Columbia University Libraries Digital Collections: The Real Estate Record
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Real estate record and builders' guide: v. 63, no. 1629: June 3, 1899
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1050 Record and June 3, 1899. to a piece of acre property, which heproeeeded to cut up into some ■aOO lots. Enough were sold at auction to meet the immediate requirements of ifinancing the operation, public sale incidentally .serving to advertise the property and start constructional work. The remaining lots were sold privately to speculative builders at <;ost. on the condition that the profit which should result from the .sale of the improved lot should be divided proportionately be¬ lween the operator and the builder. It is said that in the three ^-ears which it took to develop and dispose of the holding, the operator, after making every possible deduction, including his ■own living expenses, retained a net profit of $.55,000, with which lie has embarked upon another similar venture. Colonel Duffy supports his suggestion that the GOth Regiment j^rmcry he established on the.block between Lexington and 4th .avenues and 25th and 2Gth streets, instead of on the site of the ■College of the City of New York, by the following statement re¬ garding the respective values of the two sites: "By the purchase of property on Lexington avenue and22d street and one lot on 23d street-we would get an area of 200 by 220 feet," said the Colonel. -■This space is not large enough for a regimental drill room. Be¬ sides, to get possession of this property would be very expensive. Abram £. Hewitt wants .$240,000 for his property. Gen. Webb. President of the City College, wants .$80,000 for his house and the two fiat houses cn 22d street and the building and lot adjoining the college on 23d street are valued at $50,000 and $35,000 re- specUvely. This foots up to over $400,000. The value of the col¬ lege site with the two lots on 22d street is estimated at $585,000. I am infcimed that the site I have selected can be obtained for $650,000. The city can get possession of it in six months. It will give' the regiment an area cf -CO by 400 feet, the same as the drill floor of the Seventh or Twenty-third Regiment." J. Romaine Brown & Co. have leased No. 32 West, SSd street to Dr. Thomas T. Gaunt for three years. They have also leased No. 31 West 32d street for a similar term. These properties were included among the half-dozen or more 4-Si:ory brownstone dwellings in 33d and 32d streets, between 5th avenue and Broad¬ way, sold through J. Romaine Brown & Co. in April, Another of the houses will presL-ntly be altered by the insertion of a store¬ front, and still another will be occupied by a milliner. At the time of the sale the buyer's name was withheld from publication, and there was much discussion as to whether the purchase was made for speculation or investment. The properties communi¬ cate in the rear, and it was reported that the buyer intended to erect a 14-story hotel similar to the neighboring Martinique. The three-year leases dispose of this report for the present. It is not without interest to note that Dr. Gaunt was the seller of the house which he now takes on lease. According to the convey¬ ances, the buyer proves to be Michae! J. O'Shaughnessy, Jr., of St. Paul, Minn. For No. 30 West 33d street, lot 17.0x98.9, he paid .$00,000; for No. 30, on the same street, lot same dimensions, $51,000; for No. 35 West 32d street, 25x98.9. $75,000, and for No, 31 in the same street, 25x98.9, $70,000. To the other premises title has not yet passed. Jn this connection it may be noted that the dwelling at Nos. IS and 20 West 33d street, belonging to the Astor estate, are in process of alteration to stores and offices. rj -... BU'LDING K!AT£lilAL MARKET. Tbo tene of the market is one of great strength, and the impor¬ tant changes were in the direction of higher quotations, except in oils where declines are noted, 'Arrivals of brick to Thursday evening were 60 barges; demand was good and prices well main¬ tained. Lime was scarce, but prices were unchanged by that ±aet. In cem-ent the price of Rosendale, carload lots, was ad- ■vanced to 90c. Arrivals of spruce lath amounted to 4,000,000; quotciticns for spruce slab were .i;2.30@$2.40. Wire nails ad- -vanced 25c., the quotation now being: $2.45 for carload lots f. 0. 1). mill Pittsburg base; .?2.70@$2.75 small lots, mill shipments; $2.00 for small lots out of store. Quotations on cut nails are un¬ changed. Steel billets are $1 higher. Plate glass is 75 and 15% instead of 80%, as heretofore, with the market firm and demand