Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 90, no. 2324]: September 28, 1912

Text version:

wy «EC()KI) A.ND GUDE .September 28, 1912 avenue a slightly upward trend is no¬ ticeable. For about flve blocks north and south ot 12Sth street, the average price for street lots is about $l,-.'00 a front foot. Between Lenox and Seventh avenues stores rent at about JW.mw. Between Seventh and Eighth avenues store rent¬ als are flgured on a fnmt fool basis ot about $900 for corners, or at the rate of $22,500. An example is given ot a building which wa.s divided into two 12.6-foot stores. For one (if these a well-known canSy store pays $8,000, and for the other an equally well-known drug store pays about the same flgure, making the annual rental $16,000 for 25 feet. This is on the south side of the street, in the middle of the block. Between Lenox and Madison avenues stores rent for about $3,500. East of Mad¬ ison avenue they drop to about $2,500, in¬ creasing again jowards Third avenue. At of the completion of the Lexington ave¬ nue subway. In the middle of the block, between Seventh and Eighth avenues, an improvement is to be made at Nos. 245 to 251. The proposed eight-stor>' building is to be erected by the lessees, Stumpf & l.anghoff, who will occupy part ot thi.s site. A sub-lease of the other half has been made to Hurtig & Seaman for thea¬ tre purposes. The most notable exception, however, to the general commonplace character of local construction is the new Hotel The¬ resa, which Bing & Bing are erecting un¬ der contract for the owner, G. Sidenberg. at the northwest corner of Seventh ave¬ nue and 125th street, extending over the block front to 124th street. It will re¬ place the old Winthrop Hotel and marks the advent of a type of high-grade mod¬ ern hotel hitherto unknown to Harlem. It will be twelve stories high, of flreproot construction, and will have all the equip¬ ment of an up-to-date hotel. It is to be ASSESSMENT DAY. HOTEL THERESE. UNDER CONSTKUfTlOX AT SEVENTH AVENUB AND I'J.JTH STREET ON THE SITE OF THE WINTHROP, ONE OF THE CITY'S EARLY .APARTMENT HOTELS. the southwest corner of Third avenue and 125th street a store 20x45 is bringing $12.- 000 a year. The modern improvements on 125th street, from Eighth avenue eastward, are practically a negligible quantity. The buildings are of the taxpayer, or the two, three and four story type, with per¬ haps a couple of six-story buildings be- • tween Lenox and Eighth avenues and a twelve-story warehouse at Park avenue. Two or three important buiiding pro.iects seemed about to be started last year as the result of a series of leases closed at high rentals and for long terms. But only one of these has so far materialized. Just a' year ago the southeast corner of Madi¬ son avenue and 125th street was leased for the owners by Barnett & Co. to a Syracuse syndicate for ninely-nine years at an aggregate rental reported as $-'.- 750,000. The plot fronts 120 feet on th. street and 130 feet on the avenue, and is owned by Miss Lotta Crabtree, a stage favorite of several years ago. Another long-term lease was that ot the south¬ west corner ot Lexington avenue and 125th street, facing the proposed subway station, to a Syracuse syndicate for nine¬ ty-nine years, at a total rental of $1,- 750 000. it adjoins the new Harlem Sav¬ ings Bank. A I'tica merchant took a sub-lease of the stores. The n.irthwesl corner of Fifth avenue. 110 feet on the street bv 15U feet on the avenue, was il-o leaded by Barnett & Co. for a long term to a business college already occu- pving the present building. Xo improve¬ ments of importance have so far followed these leases, the general altitude being „ne of unwillingness to be too far ahead operated for both permanent and tran¬ sient guests. The lower floors will sup¬ ply stores for high-class trade. Something like 60 per cent, of the store space has been rented from the plans. Walter Barnett. of Barnett & Co.. who has for several years made a specialty ot 12Sth street property, believes that before very long a reasonable amount ot new construction is likely to be undertaken. "The general tendency," said Mr. Bar¬ nett, "is toward a higher class of busi¬ ness and a demand for modern business housing somewhat in keeping with rents which owners demand. In the section a'bout Lexington avenue owners are wait¬ ing for the" subway to be put in operation, or at least to be fairly within sight, before undertaking anything new. Between Sev¬ enth and Eighth avenues the most impor¬ tant new work for the immediate future is the eight.story new building for StumvJf & Langhoff and Hurtig & Seaman. Work is soon to be started on this." Meantime local gossip is busy with t\\o projects which would be of great benefit to this thoroughfare and particularly to t'le easterly section, which furnisher closest communication with the most pop¬ ulous sections of The Bronx. The New York Central Railroad is saut to be planning a new station to rep:ace that at Park avenue. This is the busiest station on the road between the Grand Central Station and Yonkers. and a larger station is said to be a necessity. Well informed persons in the vicinity seem also to be taking seriously a rumor that the New York, Westchester & Bos¬ ton Railroad is planning for a station at Third avenue and 129th street. Books Will Be Opened Tuesday, October First, to Show Assessed Valuations. The City Charter provides that the an¬ nual record of the assessed valuation of real and personal estate shall be opened for public inspection on October 1. The record of assessments will, therefore, be open for public inspection next Tuesday, and the real estate record will remain open until November 16. November 15 will be the last day upon which an applica¬ tion may lie made for the reduction ot a real e.^tate assessnient. Anyone who finds it inconvenient to visit the office of the Department of Taxes and Assessments in the borough in which the real property in which he is interested is situated, may obtain the assessed valuation by mail. The best way to do this is to write to the department, addressing the letter to the office in the proper borough and inclos¬ ing a self-addressed postal card for .a re¬ ply. It is well to set down on the postal card the section or ward, block and lot number of the parcel of real property, as this facilitates the work of the clerks in the department: in any event, the descrip¬ tion of the parcel of property must be given a.« it appeared on the preceding tax bill. The head of the department. President Lawson Purdy, advises that, anyone who desires to apply for the reduction of an assessment of any property should make Ihe application at as early a day as prac¬ ticable, and if he desires a personal hear¬ ing, should make a statement to that effect upon the written application. It is always hest to use the blank forms of application provided by the Tax De- paitineiit. These blank forms will be sent 111 anyone by mail it a stamped envelope is inclosed in the letter of application. In man.v ca.^^es it is quite unnecessary to ask lor an oral hearing, and oral hearings are never accorded unless a request is made for them. ^- ' Applications for the reduction of per¬ sonal assessments may be made until the first of December, but not including that day. It should be borne in mind that the Department is under no legal obliga¬ tion to give anyone personal notice of a personal assessment. The opening of the books is in itself legal notice of such asse.^snient. The department endeavors to send a personal notice to everyone as¬ sessed, hut it is wis^e for anyone who thinks he may be assessed to examine the record personally in the event lOf his not receiving a notice. Applications for the reduction of personal assessments should be made as earl.v as practicable. In the case of corporations, such applications should be made, if possible, not later than November 1, and should always be made upon the blanks furnished by the depart¬ ment. The fact that a corporation may not in fact be liable to a personal assess¬ ment is no defense in the event that no application is made for the cancellation of such assessment. All applications for the reduction of an assessment against a corporation must be filed in the Manhat¬ tan oflice of the department in the Hall of Records. Any Person assessed in a borough other than Manhattan may apply for a reduc¬ tion or cancellation of the assessment at the oflice of the department in the Bor¬ ough of Manhattan if it is more con¬ venient for him so to do. .Applications for the reduction of pei'sonal assessments must be made before two o'clock! This rule is rendered necessary in order that the records may be kept up from day to day, and is rigidly enforced to avoid fa¬ voritism. The condition of persons and property on October 1 determines the liability to assessment, and any person applying for the reduction or cancellation of a personal assessment must be prepared to testify as to the condition of his estate on October 1. The ownership of property on that day determines whether or not it may be entitled to exemption, because it is owned Iiy a religious or charitable corporation and exclusively used for the purposes of .such corporation. Site for a Public Bath. The Board of Estimate has rescinded tlie resolution adopted May 9, 1912, au- laorizing the acquisition, by condemna¬ tion proceedings, of property kpown as .\'(i. 4119 West 28th street, Manhattan, for use as a site for a public bath, under the jurisdiction of the President of the Bor¬ ough of Manhattan, as the property will be' acquired a private sale for a sum not exceeding $14,250.