Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 28, no. 714: November 19, 1881

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November 19 1881 The Real Estate Record 1075 the Eastern Parkway, 24 lots, for a total of $98,750, or, including No. 1. of $108,400, a figure far in advance of the most bullish estimates. Tbe sale proceeded without interruption m-til lot No. 49 was knocked down, when Mr J. H. Warwick arose in an excited manner and called attention to the fact that a system of telegraphic signals were being used between Commissioner Stranahan and G. G. Dutcher, and that the former was advising the latter when to bid, which, he claimed, was not right, as the crowd had come to attend a free sale to the highest bidder without reserve. Mr. Stranahan acknowledged that he had advised Mr. Dutcher to bid, but maintained that he had a perfect right to do so as Mr. Dutcher u as buying the same as everyone present, and would pay his money in g'.od faith, but tha"; hereafter he would refrain from holding any communication with Mr. Dutcher, who was a relative of his, and when they wanted to buy he and Mr. Dutch, r would both bid for themselves, so that everything would be above board. After this, the sale proceeded without trouble, the prices of all the choice lots being excellent, in fact so high wete they that the contingent from the New York Salesroom were left out almost entirely. After £95 parcels were disposed of, for a total of about half a million dollars. Commissioner Stranahan withdrew the balance of the property until some future date, and announcing at the same time that he would peti¬ tion the Legislature for the right to sell the property on the other side of Flatbush avenue. The parcels dis¬ posed of comprised lots on the Plaza and Plaza street, Flatbush avenue, Butlei street, Douglass street. Under hill avenue, Degraw street. Eastern Parkway and Park place. To say that the ownersof Brooklyn renliy were pleased with this sale but faintly expresses their feeling, and it is safe to say that the prices realized were from 30 to 50 per cent, greater ihan even the most ardent believer in this property antici¬ pated. Both the auctioneer and the immense throng of would-be buyers present wi-re greatly surprised as well as disappointed when Commissioner Stranahan announced his intention of withdrawing the balance of the property advertised, for although the purchase of th- front on Butler street, at $700 per lot, by Henry Weil, was a bargain, yet the average of all the parcels sold was high, and the crowd were evidently in a buy¬ ing humor. After the sale was over the writer in conversation with a number of gentlemen discovered that there were more than one person present who proposed to purchase blocks of lots, and were pre¬ pared to pay a round figure for them. President of the Park Commissioners, J. S. T. Stranahan, is, as everyone knows, a great bull on this properly, but the best evidence of his not thinking that the property was very cheap is the fact that he only purcha.sed three parcels, and in several instances stopped bidding on other lots long before the price at which they were knocked down was reached. There was some un favorable comment arao'g those present, as to the propriety or legality of the city taking a man's prop¬ erty for a specific purpose at a valuation none too high, and then not using it for that purpos , but re¬ selling It to the highest bidder at auction. But w en these gentlemen were reminded that, if they added to the amount the city paid them in 1860, the taxe.«. assessments and interest on the mo-ey, they would find that they had not made a bad bargain. At even the hi h range of values which this sale has established, thty could but acknowledge th^t they were not badly hurt. That this sale will give an impetus to real estate in all sections of Brooklyn was conceded on every side. Mr. W. Cole, in convt-rsatiou with the representative of the Real Estate Record, expressed himself as much pleased with the result of the sale and said that the prices obtained for the cor¬ ner and other desirable lots was more thau satisfac¬ tory and far beyond his anticipations Ex Mayor Smith Ely. Jr., of New York, some days since an Dounced his intention of picking up some cheap cor¬ nier lots at the great Brooklyn sale, but although he was a bidder upon several choice parcels, there were others present who placed a higher valuation on the :same lots, so he did not secure any. The creditable manner in which Auctioneer Cole conducted the sale ^was a matter of comment on all sides, and the waj* iu -which he kept the large crowd in good humor was \worthy of all praise. On Friday morning Mr. Charles Kellogg notified :the Park Commissioners that he would pay all cash tor his purchases. It is also understood that a large :number of the other buyers piopuse doing likewise A movement is already underway to induce the Commissioners to sell the balance of the property in about two weeks, and a prominent Brooklyn capital¬ ist, who is also a well-known Pine street man, called •on Mr. Stranahan early yesterday morning and guar¬ anteed that if such a sale should be decided upon, that certain blocks which he named would not be Allowed to be sold below a figtire named, and it was a stiff oue. A number of oiher gentlemen called at the ofllce of the Brooklyn Park Conuuission yei.terda.\ morning, and there was but one opinion iu regard to the succe.ss of the sale—that Brookb n property had never before conmianded such high figures. Full particulars, giving the name of purchaser and price paid for each lot, are given in another column. OIT mOM TIIE BUILDERS. The work of blasting the rock on the plot of ground at the northeast corner of Madison avenue and Fiftieth street has b' en commenced, and it is the in tention of the owner, Henry Villard, the President of the Northern Paciflc Bailroad and the Oregon Steam Navigation Company, to improve it without delay. Mr. Villard has just returned fo New York from a visit to Oregon and has not positively decided upon the nature of the bui Id irg to be erected on the above described corner, but it is more than probable that it will be a handsome private residence for his own use, from designs already drawn by Messrs. McKim Mead & White. ' Mr. E. F. Coe, of 663 Fifth avenue, is about to erect a stable, to be known by the street No. 115 West Fifty-second street. It will be 25x90. two st ry high, the front of Philadelphia brick, with blue stone trim- Kiings, and will be finished throughout in yellow pine. Architect, E. Gandolfo; co-it, S6,l03. E. Gandolfo is drawing the plans for two three- story frame cottages to be erected at Engiewood, N. J., by Jaiob S. Wetmore, of 49 Cedar street. New York. They are to be built in a style tending towards the old English rural architect"re, and will cost S3,000 and $5,U00 respectively. Ground was broken on Monday last at the north¬ west corner of Madison avenue and Seventy-second street. It was currently reported that Mr. C. L. Tif¬ fany was about to erect three dwellings on the above premises. We can state by authority that this was an error, and that Mr. Tiffany is about to erect a palatial pri¬ vate residence, to be occupied by himself together with his son and daughter. This family mansion will have a frontage of 75 feet on Madison avenue, and extend 100 feet in depth along Seventy-second street. It is to be of an original and unique design, differing in all essential features from any house ever erected on Manliattan Lsland. The flrst story will be of brown stone, with au extensive and highly ornament¬ ed entrance, the upper stories of brick with blue stone trimtuings. Mr. Tiffany will spare no expense to make his new mansion an ornament to the surround¬ ing neighborhood. J. D. Crimmins is the contractor. Mr. J. H. Pool, of New Brighton, S. I., is about to rebuild his house recently destroyed by fire, ou the same site, from plans drawn by E. L. Woodruff. Dr. Robert M. Reynolds is about to build in Ninety- third street, between Eighth and Ninth avenues, a dwelling 2i)x60. The front will be of brown stone, ar¬ tistically treated, from designs by Horace Greeley Knapp. The same architect has also just completed plans for a handsome collage to ba built by Mr. C. H. Rob¬ inson, at Nantucket, Massachusetts. Extensive buil.iing operations are in contemplation in and about Yonkers, and a number of preliminary studies for residences for that locality are iu course of prepai-ation by Mr. Knapp. Johu D. Crimmiiis will immediately improve the lot on the south side of Sixty-third st et, 200 west of Sec¬ ond aveuue, by the erection of a four-story brick ten¬ ement. Anthony^lowbray proposes to improve the plot of ground owned by him on the north side of Sixty-ninth street, be ween Fifth and Madison avenues, 00x100, by the erection under contract of a private dwelling, with a frontage of 27 feet, on a similar plan to the one he is now completing in the same location. Ou the bal¬ ance of the plot he will erect a magnificent residence, having a frontage of 33 feet. Brooklyn. John Kipple proposes to erect at once a three-story flat house on Manhattan avenue, nt-ar Noble street. The Emai uel Baptist Church propose to erect a chapel ou the properly receutly purchased by them at Lafayette avenue and St James place, Brooklyn, at an outlay of $30,000. It is reported that Mr Charles Kellogg, who pur¬ chased a plot of a little over one and one-quarter acres fronting on the Plaza, Flatbush and Underhill avenues and the Eastern Parkway, for $108,400, is the representative of a syndicate of capitalists who pro¬ pose to erect on the above site a mammoth hotel, the equal of which many citizens of the Citv of Churclu's have never dreamed of sei-itig in their municipality. President of the Park Commission, J. S. T. Strana¬ han, proposes to erectainaguificent private residence on the Parkway, on a portion of his purchase at the great Brooklyn sale on Thursday last. SI*ECL\L NOTICES. Messrs Dow & llifchcock. uhose car,' a general re«l estate business, make a specialty of selliug lots aud arranging build¬ ers' loans. Alteniion is called to the advertisement of Alexan¬ der M. Lesley, of 380 Sixth avenue He is the maini- facturer of a new furnace called the *' Rotunda Fur¬ nace," which, it is claimed, lays over other furnaces in that it is very economical, self cleaning, and there being only three joints there is no possibility of gas escaping. Besides, the shaking and dumping grate is very simple and ea.sily managed; the fire pot is heavy and durable, and the corrugated radiator and dome have an immense radiating surface. People contem¬ plating the purchase of new furnaces might call at the above address and see for themselves. MARKET REVIEW. REAL ESTATE. ^^ For Il8t of lotM aud houMefi for Male "iee pasen Ii aud Iii of advertlMenieutH, There were several sales of interest during the past week. Prices are steady and transactions are moder¬ ate for the season. The event of the week in New York was the sale of forty-two lots on the West Side belonging to the Furniss estate If the provisions of the will had been carried out, all of the Furniss estate would have been sold while prices were still high, but the trustees, who were reputed to be among the soundest and shrewdest business men of New York, failed to realize the gravity of the panic of 1873. Thev postponed the sale and one of the heirs, since deceased, went to law to compel the disirlbution of the property. Some of the lots were sold in the fall of 1877 when prices were at the bottom. A corner lot sold then as low as $3,000, which in 1872 woidd have brought $12,000. It is idle to disguise the fact that the sale of last Tuesday of forty-two lots of this same estate was a disappointment to operators. They hoped for higher figures. The sale, however, settles one matter, there is no unwholesome excitement iu unimproved really and certainly not in West Side lots. Their time will come some day, and all ivho purchase at the flgures of the sale of last Tuesday will do well. The fall season is ending with a great many unsold houses on the hands of builders. They ar^ all willing f> make sacrifices, and new and well finished build¬ ings are offered at figures less than tho.«e these same houses would cost to build to-day, taking in view the price of labor and material. This fact of itself will in time reduce the number of houses in the market but will probably check building operations until next summer. Should rents advance. i»s is not unlikely, the surplus houses on baud would be rapidly worked off. It is quite true the increa-ed price of labor and materials has cheeked building operations in all the suburbs and in New York One of the great real esta.e events of the week was the sale of -iO.^ of the 1,000 Brooklyn lots advertised to be sold. This is fully and graphically described in another column. The prices, it seems, were much higher than the most sanguuie could have anticipated, and it really looks as if the disposal of these lots will mark a new era of build! g activity in our .sister city. The es'ate of the late Elisha Brooks is to be sold ac the Exchange, November 29. See announcement elsewhere. R. V. Harnett will, next Tuesday, sell six choice Utile houses on One Hundred and Thirty fourth stree'. They will be desirable residences for persons of moderate means. It is said that the sale of the Turtle Bay prop- rty, last Thursday, was merely to perfect a title A lot on Fifth avenue, near One Himdred and Tenth street, sold for $10,I)00 last week, at auction, on the Exchange. It was worth at least $15,000. It was not sufficiently advertized. Gossip of the Week. Messrs. T. S. Clarkson & Co. have sold, for Hugh Bles:ion, the three-story brown stone dwelling. No. .54 East Seventy-fifth street, 1.5x75x102 2, with dining room extension, to Melinda Schmidt, for $28,500. and the three four-story brick dwelliugs, with stores, No. 180, 182 and 184 Sixth avenue, 60 9x100. for $60,000. John Davidson has sold the four-story brown stone dwelling. No. 104 East Sixty-first street, 20x67x100, to James Muir, for $:13,000, and No. 106, the adjoining house, and its counterpart in every respect, to Walter F. Brush for a like consideration. WiUiam P. Parsons & Son have sold the four story brown .stone house. No. Ill Ea-st Sixtv-foiirth street, 21x7.5x100, to Charles E Hall, for $:«,000. Frank Stevens has sold the following houses, all located in Jersey (5ity: The three-story brick dwellings No. 86 Essex street, 25x38x100, to Peter Schroder, for