Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 51, no. 1317: June 10, 1893

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90 ^ Record and Guide. June 10,1898 known. They are Wm. E. Uptegrove Sc Bro., of this city, aud Owen Bearse & Son and Palmer, Parker Sc Co., of Boston. Tbe new company will maintain the existing plants in New York and Boston. The firma say, as to their object in uniting, that it is threefold: "The introduction of economies, for which tbere is large opportunity over the prevailing methods; to encourage and promote the use of mahogany, and to placa our businesa on a permanent basia. There will ba no new departure in our business policy. It will ba our aim, as in the paat, to conduct it along tbe liuea of recognized and well established business principles. In thia atep forward we ara placed in b better position tban ever to serve our patrons, and in tha enlarged succesa and benefits wbtch the fulflllment of these plana naturally imply, it is our moat aarneat expectation that tbey shall share." XHE REAL ESXiLXE ^KILRJ^IET Poor reaults have rewarded the efforts of the brokers at private sale thia week, and equally unsatisfactory has been the work of thoae real estate men who devote their time principally to tba placing of loans. Several large sales wbicb laat weak seemed to be on the point of being consum¬ mated atill hang fire. In ona case tha only thing that stands in the way of tha sale are some leases from;.whicb tbe owner baa not yet bean released, and in two otber instances tbe terms are agreed upon but tbe amount of money to be piid down and the time of payment are matters of discussion still. Thaae difficulties are small matters, however, aud it is probable that another week will see them obviated. That tbere bas been but a small business thia week is not particularly signiflcant. Tbe season is well on into the middle of June wben in tha best years real estate transactions become few in number and unimportant in their effect on the market in general. Tbis year thera are tha further deterrents of a fear of an epidemic, aud an anxiety as to what will be done about tbe money question. There is a great confldence abroad that when Congress meets it willyiald to the demand for more conservative financial legislation, and tbe prospect of this is even now having a quieting effect on tbe too sensitive money-owners wbo are apt on the slightest provocation to give way to their fears. Besides tbe general uneasiness in tha money market whicb real estate men have to meet, there is the direct obstacle to overcome of a disinclination on the part of the loaning institutions to loan money on bond and mortgage. It ia a fact that this week first-class 5 per cent mortgages have been refused by ona of the largest insurance companies on the ground that more interest can be earned by loaning the money on call in Wall street. This attitude of the banks and insurance companies has of CGursa, had a bad effect on real estate speculation, whieh is only active when money ia easy; and while there bave come into tbe market this week several.large estatea with money to loan at 4Ji and 5 per cent, there is still a scarcity for the time being of money on mortgage. THE PURCHASER OF THE ST. LUKE's HOSPITAL PROPERTY. Ever since the announcement, last week, of the sale of the Bt. Luke's Hospital property, on Sth avenue, 54th and 55th atreeta, the real eatate world has been busy speculating as fco the identity of the purchaser, Tba closest of inquiries, however, have revealed nothing and all guesswork has been a mere naming at random of prominent individuals, whose bank accounts ara supposed to be large enough for a real estate transactioii involving $3,4C0,00l. Considering tha number of people—the hospital trustees, the broker, bankers and others—who must be " in tbe secret," thd fact that the purchaser has remained unknown to the public so long, is the most remarkable fact in connection with tbis noteworthy transaction. The Record and Guide, however, ia now able to announce thename of the buyer. It is Mr. Jobn D. Rockefeller who secured the property. It will be remembered that Mr. Rockefeller's rasidanca is on 54th street, just off Sth aveuue, adjoining the bouses now occupied by H. McK. Twombley and W. Seward Webb. It was bought by him in Hovember> 18S4, and this recent large purchase is in the nature of "protection" aa well as an investment from which Mr. Rockefeller expects to reap hand¬ somely. This purchase by oue of the shrewdest and f urthest-aeemg of the buaineaa men of the country is very etrong testimony to the atability of values ou Sth avenue and of the increasing favor witb which NewYork real estate is viewed by investors of tbe wealthiest class. The Board of Directors of tbe Real Estate Exchange have elected Harris Mandelbaum to stock membership and Meyer Gruhn to annual member¬ ship, and have reinstated R. Westbrook Myera. OOWnANOXC. June 3 lo 9, Ino. Number..................................... 2B6 Amount involved............................ 8i.'ll0,0''5 Number nominal .......................... (*5 Numberasdand 24tb Wards................. 4o Amoimt Involved........................... S1T?,9-'1 Number uominai........................— I'i UORTQAOBB. Number...................................... 33G Amount involved........................ — 8'l,2Cr,t)77 Number at 5 percent..................... 1"3 Amount involved........................... $3,737,083 Mumberat lesBtbanSper cent............. 96 Amount involved........................... $3T7,09ii Number to Banks, Trust and Ina. Cob..... ;i7 Amouut bivolved........................... $1,S3G,1&U PROJECTED BUILDINGS. 1893. June 4 (o 10, inc. Humber of buildings....................... ni} Bstimated oost................... ......... tS,r;ZEi,5 HO 379 $4.507.ana 176 44 *sei,roo 81,197,510 IB98. Juue 3 to 9, inc. 66 8I,4S9,13G THE AUCTION MARKET. The fact hae been demonstrated tbis week that for well-advertised, actual unrestricted sales of lots and investment properties in this city there are always purchasers with ready mouey to be fouud. Tbe natural inference would be that with such a tight money market aud a long stretch ot close dealing in all lines of business in proapect, it would have bean impossible to sell property at auction. Notwithatanding tbis very well-advertised ftuotioD sale held this week was attended by a good crowd, somewhat dis¬ posed to bearishneas because they tbought it a good time to be bearish, but ready to enter competition in bidding with their neighbors, and ready to buy at what thay considered fair prices. At Mr. Wells' sales of North Side lots the bidders were principally com¬ posed of residents and property-owners in the vicinity who have learned from experience the opportunities for profit that esist in North Side lot investments. At the Kemp estate sale, by Peter P. Meyer & Co., this was the case also, except tbat having tieeu better advertised there was a larger crowd, partly made up of comers from a distance. One, a hotel- keeper from Sheepshead Bay, wbo bought two corners, said he saw the advertisement of tbe eale first in The Record and Guide—whieb is a pointer, merely, on the range of The Record and Guide's circulation. Another, the purchaser of several lots and plots, Mr. M. Hynes, is a builder wbo owns other property in the neighborhood and wbo said be would immediately improve most of the properties bought by bim at the sale. Considering that the season is waning the showing for the week is a very good one. It bespeaks a good attendance and lively interest for the sale of city property by Peter F. Meyer & Co. next Thursday, at the Real Estate Salesroom, and for the partition sale, at tbe same place, on tbe SOth, of the Laughran estate properties, by D. Phoaniz lugraham & Co. Tbere are lots of things a good deal deader thau New York City real estate. FOR A NEW MASONIC HALL, The Giraud Lodge Free and Accepted Masons of the State of New York at their meeting on Thursday adopted tbe foUowing resolution: " Resolved, That the trustees of the Hall and Asylum Fund be directed to inquire into the practicability of selecting a site for tha erection of a new Masonic Hall in the City of New York in a location more central than that of the present hall, and to report the result of their inquiry at tbe next annual communication." ANNUAL MEETING AND ELECTION OP DIRECTORS. At the aunual meeting of stockholders of tbe German-American Real Estate Title Guarantee Co., held on Thursday, the following Board of Directors was elected for the ensuing year: George W. Quintard, Wm. Steinway, Jobn Straiton, Jere. Johnson, Jr., Felii Campbell, Silas B. Dutcber, George C. Clausen, R. Carman Combes, Joseph F, Blaut, James Fellows, Leopold Beyer, Louis Smadbeck, P. R. J. Coughlin, Charles Unangst, Wm. Wagner, S. B. Livingston, Wm. R. Thompson, Andrew L. Souiard. TRYING TO SELL MADISON SQUARE GARDEN. At au adjourned meeting of tha stockholders of the " Madiaon Square Garden," held Thursday afternoon, tbe committee of dve, appointed for tbe purpose of negotiating tha sale of the property, reported that although many flattering figures were named as a possible purchase price, no actual or definite proposition had been made. The committee further report that, owing totbe present condition of financial affairs, they deemed it unwise to push the sale at the present time. The committee were continued, and will report at a meeting to be called at their request. H, C. Mapea & Co. sold ninety-six of the Benson estate lots at Throggs Neck on Monday for a total of $18,835, an average of $193 per lot. There were thirty odd purchasers. Daniel Walsh bought flve for $I,Sf)5; timon Walter secured four Iota for tSIO, and Thomas Gies purchased six for $730. The same flrm sold sixteen lots on Avenue C and bth street, at Unionport on Thursday, at flgurea ranging from |245 to t735 apiece, a total of $5,775. ESECOTORB' sale of INVESTMENT PROPERTIES. Peter F. Meyer & Co. will sail three choice parcels of investment prop¬ erty on Tuesday next, June 13th, at the New York Real ii^state Salesroom. They include the four-atory brick building and lot, 50.8x100.2, Noa. 326 and ^ilO Tth avenue, between SSth aud 39th streets, subject to a lease until May 1, 1898, at i;857.15net perannum; the property. Ho. 233 Bowery, 853x177.5 x35xl80.1, directly opposite Prince atreet; and the three-story and attic brick building with;extenaion, lot 26x121), No, 6 St. Mark's place. All are large lots and are of the most easily marketed aort of .inveatment proper¬ ties. Tba sale should.at tract a good attendance. Ou Thursday, Juue 15th, Ricbard V. Harnett & C©. will sell, at the New York Real Estate Salesroom, No. Ill Broadway, by order of the Supreme Court, in partition, the two story frame building and lot No. 438 East 133d street; the tbree-story brick dwelling and lot No. (i9 East 137th street, and.tbe three-stoiy and basement brownstone dwelling No. 18 East laSth street. A RIG AUCTION SALE OP CITT PROPHHTT ON THURSDAY. Peter.F. Meyor & Co, are the auctioneers .for the principal sale of tbe forthcoming week. It is the sale of lands belonging to tbe city, nearly all vacant, aud used until now for school and aqueduct purposes. The