Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 90, no. 2323]: September 21, 1912

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September 21, 1912 RECORD AND GUIDE 529 a design becomes an adornment to the street on which it is erected. There is only one objection to it, which is, unfortunately, that it has to be used for trains. But in any event the differ¬ ence between such a structure and the old ugly, dingy and noisy elevated roads in Manhattan constitutes all the difference between civilization and barbarism. Will it ever be possible to get rid of the Man¬ hattan elevated roads? For the most part the question carries its own answer. No attempt is being made to get rid of them. They are going to be changed into even more useful and neces¬ sary means of travel than they are at present. But it does seem as if a possi¬ bility existed of getting rid of the most objectionable single structure, because it is also the least useful one. The Sixth avenue elevated runs one of the most central avenues in Manhattan. This ave¬ nue, in spite of the noise and disflgure- ment of the structure, is used as a loca¬ tion for Important shops and places of amusement, but with the elevated road removed it would at once become im¬ mensely more useful, particularly that part between 42d street and 23d street. The destruction of any of the other lon¬ gitudinal lines is inconceivable, but after the Seventh avenue subway is constructed it looks as if Manhattan could get along very much better without the Sixth ave¬ nue elevated than with it. The Week in Real Estate. Considering its dulness during the pre¬ ceding fortnight, the real estate market made a very good showing, indeed, this week. The trading was not only con¬ siderable in volume but included a num¬ ber of transactions of importance. It was widely extended, embracing most of the leading sections of Manhattan; and a substantial budget of sales was re¬ ported with an equally substantial list of mercantile, apartment and private house leases. The most notable deal of the week was, of course, the purchase of the property of the Mechanics' National Bank, at 29 to 33 Wall Street, by J. P. Morgan & Co. The price, while not published, was no doubt in excess of the valuation of $1,620,000 at which the holding is assessed by the Tax Department. The property adjoins the premises occupied by J. P. Morgan & Co., acquired not long ago from the Drexel estate of Philadelphia. The new owners will build on the combined sites, which afford a frontage of 113.5 on Broad street and 156.9 on Wall street. The total area is assessed on the tax books at $3,870,000. The new building will be erected from plans by Trowbridge & Livingston. The probability is that it will not go beyond seven stories, although the matter of height has not been finally determined. It is interesting to note that a relatively small building is to be put up on so valuable a site in a neighbor¬ hood where skyscrapers have been grow¬ ing taller and taller. Another transac¬ tion of particular, interest was the sale by Thomas Dimond of his property at 128 West 33d street and 137 to 149 West 32d street to the Stuyvesant Real Estate Company, which acts as a holding com¬ pany for the Pennsylvania Railroad. Mr. Dimond has been holding the property at $2,000,000. It contains 18,700 square feet, beginning at the westerly end of the Gimbel building, and extending to land already owned by the Pennsylvania. With the Dimond property, the Pennsylvania has a plot 197.6 ft. on Seventh avenue and extending 400 feet eastward on 32d and 33d streets. That the company will utilize this for a building of some sort is taken for granted, but from the best information obtainable it is understood that a hotel is not contemplated. If the Pennsylvania iever influences yie construction of a hotel near the station, it will be between 33d and 34th streets, west of Seventh avenue. Whatever the nature of the building the Pennsylvania will permit to be erected on Seventh avenue opposite the station, the structure will be re¬ quired to sit back from the avenue at least twenty feet. Under the laws of the State of Penn¬ sylvania, the railroad company as such cannot improve property not required In connection with its regular transportation business. Whatever the Pennsylvania does therefore, in the way of building, will have to be done through an inter¬ mediary. It is not known in New Y'ork if the plans of the Pennsylvania are for an immediate improvement of the prop¬ erty or not. Officers of the company when in town have intimated that the Dimond ironworks site will not be used for a hotel, and the once rumored "es¬ planade" is out of the question now. There remains the chance the Pennsyl¬ vania will somehow bring about the erection on the site of an exposition building of some sort, rivaling the plans of the New York Central for Park ave¬ nue. "Xo one need have any concern about the Pennsylvania," remarked a man who has been close to the directorate. "They know what they are doing." Still another interesting deal was a purcha.se in the Greenwich Village sec¬ tion by the St. John's Park Realty Com¬ pany, composed of James J. Cruikshank and William D. Kilpatrick. The purchase was not a large one, but it was the last of a series of purchases which now finally gives the St. John's Park Realty Company a block front on the west side of West 4th street, between Horatio and Gansevoort, on which a mercantile build¬ ing is to be erected. This has alreaay Ijeen leased, from the plans, to the Riker- Hegeman Corporation. Mention may also be made of a lease recorded by the Ames-Shubert Central Theatres Leasing and Construction Com¬ pany of a plot on the south side of 4.Tth street, west of Broadway, and running through to 44th street, on which twt> theatres will be erected. These transactions were supplemented by considerable number of miscellaneous de.als, some of which affected valuable sites for loft buildings and apartment houses. Indeed, a large share of the trading was concerned with building sites. This was true also in the Bronx, where as the result of the week's brokerage business a number of apartment houses and dwellings will go up. Perhaps the most notable transaction there was the purchase of ten lots at the northeast corner of Third avenue and 168th street by an investor who will erect a block of twenty stores. The brokerage reports from Brooklyn showed an increase of buying also in that borough. Announcement was made that twenty-flve 1-family houses in the Ma¬ pleton section near the 22d avenue sta¬ tion of the Sea Beach line "L" have al¬ ready been sold by the Alco Building Co., which is associated with the Realty Trust. The houses were sold to individ¬ ual investors, and carry with them life insurance policies by the Metropolitan I.iife Insurance Company, covering the mortgages. The insurance is so arranged that, in case of the owner's death before the mortgages run out, the latter are automatically satisfled by the policies, and the heirs receive title free and clear. The flrst mortgage is held by the Metro¬ politan Life Insurance Company and runs for twenty years; thus obviating the usual necessity of renewing one's mort¬ gage every three or five years. Fifty- four Alco "life insured" homes were erected this summer, and the demand for this type of house has become so great that the Metropolitan has already auth¬ orized an additional loan of $450,000 to cover the construction of 140 more Alco houses. These will bring $6,500 each, in¬ stead of $5,500, which is the present sell¬ ing price. The houses already erected comprise two entire blocks facing each other on 67th street, between 21st and 22d ave¬ nues (Bay Parkway). Those on the southerly side of the street have been sold, and among the purchasers are the following: Charles H. Loughrey, the Fifth avenue merchant; C. M. McLaughlin. chief officer of the S. S. "Pencho" of the Mallory steamship line: a Mr. McGuire. Bruno J. Feldman, of the Bureau of Buildin.g and Design: Alfred N. Wilhelm, the advertisinig writer: Frederick Lin¬ ing, of the Provident Loan Society: E. Silterley, of the Consolidated Gas Com¬ pany, and a Mr. Moynan. of New Tork. Alva Thornton has purchased a house on 65th street, also belonging to the Alco property. This house is one of about 48 erected on this street, which carry fir.st mortgages of ten years held by the Law¬ yers' Title Insurance and Trust Com¬ pany. Other buyers in this section are Frederick Cook and G. W. Limmer. The Public Service Commission has re¬ cently specified 22d avenue as an express station on the new Fourth avenue sub¬ way. This is very welcome news for the Mapleton section and profits have al¬ ready been ofijered to certain parties owning their own homes on 22d avenue near the station. The good showing made in what may be called city property was not less ap¬ parent in suburban property. In fact, the number of suburban sales was quite unusual for this time of year. Altogether it seems as if the market had made a good start towards an early recovery of general activity. Building materials in all departments are in fair demand despite the fact that prices are stiffening. Even common brick came into the category of stiffening com¬ modities this week with ai stronger out¬ ward movement of cargoes at the whole¬ sale docks. In the Department of build¬ ing supplies attention was directed for¬ cibly toward the higher price of pipe, which advanced from $2 to $4 and car¬ ried with it boiler tubes, thus affecting the equipment market. Sheet iron moved up $2 and $3 a ton aJid bar iron is to-day quoted at $31, as against $29.50 a fortnight ago, thus keeping pace with the higher cost of reinforcing materials. The wire mesh interests advanced their prices $2 a ton on August 8. There is no doubt whatever that the prices of steel will go higher as the fall advances. Shipments are at high ten¬ sion from the steel plants now, and yet new business is coming in at all times Coupled with the present large unfllled order tonnages reported from the plants, comes the announcements that the Equit¬ able Building will take 30,000 tons and that the new Hell Gate bridge, which will now go ahead, since tlie last legal ob¬ stacle has been removed, will take 80,000 tons in addition. This does not contem¬ plate the heavy steel requirements of the subway nor the tonnage for the new buildings that are to go up in the East Side of Manhatta,n, plan.s for which have been flled. but work on which has been temporarily postponed. The common brick situation is also at¬ tracting considerable attention from build¬ ers, because dealers are flnding them¬ selves with low stocks and without any promise of lower prices. Instead, they are faice to face with the possibility of early covering charges in addition to the $6.75 to $7 per M wholesale price they are now paying. These dealers had hoped by buy¬ ing heavily from Raritan and Bergen county interests to force lower prices from the Hudson river manufacturers, but ow¬ ing to scarcity of labor in the North river district during the last season, it is prob¬ able that no- more than 800,000,000 has been turned out this year; consequently, they can afford to hold on to the price they are now quoting because they, and not the dealers, havf control of the sit¬ uation, and it is their intention not to sacrifloe the scanty supply they have on hand and bring upon themselves famine brick conditions next February, March and April. The Raritan interests have been so pressed to fill orders from the metropolis this year that they will probably have to run much later than usual to supply their sheds for winter requirements, which probably will continue to be heavy. It is now considered doubtful if the de¬ cision in the case of the People vs. the Greater New Tork Brick Company will be forthcoming before the middle of Novem¬ ber, as it is the intention of Assistant Dis¬ trict Attorney Ellison to go over the tes¬ timony taken with the members of the Grand Jury before a decision is handed down by the magistrate before whom the hearings have been held. The lumber situation is also tight, with higher prices imminent. The reasons in brief are lower stocks at mill points, an increasing demand from dealers upon wholesalers in anticipation of heavy building operations following the gen¬ eral elections, the break on Septem¬ ber 4 of the bank of the Erie Canal, thus shutting off Canadian supplies from this market until next spring, unless cold weather holds off long enough to permit operation of boalts after temporary re¬ pairs to the fracture'have been made and to the shortage of cars in which to trans¬ port lumber from the South and East. Prices are already moving up. Generally speaking, the situation is such a|s to force prospective purchasers into the market for building materials and sup¬ plies at the earliest moment. Even if nor¬ mal conditions prevail next year the mill stocks are barely sufficient to take care of requirements, and in the event of any unusual activity in building construction there is sure to be a sharp rise in prices. Death of a Master Builder. KiHliir of the Record and Guide : The passing away of the late Mr. Peter Schaeffler, whose death occurred Sunday morning at his residence, 969 Lexington avenue, recalls to our memory the sin¬ cere and strenuous activity of this New Y'ork master,builder, whose integrity and ability stood unquestioned among his con¬ temporaries His associates in the earlier part of his calreer were his two brothers, all being from a family of builders tr.iined in the old school, and their numerous works in and about the city, which represent nearly every class of building, from institutional and private to commercial and public, are monuments to the credit of his call¬ ing.