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Real estate record and builders' guide: [v. 103, no. 24: Articles]: June 14, 1919

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790 RECORD AND GUIDE June 14, 1919 Bennett Estate Sale Show^s Good Investment Demand Tract of 472 Lots Sold in Six Hours at Very Fair Prices—Several Other Sales in City and More Scheduled A TOTAL of $1,786,900 was realized for the 472 lots of the James Gordon Bennett estate on Washington Heights auctioned by Joseph P. Day, on Tuesday, in the Real Estate Exchange. The average price per lot was $3,800. The auction sale was considered one of the most successful held in this city for many years, not only on ac¬ count of the prices obtained but because the character of the buying indicated the improved condition of the real estate market and the willingness of the public to invest freely. The fact that purchases were made by prominent builders indicated that a number of sites will shortly be improved. One of the most significant phases of the entire sale was the record crowd in attendance. Of the many auction sales conducted in the city in recent years by Joseph P. Day, the Bennett sale stands out as one of the most notable of his successes. He disposed of this tract in less than six hours of actual selling, obtaining results that in themselves are a tribute to his ability as an auctioneer. The largest individual purchaser was Dr. Charles V. Paterno, builder of high grade apartment houses, who, several years ago erected his "castle," just south of the Bennett property. He acquired four plots of from eleven to nineteen lots, which will serve not only to protect his present property but provide sites for apartment improvements. Other large buyers included Felix Isman, William L. Thompson, Lloyd Winthrop Company, Wilton Holding Company, William H. Brown, Maurice L. Stimson, M. Rosenzweig, Anthony J. King, Julie Fitzgerald, Thomas J. O'Reilly, and Emil and Karl Carlson. The highest price paid for a single lot was $11,000 for the southeast corner of Fort Washington avenue and 183d street. Many other lots brought from $5,000 to $11,000. Women took an active part in the bidding, and one of them—a Miss Theresa Cassazza, who represented Frank B. Cross & Co., paper box manufacturers, bought $40,000 worth of property. To those who have the historical traditions oi the city at heart, the most interesting feature of the sale was the pur¬ chase by the American Scenic and Historic Preservation Society of the site of old Fort Washington, which is now marked by a monument on Fort Washington avenue, just north of 183d street. William Willett, of 15 William street, as presentative of the society, bought thirty-six lots on Fort Washington and Pinehurst avenues and 183d street for a price approximating $186,000. The members of the society have long been interested in the preservation of the site of the old revolutionary fort and in their efforts, secured the cooperation of the Sons of the American Revolution. Before it decided to enter the market for the lots, the society, through its president, George Frederick Kunz, communicated with John D. Rockefeller, Jr., Mr. Day and Rodman Wanamaker, who is one of the ex¬ ecutors of the Bennett estate. It is the present intention of the society to convert these lots, fronting on both Fort Washington and Pinehurst ave¬ nues, into a memorial park. The highest price paid for any one of these single lots was $8,200, and the lowest $5,000. This, together with the announcement of the syndicate's plans, put a higher estimate on the other property in the vicinity of the memorial. Dr. Paterno's first purchase included nineteen lots on the western side of Northern avenue, extending from the north¬ ern boundary of his present estate to Chittenden avenue, for which he paid $6,000 each. He followed this with the purchase of six lots on the east side of Northern avenue just north of his estate, for which he paid $3,700 and $3,800 each. For the six abutting lots on the west side of Pine¬ hurst avenue he gave $2,700 each, and for the seven plots adjoining them on the north on Pinehurst avenue $2,400 each. Finally, for the tapering strip of lots—"watch charm" lots, Mr. Day called them—extending south to 183d street and to the east of his property. Dr. Paterno paid $1,000 each. There were twelve lots in all in this strip. Felix Isman's purchases included eleven plots on the east¬ ern side of Bennett avenue, extending south from West 187th street almost to 186th street, and three abutting lots on the west side of Broadway, midway between 186th and 187th streets. On this "T" shaped plot, it was announced, a large movie house will be constructed. For the lot at the south¬ east corner of 187th street and Bennett avenue he paid $6,200. For the adjoining plots on Bennett avneue he paid $4,000 each. The three plots fronting on Broadway were knocked down to him on a bid of $5,800 each. The highest bid received for any of the Broadway lots included in the auction wag $7,300 for the northwest corner of 186th street and Broadway. The lot at the southwest corner of Broadway and 187th street brought $6,000. The highest bid for an inside lot on Broadway was $6,300. Fort Washington avenue seemed to be a favorite in the bidding, judging by the prices received for property on that thoroughfare. Two inside lots adjoining the northeast corner of Fort Washington avenue and 183d street sold for $7,000 each. The plot at the southwestern corner of 183d street and Fort Washington avenue sold for $10,200. Twenty two plots on the east side of Riverside Drive brought prices ranging from $1,000 to $3,000 each, and the twenty-eight plots facing them on the western side of the Drive sold for from $2,000 to $2,500 each. On Overlook Ter¬ race the prices were the lowest, ranging from $700 to $1,750. The sale was held to liquidate debts of the estate and more expressly to secure funds for the establishment of a home for New York city journalists, provided for in the will of Mr. Bennett. Complete details of the sale, including names of the buyers, the prices and the description of each lot sold, will be found in the second section of the Record and Guide. A comparison of the prices received at this sale with those obtained by the same auctioneer in April, 1909, for 217 lots between 177th and 181st streets, Broadway and River¬ side Drive sold at the dissolution of the Fort Washington Syndicate reveals an interesting situation. In the latter sale the amount raised was $1,658,100 an average of about $7,641, or about twice as much as the average that maintained at Tuesday's sale. This difference is largely explained by the fact that the 1909 offerings were better located, were sold in larger plots and were in a better condition for immediate development because all the municipal improvements, includ¬ ing sewers, were in, and all the streets were opened. More¬ over, the building loan situation at that time was much more favorable for construction interests. Comparison, nevertheless, of prices in the two sales is interesting. On Tuesday, the plot 30x140 at the corner of Fort Washington avenue and 183d street, brought $11,000, the highest price paid at the sale. At the sale in 1909, the southwest corner of Fort Washington avenue and West 178th street, 100x127.6, brought $64,000. In 1909, the plot 100x101. at the northeast corner of Pinehurst avenue and 180th street, brought $38,750, and the southeast corner of Pinehurst avenue and 180th street, 100.2x100, brought $37,750. Inside lot on Pine¬ hurst avenue north of 180th street, measuring 100x115, brought $28,100 at the old time sale, whereas lots on Pinehurst avenue abutting the Fort Washington avenue plottage sold for $5,900, from which they ranged downward to $2,600, on Tuesday. Those who are interested in further examination of com¬ parative prices at the two sales may consult the Record and Guide of April 24, 1909, which contained a full report of (Continued on page 792)