592 to 596 Broadway,
extending through to 124 to 128 Crosby
street, marked the return of the buyers
to the speculation market. They were
very active several years ago. and hold
title to the adjoining property. 580 to 590
Broadway, a twelve-story loft, also ex¬
tending through to Crosby street.
The structure just sold occupies a plot
fronting 84 feet on Broadwav, running
hack for a depth of 200 feet to 124-128
Crosby street, where the frontage is 90.4
feet. No figure was given in connection
with the present deal, which was nego¬
tiated by the Charles F. Noyes Company.
t)ut it is known that the property was
carried on the books of the Adams Land
and Improvement Company at about
Every Property Owner Should Join the Real Estate Board of New York