Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 105, no. 7: [Articles]: February 14, 1920

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February 14, 1920 RECORD AND GUIDE 207 Review of Real Estate Market for the Current Weqk Important Deals Closed Forecasting Big Building Operations — Columbus Circle Activity Anticipates Construction Movement DEALS involving important structural operations were features of the business of the week which continued to be unusually diversified. The lease of the Thorough¬ fare Building for sixty-three years at a rental of nearly $12,- 000,000 will bring to the Columbus Circle section a 20-story office building which is expected to greatly accelerate the long anticipated building movement predicted for this part of the city. Another deal in the same neighborhood affected a large plot on West 57th street between Seventh avenue and Broadway acquired by the Excelsior Bank, which will also provide a site for a tall office building operation. These two projects, together with those contemplated by the Fisk Rub- ter Company at Broadway and 57th street by the Kelly- Springfield Tire Company on Seventh avenue and 57th street, and by the Hotel Commonwealth interests a block to the south, will bring to the Columbus Circle section probably the most important building movement in its history. The announcement that the Guaranty Trust Company is the purchaser of the large plot at Broadway and Liberty street reveals the information that this institution contemplates the erection of another skyscraper on lower Broadway. Other important building projects forecasted by the business of the week affected the property at Broadway and 67th street ac¬ quired for a new theatre improvement and the northwest corner of Si.xth avenue and 39th street upon which interests identified with the Horton Ice Cream Company plan a com¬ mercial improvement. Although speculative interest continued to center to a large degree upon residential properties, operators figured in sev¬ eral large downtown transactions, notably the deal whereby ihe Adams Building at 61 Broadway passed into the posses¬ sion of a syndicate in which Henry Morgenthau, Robert E. Simon and Robert E. Dowling were interested. This deal involving $9,250,000 takes rank as the leading transaction of the year and signalizes the return of Henry Morgenthau into the real estate field after an inactive period extending over a number of years. There were several other interesting transactions which stood out from the great mass of trading, notably the sale of 726 Fifth avenue to a firm of dressmakers occupying adjoining property at a price which may set a new high mark for inside lots on Fifth avenue. The over-crowded condition in the ter¬ ritory south of Chambers street is continuing to force down¬ town business men to buy properties and a number of transac¬ tions were closed whereby tenants became owners of com¬ mercial holdings. PRIVATE REALTY SALES. THE total number of sales reported but not recoraed in Manhattan this week was 1.j2, as against 164 last week and 66 a year ago. The number of sales soulh of SOth street was 56. as compared with 67 last week and '21 a year Tlie number of sales north of .59th street was 96. as compared with 97 last week and 39 a year ago. . From the Bronx 43 sales at private contract were reported, as against 4U last week and 26 a year ago. Statistical tables, indicating the number of recorded instruments, will be found on page 217. Nehrinsr Brothers Buy Heights Home. The "Own-Your-Own-Home" movement among real estate brokers has spread to Washington Heights, where the progressive young flrm of Nehring Brothers has purchased the 5-sty apart¬ ment and store property at the northwest corner of St. Nicholas avenue and liisth street, cover¬ ing a plot li)0.xl40. Three stores now occupying the grade floor will be altered into one store and be occupied by the firm. The firm of Nehring Brothers, consisting of Fred W. Neh- Morgenthau Syndicate Buys. Former Ambassador Henry Morgenthau, asso¬ ciated with Robert E. Dowling and Robert E. Simon, has purchased the 32-story Adams Ex¬ press building at 61 Broadway, northwest cor¬ ner ot Exchange Alley, and running through to Trinity place. The structure was put up in 1914 by the Adams Express Building Company, of which Mr. Dowling is the president. It has a frontage of 104.10 feet on Broadway. 21ii,2 feet on Exchange Alley and 109 feet on Trinity place. The purchase price was $9,250,000 sub¬ ject to a flrst mortgage of ifS.OOO.OOO and a sec¬ ond mortgage ot $3,400,000. The building was designed by the late Francis H. Kimball, archi¬ tect, and has a facade of marble and light colored brick, with comparatively little lime¬ stone trimming. Mr. Dowling, who is president of the Adams Building Company, and who sold the greater part of his interest in the company some time since, now buys back a half interest, the re¬ mainder passing to Mr. Simon and Mr. Mor¬ genthau. Last December the City Investing Company, of which Mr. Dowling is also president, sold its building at 165 Broadway to Grigori Benen¬ son, Russian banker. The sale was the largest closed last year. The present deal is the larg¬ est consummated so far this year. Heights—lends itself by virtue of its accessi¬ bility as an ideal location for a real estate office. Not only is it convenient to the subway but also to the Bronx service lines connecting with the upper section of the Bronx, in which Nehring Brothers manage a number of large apartment house properties. Fred W. Nehring, discussing the 1920 spring market for real estate on the Heights, ex¬ pressed his confldence in the future of im¬ proved properties in that locality. "The most encouraging feature of recent business," he said, "is the growing interest of investors in apartment houses. This class of purchaser is steadily acquiring high class income producing property for permanent ownership. In view of the fact that building operations on the Heights have been negligible within the last few years, there is every indication that the active market will continue for at least three more years. Place $4,500,000 Loan. One of the largest loans on New York City real estate reported in years was placed by Hughes & Hammond. The loan, which is in the sum of .$4..">00,000, is to run for a term of ten years, at ^l^ per cent, per annum, and is to be secured by a first mortgage on the 32-sty store, office and theatre building to be erected by August Heckscher at the southwest corner of 5th avenue anVl 57th street, extending through to and including 3 to 9 West 5Cth street. Plans for the new building have Just been completed by Warren & Wetmore, architects. It is esti¬ mated the gross revenue from the new building will be approximately .$1,500,000 per annum. Hughs & Hammond in the last few months have placed mortgage loans aggregating more than $15,000,000. Guaranty Trust Will Build. The Guaranty Trust Co. proves to be the buyer of the plot at the northeast corner of Broadway and Liberty street, directly opposite its present location. The company plans the erection of a tall building for its occupancy. For the purpose it has acquired at .mi estimated cost of between S2..".iiO,0nri and $:i,.......miO, through lease and purchase, tbe properties at 150 tn l.'.s Broadway and 69 Liberty street, which have a fronta;^e of I'O.o feet in Broadway and 15:^3 feet in I.ilierty street. The easterly line meas¬ ures 111,4 and the northerly line 115,.S re¬ spectively, with an interior court ot irregular dimensions. The property at 150 Broadway, which is the corner parcel, was obtained through a lease from the heirs of John G. Wendel for twenty- one years, with two renewals of equal periods. (Continued on page 20S) FRED. \V. NEHRING. ring president: Paul Nehring, vice-president, and Charles A. Nehring. secreiari and treas¬ urer, began to do business only five years ago at their present location, St. .N'ieliolas avenue and 174th street. The threi' brothers had had considerable real estate experience prior to that time and brought to the new organization all the present day up-to-date methods of real estate lirokerage and management. Their business has grown to such an extent that their present quar¬ ters are overcrowded and they have been re¬ quired to obtain larger and permanent quarters elsewhere. The flrm eomUiels a general real estate busi- nes^ involving evi'ry phase of brokerage, man¬ agement and insurance. The new office—just one block north from West Islst street, the most important business thoroughfare on the Chose Bureau Chairmen. At the annual meeting of the Board of Di¬ rectors of the Bronx Board of Trade, held last week at the board rooms, l."!7th street and 3d avenue, and which was very well attended de¬ spite the inclement weather, the organization of the directorate was completed and the following unanimously chosen to serve as vice-presidents and bureau chairmen during the current year: Second vice-president and chairman of civic bureau. Martin Walter: third vice-president and chairman of industrial bureau. Louis H. Werner; fourth vice-president and chairman of publicity bureau. Albert Goldman; fifth vice- president and chairman of traffic and waterways bureau. Alexander Haring: sixth vice-president and chairman of trade and commerce bureau, Robert J. Moorehead, and seventh vice-president and chairman of manufactures bureau, M. J. de Rochemont. Theodore S. Trimmer was elected to serve as treasurer and Charles E. Reid as secreatry. Mercantile Building Sold. Samuel Kaplan sold for Daniel H. Jackson to the 40" -Manhattan Avenue Corporation 133- 135 West lOlh street, a 10-story fireproof store and loft building, on a plot 41x92, bringing in a rental of $:!.1,00() a year. The property was held at .$225.01 ii».