Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 35, no. 892: April 18, 1885

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428 The Record and Guide. April 18, 1885 About some Apartment Houses. The " Gramercy " Ls nine stories high and flre-proof. It is located on tha northeast corner of Twentieth street and Gramercy Park, and has a dimen- lion of 63x135, with an "L" 43x42. It is conducted ou the co-operative principle, each owner annually contributing his quota towards the taxes, assessmeuts, interest and the running expenses of the estabUshment. Tho estimated cost of the buUding was $300,000, the total cost, includmg land, being S'120,000. There are twenty-seveu apartments in the buUdiug, nine¬ teen of which have been pm-chased by the stockholders, the remainder hav¬ ing been rented or resold at advanced figures. One-third of the suites have been sold on the basis of an aunual rental of $3,.500, oue-thu-d, $2,500, and one-thu-d, $1,800, the total rentals thus being $70,300. The flrst cost of the apartments to the owners was from $10,800 to $31,080, as follows: Six suites at $10,800; six at $19,2(X); six at $20,720, aud one at $31,680, a total of $396,000. The owners of the nineteen suites each had a share in the remain¬ ing apartments, which aie rented out at figures fully sustaining the basis ou which tho total rental of $70,200 is estimated, that is, the present market value ot the suites of apartments. It may be added that two-thu-ds of the suites were sold at an advance of '20 iior cent, above par. The cost of main¬ tenance is about $14,000 per annum, which, with the interest of tho mort¬ gage—$'230,000 at 5 per cent. —amomits to $25,500, leaving a net profit of $44,700, or about 11 per cent, on the cost of the building. Agauist this must be debited an assessment levied on each stockholder to meet the ruiming expenses. The capital stock of the company is $165,000, all paid in. The existing debts of the company are about $18,000. The rate of insurance is 80 cents for five years. The architect was Geo. W. Da Cunha. The " Grenoble " is situated at the southwest corner of Fifty-seventh street and Seventh avenue. It has a dimension of 95x115, and is six stories high. It contauis twenty-four suites of apartments, four ou each floor. The esti¬ mated cost of the buUding was put down at $300,000 though we are informed that the actoal fu-st cost was about $100,000. Tho ground cost near $100,- 000, so that the total cost of the property was about $300,000. Of course this does not include the iuterest, architects' fees and other expenses. The total rentals are said to be $.57,000, though a few suites are unoccupied. The cost of maiutenauce aud interest on mortgage—which is $300,000 at 6 per ceut.—is said to amouut to about $40,000 per annum, which would not leave a very large retm-u on the cost. The architect was John G. Prague. The "Randolph" is nine stories high in front aud eight stories in rear, aud is located at Nos. 13 and 14 West Eighteenth street, between Fifth and Sixth avenues. It is of brick, stone and terra cotta, and 53x83 in size. It is occupied and owned by the stockholders. It contains thirteen suites, four of which are still to rent or pm-chase. The reuts are ou a basis of $4,000 per floor, aud $4,000 has beou refused by the owner of the fifth fioor. There is a mortgage of $135,(X)0 on the property at 4 per ceut. David H. King, the biulder, the Rev. Geo. W. Douglass, of Trinity Chui'ch, WUIiam L. Stow, WUIiam Bispham and Randolph Hurry are the principal owners aud occupy apartments in the buUdmg. The owners calculate that they receive a retm'u of 15 per cent, net on their investment. As $4,000 per floor represents a rental of $33,0IHJ this estimate is clearly too high. The capital stock of the company is $135,000, of which $111,128 was paid in in cash, the only liabilities, exclusive of mortgage, bemg about $8,000, not yet matured. The architect was Moutrose W. Morris. Real Estate Department The event of the week ui real estate circles was the opening of the Exchange, the ceremonies attending which and the speeches made are fuUy given else¬ where. The Exchange was open for the first tune for business ou Wedues. day, the 15th inst., when Richard V. Hai-nett held the first sale. It was weU attended aud among the properties sold was Mary Anderson's cottage at Long Branch. The salesroom was voted an entire success. Indeed, it is probably the handsomest exchange iu the coimtry. It is light, airy, well- ventUated and its acoustic effects will doubtless be satisfactory. Should there be too much reverberation it wUl be au easy matter to run wires over¬ head and break the sound. It is now settied that the old exchange room. 111 Broadway, will be sm'i-endered, and that aU the sales after the 1st of May wiU be held in the new salesroom. The market dm-ing the week has been an active one. There have been a great many sales, the bidding has been spirited and the prices generaUy satisfactory. The war fiurry helped real estate as it did other branches of business. Several leading brokers said that many more offices down¬ town were rented because of the beUef that if there was a foreign war the resulting business activity would lead to a demand for suites of offices in the lower part of the city. On Wednesday R. V. Harnett sold at the new Exchange the cottage and grounds, comprising 8% acres, known as the " Mary Anderson Cottage," on the northwest corner of Cedar avenue and South street, Loug Branch, for $17,400, to WiUiam Jones, and withdrew from sale two and one-half acres on Ocean avenue, the upset price of the latter beiug $14,000. H. R. Drew & Co. have sold at private sale the four-story stone front dwelUng, No. 74 East Fifty-third street, 10.8x55x100.5, for $33,000. This property was tb have been sold at auction on Wednesday by Messrs. R. V. Harnett & Co. The four-story dwelUng, No. 573 Madison avenue, was yesterday knocked dowu for $41,000, but uot sold. The Conveyances this week show up weU as compared with the coiTe¬ sponding week last yeai'. There is au increase in transactions, and the total amount of mouey invested is over one million larger. The foUowing is the table: CONVEYANCES. 1884. 1886. Apr. 11 to 1", inc. Apr. 10 to 16, inc. Number........................................ 269 809 Amount involved............................. $4,408,W6 $5,448,386 Numbernominal .......................... 49 51 Number 23d and 34th Wards................... 38 33 Amoimt involved.............................. $92,758 $46,'198 Number QomiiuU............................. 11 11 HOBTOAOES. Number....................................... ^ 231 Amount involved............................... $2,171,244 Number at 5 per cent......................... h'l .\mount involved......................... $933,6'25 Number at less than 5 per cent............... 18 .\mount involved............................. $280,000 Number to Banks, Trust and Ins. Cos......... 33 Amount involved.......................... $735,000 229 $2,876,281 116 $M90,300 6 $100,000 33 $039,500 PROJECTED BUILDINGS. 1884. Apr. 12 to 18. No. of buildings................................ 94 Estimated coat ................................$2,189,975 1885. Apr. 11 to 17. 90 $913,745 On Tuesaay, AprU 31st, Richard V. Harnett wiU sell at the uew Exchange in Liberty street several desu'able proiierties; a house No. 310 East Forty-eighth street; a fine five-story browu stone flat No. 408 West Fifty-seventh street; the house No. 786 Greenwich street; three three-story brick houses, Nos. 140, 148 and 1.50 Eighth avenue, aud 279 Third avenue. On Thursday, April 33d, the same auctioneer wiU seU houses in East Fifty- first, West Thu'ty-seventh, West Fifty-first and East Fifty-eighth streets, and on Third avenue. Mr. Harnett will also sell on Tuesday, the 21st inst., houses on Madison aveuue, Crosby, Greene and Greenwich streets. On Thursday, the 23d inst., he wUl sell the valuable lot, corner of Fifth aveuue and Ninety-fifth street; also houses in Leroy, One Hundred and Fourteenth street and Twenty-fifth streets. It will be well for traders to carefully peruse Mr. Harnett's announcements elsewhere. A sale is announced for the 28th of April by Richard V. Harnett & Co., at auction, of some very choice lots on Riverside avenue. The propei'ty comprises three fronts, twenty-tour lots ou the aveuue between Eighty- second and Eightj'-flfth streets, and fourteen adjoining street lots ou Eighty- third, Eighty-fourth and Eighty-flfth streets. This is a very commanding situation. The elevation above the river is from .50 to 75 feet. The view over Riverside Park and across and down the Hudson River is very fine. The lots are in the iuimecUate vicinity of projected improvements, several rows of buildings haviug been started this spring between the Boulevard and the Riverside Park. These lots are now ready for building. They Ue below the grade, about deep enough for a buUder's use without excavation. There has been a long expectation that improvements ou the west side would reach the borders of this park, and a wonder where the first movement would be made, and this turns out to bo the place. There is uo more beau¬ tiful spot iu the city than this bank of the Hudson. It is waiting for some buUder to put up a row of houses, and then the buyers will show with what eagerness they will settle in a location combimng all the advantages of accessibUity by elevated aud surface roads with great beauty and hetilthful- iie.ss. There are very few of these Riverside fronts for sale. John P. B. Smyth will sell, on Tuesday, April 21, at the new Exchange, the two four-story brick tenements, Nos. 346 and 350 East Thirty-second street: also tbe private dwelUng, No. 343 East Seventy-second street, and the plot of ground, 105 and 107 East One Hundred and Sixteenth street. On Wednesday, the '39th inst., Mr. Smyth will seU the desirable Brooklyn property Nos. 175 aud the Butler street, near Hoyt street. On Thursday, the 33d inst, Mr. Smyth will sell the three-story house 340 East Eighty-sixth street. On Monday, the 37tli inst., he will sell the double teuement house No. 121 Chrystie street. On Wednesday, April 39, Mr. Smjrth wUl seU the choice buUdiug lot on Seventh aveuue, northwest comer One Hundred and Twentieth street. On Thursday, April 30, Mr. Smyth wUl seU a number of choice investment properties, one house on the southeast corner of Fifth avenue and One Hundred and Tenth street, aud other valuable properties ou First, Fourth aud Niuth avenues, Forty-flfth and One Hundred aud Tenth streets. Mr. Smjrth's advertisement presents a tempting bill of fare. Scott & Myers have some very choice sales this week. On Monday, the 20th, they wiU sell the very flne house. No. 34 East Forty-second street. This location, as aU real estate experts know, has a very promising future. It is merely a question of tune when this street wUl be a great busiuess thoroughfare. On the same day Scott & Myers will sell the stone house. No. 68 East Sixty-first street. This is one of the best neighborhoods in New York, and will always be desirable for residences. The building is flrst-class. Ou Wednesday, the 22d, the same firm wiU sell the weU-appointed residence, No. 39 East Seventy-third street. Monday's sales are at the old and Wed¬ nesday's at the new Exchange. Louis Mesier wUl seU on Tuesday next, April 31, at the Exchange Sales¬ room, No. Ill Broadway, the eight valuable lots ou the southwest coruer of Eighth aveuue and Eighty-fourth street, aud two lots ou Eighty-third street, west of Eighth avenue, by Supreme Court sale in foreclosure. See adver¬ tisement. H, Henriques wiU sell on Tuesday next, AprU 21, at the Exchange, Salesroom, No. Ul Broadway, several desirable parcels of property on Ninth avenue, Jane, Watts and East Fifty-eighth streets. This is a peremptory sale to close an estate, and will no doubt be weU attended. On Monday, AprU 30th, Adrian H. Muller will seU at the old Exchange room, Ul Broadway, the four-story brown stone house. No. 77 East Fifty- sixth street. Attention is caUed to the card of T. S. Clarkson & Company, No. 4 Pine street, who offer for sale a number of weU-located houses and lots. This ffi'm takes charge of estates. Bradley & Currier, No. 54 Dey street, offer weU-located houses, fiats and tenements in exchange lor lots or for sale at a bargain. Leonai'd J. Carpenter has entered the race to come out, if possible, ahead in trying to do the largest real estate business in New York. The number of his cUents steadily and largely increase. He has an office in the Young Men's Christian Associatiou in Twenty-third street, one at No. 68 WaU street and one at 1181 Third aveuue. His specialty is taking charge of properties. John CaUahan, the hatter, offers for sale two St. Nicholas avenue plots particulars of whiih ep{^(er in cui tiCMiluiig luinii. ^ i. CiIjtLaL