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Real estate record and builders' guide: [v. 99, no. 2567: Articles]: May 26, 1917

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May 26, 1917 RECORD AND GUIDE 729 "Keep Wheels of Trade Going." The Trade and Commerce Committee of the Bronx Board of Trade earnestly urges the people of the Bronx not to curtail their ordinary expenditures dur¬ ing these troubulous times. There is ab¬ solutely no necessity for emotional econ¬ omy, but, on the contrary, there is great danger of creating the situation we are so anxious to avoid, that of closed fac¬ tories, unemployment and destitution. "There is no real economy in cutting down our living expenses," stated the secretary of the Board, "if it is to re¬ sult in throwing workers out of employ¬ ment and making them dependent upon our charity. Better far to keep workers employed by wise and liberal expendi¬ ture. "Business must be kept going, and in fact should be increased. The correct idea is to avoid waste, to conserve our foodstuffs, and to buy and sell as here¬ tofore, so that money may be kept in circulation, and business go on as usual. .Above all, as loyal citizens of the Bronx, we must patronize our own stores. If any saving is done, money should be • deposited in the Bronx banks and not boarded. The hording of money or food at this particular time is pernicious and absolutely wrong. "It is reasonable to expect that prices will go higher, because much of the ap¬ paratus now used for ordinary manufac¬ ture will be given over to producing war goods. This will mean that the supply of commodities which enter into regular consumption in times of peace will be reduced, particularly comforts and lux¬ uries. "Higher labor costs, too, will influence , prices, and this is especially true of food¬ stuffs of all kinds. It is thought, how¬ ever, that these high prices will affect the wholesaler and manufacturer sooner than they will the retailer, as the whole¬ sale merchant and the manufacturer are nearer the source of supplies, and the inference is that in some lines at least oarlv buving is advisable for the retail merchant. "Waees should advance, as skilled and unskilled labor will be in demand, and the labor supnly will be lessened bv en¬ listments in the army and navy, and the use of men and women in manufacture of munitions." Local Board Meeting Postponed. Emanuel Friendlich, secretary to the President of the Borough of the Bronx and of the Loral Boards, announces that owino: to the fart that Tune 5 has been designated as Registration Day the meet- inn- of the Local Board of Chester, scheduled for that date, has been post¬ poned to Tuesday evening, June 19. -1 lOTinmimiimiinimminnTii rmimmiiiiiuiiiuiiiiiiiiuiiiiuiKiuhiiiiiiiii iniiiiimiiiiiiRUUiiiDiiii PRIVATE REALTY SALES. nrHE total number of sales reported •*■ and not recorded in Manhattan this week was 24, against 31 last week and 39 a year ago. The number of sales south of S9th street was 10. as compared with 12 last week and 18 a year ago. The sales north of S9th street aggre¬ gated 14, as compared with 19 last week and 21 a vear ago. From the Bronx 10 sales at private contract were reported, as against 9 last week and 8 a year ago. Statistical tables, indicating the num¬ ber of recorded instruments, will be found on page 737 of this issue. Sale of Hotel Renaissance. Negotiations have Ijeen completed for the sale of the Hotel Renaissance prop¬ erty at the southwest corner of Fifth avenue and 43d street to William Ziegler, Jr., and negotiations are also pending for the leasing of the property for a term of twenty-one years, with renewals, on a commercial structure to be at least ten stories in height. The brokers in this transaction were J. Curry Watson and Lewis B. Preston. The cost of the pro¬ posed structure, which will be erected upon the expiration of the present leases, with the rental for the first twenty-one years, will approximate $3,500,000. It is reported that the land, the building and lease were sold for about $2,000,000. Mr. Ziegler has accumulated almost $10,000,- 000 worth of choice Manhattan real es¬ tate within the past three years. The Hotel Renaissance property is a seven- story structure on a plot 75x100, with an additional "L" 25x100 at 2 West 43d street, adjoining the new home of the_ Columbia University Club. Mr. Ziegler bought the fee from the Hoffman Es¬ tate, and the building and leasehold were acquired from the Estate of David H. King, thus merging the property into one ownership. Prior to Mr. King's death last year, he was negotiating for a sale of his lease, which had about two years to run, to the Guaranty Trust Company. The institution finally lo¬ cated at the opposite southeast corner. Coincident with this, Mr. King was also dealing with the Hoffman Estate for a new lease, which was finally closed, giv¬ ing him the property for sixty-three years, with rentals of $50,000 a year for the first ten years, and $60,000 a year for the second ten years from July, 1915. It was Mr. King's intention to erect on the site a suitable building in keepi'ng with the neighljorhood. Mr. Ziegler's ownerships include the thirteen-story apartment house at the southwest cor¬ ner of Park avenue and 58th street, val¬ ued at $1,100,000, which he bought last October from Samuel Herzog and Ed- far A. Levy; also the southeast corner of Park avenue and 72d street; the south¬ east corner of Park avenue and 63d street; the southwest corner of Park avenue and 54th street, and the nine-story apartment house at 104 to UO East 40th street. These five houses, which were acquired from various interests, are valued at $5,500,000. InitedService Like the Genie of Aladdin RESPONDS TO THE COMMANDING TOUCH- SUPPLYING ELECTRICITY fr THEDFORD GARAGE CQjnc 219 Ea< JohnC. Architi ARE WE SERVING YOU? Phone Stuyvesant 49 8 O The UnitedElectric \y(Mi a^pov/ER Co,