Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 68, no. 1749: September 21, 1901

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Septembe^i RECORD AND GUIDE. 349 CONTRACTS AWARDED. D. C. Weeks & Son. No. 289 4th av, have been awarded the gen¬ eral contract for the new Babies' Hospital building, at the north¬ east corner of 55th st and Lexington av; Tork &. Sawyer, No, 156 5th av. architects; they also have the general contracts for a 4-sty telephone building at Nos, 123 to 127 East 124th st, one at Nos. 220 to 224 West 124th st, and one at 150th St. in the Bronx, all from plans by C. L. W. Eidlitz, No. 1123 Broadway; they also have the general contract, which includes everything but heat¬ ing, lighting and plumbing, for the 12-sty hotel to be erected at Nos, 12 and 14 West 44th st, for F. B. Jennings and J. G. McCullough, from plans by Renwick. Aspinwall & Owen, No, 367 5th av. M. Eidlitz & Son, No, 489 5th av, have the general contract for the erection of the new dwelling which John S. Phipps will erect at the northeast corner of Sth av and 87th st, from plans by Trasvbridge & Livingston. Mr. Phipps recently purchased the plot, 100,8x165, at this location for $425,000. The following contracts have been awarded by the Board of Education for work in Public Schools In the Bronx: For con¬ structing sewer in No. 182, to Jere J. Deady at $2,354; for fur¬ niture for No, 178, to Narragansett Machine Co. at $1,265; In Manhattan, for heating and ventilating apparatus in No, 184, to Frank Dobson at $34,968; for sanitary work in No. 22, to Jere J. Deady at $7,837; for furniture in No. 79, Queens, to American School Furniture Co,, $2,990; Joseph N. Early, $297; and C. H, Browne, $1,749; in Brooklyn, for furniture in No. 136, to A, G. Spalding & Bros., $1,150; The Manhattan Supply Co.. $2,075.81; and American School Furniture Co,, $5,520; in No. 136, for in¬ stalling heating and ventilating apparatus, to Frank Dobson at $18,543; and for electric light wiring fixtures and bell system, to The United Engineering Co, at $4,211; in No, 137, for installing heating and ventilating apparatus, to Frank Dobson at $18,568; and installing electric light wiring fixtures and bell system, to The United Engineering and Contracting Co. at $4,211, MISCELL.\NEOUS, St, Nicholas av, west side. 314.9 north of 141st st; John F. Cockeriii, the well-known mason and builder of No. 147 Colum¬ bus av, who has just purchased the lot, 56.5x53.3x54.11x63.7. at this location, will erect thereon a stable for his own use, as soon as he disposes of his property on 68th st. BROOKLTN. Clinton av, near Lafayette; Frank Freeman, No. 132 Nassau st, N. T. City, has drawn plans for a 5-sty. 30x85, addition to studio building, and is taking estimates on the work; Pouch estate. No. 68 Broad st, N. T, City, owner. METROPOLITAN DISTRICT, Bay Shore, L. I.—George L. Morse. Eagle Building, Brooklyn, is drawing plans for a frame dwelling for a Mr. Blum, with Abraham & Strauss. No. 424 Fulton st, Brooklyn, Bellport, L. I,—The Trustees of School Board have been voted $15,000 with which to erect a new public school. B, R. Shaw, Charles Wood and Eugene Davis, trustees. No architect has been selected. New Brighton, S. I.—James Whitford, Port Richmond, S, I., is drawing plans for a 4-sty brick and stone fiat with store, on lot 50x60. West Brighton. S. I.—Thomas G. Perkins. Port Richmond. S, I., is ready for estimates for a 2-sty frame dwelling, 21x52. cost, $3,000, to be erected for Mrs, Abraham Scott. Stapleton. S. I.—Richmond road; Nicholas & Larson have been awarded the general contract for a 3-sty frame dwelling and store to be erected for W. B, Morrell, from plans by Otto Loeffler. East Hampton, L. 1,-1. H. Greene. Jr., Sayville, L. I., is draw¬ ing plans for a 2%-sty frame club-house to cost $25,000; Maid¬ stone Club, owner. Southampton. D. I.—W. E. Brady is drawing plans for a frame dwelling to be erected for Capt. Seldon Halsey. to cost $5,000. Of Interest to the Building Trades. Owen M. McManus has been appointed private secretary to Commissioner Wallace at a salary of $2,500 per annum, in the place of Prank W. Geraty, resigned. Trade still continues brisk among the majority of the plumbers, and few capable journeymen are on the street. Material is scarce in some lines, and this is causing delay on many jobs. Thomas A. Barry, plumber, formerly of 217 West Broadway, and who for the past two years has been in New Mexico for his health, died at his late residence, 896 East 156th st. The funeral services were attended by many members of the Master Plum¬ bers' Association, of which Mr. Barry was a member. The A. E. See electric elevator company, whose worlts are lo¬ cated at Front and Pearl sts. Brooklyn, with main office at No. 220 Broadway, this city, have established branch offices In the Real Estate and Trust Building, corner of Chestnut and Broad sts, Philadelphia, for the sale of their electric elevators in that city and vicinity. The Hartig Gas Engine Co., No. 39 Dey st, have Issued their yearly illustrated catalogue of 28 pages, with many testimonials showing their new improved gas and gasoline engines. These machines are made from 1 to 10 horse-power, and can be used for all purposes where power is required. Copies of the catalogue will be sent to architects and builders and others interested on application. The Building Trades" Association have renewed the lease of their quarters in the Townsend Building, No, 1123 Broadway, for a period of'five years from May 1st next. Some alterations in the rooms are now being made under the direction of Messrs. King, Fertig and Kessing. " New Standard " Electric tilevators. The Marine Engine and Machine Co,, whose offices are located at No. 1123 Broadway, this city, have been awarded the con¬ tract for the installation of two of their "New Standard" electric passenger elevators in the studio and loft building. No. 35 West 21st St. of which James A. Campbell is the owner. Legal Decisions. Action Against Copartners for Rent.—A release under seal of one of them, while the copartnership exists, releases all. Where the plaintiff in an action brought against one Cobin and others, the members of a copartnership which had never been dissolved, to recover rent of premises hired by them, executes and delivers to one of the copartners, in consideration of his appearing at the trial, a release under seal "of and from all claims against Cobin, individually as a copartner," upon the obligation in suit, such re¬ lease operates to discharge the other copartners.—(Finch vs. Simon, 01 App. Div. 139.) Principal and agent—real estate brokers' commissions. Where brokers employed to lease real estate fail to make the minds of the owners and that of the proposed tenant meet upon the question of rental, and a third party subsequently succeeds in persuading the owners to lower the rent and lease the premises to the proposed tenant, the brokers are entitled to no commis¬ sions from the owners, as they have not been the procuring cause of making the lease. (Tyng v. Constable. Misc, 35, 283,) The Bowery and Grand Street "I was very much interested in the article on Grand street in the Record and Guide of last ^veek," said George J. Kenny, the well-known East Houston street agent and broker, to a rep¬ resentative of this journal, "and I think the subject was very ably handled. I recall that eighteen or nineteen years ago that the south side of Grand street and the ivest side of the Bowery, within certain limits, were retail shopping sections much sought by merchants, so much so that anyone who wanted to obtain a lease of premises in either of them had to pay a premium. The decline in both selling and rental values was, however, very rapid. For instance, a Bowery store, 35x100, with basement, that rented at $4,500 in the good times, dropped to about $2,000 in the course of four or five years, and the rental of a 2-sty Grand street building declined from $3,200 to $2,200 between 1894 and 1897. The history of one piece of property in these two stretches of thoroughfare is, generally speaking, that of all rental values decreased so much, in fact, that only land values remained, and at that the property on Grand street became de¬ sirable for 6-sty flats with stores. On the west side of the Bow¬ ery lots declined from about $44,000 in the early ■80's, to from $25,000 to $27,000; this low-water mark was reached in '96 or '97, I should say. Since then they have advanced to from $30,000 to $32,000, On Elizabeth street, I may say, as a curious example of different results on different streets, values have meantime advanced, A parcel on the west side of the Bowery, running through to Elizabeth street, sold for $64,000; the value of the Elizabeth street lot was placed at $16,000; it is now .'};20,000 to $21,000; meantime the value of the Bowery lot declined from $48,000 to about $38,000, and is now about $42,000. During the period of depression values on the Bowery were sustained by the fact that one-half of the property from Chatham square to Sth street is owned by estates in whose possession it has been for a very long time. These facts go to show that there has been a heavy decline of values in this section, and that a period of recovery has set in; I do not think they will regain all they have lost, but there is every reason to believe that the process of recovery is still going on. To illustrate the income effects ot these movements, I would cite the case of a parcel 25x100, on the west side of the Bowery, between Spring and Prince streets, which, with an old building, was bought for $44,000 in '84 or 'S5. The rental value declined until the operation did not pay. In the early '90's the owner put up a new 5-sty loft building at a cost of $30,000, making the total investment $74,000, The building has now a rental value of $4,500. or about 6% gross and 4Va7a net on the investment, which, though not equal to the first return, shows the possibility that exists for the redemption of property that has run do%vn and getting at least a fair income out of it. The way in which either Bowery or Grand street prop¬ erty can be redeemed is Indicated by the improvements that are now going up upon those several thoroughfares."