Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 106, no. 16: [Articles]: October 16, 1920

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October 16, 1920 RECORD AND GUIDE 543 Review of Real Estate Market for the Current Week Some Million Dollar Sales for Investment and Other Large Deals Gave Strength to a Market Distinguished for Diversity of Dealing THERE was good volume and variety to the dealing in real estate this week. Two transactions of a million dollars each figured in the total while numerous other good sized sales helped it considerably. Considering that there was a holi¬ day in the early part of the week, it was one of market strength. Another large sale of business property, on Fifth avenue, is in the making; and it would not be surprising if it were closed before Monday. It means the removal of a prominent firm in Fifth avenue further north in that thoroughfare. Most of the large sales this week were south of 42d street. Several old buildings downtown changed hands, notably one in Vesey street, in which street there has been marked activity this year. The parcel sold adjoins two old buildings owned by an estate; and it is wondered if this estate, which is never anxious to sell anything unless it gets a good price, has been ap¬ proached for the fifty foot frontage that it owns. The buyer of the Vesey street building mentioned is the tenant of the property. There was a strong investment feature to the market during the week. Numerous fine dwellings were bought for occu¬ pancy and in some instances they were all cash sales. Notable among the transactions were numerous corner properties. Some of the larger general sales were a large University place corner, a business building on Union square, a Lexington avenue corner at 35th street, some large industrial sites in the Bronx, numerous dwellings on Washington Heights and in Harlem, an apartment house on Riverside Drive, as well as some fine dwellings there and the Navarro apartment houses overlooking Central Park at S9th street. The last mentioned buildings were the first fine apartment houses to be built in this city. The week abounded in large leases, notably tha: of the hotel and restaurant property known as Reisenweber's, which passed into the hands of that persistent seeker for strategic store locations, the United Cigar Stores Company. As usual with large properties that this company acquires control of, it managed to sub-lease all parts of the property that it will not need for its own business; and the subleases were notable for their size and duration. Co-operative apartment house selling, just now, is sporadic. The landlord and tenant agitation is having an untoward effect on this kind of buying; but, the situation is temporary. So far there has been no marked headway in the business areas of the city in co-operative buying of commercial buildings or small office buildings. There have been great expectations of a busy market of this character. Instead there has been a steady market for medium sized mercantile buildings bought by individual.'; or ii.ms for their own uses. PRIVATE REALTY SALES. THE total number of sales reported, but not recorded, in Manhattan this week was 154, as against 113 last week and 154 a year ago. The number of salea south of 59th st was 43, as compared with 42 laat week and 51 a year ago. The number of sales north of 59th st was 111, as compared with Tl last week and 68 a year ago. From the Bronx 20 sales at private contr_act were reported, aa against 34 last week and 37 a year ago. Statistical tables, indicating the number of recorded instruments, will be found on page 552. J. P. Lohman Enters Real Estate Field. J. P. Lohman. for several years real estate editor of the Record and Guide, and latterly associated with the real estate department of the New York Times, has become manager oi the real estate department of John H. Scheier, the architect, who has been prominently identi¬ fied with the recent market affecting properties In the Times Square and Columbus Circle sec¬ tions. Mr. Scheier Is now rebuilding the two 5-story structures at 243 to 240 West Forty-seventh street, adjoining the Strand Theatre, into a high-class office building to be known as the Romax Building, which will be ready for occu¬ pancy next week. He is also reconstructing the seven-story building at 23fJ-238 West Fifty-fifth street into a business building for the special use of the automobile trade and is remodeling the three private houses at 228-230 and 2.32 West Fifty-second street, near Broadway, for store and apartment use. Mr. Scheier's other real estate investments include the Empire, Rub¬ ber & Tire Company Building at 240 West Fifty-fifth street and the store and apartment properties at 34r»-.34" West Fifty-fourth street and af the southwest corner of Eighth avenue and Fifty-fifth street. Mr. Lohman was secretary of the Mayor's Coramitrnn on Taxation when Nathan Hirsch was chairman. Big Profit Taken on "Marine House.*' Charles F. Noyes Co. sold for Cecil P. Stew¬ art, for all cash, to the Insurance Company of North America the Merchant Marine House occupying the front on Willinm st, from Beaver to South William st. The building, originally erected by Delmonico, was the most famous restaurant property downtown. The property covers a lot of about 5,730 square feet, with street frontages of 70 feet on Beaver st and 145 feet on South William st. In addition to being right In the heart of the marine insurance and shipping district. It Is one of the finest properties in lower New York on accopnt of Its street frontage, light and ex¬ ceptional advantages of office layout. The property is located within a short block of every prominent exchange in New York, in¬ cluding the Maritime Exchange and the Con¬ solidated Stock Exchange. The Cotton, Coffee and Consolidated Exchanges are in the same block. Numerous marine underwriting firms abound there. In addition to natural advantagep that the property has for the purpose for which it was purchased, the building lies in the center of a section that has been active in real estate trading and development during the past 12 months for steamship, banking and financiii purposes. The Noyes Co., who negotiated this sale, have sold many properties in the immediate neigh¬ borhood, including the 40.000 foot plottage ac¬ cumulated by W. R. Grace & iCo. at Hanover sq, the India House property, the Norton Lilly Building at 26-28 Beaver st. the three sales of the Curtis Building at 33-35 South William st through to Stone st. 40-51 Brond st, the site for the Post & Flagg Building. 02 Broad st. the plot¬ tage acquired by the Mexican Telegraph Co., and 72-74 Beaver st, which was leased to Os¬ borne & Co. The Insurance Company of North America is the oldest stock insurance company in the Ignited States and one of the most aggressive companies in the metropolitan district. It la represented in its marine department by Piatt & Fuller, who are now located at 27 William st, and its fire department is represented by Darby. Hooper & McDaniel, who recently had erected for them a new building at 122-124 William si. The offices of the Insurance Company of North America are in Philadelphia and the deal is of additional interest because the buy¬ ers were guided throughout the negotiations by Thomas Morch. vice-president of the Fidel¬ ity Buildings Corporation of Philadelphia, formerly vice-president and manager of the Equitable Building, and well known to New York realtors. This deal is of added Interest real estate wise, because the owners have only had the property a few years and have made on this "turn" probably the l:irgest cash profit on any one trans¬ action In the neighborhood in recent yeara. Mr. Stewart is head of F. B. Hall & Co.. Inc.. prominent insurance brokerage firra. and this profit is again an evidence of the fact that the outsiders are securing the real big profits In this active upward real estate market. It is stated thnt Mr. Stewart has arranged the sale of the property sublect to the existing F. B. Hall St Co.. Inc.. lease, nnd that this firm will not move from the building. in part payment tlie 5-sty elevator apartment house SO West 12th st. on a plot 4:;.6xl03.3; also the 7-sty loft building 13fi West 22d st, on a plot 41.8x08. Stafford Bros., Inc., recently acquired the above properties thiough th-.' same brokers. The entire transaction involved more than ■; 1.000,000. Navarro Apartments Sold. Negotiations are closing for the sale of the v.ii'arro apartments on Central Park South to a dicnte which, it is said, proposes to trans- ' im tbem into a hotel containing about 2.000 ooms and baths. The property, which consists of 8. 0 and 10-sty structures fronting 433 feet on aUth st or Central Park South, between Sixth and Seventh avs. 455 feet on 5Sth st and 200 feet on Seventh av. is owned by the McCoomb estate, represented by the Title Guarantee and Trust Co. The apartments are held at about .$.">,Ono.OOO and were built in the early oighties by Juan N. de Navarro. Spanish Consul-General in this city and father-in-law of Mary Anderson, the actress. W. D. Howells Home Sold. M. H. Gaillard & Co. sold for the estate of William Dean Howells, the author, the 5-sty hrick American basement dwelling 250 West 85th St. on a lot 16x102.2. near West End av. The buyer will occupy the house after altera¬ tions are completed. Tho same brokers sold to Mrs. H. J. Power the 3-sty and basement brick dwelling 333 West S5th st, on a lot 20.xl02.2. for the Campbell estate. Investor Buys Union Square Parcel. William C, Walker's Sons sold for Duncan Realty Co. to an umbrella and cane house for occupancy 37 Union square. Broadway side, 3 doors south nf 17th st. a 5-sty stone front mer¬ cantile building, which was erected for the re¬ tail .iewelry trade at the time Tiffany & Co. were on the west side of Union Square. Buy Pearl St. Corner for Occupancy, William H. Whiting & Co. sold for the Rich¬ land Ro.Tlty Co. to a business firm, for occu¬ pancy, 313 Pearl st and 53 to 57 Ferry st, being tbe northwest corner of tbe two streets, two old 4-sty buildings, on a lot 24x100. A Sixth Avenue Corner Taken Over. The 5-sty saloon property at 88." Sixth av, southwest corner of 50th st. on a lot 23..".\01.11, is to be taken over by the f^H^^ Sixth Avenue Cor¬ poration, formed at Albany with P. Wollag and S. and D. Berkowitz as directors. Title stands in the name of Herman P. Knlirs. Last May It was reported sold to John Babling, Tenant Buys a Vesey Street ButldinsT. The White Tar Co. of New York, tenant, bought from St. Michael's Protestant Episcopal Church 50 Vesey st. a 5-sty stone front mercan- tlTe building, on a lot 24.11x101.11. between Church st and West Broadway. William C. Walker's Sons were the brokers. Big Resale Near Madison Avenue, Spotts ft Starr. Inc., resold for A. Jacobs the 12-sty building 11-17 Eaat 40th st, adjoin¬ ing tbo northeast corner of Madison av, on a plot 33.fixnR, to Stafford Bros.. Tnc. The pur¬ chasers, represented by Robert W. McLear. gave University Place Corner Bought. Spear & Co. sold for tho R. F. S. Realty Cor¬ poration 00-02 University pl. at the northwest comer of East 10th st. an 8-sty brick and a 4- stv stone front loft, building, covering a plot 55x100x54.10x103.0.