Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 80, no. 2070: November 16, 1907

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November i6, 1907 RECORD AND GUIDE 799 1 Changes in Long Acre Square. LONG ACRB SQUARE has been the center of quite a little real estate activity during the past few weeks. Several transfers have taken place, a nuraber of large sales and lêases including the Shaniey piot, and iater the ĩease of the south- east corner of Broadway and 43d st, also tbe auction sale of the Saranac Hotel, an account of which will be found in another column, Some years ago 42d st was considered the "dead line." No one was supposed to cross that iine. Mr. Oscar Hammeratein was the pioneer when he built his "Olyrapia," or as it is now kno^Yn, the New York Theater; but even he could not over- come the "hoodoo" and the result spelt failure for hira. But in the course of time the theaters were compelled to move up town and finally there was a grand rush' to get lavorabie sites for that class of building, Nothing could be done in that section until the ĩarge ea- tates which owned nearly all the avenue property showed a disposition to either improve, lease or sell their holdings. The form that the operationa took as a general thing was leasing. The Astors started the ball rolling when they built the Hotel Astor and tore down the old St, Cloud Hotel on the southeast corner of Broadway and 42d st, and buîlt in its place the new Hotel Knickerbocker. The result of all these improvements, as well as having the subway flniahed, gave a treraendous boora to ĩand values not only on Broadway. but also on the adjoining streets, and apartment hotels were planned alraost over night. cars passing the doors, It raust have plenty of side entrancea ;o take care of the carriages. Many plots were offered to the corapany, but they were refused because they were all lack- ing in some essentia! point. It is the desire of many of the subscribers to have an opera house further uptown, where it will be free from the congestion of the Broadway trafflc, and yet be easy of access. Columbia Cirele was well thought of at one t'ime, but it was afterward abandoned as unaeslrable, . The next few years WiII see many changea in Long Acre Square, as there are a number of large plota still to be de- veloped. Fourth Torrens Hearing. The fourth public hearing of the Torrens Commission was held Friday at City Hall, with David A. Clarkson in the chair. The flrst to addreas the raeetlng was A, E. Moreley, vice-president Allied Real Bstate Interests, who read many extracts from re- ports from various cities where Torrens systeras are in vogue. Only one of the many was favorable to the aystem, He aaid, in conclusion, that he peraonally objects to the system becanse, so far, he has faiied to iínd a sufficient demand frora property owners for its adoption. Mr. Wheeloek. vice-president Douglas Robinson, Charles Brown & Co., said that he could not speak on the constitution- ality of the proposed act, but he could strongly endorae Mr. Moreley's attitude. Coraraissioner Pegram read a letter from Edgar J. Levey, president Title Inaurance Company of New York, in which Mr. LONG ACRE SQUARE FIVE YEARS AGO. ĩn 47th st, hetween Six'th av and Broadway, there are about eight of this class of buildings, and on 42d st," between Broad- way and Eighth av, there are seven theaters. When Shanley Erothers started their restaurant íust over the "dead line" every one that was familiar with the.section ~thought that it would be impossible for the business 'l:o pay, but contrary to all expectations it waa a success from the start, and then Rector's opened on the block above and bas done an immense businesa. An old broker in that section said to a representative of the Record and Guide last week: "Get them coming to a given seetion, and you can make them stay. People in a large city are creatures of habit. They continually go to one section of the city and seldora change their route. Yes, route is the correct word, they go over and over the sarae ground with hardly any variance. Tou ask jsorae business man who lives on the West Side: 'How iong is !t slnce you were in the Museum of Art in Central Park?' and he will probabiy say, 'About fifteen yeara ago; but then I never get over to that part of the cĩty.' Ask his wife and ahe will glve about the same answer." Some years ago when Pabst Hotel was built on the north- west corner of Broadway and 42d at, every one tliought the future of that corner was deflnitely settled. It only remained there a few years, and though the building was in perfect^con- dition, it was demoliahed to make room for the "Tímes" huild- ing. The new Stuyvesant Theater, which will be controlled by David Belasco when completed, will occupy the plot to the eaat of the Hotél Gerard, on 44th st, and will add one more beautiful structure to that growing neighborhood. The section north of Long Acre Square has been given over to the au'tomobile trade. Entire blocks are rented by concerns afflliated wíth this industry, and the renta pald in some cases are very large. They extend as far north as 64th st, though a few firma have rented stores even further up on the avenue. The aection below 42d st has not had an opportunlty to havê a real movement. It is today in exactly the condition that the Long Acre Square section was a few years ago. ĩn all probahil- ity the Metropohtan Opera House will be the next large plot to be sold, though that wili not take place until they have secured a suitable site on which to build a new home for rausic lovers. Several very flattering offers have been recelved for this property, but the directors of the Metropolitan Real Estate Cora- pany were unwilling to accept any of thera, on account of the difflculty of procuring another site. The requirements of an enterprise of that size are numerous, For exaraple, it must bø centrally located, and that means there must be surface ■Av Levey held that it was poasible for the Gomraission to draw a bill which would prove raore advantageous than hurtful to his corapany's business, and that a diacussion before a bili is drawn must be on purely academic lines. ■ ■ ; Henry F. Miller said that it seemed to him that the Torrens aystem was not in general demand and therefore the State should not favor it. WiIIiam Seeligsberg, of 35 Naasau st, saw no reason why the State or municipaiity should not have a title guarantee of its owns, as in Germany, where the costa of guaranteeing tĩtlea are very sKght. J. F, Parish aaid he saw no danger from public offlcials per- forming duties that are now entrusted to private corporations. He asked to be recorded as in favor of a Torrens system very much simplifled, Geo, A. Baker. Esq., did not believe that the State should go into the insurance business. The chairman announced at the cloae that the next meeting of the Commission would be held in Aibany on November 29th, at one o'clock, in the Asserably Chamber. n Recording Lease. To the feditor of the Recorfl and Guide: Wiîl you be kind enough to decide a question as to the legality of the recording of a lease without havîng the aame acknowl- edged before a notary, or whether a leaae witnessed by ordinary witnesaes and not by a notary can be recorded and considered bînding or legal. Answer.—Perfectly binding and legal, but it cannot be re- corded, Shouid it be recorded, the Registrar would be guilty of a misdemeanor for placing on record an improper document. Stock and Real Estate Investments. On a 6 per cent, dividend paying basis Baltimore & Ohio, at 125 a year ago, gave its holders a 4.8 per cent. income. Those who bougbt yesterday at 80í4 will, at tbe same dividend rate, net nearly 3 per cent, more,—N. Y. Herald. There is no security sold on any exchange in the world that is so safe and wliich has the chances for prospectîve increases in value as New Yî>rk Iî«al Bstate, 1 should estl- niiite the average yearly increase in value at from 6 to 10 per cent., so that we niay safely say that the total yearly income from New Yovk Real Estate is at least 10 per cent., and may go as high as 20 per cent. JEi'FlílKSON M. líKVr.