Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 102, no. 17 [2641]: [Articles]: October 26, 1918

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October 26, 1918 RECORD AND GtJlDE Real Estate Review for the Current Week Market Shovvs Broadening Tendencies, Keílecting a Decided Improvement—Good Demand For Small Investment Proi^erties SUBST.\NTIAL progress was recorded in the real estate marke* this week, business displaying distinct broadening tendencies. Not only was there a consistent and well maintained demand for downtown business property, but there was an increased call for small investment holdings in various parts of the city, the demand concerning itself chiefly with moderate priced dwellings and tenements. A distinctly encouragiug feature of the business was the comparatively small number of trades, many of the transactions being nego- tiated on cash basis. One of the weaknesses of the market for many months has been the practical monopoly .of the market by e.xchange deals, in other words, transactions in- volving trades with little or no element of cash. This factor in the real estate situation has rarely been considered an indi- cation of strength since no new capital is released into real estate and deals simply involve transfers of equities. The departure therefore from this trend and the acqui- sition of a number of small parcels on a cash basis may be regarded with considerable optimism since it may be inter- preted as the possible beginning of an upward turn of the market. While undue optimism cannot be expressed at this time because the market has always been inclined to be spotty and one week's particular activity cannot be fairly taken as a foundation for a new trend, nevertheless the fact that there has been a quickening of real estate interest and a substantial increase in the demand is worthy of comment. Coming at the close of probably the most remarkable finan- cial campaign loan in the history of the world, during a period when unprecedented sums were taken from ordinary investment chaniuls and placed into Federal securities, the business of the wcek assumes an additional favorable posi- tion. Sales of mcrcantile buildings in the downtown section continued to reflect the steady interest which business men and investors are displaying in holdings in downtown neigh- borlioods. Tlie investment possibilities of New York real estate was again demonstrated by the purchase of a Front street office structure by a San Francisco buyer, who has become inter- ested in downtown properties and has been adding to his holdings from tinie to time. An important transaction re- flecting the continued growth of the automobile center on Broadway north of 53rd street involved a tall office building at Broadway near 57th street, acquired by a prominent auto- mobile company which already has extensive real estate in- terests in the block. The establishment of this section as the automobile's trade zone has tended to stabilize values to an unusual degree and the purchase by the Chevrolet Co. of the fee to this building indicates not alone their confidence in the future of the section, but tends to strengthen the belief that this district will remain the permanent center of the atuomobile industry. linnorlant leasing transactions of more than passing inter- est involved a Pine street building taken by a bank to meet increased business requirements and the leasing of large space in a Madison avenue building by a leading silk concern. The growth of Staten Island as a promising center for indus- trial activity was emphasized the lease of a large tract at Stapleton to an English manufacturing concern. PRIVATE REALTY SALES. THE total number of sales reported and not recorded in Manhattan this week was 24, as against 18 last week and 16 a year ago, The number of sales south of S9th street was 9 as compared with 5 last week and 9 a year ago, The number of sales north of 59th street was 15, as compared with 13 last week and 7 a year ago. From the Bron.x 10 sales at private contract were reported, as against 9 last week and 11 a year ago. Statistical tables, indicating the num- ber of recorded instruments, will be found on page 496 of this issue. Adds to Broadway Holdings. An important purchase in the auto- mobile section involved the nine-story Peerless Building at 1762 Broadway, with an "L" to Fifty-seventh street, which was sold by the Doan Realty Company, representing the Peerless Motor Car Company, to the Chevrolet Company. Recently the same company purchased the nine-story Demarest Building on the southeast corner of Broadway and Fifty- seventh street. The Peerless Building froiits 70 feet on Broadway and 25 feet on Fifty-seventh street, thc northerly and southerly frontage measuring about 92 feet. The two buildings have a com- bined frontage of 136 feet on Broadway and 141 feet on Fifty-scventh street, the easterly and southerly lines measuring 116 and 91.6 feet, respectively. The Gen- eral Motors Company, through the Chev- rolet Company, now controls the block front on the east side of Broadway, be- tween Fifty-sixth and Fifty-seventh streets, with the exception of the Broad- way Taberiiacle at the Fifty-sixth street corner. These two investments involve close to $1,500,000. The Cross & Brown Company negotiated the sale. A San Francisco Buyer. The Charles F. Noyes Companv has sold for Max Marx for about $50,000, all cash, to Edward H. O'Brien, of 'San Francisco, the Richardson Building, a seven-story office structure, at 124 Front street on lot 18 by 75. The building is 100 per cent. rented at an aggregate rental of nearly $6,000. The property is well locatcd, adjoiiiing the corner of Wall and Water streets, leased by the Noyes Com- pany to G. Amsinck & Co. for 21 years, and also abuts the Beadel Estate hold- ings at Wall and Front streets. Earlier in the week Mr. O'Brien purchased through the same broker 95-97 Front street, corner of Gouveneiir Lane, and both transactions were made on an all cash basis. The Noyes Company has been appointed Mr. O'Brien's agents. The Front street buildingjust purchased is in the neighborhood where a great deal of activity has occurred. Lanborn & Co. are erecting an office building at 130-132 Front street, corner of Pine, and Joseph F, CuIIman recently purchased the Venezuela Building at 135 Front street. John Street Investment Purchase. Charlcs L. Huisking, head of a large drug brokerage firm, lias purchased through the Charles F. Noyes Company from Frederick J. Stimson the five-story building at 110 John street, covcring a lot about 20 by 50. The properlv was valued at $35,000. Mr. Huisking is the owner of 5 Platt street adjoining, and by this piirchase now controls a plottage of about 3,000 sq. ft., with entrances on both John and Platt streets. He will probably make extensive alterations to the property just purchased, and use 110 John street exclusively for the oltĩces of his firm, maintaining his present quarters at 5 Platt street for warehouse aiul ship- ping purposes. Plan Long Island Aero Club. Promiiicnt New Yorkcrs intercsted in aviatiqn and hydroplaiie practise have purchased a tract of 260 :ii res at l.loyd's Neck, L. I., under tlu iiame of the Lloyd's Neck Club, of wlilch Reĸinald C, Vaiidcrbilt is president. It wil'. he used to further Government wurk in iiis field.. The tract has a fronta'.'o of twc and a half milcs on the Sound am! Lloyd's Harbor, and almost in ihe cenlrc of the tract is a lake of about ten acrcs. Its location for schooling and posl-gradu- ate work in aviation and hydroplaning is considered ideal. Few changes will be necessary to place the property in al- most immediate Governmental use. A farm house on the property, together with portable barracks, will furnish com- fortable quarters for aviators. The vice- presidents of the club are Henry Payne Whitney and Lawrence Lewis Gillespie. Samuel Willets is secretary and Henry Sanderson treasurer. With them on the board of governors are C. Oliver Iselin, Edward D. Morgan, Frederick N. Watriss, Elbert H. Gary, T. Coleman Du Pont, Cornelius K. G. Billings, and others equally prominent. After the war it is planned to make the club a great centre of social outdoor life. In due time a clubhouse will be erected and an eighteen-hole golf course, a polo field, and a race course will be laid out. Manhattan-Brooklyn Trade. Meister Builders, Inc, have sold to the Progressive Realty Company, 229 East Tvvelfth street, a seven and a half story elevalor apartment house, on plot 50 by 103.3, held at $100,000. In part paymcnt the company took fifteen two-family houses at 491 to 525 Alabama aveiuie, East New York, on a plot 300 bv 100, Buys Long Island City Plant. The Amcrican Chiclc Coinpany bought from the Ameiican Bar Lock Co. its propcrty on the north side of Borden avcniic. 275 ff. cast of building, cover- iiig six lots. The property has been held at $50,000, aiul adjoins the six lots to the west, the property recently sold to the sanic company, on which a buildiiig is now being erected to be used in conjunc- tion with this building as an experi- mental laboratory for the refining of gum. M. & L. Hess, Inc, were the brokers. Manhattan. South of S9th Street. sri.I.IVAN ST.—SiJurbtT liros. Bokl. tlirough í'iiriuici íí Co., 14li SuMivan st, .1 li-sty Hut, 011 a lo( i;:ixl(lil, bctween Prinee ancl West Houston sts. --I) ST,—The estatc of Douglas Taylor sold thc old fashioneil ,'i-sty dwelllnĸ on jilot ,'i7.tlx!is.n. at lío.'í West liL'd st, to an operator who intends to alter the buiIdÍDg iDto sjiiall suîtes. TUe prop-