Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 67, no. 1723: March 23, 1901

Text version:

March 23, 1901. RECORD AND GUTDE. ml 497 REAL ESTATE NOTES. Close attention to business is the secret of the success scored by C, Schierloh. real estate agent and broker, of No. 896 Stb av, near 53d st. His specialty is West Side property, and many years' experience in law and realty matters enables him to in¬ telligently manage the many properties placed in his charge. Mr. Schierloh's telephone call is S21 Columbua. Judge McAdam, of the Supreme Court, has granted authority to the trustees of St. Ltike's Hospital to dispose of the plot at the southwest oorner of 5th av and 55th st, to Jeremiah C. Ly¬ ons for $575,000, of which $75,000 is to be in cash, the balance being secured by a mortgage payable in three years, at 4 per cent. The sale was originally reported in our issue of February 9, the price being then given at $600,000. The Social Reform Club have decided to spur the Health De¬ partment into destroying insanitary tenements. They propose to make inspections, and, having located a building which, in their opinion, exists in violation ol the law, and is a disease centre, the lacts will be brought to the notice ol the Health Department, and il they fail to act voluntarily, a mandamus will be sought to compel tbem to proceed against the property. The reported trade ol Nos, 123 and 125 Liberty st for Nos. 42 to 48 East 20th st, turns out to be a transaction whereby the building loan operator gets his second mortgage cashed, and is not a transaction involving $1,000,000. Nos. 42 to 4S East 20th st, on which Edmund Coffin made the loan, and on which he holds a second mortgage of $64,000, is transferred to The Metropolitan Life Insurance Co.; the company transferred to Wm. H. Redfield (Henry M. Denton) the Liberty st property, and Mr. Denton Nos. 32 to 38 West 125th st to Edmund Coffin. Boston parties have hit upon a plan to overcome the difficulty of obtaining convenient sites for separate stables. A petitioi, has been received by the Board of Health of that city asking lor a permit to buiid what is described as a 7-sty apartment hotel for horses on Lansdowne st, in the Back Bay. The petitioners art all wealthy and influential men. It is planned to have the build¬ ing divided into suites of three and four rooms. The entrance will be through an open court, and there will be a large elevator to convey tbe horses to their suites on the upper floors. Arthur S. Cox & Co. is the name of a new flrm who promise to secure a place among tbe leading workers in the realty market. Mr. Arthur S. Cox was for 17 years with the flrm of Geo. R. Read, and as manager of the department of rental and management of office buildings and other income properties he gained a knowl¬ edge that is invaluable, and the new flrm will make a specialty of the entire management of such properties. They have opened easily-accessible offices on the ground floor of No. 30 Pine st. Mr. John J, Bueb is associated as partner with Mr. Cox. In our issue ol February 9 we published a report of tbe sale of tbe southeast corner of Stb av and 52d st, by Flake & Dowling. It turns out after many denials that Frank J., William D. and T. Judson Kilpatriek will take title to the property for a syndi¬ cate, and that an 18-sty hotel will be erected, as stated in our report of tbe sale. The size of the plot is 125x100, and the price is said to be $1,000,000. Tbe Barney-Sheldon syndicate paid $600,000 for 125.5x150, and the present sellers appear to have paid $750,000 for 125.5x100. If the report of $1,000,000 in the present sale is correct, or nearly so, this particular plot has ad¬ vanced enormously In value within a year. Henry F. Miller makes the following pertinent suggestion in connection with the Carnegie offer: The acquisition, by tbe City of New Tork, of sixty-flve building sites for libraries, means that sixty-flve property-owners shall be deprived of property, which they now own, and such proceedings are invariably attended with considerable hardship and loss to tbe property-owner, lor which he receives no compensation. In addition, such proceedings are cumbersome and expensive. Alter the acquisition ol the sites by the city they become exempt Irom taxation, so that the taxpayers suffer a double loss, first, in the expense involved, and, second, in the withdrawal ol juat that much property, otherwise taxable. It is a grave question whether the list ol exempt property is not now lar too large, D. H. Scully. No. 57 East 125th st, who sold the Cambridge and the Oxford, which he claims are the finest high-class apartments in Central Harlem, is rapidly closing leases for the remaining apartments. Mr. Scully has lound a steady increase in tbe buyers of good Investment property uptown since the first of the year, whicb, even witb bis lately-increased help and facilities at his handsome offices. No. 57 East 125th st, keep him constantly hustling, a quality he is noted for, as be is for unearthing bar¬ gains, which hia constantly increasing clientage can testify to. Samuel H. Martin, whose specialty is the collection of rents, this week negotiated tbe sale of No. 103 West 69th st. Mr. Mar¬ tin's office is centrally located, and he gives all business en¬ trusted to him close personal attention. Apropos of the remarkable business activity in the upper Stb and Madison avs residence districts, which has existed lor some time past, we desire to cal! attention to a list of properties in Ihat section in which the firm of S. Osgood Pell & Company has figured as brokers; No. 987 5th av, to W. B. Leeds lor $260,000; No. 383 Sth av, lease, $100,000; 6 lots on 95th st, adjoining Sth av, to Isa&c H. Clothier, $210,000; No. 3 East 69th st, to Col. Thomp¬ son, $130,000; No. 35 West 56th st, to W. W. Hall, $90,000; No. 58 West SSd st. to Dr. Laidlaw, ,$45,000; No. 14 Bast 82d st, for Mrs. Clarke, .$65,000; No. 24 East 64th st, to Judge Bookstaver, $70,0(10; No, 22 East 78th st, sold twice within one week; Hotei Virginia, SSth st and Park Circle, for Central Realty and Trust Company, lor $275,000; corner Sth av and 54th st, lor Henry M. Flagler, of the Standard Oil Company, to Cbarles Harkness, $350,000; the southeast corner of Madison av and SOth st. for Messrs. Farley, to James E. Taylor, for about $160,000. These brokers negotiated also the sale of several of the houses re¬ cently built by Mr. Charles Buek, on East 49th and SOth sts. Old "Columbia" site, as well as the lease of the Sherry Building, corner of 37th st and Sth av, to Davis Collamore & Company, lor an aggregate rental of $400,000 for the Goelet estate. It may bp well to add, as a .further indication of the great activity in this part of the city, that the gross business done by this single firm last week alone amounted to more tban $600,000. The memberK Of tbe firm are S. Osgood Pell, Stephen H. P. Pell and Peter R. Labouisse. Their offices are located at No. 542 Sth av Bridge No. 4 The fourth bridge across the East River will extend from be¬ tween 59tb an'd 60th sts and 2d av, Manhattan, across Black¬ well's Island and both channels of the river, to Hunter av and James st, Long Island Oity. Each approach will consist of a ma¬ sonry ramp and a plate girder viaduct. Tbe lengths of the dif¬ ferent parts of the structure will be as follows: Manhattan ap¬ proach. 1,101 feet; west anchor arm, 46914 leet; west channel span, 1,1.5S feet; Blackwell's Island connecting span, 592V2 feet; each channel span, 1,002 feet; Queens anchor arm span, 469Vt feet; Queens approach, 3.441.6 feet; total length, 8,231.1 feet. The roadway and bottom chords of the main span« will be hori¬ zontal between the approximate centres of the channel spang, and from those points will descend to grade at tbe terminals with a slope of 3.41 per cent, at tbe west end, and 2.SS per cent, at the east end. The minimum clearances above the ground of the main spans are about 60 feet at the west anchor arm, 100 feet at the east anchor arm, and 110 feet at the connecting span. The minimum heights above mean high water will be about 118 feet for the "fi'cst channel span, and 125 feet for the east channel span. The Government requires 135 feet navigation clearance for about 47S feet ol tbe east end of the west channel span. The approximate weight of the superstructure for the five main spans is estimated at 33,000 tons. The piers will he of masonry, built in open excavations, with foundations om solid rock not more than 25 feet below the surface of the ground. The shore piers will suffice for the anchorage of the end spans. Elevators are planned for tbe side entrances to the approaches near the end piers. Tbe location and general design of tbe bridge Is not subject to farther change, but some modifications may be made in the positions of the piers and in tbe details of the super¬ structure. The plans and estimates are being prepared under the direction of R. S. Buck, engineer of tbe bridge, for tbe De- partTnent of Bridges ol the City of New York; S. R. Probasco, chief engineer, and John L. Shea, commissioner. I J THE LARGER LAWYERS' TITLE INSURANCE CO. The negotiations which have been pending for some time In reference to the increase of tbe capital stock of The Lawyers' Title Insurance Company of New Tork, were consummated on March 14, 1901, when the stockholders of the company at a meet¬ ing called for that purpose authorized the increase of the capital stock from one million to two million dollars by the issue of ten thousand additional shares of new stock of the par value of one hundred dollars per share. Thirty per cent, of the new issue is taken by tbe existing stockholders in proportion to their holdings at $174 a share, and the remaining seventy per cent, has been sold at the same price to a syndicate represented by the Central Realtj' Bond and Trust Company, The stockholders also voted to increase the number of directors of the company from thirteen to seventeen, and subsequently Messr.';. James Stillman, President of the National City Bank; James H. Hyde, Vice-President of the Equitable Life Assurance Society of the United States; Henry Morgenthau, President of the Central Realty Bond and Trust Company; and Thomas D. Jordan, Comp¬ troller of the Equitable Life Assurance Society of the United States, were elected as additional directors. The purpose of the increase of the capital and surplus is to provide the company with resources to go extensively into tbe business of lending money on bond and mortgage on real estate in this city, Aa a re¬ sult the resources of the company will be $2,000,000, of capital and surplus of about -I!! ,400,000. Tbe Lawyers' Company will re¬ tain its close relations witb tbe real estate bar, anet also with brokprs and owners, and wili bring into the field a large amount of capital for investment upon real estate securities, securing the active co-operation ol corporations and individuals largely Inter¬ ested in real estate investments.