Columbia University Libraries Digital Collections: The Real Estate Record
Use your browser's Print function to print these pages.
Real estate record and builders' guide: v. 24, no. 590: July 5, 1879
Text version:
Please note: this text may be incomplete. For more information about this OCR, view About OCR text.
Real Estate Record AND BUILDERS' GUIDE. Vol. XXIY. NEW YOEK, SATUKDAY, dVLY 5, 1879. No. 590. Published Weekly by C^e %m[ Estate %ttaxii %BBotmi:xan. TERMS. ONE YEAll, in advance....SIO.OO. Cominuuications should be addressed to C. W. SWEET. Nos. 345 AND 347 Broadwav INDEX TO VOLUME XXIII. The index to TnE ReC(IKI) for the six months ending with the issue of June 28, will be ready, and will be sent to each of our subscribers, with the next number of Tiiic Record. The shaking up which insurance companies have received during the last few years has not been unproductive of good results, evidence of which is shown by the steps recently made by the managers of the Equitable Life. A policy is now incontestable after three v-ears from its dale, and this concession not only applies to all policies hereafter to be issued, but to those a!read_v issued and now in force. LEGAL DECISIONS. E.Xf AVATIONS—A D.IOI.N IXG OW NEUS. The Court of Appeals has decided that wdiere ail owner of property desires to deepeu the cellar of his house and rebuild the cellar walls, and in so doing it becomes necessarj- to excavate lielow the existing foundation walls of an adjoining house, and more than ten feet below the street curb, he must assume the risks of injury resulting from such excavation to the wall of an adjoining owner. The burden is on the builder to protect it. The fact that the owner of the property on which the excavation takes place enters into a contract with a third person (a contractor) to do the work, does not exempt him as owner from the performance of the duty imposed upon him by law. The owner of adjacent property must, however, aflord the necessary license to the per¬ son causing the excavation to be made, to enter on his land in order to support the same. In the course of the opinion, the Court say— " The owner of the land has no relations arising from the proceedings of the character mentioned with any other per.son than the corporation of the city of New York. It is that liody that un¬ dertook to sell the land, and the le.'^see must seek such remedy as he may have for injury sustained by him against it growing out of their unauthor¬ ized assumption of authority. It would be unjust to impose upon the owners of the land the obliga¬ tion of resorting to a more formidable and ex¬ pensive remedy, involving the pui-suit of the un¬ lawful lessee to remove an unju.st and unlawful cloud upon their title. The buyer of property unon a sale for taxes and as.se,ssments iniist look to it that the sale is authorize(l by the law of the land, otherwise he buys it at his peril." HEAL ESTATE IN CO-PARTNERSHIP—TITLE IN D.NE —DEFICIENCY JUDGMENT. The same Court (of Appeals) has decided the fol¬ lowing. Two persons entered into an oral agree¬ ment to purchase real estate and to take the title in the name of one who was to and did execute a mortgage for a part of the purchase money. Upon foreclosure of this mortgage a deficiency occured. Held, that only the person named in the deed as grantee could bo held liable fcr the deficiency, although a community of in¬ terest, and in some sense a partnership, existed between the grantee and his associate. That the name of the one grantee cannot stand or be re¬ garded as the name of the firm, or that it repre¬ sented anyone but himself upon the bond. TAX SALE—HOW VACATED. The Supreme Court, General Term, this week rendered a decision holding that the owner of land sold by the city for non-payment of taxes may move by petition, instead of going to the expense and trouble of a suit, to have the sale set aside where the proceedings upon -which the sale was based are irregular and void. It is not ne¬ cessary to give notice of the application to vacate the sale to the purchaser at the tax sale; a notice to the city being suflScient. HllillT OK f'lTV TO TllANSKEP. AWARD TO PAV AS.SESSMEXTS, The Superior Court decides that the I'ity has a right to transfer an award made to an owner of property^ for damage done by change of the grade of a street, to the payment of as.sessments which thereafter become due on the jiroperty. That till! lien upon the property in respect to which the assessment was made is in the nature of .a imntgage. Unless the lien wa.s di.scharged it could be enforced by the city in default of pay¬ ment and the premises .«!old, and for any" de¬ ficiency after applying the proceeds of the sile the city could have e-\eculion against the owner. MARKKT RKVIKW 11E,\L E.ST ATE MARKET. No traiisaelions of any niagnilitde occurred at the E.Kchange Salesr.>oin during the week, the olTerings being confined exclusively to foreclosure sales. The only noteworthy iliiiig Vieing that-from the property sold, several parcels were to parties not in interest- Several important private sales have been constim- mated during the week. Messrs. E. II. Ludlow .t Co. have siild eighty lots, belonging to the estate of ihe late Wm. T. Garner, situated on the east side of Sixth avenue, between One Hundred and Thirty-fifth and One Hundred and Thirty-seventh streets, to Henrietta Constable, for S^'OO.COO, Si.'cteen of tli-se lots are ave¬ nue lots, and the remaining ones, street lots, George Ehret has purchased from the Gernumia Life Insur¬ ance Company thirty lots in the block bounded by Eleventh and Riverside avenues. Ninety and Ninety- first streets, consideration, 580,000. This property- was sold under foreclosure in l.S7rt by the Germania Life Insurance Company to satisfy a mortgage, with interest and cost, amounting to $.S!).OCO- The block, with the exception of four lots on Ninetieth street, north side, 200 feet west of Eleventh avenue, which were bought by J, B. Hyde for SS,200, was bought in by the plaintiffs for S'">',150. a"d a deficiency judg¬ ment was filed for Si:i,.500. From this it will be seen that the transaction has been anything hut a profit¬ able one for the Insurance Company. Four lots (100 xlOO.5), on the southeast corner ot Madison avenue and Sixty-fourth street, have been sold for SCO,t)lX). The New York Loan & Improvement Company has purchased the charter for the construction of the tunnel under the Hudson River. It is understood that the plans contemplate the building of a tunnel large enough to accommodate the traftic of every line of railroad now terminating in Jersey City. It will be well for real estate operators to take into consideration the effect which the completion of this stupendous work may have on real estate values, both in this and our Jersey suburbs. Plans, embracing fifty-eight buildings, to be erected at an estimated cost of glG-.'.OOO, have been filed dur¬ ing the week. Fifty of said buildings will be erected east ot Third avenue, between Sixty-sixth and Eighty- sixth streets. Altention is directed to the advertisement on the second pajje of the partii ion sale of valuable property in the .Second, Sevenlb, Tenth, Fourteenth and Nine¬ teenth Wards. This sale was advertised last week to take place July 1st, but, owing to the illness of the auctioneer, the sale was adjourned. The title to this propertv is undoubted. To purehaser.s of fine resi¬ dence property, the two hoii.ses on Seventy-third street, between Fifth and Miulison avenues. otTers uuusual iiulucenieiUs, lis it is probable that they can be bought at this sale for a much less price than it wouki be possible lo buy the vacant lots and erect residences of eijual value. The valuable water front on Avenue A and [Sixty-second street should bring a good price. rnv(!stors in bii.siiie.-is properiv slionld by all means look into this property. The following are the sales at the ExchaiiKe Sales¬ room for the week ending July 'J: *I)idU;a/ei' t/ial (he propt'rtij discrlhfd ha.i tifcii hid ill for ptaiitfij":' account: Kingsbridge road, s e s, at intersection of cen- trt! line of 21-Ith st, runs east to eentre of lUth av. X south ]C bloek, x we.st lo Kings- bridije road, x nortli to'beginning, to Her- nanl Fellman, (Amount due, nbt S'i.t'W)) V.iiOO *Jlanbatiaii st. n w eor Bloomingdale road, UKi x7.'>.l-xl0."i.T.\-T,j. I, to Win. Devlin. (Amount due. abt Sil.inO)........................... 11.000 *x'Oth st, s s. in e Ttii av, ISx!t:l.li>. to Kliza Manson. (Amount due, abt $-.'.iO >)........ l-J,(i'.M *.Wth st, s s, :i!^0,-J e Hh av. IT.lx'iS It. to Bern- hard EisiK. (.Amount due. abt .5