Columbia University Libraries Digital Collections: The Real Estate Record

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924 RECORD AND GUIDE May 16, 1908. lot 24.9x100. The reported price was $150,000. The upper west side also came in for a good number of deals. There were several mortgages of importance recorded. The 44 West 77th st Co, borrowed from the Metropolitan Life Ins. Co. $500,000 on the building situated on the south side of that street, 150 ft. east of Columbus av, 100x102- This loan bears interest at the rate of 0 per cent, until the building is com¬ pleted, and 5^^ per cent thereafter until the due date. May 1, 1912. The Lawyers' Title Insurance and Trust Co. loaned James A. Farley $300,000 for 3 years at 5Vi per cent on the property at the southeast corner of Madison av and 55th st, 50.2xS2.G. Anotlier loan of some importance was one for $114,000 on the property 109 and 111 West 27th st. Mary E. Coleman loaned this amount to the Marmac Construction Co. This is in the form of a building loan due May 1, 1911, bearing interest at the rate of G per cent. The West Side Construction Co., Jacob Axelrod, president, borrowed from the Lawyers' Title Insurance and Trust Co. $150,000 for five years at 5 per cent on the property located on the northwest corner of llSth st and Morn¬ ingside av West, 100.11x90. Mrs. Margaret O. Sage again was a loaner of money on bond and mortgage. She placed $212,000 on the property 31 and 33 West 21st st, 465.3 west of -Sth av, 55.11x98.9, due May 1, 1911, at oVz per cent. The Acme Build¬ ing Co. was the borrower, who also mortgaged all title that they have to the land adjoining on both the east and west of this holding. THE AUCTION MARKET ■"T^ERE were several notable sales in the auction market this 1 week, and in the main the results were gratifying. At the stand of Joseph P. Day on Monday a block front in Furman st, Brooklyn, consisting of ahout seventeen lots, was knocked down at $89,000 to James Stammalman. This was a voluntary sale. There were old buildings on the plot. At the stand of Bryan L. Kennelly, on the same day, a va¬ cant plot, 100x87.5, on the north side of Baychester av, 250 ft. east of Kingshridge road, was knocked down to E. D. Phelps for $1,SOO. The 3-family house on the north side of 232d st, 50 ft. west of Bronxwood av, 54xl20xirreg., was sold to E, Malino for $4,400. There was a record-breaking crowd in the salesroom on Tues¬ day. The center of attraction was a sale of 369 lots sold by Joseph P. Day at the order of the Hunt's Point Realty Co. Martin Pletseher was the first buyer. He purchased the lot On the east side of Bryant st, 100 ft. south of Garrison av, for $1,050. The auctioneer offered him the option of taking one, two or three at the same price. "I'll take ten," said Mr. Pletseher. He got them, as well as applause from the crowd. He used good judgment, as the adjoining lots went at higher prices, though they were not so favorably situated. Interior lots on the west side of Bryant st were knocked down for about $1,050, while across the street the prices ranged from $775 to $1,250. On Longfellow st Charles F. Pfizenmayer bought nineteen lots, paying $750 apiece for them. On the west side of this street prices varied from $800 to $925 each. The prices obtained on Whittier st were between $575 and §675. Edgewater road lots, which were extra deep and faced on the Bronx River, brouglit between $2,500 and $3,100. The total amount realized by the sale was $381,275 for 269 lots. At sis, o'clock the sale was stopped, with 100 lots unsold. They are going to be ofEered at private sale. At tlie stand of Brj-an L. Kennelly a sale was in progress at the same time, of 63 plots of four and five acres each, at Oakdale,, Long Island, at prices ranging from $110 to $950 an acre. The sale consumed about two hours. This holding is well located, lying as it does to the north of the railroad track, between the game preserves of the South Side Sportsmen's Club and the estate of Frederick G. Bourne. It is heavily wooded. The total amount that the sale realized was $53,146, whieh makes an average of ahout $843 a plot. TRANSIT CONFERENCE OF 1908. At a meeting held in the rooms of the Allied Real Estate In¬ terests, 165 Broadway, New Tork City, on May 12, 190S, the following organizations were represented: Allied Real Estate Interests, Allan Robinson; United Real Estate Owners' Association, Charles H. Schnelle; 12th and 19th Wards Real Estate Owners' Association, Charles H. Schnelle; 'Harlem Property Owners' Association, Dr, Abraham Korn; 12th and 22d Wards Rea! Estate Owners' Association, Ira J. Ettinger; Transit Committee of Fifteen, William Williams; Eeal Estate Board of Brokers of the City of New York, Irving Ruland; Brooklyn League and 22 civic associations. ex-Senator George W. Brush; Citizens' Central Committee of Brooklyn, -Frederick W. Rowe; Fiatbush Taxpayers' Association, Edmund D. Fisher; Manufacturers' Association of New York, T. B. Ackerson; 26th Ward Board of Trade, Brooklyn, Robert F. Craig; Employers' League of Brooklyn. F. W. Rowe; Builders' Association of Brooklyn and 44 civic bodies of Brooklyn, F. W. Rowe. On motion, -duly seconded, it was Resolved, That this conference be known as the "Transit Con¬ ference of 1908." Resolved, Tbat this conference favors a broadmlnded policy with "reference to giib^yay constructiOB apd operation In New York City, Resolved, That while the policy of subway construction and owner¬ ship by the cily is approved, yet the interests ot tbe city and of its traveling public require that the Rapid Transit Act be amended so as to permit subway construction and ownership by private capi¬ tal in addition to city construction and ownership, with a reserva¬ tion o£ the right oE the city to acquire such structure at a definitely fixed time in the future. Resolved, That the leasing term of a city-built subway be in¬ creased from twenty years, as at present, to thirty-five years, in order that private capital may be iuduced to lease a subway built and owned by the city. Resolved, That the legislative bill—^known as the Robinson Bill, Assembly No. 2232—amending the Rapid Transit Act, and embody¬ ing tbe foregoing principles is approved and that the Governor be earnestly urged by representatives from this conference to sign this bill. NEW SYSTEM INAUGURATED. COMPTROLLER METZ DEVISES A SYSTEM OF TABULA¬ TION AND CLASSIFICATION OF CITY'S HOLDINGS. Incredible as it may appear, the City of New York has not any complete record of its realty holdings. There is no way of telling what property the city owns without going to con¬ siderable trouble, and devoting much time in looking up the meager records at hand. Comptroller Metz was brought face to face with this condition, and immediately set about to in¬ augurate a system of records giving minute data of each piece of property owned by the city. Work was begun about a year ago, and a force of men have been constantly engaged in straightening out the muddle, HOLDINGS CLASSIFIED. Tlie holdings of the city are divided into the following de¬ partments: Pire, Armories, Police, Parks. Borough Presidents, Health, Charities and Correction, Bridges, Docks and Water Supply. At the present time the records of flie holdings of the Fire Department are ahout completed, but it must not be as¬ sumed that the other departments have suffered. The Comp¬ troller has gone about it in a businesslike way, and as informa¬ tion concerning any of the other departments was obtained it was carefully noted in its proper place. It is estimated that the city owns about $2,000,000,000 worth of property, in Greater New York. Naturally this includes Central Park. These lots are considered worth an average of $60,000. The first step taken was the verification that the city really owned a given parcel. A large vertical envelope was made, suitably printed, so that a complete history of the property would appear at a glance. Inside the envelope appears a card with a diagram giving the dimensions of the holding and a sliort statement, as per accompanying diagram. Attached to this card is the complete search, the policy of insurance and full Information as to how the property was acquired, price paid and all other particulars. N.MOORE ST A fir^-7 0* FRANKLIN ST ^^^^^^ SEC. 1, BLOCK 189. LOT 35. Parcel "A." Grantors, Smith Bloomfield and others. Grantees. Mayor e_t al. Con¬ sideration, $5,982. Date of conveyance, March 1, ISal. Liber 568, page 295- Dimensions, as per diagram. Streets, North Moore and Varick. Parcel "B." Grantors, George H. Swords and wife. Grantees, Mayor et al. Con¬ sideration, $5,200. Date of conveyance, March 4, 1851. Liber 568, page 291. Dimensions, as per diagram. Streets, Nortb Moore and Varick. Parcel "C." Grantors, Thomas^ T. Woodruff and wife. Grantees, Mayor et al. Consideration $o.OOO, Date of conveyance, March 5, 1851, Liber 568, page 304. Dimensions, as per diagram. Parcel "D." Grantors, Theodore J. Seixas and wife. Grantees, Mayor et al. Con¬ sideration, $9,000, Date of conveyance March 11, I806. Liber 703. page 3So. Dimensions, as per diagram. Streets, North Moore and Varick. Used for Hook and Ladder Company S; storehouse; Fuel Depot 3, ATLAS USED. A map of the city has been prepared, in black and white, and then the parcels owned by the city are inserted in colors. For example, those holdings owned by the Fire Department are colored red, while those under the control of the Park Depart¬ ment are colored green, and so on through the list. It will be apparent at a glance so soon as a page of the map is opened just how much each department controls. This system is going to be carried out in the future. Wlien any property is acquired hereafter, it will be entered in Its regular place. The Comptroller deserves great credit for de¬ vising such a method of handling the city's property, and the beauty of it is that, while it is complete, it is at the sarae time exceedingly simple.