Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 67, no. 1720: March 2, 1901

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zs^^ RECORD AND GUIDE. March 2, 1901. xne Review of the Week. It Is no wonder that speculative builders are doing their best to pick up sites available for improvement in the fashionable residential section. The demand for handsome dwellings contin¬ ues unabated. Such buildings on 52d st, on 57th st and on 04th st, near 5th av, have been purchased during the past week hy people, who propose to knock off the high stoops and put an en¬ trance in the basement. A local story-writer has recently sug¬ gested that an archaeologist who uncovers the ruins of New Tork several thousand years from now will naturally infer from the prevalence of high stoops that New Tork, like Venice, was a city wilh water flowing In the streets, and that the stoops raised the entrance of the houses above the water level. But if present tendencies continue this inference will be no longer pos¬ sible; for the entrance on the ground floor tends more and more lo get complete control of the situation. Builders who supply the demand for the better class of residences as uniformly adopt ihis method of entrance as do the owners who alter to suit their own purposes, and there can be no doubt that it makes possible very much more acceptable interior arrangements than is possible when a high stoop is used. One aspect of this resi¬ dential activity in the neighborhood of upper Sth av is often overlooked. One would naturally expect the demand for new houses to seek its object in some relatively new part of the city; and- for many years certain streets and parts of the Weat Side were improved for the particular purpose of satisfying this demand. It was even supposed at one time that as business encroached on Sth av, the fashionable residential section would gradually be transferred to some region or regions west of the Park. But such an Idea is no longer possible. Fifth av Is becoming more and raore a business street as far north as 48th st; but Murray Hill and the neighborhood of Sth av have been more than ever stamped as the fashionable part of the city, and people with social ambitions have no alternative but to stay in that vicinity. While there are numbers of handsome resi¬ dences on Riverside Drive and elsewhere on the West Side, the tendency is at present running strongly towards apartment houses both on Riverside Drive and on the other streets and avenues, which, it was originally expected, would be lined with fine residences. It is interesting in this respect to observe how one thing leads / to another. We pointed out recently what an influence Andrew Carnegie's house, at 90th st and 5th av, had upon surrounding property, and as the conveyances show this week, the desire of that gentleman to protect himself has even gone so far that he has been buying some 17-feet front houses on the other side of 91st st at remarkably good prices. Something of the same thing seems to be meant by the purchase, credited to James Stilman, of Henry T. Sloane's house, at No, 9 East 72d st. An¬ other dwelling intervenes between Mr. Stillman's residence on the corner and the house just bought, but considering that Mr. Stillman recently bought Nos. 17 and 19, on the same street, he certainly has some peculiar interest in property on the same side of 72d st as his own house. Even if he only wants to select, as far as possible, his neighbors, such a demand on the part of rich men increases the value of property anywhere near their dwellings; and no doubt as the years go on the number of houses which occupy the frontages of whole blocks will largely increase. It may be noticed also in this connection that the statement of the Record and Guide some weeks back, that plans for a twenty-story hotel had been drawn for the remaining cor¬ ner of the Orphan Asylum property, has been partly confirmed during the past week. It can scarcely be claimed that the erec¬ tion of so tall a building, in the immediate neighborhood of the Roman Catholic Cathedral will tend to improve the appearance ■ of that very interesting piece of ecclesiastical architecture. One of tbe periodic speculative movements In unimproved property on Washington Heights is apparently under way. A couple of weeks ago the transfer of fully two blocks appeared in the conveyances, and recently three other large sales have been announced—a plot, 100x275, on the northeast corner of Broadway and 144th st; another plot on the west side of Broad¬ way, from 152d to 153d st; and the Knapp property, of 60 lots on the Boulevard and 163d st. It is noticeable that all these parcels are along the line of the underground road. This move¬ ment, whatever it amounts to, appears to be conducted on a very legitimate basis. It is reported on good authority that within the last ten days contracts have been closed for the pur¬ chase of 200 lots on the Boulevard, excluding the Knapp prop¬ erty, and that the capitalist behind these purchases is either Charles T. Barney or some other operator equally responsible. It will be a number of years still before Washington Heights can be Improved to any considerable extent, and In the mean¬ while there will naturally continue to be a great deal of spec¬ ulative activity. Moreover, if present tendencies prevail, values "^^'^0--0 K_L- y n will be adjusted to the probability that Improvements will be confined to small dwellings and flats. In addition to the foregoing lines and centres of activity, the week shows the same large number of small sales distributed all over the city, which has been customary of late, and some large sales as weil. The purchase of Flake & Dowling of the southeast corner of Pine and William sts from a family which had owned the parcel for 150 years is another interesting in¬ stance of speculative dealing in well-situated business prop¬ erty. Nos. 95 and 97 Liberty st, which were given in exchange for part of the purchase price, has been thereby taken out of the markel; and although it is said that the buyers have no intention of doing anything with their new acquisition, it is not probable they took it over merely for the purpose of letting it remain as it is—any more than the Central Realty Bond and Trust Go. purchased the Boreel Building for a like negative reason. An¬ other impoitant sale is that of Nos. 838 and 840 Broadway, being the southeast corner of 13th st, to Charles Gould, who took title to No. 830 Broadway several months ago. The plans filed contain a large proportion of uptown fiats, which is a good sign. During the next month, there are likely to be an unusually large number of permits taken out for tenements all over the city, for any builder who is thinking of erecting such a building will wish to get his plans accepted before the severer requirements which the Tenement House Commission have proposed are enacted into law. These requirements become effective as soon as the bill Is passed by the Legislature and signed by the Governor, and a good deal of activity consequently may be expected on the East Side in the near future. Coming Auction Sales. Herbert A. Sherman will sell at auction the 5-story flat, No. 113 St. Anns av, on Tuesday next. Particulars will be found in our business pages or had of the auctioneer at No. 10 Wall st. Richard V. Harnett & Co. announce the auction sale of No. 105 East SOth st, for Wednesday next, and of No. 11 Great Jones st, for the following day. The first parcel is a 3-story and base¬ ment dwelling, and the second, a lot 26.6x100x34.6x100.6. on the southw-est corner of Elm st, now occupied by an old building and suited to improve with a modern one. On Thursday, March 14, they will offer No. 256 West 47th st, a 6-sty brick store and flat on lot 25xlOO.S, a choice farm in the town of Northfield, Borough of Richmond, and the leasehold property No. 157 East 65th st. Maps, etc., can be had at Nos. 71 and 73 Liberty st, the auc¬ tioneers' address. An attractive and varied bill of auction sales, to be conducted by Byran L. Kennelly on Wednesday next, will be found in our business pages. It is made up of Manhattan and Brooklyn resi¬ dence, business and vacant parcels, which are nearly ali placed on the auction market by trustees or executors to close various estates. Intending puyers are recommended to examine this an¬ nouncement carefully, as it gives such a wide field for choice and the possibility of bargains. Locations and descriptions are set out in detail and the auctioneer will supply maps and give other information desired at his office. No. 7 Pine st. PREPARING TO BUILD IN CITY HALL PARK. Horgan & Slattery are making borings In the open space be¬ tween the south end of the County Court House, and the north end of the City Hall for a foundation for an extension to the Court House. The addition is to be built under the direction of the justices of the Supreme Court by authority of a law passed last year. Justices Truax, Scott and Dugro are a committee, with Justice Truax as chairman, In charge of the details. The committee has authorized Horgan & Slattery to prepare ground and building plans for an extension four stories high, and for an addition of two stories to the present building. The entire in¬ terior of the present building is to be remodelled. SALE IN THE UPPER WEST SIDE. The heirs of the late Shepherd Knapp have sold to Loyal L. Smith, through J. Romaine Brown Co., a plot of about sixty lots, bounded by Boulevard Lafayette, Ilth av, Boulevard and an Irregular line at about 163d st. The property has been in pos¬ session of the Knapp family for about eighty years. It at one time belonged to Aaron Burr. Mr. Smith took title on Tuesday from Jacob D. Sutler to the Columbia College tract, which ad¬ joins the Knapp property. The revenue stamps on the deed In¬ dicated a consideration of $342,500.