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Real estate record and builders' guide: [v. 103, no. 9: Articles]: March 1, 1919

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.March I, 1919 RECORD AND GUIDE 271 Real Estate Review for the Current Week Market Reaches New High Mark for Sales iu Manhattan and Bronx with Operators Setting the Pace MAINTAINING its upward trend the business this week reached a new high mark in both Manhattan and the Bronx. The total of ninety-three transactions in Man¬ hattan and fifty-eight transactions in the Bronx during the past week reflects an existing market condition which is better than that of any other corresponding period since the closing days of the famous 1906 boom. Not in years has there been a more concerted buying movement directed against prop¬ erties of every description, with both speculators and investors figuring prominently, although the pace is being set by the professional trader. Aside from the substantial increase in the number of trans¬ actions the outstanding feature of the business of the week was the unusual activity of the operator, who, although he kept up his demand for Manhattan properties, directed con¬ siderable attention to Bronx apartment houses. The housing shortage has been just as marked in the Bronx as in Man¬ hattan, and the owners of multi-family structures in that borough have for a long time been reaping the benefits of one of the best renting markets in the historj-^ of the borough. So marked, indeed, has become the demand that it is not unusual to find instances this week of deals where operators sold to operators, a most unusual transaction and indicating perhaps as no other single factor the improved demand for real estate in the Greater City and the prevalent belief that a rise in values was imminent. Individual transactions of note, which further reflected the improved conditions of the market generally, concerned a valuable site on Liberty street, which will be added to the plottage of the Federal Reserve Bank of New York, and a $1,000,000 Park avenue apartment house, which was taken by a downtown investor who sees the investment possibilities of well-located, income-producing Manhattan real estate. The other transactions involving business properties con¬ cerned a Broadway building, near Crosby street, bought by a well-known firm of operators who have been long inactive, but who have been attracted back into the speculative market; a West 24th street loft building, sold by the Metropolitan Life Insurance Company, and the third large mercantile structure sold by this company within the last few weeks; and two business buildings at Water and Pine streets, acquired by a tobacco company. This immediate neighborhood has been the center of a strong buying movement, resulting in the sales of buildings for occupancy to a number of other prominent tobacco concerns, and is in line with the well defined move¬ ment within recent weeks for business men to acquire prop¬ erties under sale rather than lease in order to insure perma¬ nent occupancy. The demand for dwelling properties also continued firm, with considerable interest centering on east side holdings. Several interesting transactions concerned parcels on East 63d street, which will be modernized; on East 75th street, $250,000 house, bought for occupancy, and Columbia College leaseholds in West 49th street and West 50th street, which will ue remodeled into small suites, the demand for which con¬ tinues unabated, with supply far behind. PRIVATE REALTY SALES. THE total number of sales reported and not recorded in Manhattan this week was 93 as against 66 last week and 32 a year ago. The number of sales south of 59th street was 26 as compared with 27 last week and 18 a year ago. The number of sales north of 59th street was 67 as compared with 39 last week and 14 a year ago. From the Bronx 5H sales at private contract were reported as against 26 last week and 17 a year ago. Statistical tables, indicating the num¬ ber of recorded instruments, will be found on page 280 of this issue. The Hartford Fire Insurance Company occupies the six-story structure at 58 Maiden Lane. 25-27 Liberty street and 56-58 Maiden Lane were purchased from Mrs. Frederick C. Penfield, and 23 Liberty street was acquired from Cort¬ landt F. Bishop. Horace S. Ely & Com¬ pany arranged the sale. Dwight & Hilles and Hurry & Dutton represented Airs. Penfield and the firm of White & Case, attorneys, acted for the Bank. Federal Reserve Adds to Site. Negotiations have been completed for the purchase by the Federal Reserve Bank of Xew York of the premises 25 to 27 Liberty street, through to 56 and 58 Maiden Lane, a plot fronting fifty- eight feet in each street. The acquisi¬ tion of these properties gives the Federal Reserve Bank an ownership of about 43,500 square feet of land, and takes in the entire block bounded by Liberty street, Nassau street. Maiden Lane and William street, with the ex¬ ception of the properties at 21 Liberty street, now occupied by Horace S. Ely & Company, and the Montauk Building, at the corner of William street. The largest single tenant in these properties is the Employers' Liability Assurance Corporation of New York, under the management of Dwight & Hilles. They occupy almost the entire twelve-story building at 56 Maiden Lane. $1,000,000 Park Avenue Deal. .■\ big apartment house on Park ave¬ nue has been sold in an interesting deal. The twelve-story structure at the north¬ east corner of Park avenue and 87th street has been sold by the Bankers' Trust Company for a client, through Mark Rafalsky & Company, to an out- of-town investor. The house, which contains thirty-five duplex apartments, varying in size from nine to fourteen rooms, with baths, rents for $125,000, and has been held at $1,000,000. It was built by William J. Taylor in 1911, and is one of the fine structures in the central east side apartment house district. The site, 100 feet on Park ave¬ nue and 139.8 feet on the street, was formerly occupied by the Winona, the pioneer of apartment house construction in Park avenue. Mid-Town Dwelling Project. Frederick J. Sterner, architect, pur¬ chased, through Harris & Vaughn, from the Almy Realty Company, represented by the Cruikshank Company, 159, 161, 163, 165 and 167 East 63d street, i\\e dwellings, on a combined plot, 100 x 100. The property was held at $160,000. Mr. Sterner has been active in this block, having bought and sold houses, through Harris & Vaughn, to Mrs. Barbara Rutherford Hatch, Leonard Thomas. Dr. (ieorge Draper, John Magee. Philip (jossler and Dr. Walter Martin. The new owner will erect a forty-foot dwell¬ ing ou the plot just bought and the other property will be modernized and resold. East 82d Street Apartment Deal. Douglas L. Elliman & Company and X. A. BerwMu & Company sold for David Dows to S. Morrill Banner the nine- story apartment house at 122 East 82d street, on plot 75 x 102.2. It was held at $350,000. The property was sold to Mr. Dows by Douglas L. Elliman & Com¬ pany in 1913. Weil & Mayer Return to Field. The Adams Laud and Improvement Company-, a holding concern of the .Vdams Express Company, disposed of another of its Broadway properties to Weil & Mayer, operators. The trans¬ action, which involved the twelve-story loft building at 592 to 596 Broadway, extending through to 124 to 128 Crosby street, marked the return of the buyers to the speculation market. They were very active several years ago. and hold title to the adjoining property. 580 to 590 Broadway, a twelve-story loft, also ex¬ tending through to Crosby street. The structure just sold occupies a plot fronting 84 feet on Broadwav, running hack for a depth of 200 feet to 124-128 Crosby street, where the frontage is 90.4 feet. No figure was given in connection with the present deal, which was nego¬ tiated by the Charles F. Noyes Company. t)ut it is known that the property was carried on the books of the Adams Land and Improvement Company at about $1,250,000. Every Property Owner Should Join the Real Estate Board of New York