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Real estate record and builders' guide: v. 45, no. 1146: March 1, 1890: Supplement

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Supplement to THE RECORD AND GUIDE, March 1,1890. T s: E Graves Estate Illustrated. A FIUE ESTATE COMPRISING fi SEVEM-STOM BUSIUESS BUILDIIG OH FIFTH AVEKUE; A COSTLY AKD PALATIAL tESIDENCE IH A FASHIOHABLE QDARTER OFJROOKLYK; A LARGE FACTORY AHD OTHER IMPROVED AND UNIMPROVED PROPERTIES. A Description of the Estate Tliat Will Interest Intending Bidders. The Kew Tork Property. One of the most important sales of real estate which has been annouuced for sometime wiU take place next week. It comprisesa number of parcels of realty situate iu the cities of New York and Brooklyn, some of which^re illustrated in the supplement presented herewith. The property belongs to the estate of the late Robert Graves, and is to be soid uuder the hammer, by order of the Supreme Court iu partition. The sale take? place on two days, March Sth aud 6th. Ou the its increased value, or at least of n ratained value.' aud he had fche great fortune to boli every parcel of property free and clear of mort¬ gage, a rare case nowadays with such a large esfcate. Unfortunately he did not live to see tb3 full fruits of hU work, nor to' occupy fche superb residence wbicb he builfc iu Brooklyn, and his untimely decease has thrown upon the market a number of properties free and clear, which, wheu sold will aggregate, it is estimated, in tha neighborhood of ?iI,ODO,O00. To the scores of investors aud others wbo latter day the second portion of the estate will be sold, comprising the New York part of tbe prop¬ erty, the sale taking place at tbe Real Estate Exchange, Liberty street. New York; on the former day tbe flrst portion of tbe estate will be sold, comprising the Brook¬ lyn part of tbe property, tbe sale taking place at the Brooklyn Real Estate Exchange, No, 393 Pultou street, Brooklyn. The property will be auctioned off iu both cities by Richard V. Hai-nett, The property to be sold at once commands tbe attention of inves¬ tors, dealers aud others, on ac¬ count of tbe fact that it is aU well located and easily accessible to the centre of busiuess activity iu both cities. It also commends itself to their special attention from the fact tb^t it is to be offered in par¬ tition. Ileal estate investors gen- «i'ally understand the difference between an ordinary auction sale of realty and oue where the estafce is offered by order of tbe executors, or iu similai' proceedings. They are fully aware that in the former case circumstances are often likely to occur wherein bidders are uot always able to secure property at a flgure wbicb will warrant an early increased value, whereas iu tbe latter case they know that the property will be sold without re¬ serve. Under tbese circumstances manj bidders appear iu front of tbe auctioneer's stand aud eagerly - compete for the possession of prop¬ erty which tbey are all desii'ous of pm'cbasing, and tbe result is tbat some oue gets "a good thiug," while the estate which disposes of the property is, ou tbe whole, satis¬ fied with tbe result. ^. .r t, > Such, indeed, is the case wifch ^^'ob. 4811 and iSo Fifth Avenue, New York. the Graves estate. The late Mr. Graves bad traveled abroad for years. He was a man. of great judgment and knowledge, besides having an artistic taste rarely, surpassed among New Yorkers, Tbi-- is seen ia his Brooklyn palace, which is described further on in this article. _He selected property ;in places where he felt a cartaiiity of will be interested iu tbis important sale a full description of thepriuci¬ pai parcels is given berawith. Let (US take aglance at what these prop- eities are like. ■ONE OP THE HIGHEST BUILDINGS 3 ON FIFTH AVENUE. The most valuable of the New York parcels is the seven-story and ,V-r.semeut building at Nos. 483 and 48-5 .^th avenue, between 41st and 42d streets, Ifc is an imposing j>tnictui>e, and sfikes tbe atten¬ tion of every passer-by on this 'great avenue. It stands between two well-kuowu buddings, tbe oue the quaintly-architectural resi- ^dence of Mrs. Julia A. Chase, the other tbe Pottier & Ptymus build¬ iug. On tbe same block is the . Columbia Bank building and otber .'■'business structures. ludeed, this block is at present the most import¬ ant aud probably tbe most valuable ■ J f the business blocks on Stb ave¬ uue, and is destined to be much more valuable on account of its Jcentral location and its proximity - to tbe Grand Central Depot, tbe , various elevated ro.ids, cross-town cars, and other street-car lines. [The building has a frontage of ^3,6 feet on tVe avenue, and an extreme jdepth of 100 feet, Tbe flrst story -is of iron constructiou, with large plate glass show windows. The froutabove is of brownstone, Tbe sidewalk is of unusual width, beiug about 27 feet in distance from tbe entrauce to the line of the curb, 'ihe entire building is leased by the successors of Mr. Graves, wbo pay an annual rental of §13,000, iLesides paying taxes, Croton, etc, Tbis rental is equivalent to 5 per cent, net per annum on a valuation of S240,0I)0. The property is leased till May 1, 1891, and tbe present occupants are desirous of renewing: f„eir lease wben it expires. Tbe first floor is used as a salesroom. This story is in English quartered oak aud is finely carved throughout. It comprises one immense room, the ' main feature of i^bich isa picturesque alcove,"with a dome roof, and a ' colocnade of ajches on either ddo. The floor, although so deep, has excel-