Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 63, no. 1623: April 22, 1899

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April 22, 1899 Record and Guide 715 prediction as to the course of the market, indications would seem to support the assumption of a fairly well sustained ac¬ tivity until the approach of summer, inasmuch as financial con¬ ditions are certainly more favorable to real estate investment than they were before the banks began to discriminate against the new industrials. It is interesting to note that the buyer of a large plot, with old houses, in West 33d and 32d streets, is said to be a Wall street speculator who is putting a recently made for¬ tune into a permanent investment, and who intends eventually to erect a 14-story apartment hotel on the order of the Martinique. That there is room for another hostelry in this neighborhood of hotels is-evident from the fact that the Martinique has a waiting list of G5 names, and that at least one suite of two rooms and bath, rented at ^fOOO, has been sublet at $1,200. The sale of No. b± West 31st street helps to swell the budget of news from this interesting neighborhood. The most notable transaction of the week, however, was the sale of the 5-story building on Broad¬ way, adjoining the southwest corner of Dey street, by the Rem¬ sen estate to the Mercantile National Bank, which already owns the corner. This transaction is said to prefigure an important building operation, and, taken in connection with rumors of negotiations for other Broadway sites, would seem to foreshadow a revival of the building movement in the downtown section of the avenue. An important deal in the opposite end of the island was the purchase by Hyman and Henry Sonn of 31 vacant lots in the block bounded by Lenr:; and 7th avenues, 140th and 141st streets. This purchase forms part of the old Watt homestead, which extended to the Harlem River, and much of which has been sold to operators and builders, including John D. Crimmins and Henry Morgenthau. The latter bought In October last the entire block bounded by Lenox and Seventh avenues and 13Sth and 139th streets. The excellence of the demand for vacant land is further evidenced by the purchase by Samuel Green of 3G lots comprising the site of the Dwight factories on the westerly block front in 1st avenue between 112th and 113th streets, and which lie opposite the new Jefferson Park, in Little Italy. Francis S. Kinney bought 576 Madison av. for the purpose of securing, with previous holdings, a site 75x100 on which to build a 12-story brick and limestone hotel. These more or less sensational deals are well supported by liardly less notable transactions which, taken together, make a very satisfactory week's business. The total number of transactions reported below is 82, with considerations given in 18, and amounting to $1,517.50; corre¬ sponding figures for last week were G'.i, S and $804,000. respec¬ tively. The auction room was quiet this week, compared with the ac¬ tivity of the recent past. Nevertheless, despite the fact that many offerings were withdrawn and many more bid in, a million of dollars worth of realty was disposed of. No new tendency was disclosed as regards the market. Vacant lots in active localities found ready takers, and Harlem flats, except where secured by operators at bargain prices, were for the most part bid in. The few parcels that possessed any attraction to investors found actual buyers at prices which the professional element regarded as high. The 5-story 50-foot apartment house at Nos. 203 and 20." West 56th street, near 7th avenue, adjoining the Hotel Gren¬ oble, which sold at voluntary auction for $08,500, suggests the true reason for most of the unsuccessful sales noted in our detailed report of the week. This house some years ago had an annual rent roll of $12,000; at present, if all the apartments were occu¬ pied, which they are not, the rents would aggregate $7,900. In too many instances owners who put up properties of this kind have no intention of accepting a bid based on actual returns; if no one in the crowd is foohsh enough to pay the sometime in¬ trinsic value, the cwner bids the property in, content to hold it a while longer as a speculation. His action has not the slightest Signifieation as regards the general supply of capital available for real estate investment. The only sizable sale during the week was the foreclosure of another of the John Pettit properties—the 7-story office building at the southwest corner of Pearl and Beek¬ man streets. The Hamersley Estate, of which Lady William Beresford is the chief beneflciary, had claims for mortgage and unpaid interest amounting to .'^148,573, besides $3,502 of unpaid taxes. The property was sold to the Hamersley Estate for $140,- 000. The price, in view of the "overmortgaged" condition of all the Pettit properties, requires no comment. The auction sale of the Huntington tract lots by Peter P. Meyer on Tuesday next, promises to be very successful. There is a great demand for the book-maps and the sale is much talked of by builders and operators. As stated last week, part of this tract was sold last spring, and the balance, consisting of 91 choice lots is now to he closed out. Since the last sale there has been con¬ siderable building on this tract, which is right in the line of de¬ velopment. The city has spent a great deal of money in this sec¬ tion in completing the street improvements, and building schools, etc. The "L" road and trolley lines afford good travelng facili¬ ties. The terms of sale, as will be seen from the advertisement on another page, are liberal, and Title Guarantee and Trust Co, will guarantee titles free of charge to purchasers. Maps and full particulars can be obtained of the auctioneer at No. Ill Broadway. Richard V. Harnett & Co. announce the auction sale of the holdings of the John Bisco Estate, which will be sold on Wednes¬ day next, 26th inst., by order of the executors, Frank Moss and Thomas Snell. They consist of attractive flats and tenements lo¬ cated between East 13th and East SSth streets, which will be found described in our business pages and to which attention is recommended. Further particulars with maps, etc., can be ob- tained,of the auctioneers at Nos. 71 and 73 Liberty street. Bryan L. Kennelly calls attention in our advertising pages to the auction sale of the dwelling No. 57 East 67th street; the tene¬ ment and stores. No. 340 West 37th street; the leasehold build¬ ings Nos. 352 Oth avenue and No. C""5 West SOth street, and five Edgecombe avenue lots. Descriptions will be found in the' ad¬ vertisement, and maps and terms of sale can be had of the auc¬ tioneer, at No. 66 Liberty street. The day of the sale is Wednes¬ day next, 2Gth inst. Attention is called to the important sale of Bronx parcels, which will be conducted by James L. Wells on May 4th, by order of the executors of the estate of Josephine L. Peyton, deceased. The book-maps of this sale contain 132 parcels of improved and unimproved properties, located on, 3d, Bathgate, Webster, Brook, Gerard. Jerome, Walton, Creston, and Marion avenues, and on connecting Important streets and roads. The terms are liberal, and the sale is to be absolute. The particulars given on another page should have carefuT attention from would-be realty inves¬ tors. Book-maps can be obtained from the auctioneer at No. 141 Broadway. Wm. Cole will sell at auction on Tuesday next, 25th inst., in the Real Estate Exchange, No. 189 Montague street, Brooklyn, the dwelling. No. 415 Pacific street. In the same borough. Par¬ ticulars can be had of John Dill, Jr., attorney, No. 49 Court street, Brooklyn, and of the auctioneer. Gossip of the Week. SOUTH OF 59TH STREET. Broadway, No. 189, adjoining the southwest corner of Dey st, 5-sty building on lot 25.5x100.2; seller, Remsen estate; buyers. Mercantile National Bank. The buyers are the owners of the corner adjoining, 20.9x100.4, which they bought in 1861 for $52,500. No. 1S9 wag bought by William Remsen in January, 1SS4, for $154,060. The estate have been asking $350,000 for the property and have obtained very nearly that figure. It is also re¬ ported that the bank will build. 17th St. north side, 150 feet west of 5tii av, 15x92; Henry Corn is reported to have sold this strip to the Goelet estate, whose offlce adjoins this property on the west. This leaves Mr. Corn a plot fronting 50 feet on 17th st and running through to ISth st. James st, No. 58, near Oak st, 6-sty tenement, 2jx100; sellers. Weil & Mayer. Slst st. No. 31 West. 4-sty dwelling, 16x100; rellers. Mrs. J. W. Craig and others; brokers. Ashforth & Duryee; price.$78,000. This property was purchased by Sarah M. Thomas in 1853 for $12,500. It adjoins the 7-sty building erected by Adams Brothers in 1896. Goerck st, Nos 129 to 135, near Stanton st, four 6-sty tene¬ ments with stores on plot 103.7x100, and Goerck st, west side, 175 feet south of Houston st, 25x100, vacant; seller, Abram Perel¬ man. who takes in exchange old building, 50x100, Nos. 120, 122 Lewis St. and $120,500 in cash; buyer, Elizabeth Schlesinger. 2Sth st, Nos. 4 2to 46 East, old buildings, 65x98.9; Boehm & Boehm, who purchased this property at the Stephenson sale in March for $68,000, are reported to have resold for $95,000 to a builder with a loan. This sale disposes of all the lots on which the Stephenson car works were located for many years. SSd st, south side, Nos. 30 to S6 West, 70x98.9, four 4-sty brownstone dwellings, and 32ct st, north side, No. 35 West, 25x 98.9, 4-sty brownstone dwelling; seller of No. 30, Matthew Mor¬ gan; of No. 32, Dr. Thomas T. Gaunt; of No. 34. James Gaunt; of No. S6. Francis Carlson; of No. 3a, Dr. Thomas T. Gaunt; brokers, J. Romaine & Co.; price, about $300,000. The buyer Is reported to be a WaU street speculator who has regained a lost fortune by recent operations. He is said to be contemplating the erection ultimately of a 14-sty apartment hotel on the order of the Martinique, his chief object in the purchase, however, being merely to put his money into a secure and permanent form of in¬ vestment. No. 32 sold in 1S90 for $30,000, and No. 34 sold in 1S73 for .$20,000. The same buyer has also purchased, at $90,000, an adjoining piece in 32d st, and is negotiating for another which is held at $100,000. 2d av, Nos. 1000 and 1002, southeast corner of 53d st, 4-sty buildings, on lot 40x100; seller, Joseph J. Gleason; brokers. Pocher & Co. 52d St. No. 38 West, 4-sty and basement dwelling, 22x100.5; seller, Adolphe Openhym; buyer, F. Bianchi; brokers, L. V. ■Scuthack & Co. Rivington st, Nos. .341 and 343, near Mangin st, two 4-sty tene- m.ents, 40x75; buyers, Epstein & Solomon, who have resold to D. L. Sackraan. Mangin st. No. 7G. near Rivington st, 4-sty tenement, 20x60; buyers, Epstein & Solomon. Houston st. No. 160 West, near Hancock st, 6-sty tenement, 25x100; seller, Kate Burger; buyers, Epstein & Solomon. Madison av. No. 570. near 56th st, 4-sty dwelling. 25x100; seller, Francis L. Stetson; buyer. Prancis S. Kinney. This gives M