Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 98, no. 2531: Articles]: September 16, 1916

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392 RECORD AND GUIDE September 16, 1916 inmiiaiiniimniUUiiniiii!imu(mriua\TriiiiimMiiiu rmuiiiumiiintiniiiiiirNiiiin iKiinirtiiiiiiTiiriimimiiinuuinmnriinnTnimiE PRIVATE REALTY SALES. Eioniiminaitau^muniiiuinuiiuutaiDiiiiiiiiiuUMiJiimimMnjMiLiimmnaMiiiiiiiiiinnnrpiirniunniiuuiiUDiiunMiiv "T^RADING was moderately active, a •*■ fair deniand manifesting itself for small investment properties. In spite of the fact that there was no market in¬ crease in the volume of business trans¬ acted, a better spirit of optimism^ was prevalent, and many important and inter¬ esting transactions were rumored to be in course of negotiation. One of the most important develop¬ ments within recent weeks concerned the financing of the proposed Commodore Hotel ai Lexington avenue and 42nd street, as a result of which a $4,500,000 mortgage was placed. The release^ ol such an enormous amount of money into a single building project is being re¬ garded as highly significant inasmuch as there has been a marked tendency on the part of many builders to hold their projects in abeyance. There has been within recent times an opinion based, probably, upon actual knowledge of ex¬ isting conditions, that times were not propitious for building, not_ only on ac¬ count of the prevailing high price of materials, but also on account of labor unrest in the building trades. The un¬ dertakings of this project, however, and the similar status of the proposed hotel of the Pennsylvania Railroad at Seventh avenue and 32nd street, indicates a prob¬ able new trend and a revival of fall build¬ ing. Although individual projects even of such magnitude cannot be quoted as indicative of prevailing conditions, yet so much money will be released into build¬ ing channels, and so many men will be furnished with labor, that the projects take a leading rank, and their import¬ ance to the fall building market should not be underestimated. The thirty-one story ofifice building known as the Liberty Tower, at the northwest corner of Nassau and Liberty streets, on a plot 82 x 57.9 x ir- Are you going to let anything like this happen on your elevator? Several young girls have been killed and others injured on elevators here in New York, by the car starting before the shaft- way door was safely closed and locked. The law didn't save them, for there is no law. The lurking peril in unsafetilied shaftway doors causes over 85% of all elevator tragedies. Against it there is neither protection nor redress, in New York City. These girls had to ride, as part of their days' work. They were entitled to the protection which they did not get. Why was it withheld from them ? Meanwhile,thought{u\, humane,and high minded own¬ ers (without legal coercion) are safetifying their elevator shaftway doors. We have already installed Shur-Loc on a number of ele¬ vators in New York, Brooklyn, Boston, Chicago and other cities, where only moral law has worked the wonder— proving that there are many real estate owners of lofty principles who do not consider their responsibility limited to financial compensation. Shur-Loc was not designed nor developed for commercial pur¬ poses. It was conceived and perfected as a life conserver, and awarded highest honors as such. The fact that you can now have it installed on your elevator does not lessen its assurance of 100% safety. Quotations free. Telephone 2254 Beekman, or write SHUR-LOC ELEVATOR SAFETY CO., Inc. 706 Pulitzer Building regular, was sold at foreclosure this week, and was knocked down to parties in the interest of the Garden City Com¬ pany, Allen W. Evarts, president, on a single bid of $1,800,000. The auctioneer was Daniel Greenwald. The sale was brought about as a result of an action commenced by the Title Guarantee & Trust Company, as trustee, against the Liberty-Nassau Building Company, and others, to recover $704,525. There is a prior m.ortgage of $1,600,000 on the property. By order of M. S. Guiterman, executor of the estate of Charles Jacoby, L. J. Phillips & Company will sell at auction on October 5 the properties at 929 West End avenue, 109 West 129th' street, and 141-143 West 113th street. The same auctioneers will sell on that day by order of Townsend & Guiterman, the four- story dwelling at 10 East 66th street. THE total number of sales reported, and not recorded, in Manhattan this week was 21, as against 17 last week and 11a year ago. The number of sales south of 59th street was 2, as compared with 5 last week and 4 a year ago. The sales north of 59th street aggre¬ gated 19, as compared with 12 last week and 7 a year ago. From the Bronx 10 sales at private contract were reported, as against 12 last week and 7 a year ago. Statistical tables, indicating the num¬ ber of recorded instruments, will be found on page 400 of this issue. Buys Costly Home Site. Augustus G. Paine Jr., president of the New York & Pennsylvania Paper Company, has purchased from James A. Frame, the two four-story houses at 105 and 107 East 70th street, forming a plot 43x100 feet, on which he intends to erect for his own occupancy a high-class resi¬ dence. The plot is in the im.mediate neighborhood of a number of costly pri¬ vate house projects, among them pro¬ posed residences for Arthur Curtiss James, George Blumenthal, and Robert S. Brewster. The adjoining house at No. 109, on a lot 20x100.5 feet, is also re¬ ported to have been sold, although it could not be learned definitely whether or not the purchaser was Mr. Paine. Another interesting report concerned the group of houses immediately adjoining the site of Mr. Paine's proposed resi¬ dence, at the northeast corner of Park avenue and 70th street, which it is under¬ stood is to furnish the site for a home for Gerrish Milliken. Broadway and Fulton Street Deal. -A. new syndicate headed by Elias A. Cohen has taken over from the liquidat¬ ing committee of the Borough Bank the leasehold property at the southeast cor¬ ner of Broadway and Fulton street, for¬ merly occupied by the Evening Post. The building is nine stories high, and has a frontage of 62.8 feet on Broadway and 102.4 feet in Fulton street. The property is owned by the Collegiate Re¬ formed Dutch Church, and returns a ground rent of $45,000 a year on a lease which has twenty-one years to run. The new lessees plan extensive alterations including the installation of new ele¬ vators, heating system and the re-con¬ struction of the interior and e.xterior. East Side Dwelling Deals. Eugene Meyer, Jr., the banker, has sold the four four-story houses at 104- 110 East 71st street, on a plot 82.4 x 95 to Carl Tucker, who owns the adjoining property at the southeast corner of Park avenue and 70th street. Associated with Mr. Tucker in the lease was Hiram W. Sibley of Rochester, N. Y. The brokers in the sale were the Douglas-Robinson, Charles S. Brown Company. The plans of the purchasers with reference to the site were not available yesterday, al¬ though it was rumored that the easterly 30 feet was being resold to a well known New York lawyer, who intends to build a residence for his own occupancy.