Columbia University Libraries Digital Collections: The Real Estate Record

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October 13, 1917 RECORD AND GUIDE 471 PRIVATE REALTY SALES. '"THE total number of sales reported *- and not recorded in Manhattan this week was 19, as against 21 last week and 23 a year ago. The number of sales south of 59th street was 5, as compared with 6 last week and 7 a year ago. The sales north of 59th street aggre¬ gated 14, as compared with 15 last week and 16 a year ago. From the Bronx 12 sales at private contract were reported, as against 6 last week and 7 a year ago. Statistical tables, indicating the num¬ ber of recorded instruments, will be found on page 477 of this issue. Buys Stewart Building. Frank A. Munsey has acquired the Stewart Building from the heirs of the late Judge Henry Hilton, in one of the largest real estate purchases of the year. The Stewart Building occupies the block front on Broadway, from Chambers to Reade streets, facing City Hall Park. It has a frontage of about 225 feet in Cham¬ bers street, 150 feet on Broadway and 225 feet in Reade street. The building site comprises about 35,000 square feet and was bought through the Charles F. Noyes Company. The same broker acquired for Mr. Munsey, through Wm. A. White & Sons, 61 Chambers street, a lot 23 x 90, heretofore leased at $11,000 per an¬ num net, which is a part of the large site. This lot was held at about $200,000 and was owned by the Andrews Estate, rep¬ resented by Cadwalder, Wickersham & Taft. J. D. Fackenthal, of the law office of Barber, Watson & Gibboney, repre¬ sented Mr. Munsey as attorney in the legal matters and James S. Darcy and Alfred L. Stickney, of Joline, Larkin & Rathbone, were the attorneys for the Hilton heirs. On this site Mr!" Munsey plans the erection of a tall building, which will be¬ come the home of the "Evening Sun," the "Sun" and other publications which Mr. Munsey controls. While plans for the proposed improvement have not been announced, it is understood that the building will be in keeping with the ex¬ ceptional location and importance of the site, which is one of the most interest¬ ing in the city. The present structure on the site was built by the late A. T. Stewart in 1850, and became one of New York City's principal dry goods establishments. It was originally five stories in height, but about 33 years ago two stories were add¬ ed. When Mr. Stewart built his new store uptown, now occupied by John Wanamaker, the structure was remod¬ eled for office purposes, and up to the time of the completion of the Municipal Building housed a number of city offices. The property was reported to have been held at $4,000,000, although it was rumored that the selling price in the pres¬ ent transaction was upward of $3,000,000. It was sold to Felix Isman by Judge Hil¬ ton in April, 1906, at a reported price of $4,500,000, subject to a mortgage of $3,700,000. Last May the property was sold at auction as a result of the fore¬ closure of this mortgage, and passed back into the hands of the Hilton heirs on a bid of $3,000,000. The building project contemplated for the site takes on especial interest, by reason of the fact that the Chambers street front has the advantage of per¬ manent light from the City Hall Park side, and it is not restricted as to height by the Zoning Resolution for this rea¬ son. Since the site exceeds by about 6.000 feet the area occupied by the Wool- worth Building, it is probable that he may erect on the site another mammoth skyscraper. It has two distinct grade levels, one in Chambers street and one in Reade street. Adjoining to the east is the Emigrant Industrial Bank, and on the same street are the Hall of Records and the Munici¬ pal Building. The site is within a stone's throw of the Brooklyn Bridge, with the Center street, Lafayette street and Broadway subway stations practically at the door. Publishers Buy McGraw Building. Among the important real estate transactions consummated during the past few months is that of the McGraw Building, at 239 to 245 West 39th street, which is occupied by the United Pub¬ lishers' Corporation, publishers of trade and technical papers, and other tenants. The structure is eleven stories high, oc¬ cupies a plot 194.6x90, and is located be¬ tween Seventh and Eighth avenues. The purchase was closed through the ac¬ quisition, by the United Publishers' Cor¬ poration, of a majority of the stock ownership of the building. The sale was based on the valuation of the property of more than $1,300,000. The building is midway between the Grand Central Ter¬ minal and Pennsylvania Station. The first floor is occupied by a branch of the New York Post Office, and the other floors are tenanted by publishers. The purchase assures a permanent home to the corporation which controls many leading trade and technical papers, in¬ cluding the Iron Age, Dry Goods Econ¬ omist, Motor Age, American Architect, Power, Hardware Age, Electrical World, Coal Age and Engineering and Mining Tournal. Landmark in John Street Sold. Horace S. Ely sold for the City Real Estate Company, 42 John street, a four- story and basement brick building, on lot 20x81, to John F. Drake, proprietor of Rolfe's Chop House. The site has been used for restaurant purposes for almost three quarters of a century, hav¬ ing been established in 1848. It is sit¬ uated within a stone's throw of Broad¬ way in the south side of John street. The walls of Rolfe's Chop House are hung with many interesting old English prints, many of which are valued highly. Adjoining on the east is the old John Street Methodist Episcopal Church, erected in March, 1768. Last year it celebrated its sesqui-centennial. In olden times it was designated as the "First Preaching (Methodist) House in America." ^M ^ UNITED The Electrical Exposition and Motor Show of 1917 Visit the Electrical Expo¬ sition at the Grand Cen¬ tral Palace and see how electricity Nation. is serving the Visit the United Exhibit (Booths 27-32) and see how we can serve you. The United Electric Light AND Power Company Electric Service Throughout Manhattan General Offices: 130 East ISth Street Stuyvesant 4980 Branch Offices: 89th Street at B'way B'way at 146th St. RECORD AND GUIDE IS IN ITS FIFTIETH YEAR OP CONTINUOUS PUBLICATION.