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Real estate record and builders' guide: [v. 96, no. 2481: Articles]: October 2, 1915

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October 2, 1915 RECORD AND GUIDE 565 commercial structure to be erected at the southeast corner of Fifth avenue and 43d street to a Westerner, takes high rank among the big deals of the year, not only on account of the millions in¬ volved, but also on account of the char¬ acter of the transaction. Within a per¬ iod of six weeks, a huge operation was undertaken and all the details involving the purchase of the site, the financing of the project, considerable of the leas¬ ing and finally the re-sale, were effected. The fact that the new owner is an out- of-town resident who has shown his faith in New York City real estate by other large purchases, in the past, lends additional significance to the deal and exemplifies the desirability of well lo¬ cated income-producing properties for investment purposes. The presence of this class of buyer in the market in many of the other transactions of the week may be taken as a most encour¬ aging development. Other individual deals meriting recog¬ nition concerned a plot in the "million¬ aires' colony" on Lenox Hill, acquired by a banker as a site for his home; the acquisition of a Bronx tax-payer and of a row of new apartment houses in the same borough by investors and the sale of a Pinkney estate plot in Harlem to builders. In East 91st street, near Park avenue, a wealthy New Yorker bought two dwellings which are to be made into one. The improvement represents a reversion to private house develop¬ ment in a section which has been expe¬ riencing considerable apartment house building activity. In the immediate neighborhood a similar project is being contemplated, as the result of which three old dwellings may make way for two more modern houses. The leasing branch of the market con¬ tinued active, commercial renting show¬ ing improvement. Apartment renting maintains its steady strength and ac¬ tivity continues unabated. All told, the week's business was decidedly good and reflected the fundamental firmness of conditions. Whether it was just an ex¬ ceptional week and therefore of no ulti¬ mate consequence or whether it is the forerunner of a new era, will be known shortly. For the present, things look mighty cheerful. In the Bronx the building feature of the market is most encouraging. It is reported, by the Bureau of Buildings, that more than one hundred apartment houses are now in course of construc¬ tion in the borough, involving appro.xi¬ mately $5,000,000. The constructional activity is largely centered on and around the Grand Boulevard and Concourse and the Je¬ rome avenue sections. Provisions have been made for 2,244 families, an average of twenty-one families in a house be¬ ing maintained. The total number of sales reported and not recorded in Manhattan this week was 27, as against 12 last week and 18 a year ago. The number of sales south of S9th street was 6, as compared with 5 last week and 7 a year ago. The sales north of 59th street aggre¬ gated 21 as' compared with 7 last week and 11 a year ago. The total number of conveyances in Manhattan was 96, as against 87 last week, 10 having stated considerations totaling $280,657. Mortgages recorded this week number 79, involving $1,962,- 087, as against 65 last week, totaling $1,869,677. From the Bronx 17 sales at private contract were reported, as against 8 last week and 8 a year ago. The amount involved in Manhattan and Bronx auction sales this week was $440,132, compared with $795,580 last week, making a total for the year of $50,059,142. The figures for the cor¬ responding week last year were $369,966, and the total from January 1, 1914, to October 3, 1914, was $31,300,654. Californian in $3,000,000 Deal. Clarence Payne, of San Francisco, Cal., has purchased from the 511 Fifth Avenue Corporation, in which Harris & Maurice Mandelbaum are interested, the sixteen-story Guaranty Trust Company liuilding, now in course of construction, at the southeast corner of Fifth avenue and 43d street, on a plot 62.11 by 135 by irregular, which was formerly owned by the late Richard T. Wilson. The sellers in the present deal acquired the corner from the heirs of the Wilson estate on August 9, a few weeks after another deal for the site had fallen through. Plans for the building were prepared by York & Sawyer, architects, and the building contract was immedi¬ ately left to the Columbus Circle Con¬ struction Company. The Prudential Life Insurance Company with a loan of $1,250,000 and the Guarantee Trust Com¬ pany with a loan of $300,000 agreed to finance the operation. The trust com¬ pany also leased for a Fifth avenue liranch the store, basement and first floor of the contemplated structure for a term of twenty-one years at $75,000 a year. Although the foundation work on the building has just been started, the second floor was leased to F. L. Dunne & Co. of Boston, tailors, for twenty-one years at about $12,000 a year, and it is reported that negotiations are well ad¬ vanced for the disposition of si.x other floors. The reported purchase price is about $3,000,000. The deal ranks as one of the foremost of the year and marks the termination of one of the successful buildin,g operations undertaken within recent years. The sale was negotiated by Robert E. Lee Mordecai and Robert C. Knapp as brokers. Stoddard & Mark, as attorneys, represented the selling company. Mr. Payne is interested in other Manhattan realty holdings, having Xjurchased within the year the twelve- story apartment house at 383 Park ave¬ nue; and also 140 West 79th street. Banker Buys Home Site. Harold B. Thorne, vice-president of the Bankers' Trust Company, has pur¬ chased from Samuel A. Herzog, through J. Curry Watson, the plot, SOxlOO, in the south side of East 71st street, 175 feet east of Fifth avenue. The plot ad¬ joins the mansion and grounds of Henry C. Frick, occupying the Fifth avenue block front between 71st and 72d streets. The property has been held at $355,000. It was owned several years ago by Otto H. Kahn, who inteirded to build a resi¬ dence, but he later decided to live at Fifth avenue and 91st street, and the plot was sold to William Ziegler, Jr. He also abandoned the plan for improve¬ ment and gave the plot to Mr. Herzog, as part of the deal for the twelve-story apartment house at the southeast cor¬ ner of Park avenue and 54th street. While Mr. Thorne has made no an¬ nouncement regarding the property, it is understood that he will erect a costly dwelling in keeping with the splendid residences in the immediate neighbor¬ hood. Among them are the modern homes of William T. Hyde, Alvin W. Krech, J. C. Moore, Julius Kayser, Wal¬ ter Jennings, David Hennen Morris, Marie H. Clemens, Rosamund S. Auch¬ incloss, W. W. Cook, and Robert H. Chesebrough, all of which were erected within the last five years. Two Dwellings to Be One. Douglas L. Elliman & Company have sold for Bing & Bing 109 and 111 East 91st street, two three-story houses on a plot 30x100 to I. Townsend Burden, Jr. Mr. Burden is having plans drawn by S. Edson Gage for a handsome 30 foot .\merican basement house to be erected on the combined plot. Bing & Bing acquired the houses to protect their large apartment house, at the southeast corner of Park avenue and 92d street and the property was sold with restrictions to further this end. There have been several private houses built on or near Park avenue in recent years near Mr. Burden's purchase, including the northwest corner of 91st street which was purchased by Mrs. Frederick Bronson, now Mrs. Adrian Iselin, and improved with two fine houses, one of which is rented to A. D. B. Pratt and the other to Herbert Straus of R. H. Business Established 1853 Horace S. Ely & Company This company acts as agent for Trustees, Executors and Owners in taking entire charge of Real Estate. Makes appraisals. Acts as Broker in the sale aud leas¬ ing of Beal Estate. 21 LIBERTY STREET 489 FIFTH AVENUE JOHN F. DOYLE & SONS REAL ESTATE AGENTS BROKERS and APPRAISERS 45 William Street New York City Management of Estates a Specialty Member of Board of Brokers JohnF.Doyle JohnF. Doyle,Jr. AlfredL.Doyle JOHN C. R. ECKERSON Successor to THOMAS & ECKERSON Manager of Estates, Broker, Appraiser 299 MADISON AVENUE, N. E. Cor. 41st St. NEW YORK E. DE FOREST SIMMONS REAL ESTATE Tel., 837-838 Plaza 2 EAST SSth STREET Established 1887 CHAS. S. KOHLER REAL ESTATE and INSURANCE Broker and Manager of Estates 901 COLUMBUS AVE., cor. 104th St. Highest References. Tel., 5504 Riverside FRED'K FOX & CO. Business Building Brokers 14 W. 40th STREET and 793 BROADWAY O. D. & H. V. DIKE Midtown Business Property CANDLER BUILDING, 220 WEST 42D ST. THOMAS J. O'REILLY Real Estate Broker, Appraiser and Agent BROADWAY AND 109th STREET New York Representative of Caughy, Hearn and Carter, Baltimore and Washington Sulflow & Mass Co., Minneapolis, Minn. HAROLD W. BUCHANAN Mortgage Loans and Real Estate 49 WALL STREET