Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 81, no. 2092: April 18, 1908

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April i8, igo8 RECORD AND GUIDE 717 av and Riverside Drive. Two 12-sty apartment houses are go¬ ing to be erected by them. It is claimed that they will have every modern improvement. "The realty market is still quiet," said David A. Ciarkson, President of the Real Estate Board of Brokers, "though there has been some improvement shown lately. I do not look for any great activity this spring. In fact, I think the market will remain in its present condition until after the Presidential nom- inalion. Money must flrst get easy. AH signs are pointing that wav now." The principal loan negotiated during the week just past was on the Fifth Avenue Hotel property, 23rd st and 5th av. The Metropolitan Life Insurance Co. loaned the Fifth Av Building Co. $0,500,000. A new 14-sty structure is to be built on the site. The 136 West 57th st Co. gave to the Metropolitan Life Insurance Co. a mortgage for $475,000 at 6 per cent,, due May 1, 1912, on the property 134 to 140 West 57th st. This holding is 310 ft. east of 7th av and is 80x100 in size. Richard Siden¬ berg loaned $105,000 to Adin G. Pierce and Roswell F. Easton on the property 99 and 101 Sth av, where a 12-sty store and loft building is to be erected. Mrs. Margaret O. Sage was again a loaner of money on bond and mortgage. The Welling (Charleli H.) Co. borrowed $400,000 for two years at 5'A per cent on the property 170 5th av, on the southwest corner of 22d st, 29x120. This property also includes 2 West 22d st. THE AUCTION MARKET THE results of the auction market during the week differed but slightly from those recorded in this paper during the past few months. The only noticeable difference was that sev¬ eral parcels were bought in by persons representing parties in interest. This is a good sign. It simply means that the money market is in a slightly easier state. A number of the offerings wen!, to the various plaintiffs and several were withdrawn. At the stand of Joseph P. Day on Tuesday No. 1952 2d av, a 5-sty tenement and store, 25x100, was knocked down to Louis B. Wasserstrom for $23,777. The amount due in this action was $4,540.50; taxes and other charges amounting to $451.20. The 4-sty dwelling, 14S East 4t;th st, 15x100, was sold to Peter J. Shields for $16,250. The amount due was $13,812.15. The taxes amount to about $207.89, Among those properties to be offered during the ensuing week by Bryan L. Kennelly will be the 4^-sty American basement dwelling, 315 West 7Sth st, with a 3-sty butlers' pantry ex¬ tension. There are 11 rooms in this house and three baths. The size of the house is 16x102.2. The American basement stone and brick dwelling 339 West 71st st, 16x100.5, will also be knocked down to the highest bidder. There are 11 rooms and two baths in this house, open plumbing and hardwood trim. The title is guaranteed and policies delivered free of cost to the purchaser. Another building to be -disposed of Is 00 West OSth st, the 5-sty and basement brick and stone apartment house, four rooms and bath to each apartment, steam heat, hot-water supply. This house has a frontage of 25 ft. and the depth of the lot is 100.11. The gross rents aggregate $4,0S0. There will be allowed to remain, at the option of the purchaser, SO per cent on mortgage for four years, at 5 per cent. At the stand of D. Phoenix Ingraham on Tuesday the plot on the southwest corner of Broadway and 170th st will be knocked down to the highest bidder. There are about nine lots in this parcel. It has a frontage of lll.S on Broadway and 215 on 170th St. Tlie terms of the sale are liberal, one of which stipu¬ lates that SO per cent may remain on mortgage for tw-o years, at 4'^ per cent. LAW DEPARTMENT. To the Editor of the Record and Guide: "A" being the owner of a piece of property, authorises "B" to lease his store. "B" secures a party and leases said store, at $900 rental for the first year, $900 for the second, and $1,200 for the third year. "A" gives tenant an option of two years at $1,200 rental per year. What amount of commission is "B" entitled to? Answer.—The Board of Brokers' rate for leasing for a term of three years and upward, on gross rental, except by special agreement, is one per cent. DEATH OF A BROKER.—William A. Martin, a well-known real estate broker, died suddenly Sunday morning. He lived at the Montana Apartments, 35 Mount Morris Park West. Mr. Martin suffered greatly from indigestion, and it was an acute attack which finally killed him. He was 61 years old. He leaves one son, William A. Martin, Jr. Mr. Martin was espe¬ cially identified with the Harlem section. His offlce was located at 50 West 125th st. He has been in business in that section for thirty years. He was a Director of the Hamilton Bank and for many years President and Director of the Harlem Board of Commerce. The funeral was held at the Calvary Methodist Church, 129th st and 7th av, last Wednes-day. The interment was at Greenwood Cemetery. LEGISLATIVEIIDIGEST. The following are excerpts of the minutes of the meeting of the Law Committee and the decision of the Board of Directors of the Allied Real Estate Interests relative to bills introduced in Albany, N. T., affecting real estate: SENATE BILL, INT. NO. 775. PRINTED NO. 993.—Mr. COHA¬ LAN'S bill to relieve religious, charitable and benevolent institu¬ tions from assessments. This bill is in line with a number of others which have beeu opposed by this association. It Is Intended to re¬ lieve from assessments heretofore and hereafter levied upon prop¬ erty of such institutions while held, owned and used by them or held for their benefit. As to assessments heretofore levied the loss would fall upon the city. As to assessments hereafter levied it would Impose a greater and Inequitable burden upon others; while the institutions in both cases have had the beneflt of the improve¬ ment. The principle of exemption from taxation is wrong. There is no reason why it should be e::tended so tbat there be exemption from assessments which add to the value of the holding.—OPPOSED. ASSEIVIBLY EILL, INT. NO. 1410, PRINTED NO. 1952.—Mr. GRADY'S bill dividing all assessments which shall equal or exceed 5 per cent, of the land value into 5 annual Installments and pro¬ viding that one of those Installments shall be a lien 10 days after entry and the other 4 installments shall become liens annually. The city cannot afford to make public Improvements and wait 5 years for reimbursement. The result will be that public Improve¬ ments will he retarded and only the most necessary ones will be made. Moreover, the provisions making four-fifths of the assess¬ ment not a lien immediately after the assessment has been con¬ flrmed, but making separate annual liens for the installments, will lead to much injustice. Owners of property which have received the beneflt oE improvements will sell them so as to get the enhanced value, aud Impose upon purchasers the payment of the assess- mcnt.—OPPOSED. SENATE EILL, INT, NO. 788, PRINTED NO. 1007.—Mr. FOEL- KER'S bill to repeal Section 83-a of the executive taw. This is the section under which it is necessary that in counties where there is a Register notaries must file their autograph signatures and certiflcate of appointment with the Register before he Is authorized to accept for record deeds acknowledged before such notaries. The pro¬ visions of this section of the executive law have heen found faulty and not to add much to the safety of conveyancing. The necessity for looking up the signatures of the notaries upon every instru¬ ment offered for record in the R,egister's office in the metropolitan counties before accepting the instruments has resulted in very con¬ siderable delay, and it is no real safeguard, because an Instrument acknowledged before a commissioner of deeds is recorded even though the Register has no copy of his certiflcate or sample of his autograph signature. The legislation of last year on this subject was ill considered and hasty. Chap. 207 was so defective that it had to be amended by Chap. 059. The bill to repeal should be sup¬ ported. If it is desired to provide substituted legislation upon the subject it -would he simple enough to require that when notaries and commissioners qualify, they leave with the County Clerk an autograph signature upon a card which could be transmitted by the County Clerk to the office of the Register, This would give the necessary safeguard, for then the Register need not hold up the deed when offered for record, but can compare the signature at his leisure and if there be any question, call for explanation. It Is not clear that tbe bill as drawn repeals Section 83-a as amended by Chap. 559 of the law of 1907. This should be covered.-AP¬ PROVED. SENATE BILL, INT. NO. 787, PRINTED NO. 1006; ASSEMBLY BILL. INT. NO. 1414, PRINTED NO. 1956.—Messrs. FOELKER'S and C. F. MURPHY'S bill by which it is intended to put upon the city claims for damages for loss of business by reason of and during the construction of subways in the city of New York. While It la true that some persons have suffered serious damage and loss by reason of the construction ot subways in such manner as to impede traffic on public streets, to provide that the city shall now com¬ pensate for these uncontemplated past damages would Impose a very considerable obligation and make the cost of tbe subway very much more than was ever contemplated. To establish the principle that the city may be made liable for such consequential damages would lead to the assertion of claims for every kind of temporary interruption ot traffic or damage to business. Where the establish¬ ment of Buch a principle would lead it is impossible to say.^OP¬ POSED. SENATE BILL, INT. NO. 813. PRINTED NO. 1052; ASSEMBLY BILL. INT. NO. 1450, PRINTED NO. 2002.—Messrs. RAMPSBERG- ER'S and WEIMART'S bill to amend the insurance law in relation to deposit of securities by insurance companies. Insurance cor¬ porations are now permitted to make their deposits with the State Superintendent in bonds of the United States, of this State, or in bonds of counties or incorporated cities and in bonds and raortgages on improved, unincumbered real property. The object of this hill is to provide that of every deposit made after Oct. 1, 1908, at least one-halt shall consist of outstanding bonds of the State. This Is an attempt to force the market for state bonds,which it would appear is against the interests of tho State. Real estate interests are par¬ ticularly interested because it will take out of the real estate market moneys now invested by insurance companies In real estato mortgages which are deposited with the Superictendent and forces the investment of State money in such bonds.—OPPOSED. SENATE BILL, INT. NO. 821, PRINTED NO. 1073; ASSEMBLY EILL, INT. NO. 1345, PRINTED NO. 1770.—Messrs. CASSIDY'S and E. J. ST.^LEY'S bill in relation to passenger elevators, requiring that all .elevators except those in private residences have safety automatic locking devices. Such devices are unnecessary. There have been few or no accidents which would be avoided by the use of such devices, but they retard the running of elevators in such manner as to be quite appreciable in large buildings.—OPPOSED. ASSEMBLY BILL, INT, NO. 1056, PRINTED NO. 1884.—Mr. C. F. MURPHY'S bill to amend Subd. 12 ot Section. 2732 of the Code of Civil Procedure, relating to administration ot personal property. This subdivision provides that in the distribution of the estates oC intestates no representation shall be admitted among collaterals after the descendants ot brothers and sisters. The object ot the amendment seems to be to make the rule different when the decedent leaves real property than when the decedent leaves no real prop¬ erty. It is difficult to understand how the administrator will know which rule applies when making distribution, as he has nothing to do with the real property, and it does not come into his possession. The bill seems to be poorly considered.—OPPOSED.