Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 109, no. 16: April 22, 1922

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492 RECORD AND GUIDE April 22, 1922 Seventeen-Story Apartment Hotel on Famous Church Site American Bond & Mortgage Company Underwrites Bond Issue on Project Costing $1,500,000 to Replace Metropolitan Tabernacle at Broadway and 104th Street WORKING plans are being prepared in the ofifices of Carrere & Hastings and R. H. Shreve, associated archi¬ tects, 52 Vanderbilt avenue, for an important building project that will involve an outlay of more than $1,500,000. The operation will be located at the northeast corner of Broadway and 104th street, upon the site of the Metropolitan Tabernacle. The old structure, famous in its day among religious enthusiasts of this city, is now being demolished by wrecking contractors to make way for the construction of a seventeen-story apartment hotel. The proposed improvement will be of fireproof construction tliroughout and will embody a number of interesting features ir, both design and equipment. The building will contain approxi¬ mately 307 rooms, which will be completely furnished for apart¬ ment hotel purposes, for which there is apparently quite a de¬ mand in the neighborhood in which this project is located. The main entrance to the building will be on the One Hundred and Fourth street side and the ground floor of the Broadway front¬ age will be devoted to small shops. The property upon which this apartment hotel will be erected has a Broadway frontage of 72i feet 2 inches and the One Hun¬ dred and Fourth street front is 91 feet 5 inchs. This property is owned by the Realty Sureties, Inc., who have been negotiating for the purchase of this land for some time past. The site is particularly desirable for the type of structure now proposed, as there are very few available corner plots on Broadway now in the market. It has been estimated by the owners, who will also operate the hotel after its completion, that the net annual rentals from the hotel will be in excess of 5188.000. The owners of this property also control other valu¬ able properties in the vicinity of the projected improvement, which will later be utilized as sites for modern buildings as the requirements of the community may develop. The new building scheduled for the corner of Broadway and One Hundred and Fourth street has been financed by a first mortgage real estate bond issue of $850,000 at seven per cent, two to twelve year maturities, and is oflfered for sale by the American Bond & Mortgage Company. This is the second large building project on a prominent Broadway corner plot to Le financed recently by this company, the first being the build¬ ing now under construction at the northeast corner of Broad¬ way and Seventy-fourth street and which will be completed soon. The proposed apartment hotel at the corner of One Hundred Carrere & Hastings & R. H. Shreve, Architects. Uongacre Const Co., Builder. PROPOSED STRUCTURE ON TABERNACLE SITE and Fourth street and Broadway will be erected under a general contract awarded to the Longacre Engineering & Construction Company of Chicago and New York, and work will be started as soon as the old buildings are removed from the site. Governor Miller Signs Bill Affecting City Construction Contracts Gov. MILLER has signed the bill introduced by the Joint Legislative Committee on Housing and subsequently passed by the Legislature, which amends the Greater New York charter, in relation to sub-contracts in cases where the principal contractor abandons work under a contract. The law formerly stipulated that in cases where any work was abandoned by any contractor it was required to be read- vertised and relet by the borough president under whose juris¬ diction it came, or by the head of the appropriate department. The revised law now provides that "in cases where any work shall be abandoned by the contractor the appropriate borough president or the head of tho appropriate department may, if the best interests of the city be thereby served, and subject to approval by the Board of Estimate and Apportionment, adopt on behalf of the city all sub-contracts made by such contractor for such work and all such work shall be bound by such adop¬ tion, if made; and the appropriate borough president or the head of the appropriate department shall in the manner pro¬ vided in this section readvertise and relet the works specified in the original contract exclusive of so much thereof as shall be provided for in the sub-contracts so adopted." Mr. Moore Closes Y. M. C. A. Realty Training Lecture Cour.se (Continued from page 491) It is distinctly to the owner's advantage to have the superin¬ tendent on the premises at all times. "The management department of any large real estate organ¬ ization must be prepared at all times to estimate on operating costs from plans and, because of their experience in the suc¬ cessful operation of a number of buildings, they are usually in a position to give very accurate information on the operating costs of a new project. "During the course of a year, the managing agent of a num¬ ber of properties will buy a great deal of material and award many contracts, and it is fair to assume that, on account of their large purchasing power, they are in a position to obtain lower prices than could be obtained by the individual. Every possible discount should be taken and, of course, the owner should have the benefit of them."