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News and Comment of City and Suburban Real Estate Field Active Trading Of Flats in the Harlem Section Many Investors Put Savings! In Houses in This District; j Buying of Fine Dwellings' West and East of Park _ Meyer Berger sold to Samuel Zucker ! 12 East 111th Street, a five-story flat, ISxiOO.ll. i Hyman Derman sold to Jacob Wiener; 7.1 East 106th Street, a five-story store tenement, 25x160.11. The Dormond Realty Company, Si? mon Myers president, resold to Sig- i naund Keller the three five-story tene- ? ments with stores at 1881 and 1835 Third Avenue, 25x90 each. The prop- I arty adjoins the northeast corner of ; 101st Street. Jacob Subin was the j broker. Frances Mayer sold to Joseph Pesi koff and Benjamin Pestikof? and Ben- J jamin Margolis 1340 Park Avenue, . northwest corner of 101st Street, a five-! story store tenement, 75.11x26. Yorkey E. Ric^ sold to Slifford B. ; Birbeck 100V? West 130th Street, a; five-story flat. 20x99.11. Elizabeth C. Duffy sold to William ' V. McCarthy 450 Tenth Avenue, north- j east corner of Thirty-fifth Street, a ? five-st?ry tenement. 24.9x100. Charles Kneeland sold to Rebecca > Pomrine 452 Lenox Avenue, a five- ! story flat, 24.11x84. Amanda K. Steffens sold to Elizabeth C. Fillls 133 West Ninety-eighth Street, a five^story flat. 24.9x100.11. Sam Rachelson sold to Ida Sulken 515 East Eleventh Street, a five-story \ tenement, 25x103.3. ernard Golden sold to Jacob Minsky 1712 Park Avenue a five-story store tenement. 25.2x89.11 x irregular. Ignat Roth sold to Paehe Rothstein 310 East 118th Street, a six-storv store tenement, 40.9x100.10. aPtrick Kiernan sold to August Pfanstiel 279 Third Avenue, a three story store tenement, 22x75. Daniel H. Jackson resold 148 and 150 Essex Street, two six-story tene? ments with four stores. 50x100, to M. j A Pincus Katz. Mr. Jackson bought j this property through George R. Read j & Co. a few week ago. The purchaser after alteriations will occupy the four ? stores. Arthur Cutler & Co. were the j brokers in the transaction. Schindler ? Liebler sold for Robert ! J. Towers 1368 Third Avenue, a four- ' story store and fiat, 20x85. Theodore Simon sold to James P.'l Droogan 552 and 554 West lS5th Street, a five-story apartment, 50x79.11. j John Peters sold for the ?state of Waiter Luke to Camelo Demaro & Paul Vittallaro 235 Avenue B. a five story tenement with stoves. Julius Land fold to Annie I.isson 1582 First Avenue, a five-story tene- . ment, wth stores. 25x80. George Kerner sold to Morris Lapi? des 82-84 Ludlow Street, two five-story store tenements, ^0x65.7. Bernard Applebaum sold to Joseph Wirklich 208 Delancey Street, a three story store tenement. 25x75. The Cruikshank Company sold for the State Investing Company 37 Broom? Street, a three-story tenement. 24.8x 100. to Fannie Pirotimski and Joseph : Stolloff. I Sales of Dwelling Houses The Pierre & Golden Company sold 55 West Eighty-seventh Street, a four- ; story and basement dwelling. 21x100, for Meyer Vesell to the tenant, Dr. ? J. W. Hedden. S. Ulhnan sold for the Nathan Er? langer estate 38 West Ninety-sixth j Street, a five-story American basement | dwelling, 16:8x100. Meyer Vesell sold to Jesse W. Hed- i ?en 55 West Eighty-seventh Street, a four-story dwelling. 21x100.8. Laura Carter sold to Robert H. ', Fowler 165 East Sixty-fourth Street, a : three-story dwelling. 20x100.5. Ellen Hickey sold to Robert Lauschus ; 302 East Sixty-fifth Street, a three- , story dwelling, 18x76.2x irregular. Josephine England sold to Frank '? Desiderio 439-441 West Fifty-fourth j Street, a two-story stable and a three- ; story building. 0x100.5. Philip Leone sold to the Church of : Our Lady of Peace 250 East Sixty-sec- ! ond Street, a three-story dwelling. 17x 100.5. George M. Osborn sold to Carol W. Erickson 5 Sutton Flace, a four-story dwelling, 20x70.3. C. Alfred Capen sold to Harry de R. Cutting 658 Lexington Avenue, a four story dwelling, 20x73. Solomon Abovici sold to Penp: Schein fi8 West 120th Street, a three-story dwelling, 18x100.11. Henry C. Piercy 2d sold to Pasquale Margarella the three-stor? dwelling, 22.4x96.2, at 76 Washingt replace West, Julian D. renholm sold 29 West "Tenth Street, a four-story dwelling. 25.4x94.9. The Duross Company sold for Ciri? neo Montini the three-story house at 266 West Twelfth Street. 16.8x86.8. May Bentley sold to Dora Sheris 20 West 131st Street, a three-storv dwell? ing, 15x84.11. 225-Year-Old Estate About to Change Hands Orange Mountain Site Includes the Homestead Built by Cyrus Freeman in 1812 One of the oldest Colonial estates in the Orange Mountain section of New Jersey will be sold at trustee's sale by Joseph P. Day on Saturday next, on |k the premises at Valley Road, near M Orange Heights Avenue. West Orange, hN. J? for the George C. Freeman es W t?te. The realty, which has been owned by the Freeman family since about 1690, or for more than 225 years, consists of 500 lots in a choice residential sec? tion. The lots front on Valley Road ?nd Orange Heights Avenue, and in Freeman Place. Walker Road, Lowell Avenue, Sheffield Terrace and adja? cent streets and avenues. One section of the property lies on the summit of the Orange Mountains, adjoining the South Mountain Reservation and Essex County Park. A few of th? lots are located on North Brighton Avenue and Fair Street, East Orange. Included in the sale is the old Colonial homestead erected about 1812 by Cyrus Freeman, great-grandfather the present owners, Why Are Not All Buildings as Highas Woolworth Tower? By Harry Hall Vice-president William. A. White & Sons In considering tho question of the height of office buildings it may very naturally at first be thought by j the uninitiated that there is no height ? limit short of the sky. Having a cor- ; net- plot worth, say. $1,000,000 in a I prosperous and growing city upon ! which it has been ascertained that a building of eight stories can be erected and profitably rented, why not build a ' second building of eight stories upon the top of the first? Th? original building has to carry all the cost of the land, whereas there will be no land cost for the second one. Or, to put it another way: If the desired re? turn on the land is 6 per cent, or. $60, 000, and taxes are 2 per cent or $20. 000. each story of the first eight must contribute a land charge or ground rent of $10,000?whereas in a sixteen story building this charge will be only $5,000 per story. Then why not add eight more stories, reducing the charge per story to $",300? Every story above the first eight earns $10,000 annually more than the lower ones, so why stop as long as capiti! for building is available, and it is reasonable to expect that tenants can be found? That is the problem. How can we ascertain where it ia wise to stop? Curiously, after searching carefully through my own experience with the promotion of many buildings, and then asking several prominent architects and building owners the direct question: "On what basis do you determine the I'.eight of a proposed building?" 1 have failed to find one case in which the "economic limit" was the determining consideration. Decision is based some? times upon one and sometimes upon another, but more often upou a com? bination of factors, which may be broadly classified as follows: Local, financial, personal, archi? tectural. Height and Value Related The location, value, size and char? acter of the site are of first importance in determining the height of the pro? posed building. Generally speaking, the greater the value of the plot the higher the building that may wisely be erected upon it. and yet this is not by any means always true. In business streets values vary in proportion to the volume or character of the traffic at? tracted to them. Property values on "Main Street" are always relatively high, because there the population of the town assembles daily to do its shopping, and the merchant who wishes to sell successfully must be as con? veniently located as possible. At first the Banks, insurance offices, lawyers' offices, wholesale supply houses find retail stores locate themselves in? discriminately along or close to the loading thoroughfare, because here is th; greatest volume of traffie. As the town grows in business im? portance a tendency to concentrate Point Is Reached in Most Gases Where Greater Height Means Loss of j Income; Office Buildings Are Planned to Bring Maximum Return! On Investment; Equitable Gould Be Higher becomes apparent, and the banks and business institutions of a wholesale or general character form a center or centers of their own separate from the local retail thoroughfare, and this tend? ency becomes more marked as the city grows. Then the character of the traffic be? comes a factor in land values, and has j a distinct bearing upon the character | and height of adjacent buildings. To illustrate: Announcement has j just been made that the Bank of Amer- j ica propr.ies to erect a twenty-three- l story" building at the corner of Wall and William streets, New York. The plot measures about 70 by 200 feet. Its present value is more than $3,000,000. i Situated in the very heart of the c.oun- I try's financial center, on the most im- ! portant street of its length in New ! i York, at a point where permanence of I l value is. as nearly as can be, guar- | ! anteed by the close proximity of the | | Stock. Exchange. Sub-Treasury, the | largest banks and most prominent pri? vate bankers, this site possesses all the qualities which make the consideration of extreme height permissible. A ten- I | antry of Stock Exchange and bond houses, leading law firms and other I users of the best class of office space at highest rentals is assured. Not for Fifth Avenue On the other hand, similar treatment of a plot of nearly equal value in the heart of New York's best retail sec? tion on Fifth Avenue, say at Thirty sixth Street or Fifty-fourth Street, would certainly be of doubtful wisdom. Here is an equal if not greater volume of traffic, but of entirely different char? acter, which rather repels than attracts office occupancy. Obviously, therefore, it is not value that regulates height so much as loca? tion and character. A building of somewhat unwarranted height at the time of construction may safely be erected upon land of lower value if the site is so located as to be in the line of reasonably assured busi? ness development?that is, on the out? skirts of a growing office using center. But it is dangerous to pioneer in iso? lated districts where the character of the neighborhood has not been estab? lished. An illustration of this is the disaster which overtook the early build? ings of even moderate height on lower Fifth Avenue when a multitude of manufacturing buildings of cheap class subsequently took possession of the ad? jacent side streets. That the size and shape of each plot will have a considerable influence in determining the height of any proposed building seems too obvious to require discussion. Large plots gencrnlly lend themselves to greater development than small ones and rectangular shapes are usually better than irregular ones. Equally important with the location and character of the plot in determin? ing building height will be the amount of money available for the purpose. Where the owner is a wealthy indi? vidual or corporation it will remain with him to decide this factor, but if a considerable portion of the cost, is to be provided by mortgage the lender will have much to say as to relative investment in land and building. Some? thing will be heard about "well bal? anced loans"?that is, loans on build j ings where the investment in building exceeds but slightly, if at all, the. esti? mated value of the land. The difficulty I of borrowing needed funds will tend j to curb the enthusiasm of the builder I who proposes to construct a "top ; heavy" building, and will quickly "bring him down to earth." Personal Interest Scores Of all factors entering into our dis? cussion none seems to be so frequently controlling as the personal desire or requirement of the owner. In the pre? liminary discussions leading to the planning of a building there will always be met a prejudice on the part of the owner which will have a very large influence in the decision. If the build? ing is to be wholly or in part for the occupancy of the owner this prejudice wilt be based probably upon his busi? ness requirements. If the building is wholly or largely for investment it may take the form pf an inherent dislike 1 for unnecessary height. 1 have known owners to decide upon the number of stories in advance of any discussion of probable returns. On the other hand, it may be a desire for personal or busi? ness advertisement which ignores eco? nomic considerations, as in the case of the Woolworth Building, the Metro? politan and Singer towers, and many buildings throughout the country erect? ed by banks, railroads, insurance com? panies and other large national insti? tutions. Lastly, the architect, we hope with the help and advice of a competent building m.inager. must gather together all the varied elements arising out of the particular situation and mold them into a harmonious unit, which shall be worthy of his art and skill, at least reasonably profitable and satisfy the owners' requirements. As I have said, my investigation shows that the considerations just enumerated, either singly or in com? bination, appear so far to have deter? mined the height of most, if not all, of our existing buildings. If now we seek to develop some theory that will be useful in answering our original question we may proceed somewhat as follows: Planning a Building Let us assume, for the purpose of illustration that our million dollar cor? ner plot contains 10,000 square feet; that it is in a clearly defined and well established office building section, that we have planned to build a twelve story building upon it and that the fol? lowing figures are submitted for our consideration. {He.ru, to prevent con? fusion, I shall use figures which are applicable to conditions existing prior to 1919 rather than those familiar to? day, because I think we will all agree that present conditions as to costs of land, building, rentals and operating expenses are not yet stabilized, or as properly related to each other as form? erly, and it seems to me misleading! to base any calculations upon them. When conditions again become settled I think it will be found that even though costs of these items have not returned to the former levels they will at least bear some relative proportion to each other. Also it should be un? derstood that the figures used for the various items of cost, rental and ex? pense are for the purpose of compari? son only and not as indicating any exact relation. Any of them may be changed to suit the readers' own ideas without changing the relative result.) band value.$1,000,000 Building- covering S.00O square feet, IfiR feet high over all. ao containing 1.320,000 cubic feet. To cost. Including ail charges. 60 cents per cubic foot. ?fiO.OOO Making total investment re? quired .$1,660,000 ANTICIPATED RENTALS Ground floor. fi.lOO square feet, at $5. $33,000 Eleven upper floors, li.tiOO square feet each, or 7 2.i;on square feet, at $2.50. IS].500 Total . $214,500 ESTIMATED EXPENSES Interent on land. $1.000,000 at 6 per cent. $60,000 Interest, on building. $600,000 at ? per cent. 39.600 Amortisation building. Jt?HO.Oon at 2 ner cent. 13,200 TitxeR nt 2 per cent of total value . 32.200 Operating at SO cents per square foot, of not rentable apace.... 39,600 Allow for vacancies 10 per cent of Income. 21,450 Total . $207,050 Leaving a margin of. 7.450 Equal to 1.13 per cent additional return on building investment. Now, suppose that we suggest to our architect the thought that so long as this proposed building works out well, with a fixed charge or ground rental of $80,000 (including interest and taxes), wo may as well take advantage o>f the opportunity to add some capital and build an additional twelve stories without any further land investment. Height Increase Costly In the first place, he will tell us that we cannot build twelve stories on top o? this building, because it is designed to carry only its own weight. If we wish to add, what we must do in ef- ' feet is to raise this building 150 feet into the Rir and insert under it a new twelve-story building designed to sup? port not only its own weight but also that of the first building, which will mean much heavier steel construction. Further, that the foundations which, for twelve stories wore designed to rest on hard pan, must now be carried down to rock; that all the plumbing pipes, steam risers, electric wiring, elevator shafts and other fittings for the first building will have to be lengthened by 150 feet or largely increased in size. That whereas four elevators have been originally provided, eight will now be required, occupying space of at. least 200 additional square feet, and that additional space will also be required on the ground floor to accommodate the double traffic; that all these items ; will not only add to the cost of con? struction, but will materially reduce ; the rentable area per floor of the en- ; tire, building, so that the statement will look about as follows: Land value .$1,000.00?? Building covering 8.000 sq. ft., 315 ft. height over al!, so con? taining 2.520.000 on. ft., lo cost, including ?11 charges. 60c per cubic foot . 1,512.000 M?kln* total Investment required $2.512,000 A N Tie I PATED P. ENT A T.S Ground floor, ri.OOO s?|. ft., at $5.. $39,000 23 upper floors, 6,300 sq. ft. each. or 144,900 sq. ft, al $2.50. 362,25? Total . $392.250 ESTIMATED EXPENSES Interest on land. $1.000,000, at 6% $60.000 Interest on building. $1,512.000. 90,72? Amortization of building. $1.512. M11. at 2r,r. 30.240 Taxes, ut ?^ ?if to?a! value. 50,240 Operating at 50e per sq. ft. Of net rentable ?pace . ??5,450 Allow for vacancies. 10% of in Come . 39.225 Total . $345.875 leaving margin of $46.376, equal to 3.06 additional return on building investment. This undoubtedly shows a gain, but of less than $40,000, insted of $80,000, as might have been expected. Still, it shows an increased profit on the capital invested, so we suggest the addition of twelve more stories, making a total of thirty-six, and find the result to be as follows: Land value .$1 .oon.oon Building covering 8,000 *q ft.. 465 ft. high, no containing 3.720.000 CU. ft., to coat, in? cluding ?II charges. 66a per cubic foot . 2.4M.000 Making iota! invest nient required $3,418,000 ANTICIPATED RENTALS Ground floor, 5.50O sq. ft., at $6.. $27.500 35 tipper floors. 6.000 go, ft. each. or 210,000 *q. ft., at. $2.60. 525.000 Total . $552.500 ESTIMATED MXPfSSSES Interest oh land. $1,000,000, at 8% $60.000 Interest on building. $2.418.000. al 6% . 1 45.000 Amortization of building, at 2%. ?8.360 Taxes. 2% of total value. 68.360 Operating, 50c per ft. 107,760 Vacancies, 10% . 55,250 Total . $484,800 Leaves margin of $67.700. equal to 2.76 additional return ou building investment. Kate of Income Decreases Here the rate of increase in profit fails to keep pace with the previous experiment, and while we still have a somewhat increased amount of margin we find a reduced rate of return on cap itnl invested. In other words we dis? cover that instead of the sky being the limit, as we go higher, increased cost of building combined with reduced ren? tal area, eventually develops a point of diminishing returns. This will, of course, vary with each particular plot, but in any plot it will sooner or later appear?sooner in buildings of low ren? tal value and proportionately later as the rate of rental increases. Generally speaking, tests that I have made bf numerous buildings show a tendency to conservatism in the mat? ter of height; that is, most are well within the economic limit as outlined. When I asked Clarence T. Coley how the height of the Equitable Building was determined he explained that it was done by taking the plan of the plot, ascertaining the maximum amount of useable rentable area, then compact? ing within the remaining space the nec? essary utilities, stairs, toilets, eleva? tors, etc., and then building as high as permitted by the capacity of the elevators so provided, which accounts for the forty stories. This appears to have given excellent results in every way, but obviously the method does not answer the question as to whether that is exactly the best height from on economic standpoint or whether this method should be used in all cases. All we can say is that in the case of the Equitable, it has pro? duced a notable and profitable build? ing. That it could have been carried very much higher before reaching its point of diminishing returns becomes apparent when tested by figures similar to those used above. Keeping 5th Avenue as Folks See It a Constant Battle Fifth Avenue Association Watches Carefully for Evaders of Zoning Regulation; Means Much to Character of Thoroughfare Keeping Fifth Avenue as folks want it kept, a fine thoroughfare of business | and homes of the finest character, trade ! where it is allowed and nowhere else, is a great task. The Fifth Avenue Asso- j ciation has assumed it. Folk who parade on and admire the general atmosphere of \"ew York's great avenue,do not know the vigilance that has been required to keep the avenue as it is. Many prop? erty owners in the Fifth Avenue zone have no idea of the constant watch kept for evaders of the zoning law nor of the willingness of the association to bat? tle these invaders. Details of Warfare The Avenue, the official publication of the Fifth Avenue Association, tells of tho constant warfare that exists be? tween those who appreciate Fifth Ave? nue and those who do not. The Avenue says: "The executive, officers of the asso? ciation are following the policy laid down by the board of directors, in re? gard to the enforcement of the zoning ordinances, with great care. A number of instances has come to the attention of the executive officers in which build i ings are being used in violation of the zoning law. and they have been taken up with the proper authorities. "The building at Gl-63 East Fifty fifth Street, which is situated in a resi? dential district, was used for business purposes in violation of the zoning reg? ulations. The owners of this build? ing petitioned the board of appeals, after an order of violation at our re? quest had been filed against the build? ing, to be permitted to continue their business of selling bric-?-brac and fur? niture. A majority of property owners in the block requested us to oppose the petition on their behalf, and 'the board of appeals unanimously declined to grant this permission after arguments made by the petitioner and our asso? ciation. The business has been removed Violations in Fifty-third Street "In East Fifty-thir* Street, between i Madison and Park avenues, a number i of instances was discovered by us ir j which buildings restricted by the zon : tng regulations for residences were ; being used for business purposes. Al ! 87 East Fifty-third Street two floort were used for such purposes, and upoi this matter being called by us to th? attention of the fire prevention bu reau an order of violation was filed against this building. When the ownei appealed a majority of property owners in this case also requested us to oppose the appeal, which after argument wai dismissed. At 39 East Fifty-thin Street a small dressmaking establish t ment was started in the basement ! Upon being served with an order o violation, at our rtjquost, the owne. ! petitioned the board of appeals to b? permitted to remain there until Or tober 1, 1921, on the plea that a grca BUILDERS ??& SMITH & LEO Incorporated CONSTRUCTION 103 Park Avenue New York City financial loss would be suffered if she were forced to move out immediately. In this case also we represented the majority of property owners, and after argument the board denied the appeal, but granted a stay until October 1, 1921, on condition that no sign show? ing the nature of the business be displayed. "At 53 East Fifty-third Street it was found that a rug dealer opened business in the basement in violation of the zoning regulations. Upon being Served with an order of violation at our request by the fire prevention bureau be moved. It was also found in the same building that a dressmaker was using two floors for business. An order of violation was served nn her by the fire prevention bureau, and an appeal was taken from this order asking to be permitted to continue business until April 1. 1925. The as? sociation has filed affidavits opposing this petition from residents and own? ers of neighboring buildings. "Some interests conceived the idea of creating a so-called light industry district,' which would permit light in? dustries to use 100 per cent of the floor space for manufacturing. The zoning committee of the association, of which J. Howes Burton is chairman, found that the creation of such a new district would be rather dangerous. The association opposed the proposi? tion in its very beginning and 'it was dropped. Oppose to Lifting Ban From 55th Street "A petition has been presented to the Board of Estimate to change the use of ?Fifty-fifth Street, between Fifth and Sixth avenues, from residence to busi? ness. The matter was referred by the board to the committee on city plan and public improvements, and a hear I ing was held before the Borough Pres? ident, on May 81, at which both the [petitioners and those, that opposed it. as I well as the association, appeared. The Borough President, after hearing the arguments on both sides and after in? vestigations made by him, recommended to the committee on city plan a denial i of the application. This matter will ; come before the committee on city plan on September 27, at which time the association will fully present the case against the petition on the part of the ajority of the property owners interested. "Henry Mandel, who bought the old Grand Union Hotel site from the city, has appeared twice before the Board of Estimate, petitioning that he be permitted to erect a building to a ' greater height than that permitted by I law without setbacks. The first time Mr. Mandel presented the petition he withdrew it at a hearing before the Borough President. Thee week later he filed a similar petition with the Board of Estimate and after an ex? tended hearing held before the Com? mittee on City Plan, the committee reported against the petition. Wher the report came up before the Board of Estimate Mr. Mandel again with? drew his petition and filed a new on? to the same effect with the Board oi Appeals. "This petition came up on June 1 and the Board of Appeals granted permis? sion to erect the building without any setbacks, upon the ground thai the City of New "York intended, in the contract of the sale of the property tc Mr. Mandel, to convey to him the righl which they had to build a twenty-five story building, pointing out the fad that the city had already put in foun? dations for a twenty-five-story build? ing prior to 1916, when the zoning law went into effect. "Many cases come up from time tc time where applications are tiled tc alter buildings so that mure than 2? per cent of the floor space may be used for manufacturing. .\11 such plans are carefully scanned by the associ? ation, and so far the Superintendent of Buildings has uniformly rejected them." Old Firm to Have New Home and | Name on Same Day j Ruland & Whiting-Benjamin Corp. to Become Ruland Benjamin; Fine Quarters Taken at 14 East 48th St. August 1 1921 will be a notable date in the affairs of the Ruland & Whit? ing Cornoration, for on that day this ! historic" firm of real estate brokers j will change its name at the same time 1 it starts a new business era in its own individual home. Ruland & Benjamin. Inc., will be the name from that time on and the ; building at 14 East Forty-eighth Street ! will be its headquarters. Irving Ru 1 land will be president; William M. ' Benjamin vice-president; William M. Streeton second vice-president; George ? Dromeshauser secretary, and William j Patterson, treasurer. The present of i fices of the firm now located al; 5 Beek ! man Street and at 38 East Fifty-eighth Street, will be consolidated at the new address, but an office for management of downtown properties will be main , tained in the Temple Court Building. It was on the site of 5 Beekman j Street that M. A. Ruland established j the present firm fifty-five years ago. : The National Park Bank then stood at , the corner of Beekman Street and j Theater Alley and the Nassau Bank oc I cupied the Nassau Street corner. In the late '70s Mr. Ruland assembled I the block front for the late Eugene ! Kelley, who erected the Temple. Bar j Building, the Woolworth Building of its day, so far as public interest was concerned. From the top of the build? ing at that time it was possible to see Central Park . Mr. Ruland eventually joined forces with William H. Whiting, and the firm became Ruland & Whiting. It con? tinued as such until 1890, when it was incorporated. Some few years ago the Whitings withdrew from the corpora? tion and established the firm of Wil? liam H. Whiting & Co. About 1917 Mr. Benjamin joined the organization and its name was changed again to its ; present style. The. building at .14 East Forty-eighth ? Street, which the firm has taken under i long lease, is a five-story structure, on ! a lot 25x100, completely made over into i one of the finest real estate offices in i the city. One of the special features ?it boasts is a fireproof vault for the storage of real estate records. Ruland & Benjamin, Inc., will occupy the basement, first floor and part of the second floor. Takes Up Advertising ?Newspaper Man Becomes Man? ager of Bryan L. Kennelly's George W. Seymour has resigned his position as real estate editor of The New York Evening Post to become man? ager of the advertising department of Bryan L. Kennelly, Inc. Mr. Seymour is a member of the Real Estate Board of New York, Long Island Real Estate Board, Westchester County Realty Board , Westchester County Realty Board. Newark Real Estate Board. Real Estate League of New Jersey and the National Association of Real ?state Boards. Mr. Seymour has had a long experi? ence in the newspaper line, having been connected with The Evening Sun for thirteen years, besides being a member of the r?pertoriai staff of The Evening World, American, Press, Telegraph and Daily News prior to his position on The Evening Post. -> Former Ryan Home in 54th Street Will Be Improved The 24-26 East Fifty-fourth Street Corporation, formed at Albany Friday with a capital of $100,000, is to take control of the former home of Mrs. Thomas F. Ryan and the dwelling be? longing to the estate of Henry F. Shoe? maker at 24 and 26 East Fifty-fourth street. Both properties will be used for business improvement. Donald Carr. a broker, recently ?old th? Ryan house. Work on Federal Bank's New Home In Nassau St. Begun Old Buildings on Site on Nassau St. Block Being Taken Down for Large $ 12,000,000 Structure The Federal Reserve Bank Building, which is to be erected on Nassau Street, will cost $12,000,000, according to esti? mate of cost presented with the details of the structure to the Building De? partment last week. This is $2,000.000 above the figures which builders thought two years ago it would cost to erect. The structure is to be fourteen stories high, and will cover all of the block between Nassau and William streets, Maiden Lane and Liberty Street, with the exception of one small parcel, which is the narrow end of the block fronting on William Street. The imposing structure will be built! from plans by York &, Sawyer, who : won the competition which was held to ! j determine the plan most agreeable to the directors of the bank and to the purposes of the institution. Removal of the buildings on the; site, which has cost the. bank $4.740,850,! is now in progress. When the plans! have been approved by the Building j Department everything will be ready i for the construction of the big struc-j ture, which likely will be center of a ; new financial center. Indications point j strongly to such a development. Sev i eral financial institutions have secured: locations close by. The Lawyers Mort- : gage Company is now improving the northeast corner of Nassau Street ahd Maiden Lane with a building for its own use. Main Entrance on Liberty Street The main front of the Federal Bank will be on Liberty Street, and not on Nassau Street, as many expected. The ? entrances on Maiden Lane will be for trucks carrying bullion to the vaults in the Nassau Street end of the building , and coal to the bunkers in the William ! Street end of the structure. The steep grade in Nassau Street north of Liberty Street and the de? cline in Maiden Lane east of Nassau Street decided the use of these streets for the architects. The main entrance to the big bank will be two stories high and will lead to a lobby, or corridor, that will run at right angles to it the full length of tha building. At the Nassau end will be located the executive division of thd institution. Offices of the directors and I assistants' conference rooms and pub ] lie waiting rooms will be in this part I of the structure. | Clerical Force Comprises 3,000 The clerical force of 3,000 will have , the remainder of the building?that is, it will have from the third to the j twelfth floor. Each floor will contain \ nearly ah acre of space. The two floors above the great work? ing space will be given over to recrea? tion features. There will be restau i rants, gymnasium, lounge room and ? promenade. The promenade will be 14 : feet wide and 800 feet long. The building will front 152.11 feet on ; Nassau Street, 365 feet on Liberty I Street and 380 feet on Maiden Lane. The property was secured through Horace S. Ely & Co. ? Buy Homesites in Brooklyn William E. Harmon & Co. sold on I their South Marlboro property plots to ?Joseph Schacher, S. Russo, A. Librett, I S. Tortora, Edward Howarth. John i Schaffer, S. P?rsico, F. Perullo, F. An I ton. C. Piccol. L. Picon, Robert Per j done, Louis Ferrar, P. Laura, James ? Majoran, Nils M nson, Edward Barba, ?John Silvester, (. K. Shelin, Frank Shepis. D. Volpe. Robert Boheden, Wil? liam H. Perman, Joseph Smith. M. Zac? ear?a, L. ComiV'o, P. J. Rosa, Jeremiah Corcoran, G. W. Cramer, F. J. Monroe, S. A. Olsen, John Connors, Frank Chiriano, I. M. Rosenblatt, L. Hammar, Louis Greenwald, S. B. Jacobson, X. A. Hovet, Solomon Hoffer, Blemz Vogel and Thomas Sasso. Nation's Building Managers Honor New York Men National Association Selects Clarence T. Coley for Its President and Lee T. Smith for Treas? urer; Elliman Back in France Clarence T. Coley and Lee T. Smith have been honored by the building managers and building owners of the United States. Before the close of- the convention held recently in Portland, Ore. the fourteenth of the national as? sociation, Mr. Colev was elected to lead the organization until the next convention and Mr. Smith to take care of the finances. In other words, Mr. Coley was elected president and Mr. Smith treasurer. Mr. Coley is president of the Build? ing Managers and Owners' Association, of New York. Mayor of-Ocean Beach on Fire Island, and superintendent of the Equitable Building, one of the great buildings of the world. Mr. Smith is a member of the firm of Pease & Elleiman, and the backbone of the local managers' ssociation'. He haft been a tireless worker for the associa? tion and is identified with every pro? gressive movement in the association. The national association also elected Earle Schultz, of Chicago; F. L. Swet land, of Cleveland, and Ell Torrence jr., ' ov Minneapolis, vice-presidents, and Howard G. Loomis, of Omaha, secretary. Douglas EMiman Back in France Douglas L. Elliman is now in France. He loft a week ago with one of his sons and will spend about six weeks in all looking things over. Mr. Elli man was a member of the Y. M. C. A. committee that went to France for the i .purpose of planning for the coming of : the Yanks scon after Uncle Sam threw ; his hat in the ring. He intends to go over much of the ground he traveled while a committeeman. As Mr. Elliman threw his weight with the navy, the tfrar zopo? battieJ cities, trenches and No Mans Land, ? 1 which he plans to visit?will be new to him. He timed his vacation to come at a dull period in the real estate busi? ness. When he left for France it looked as if he had timed things accu? rately, but during the week inquiries from prospective buyers of private dwellings or multi-family dwellings have picked up perceivably. Hoffman Off to South Stoddard Hoffman, vice president of Spear <fc Co., has gone South on a busi- ? ness trip. He will be away for several , weeks. Since his mission is business ,' he may have another Fifth Avenue deal to report when he returns, -lust before , leaving he concluded negotiations for the sale of the ten-story loft building at 122 and 124 Fifth Avenue. Aisenbrey .loins Gibbons Forces Edward J. Aisenbrey, who ha? served sixteen years in the real estate field of New York, the last five with Douglas L. Elliman <fc Co. has moved to the offices of Douglas Gibbons & Co., 6 East 45th Street. Mr. Aisenbrey knows well tho dwelling and apartment house situation on the East Side. Al! his years in real estate have been with proprietors in that section. \X. Malcolm Gray Changes His Plac* W. Malcolm Gray has joined the forces of the Bulkley &, Horton Com? pany as manager of its industrial de- | partment. He comes from the Burling: Realty Company, where he held a simi? lar position. Mr. Gray was an archi? tect before entering the real estate field . He has been associated with the construction of a number of modern buildings in this part of the country. While the war was on Mr. Gray was a lieutenant in the air service. Brooklyn Homesites Near Subway To Go at Auction Parcels in Bay Bulge Section and Home at Manhattan Beach To Be Sold A night auction sale of seventy build? ing lots in the Bay Ridge section of Brooklyn will be held on July 28 in the Brooklyn Real Estate Exchange, 189 Montague Street, by Bryan L. Ken nelly. The Fourth Avenue Subway and the Sea Beach express station is one block from the property and within twenty minutes of Park Row. Included in the sale is one three-story apartment, with a store, at 6110 Third Avenue. Mr. Kennelly will also offer on the same evening thirty lots at thenorth west corner of Eighth Avenue and Six? ty-first Street, within a few feet of the Sea Beach Subway station; the plot 60 by 100, at the northeast corner of Ftgth Avenue and Forty-fourth Street, and 166 Falmouth Street, Manhattan Beach, a two-story Dutch Colonial dwelling, 60 by 100. -?-_ Adds to Staten Island Homestte Cornelius G. Kolff sold for the Hen? derson Estate Company to Frank J. [ Connolly, an additional plot on Bard I Avenue, Livingston, adjoining the resi? dence Mr. Connolly is now building. Mr. Kolff also sold for Chester E.I Clark, plot 100x100 on Cebra Avenue; near Ward Avenue. Tompkinsvillc, to i Francis Cashel Brown of Stapleton, I for investment. Fox Buys Larchmont Home Miss A. L. Stafford has sold her ! stucco house and garage on a large I corner plob in Larchmont Park to ! David Fox, of New York. The house ! was designed and built by Judge, Shafer j for his home. The broker? ;n the transaction were Mrs. ?, M. Murdoch ' and Arthur S. Hawley. I $2,750,000 Loan on New Garment Makers' Home ! Money Advanced on Two Large Corner Structures in Seventh Avenue A loan of $1,250,000 was closed yes \ terday by the Mutual Life Insurance i Company on the northerly Garment ! Center Building, northwest corner of ?Thirty-seventh Street and Seventh Ave? nue. Simultaneously with it the Title ? Guarantee and Trust Company ad I vanced to the same owners a loan of ] $1.500,000 on tho, southerly Garment : (enter Building, southwest corner of ; Seventh Avenue and Thirty-seventh i Street. These loans were negotiated ] by William A. White & Sons. ? ! Newark Residential Realty In Different Location? Sold The two-family dwelling, 25x100. 848 . South Fourteenth Street, Newark, N. J., : has been sold by Mrs. Rose Brams to i Max Gelb, through Louis Schlesinger, : Inc. The vacant plot, 80x100, at 33-39 Porter Avenue, northeast corner of Porter Place, Newark, has been sold by John Giesinger to Meyer E. Ruback through Louis Schlesinger. Mr. Ruback plans to erect a residence. he northeast corner of Central Ave? nue and South Clinton Street. East Orange, known as 472 Central Avenue, 50x110, has been sold by Mr. Schle? singer for Mrs. Mary F. Smith to El wood J. Wright, who owns the property adjoining and plans to connect-the present stores. -? , Bank Sells Vacant Plot in Old Greenwich Village The vacant plot, 31.3 x 88.5 x 75.10 x 17.9, at 108-110 Bank Street, running through to 160 Greenwich Street, has been sold by the Metropolitan Savings Bank to the Hudson Wet Wash Laun? dry. Mott St. Lofts Resold Brin? Quick Profit Operators Immediately Re, sell Realty to Ice Com? pany, Whieh Ajfso Buy? Other Adjoining Property William Goldstone and Simon My?-? purchased from the Central Union Trust Company, through Ward Belknap & Co., the two four-story buildings at 285-287 Mott Street, near Houston Street, 40x95 and immediately resold the property to the Huntoon Ice Com? pany, which has also bought from the Bowling Green Realty Company, rea? resenting Lowenfeld & Prager, 2?B-2<ty Mott Street, adjoining 40x9s. The** sales were negotiated by Hall ,1. How & Co. On the combined site, 80i;95. th? ice company plans to erect a plant t? handle its business in that section. Charles S. Crossman sold to J. Ehr? . lieh & Sons, 22 Maiden Lane, five-story store building, 17x35.6x irregular. Margaret Silz sold to Edward Davit ! 420-422 West Fourteenth Street, a six? story loft building. 50x10';.3. The Oval Garage. Inc., represented by Louis W. Osterweis, ?old to Nathan' Handelman and others the garage 150x99.11, on the south ?ide of West ! 145th Street. 100 feet west of Lenox 1 Avenue. The garage aws recently erected by the seller. Julia Laughlin sold to Aaron Brown? 246 West Twenty Street, a four-story house, 26.6x77x irregular. ? i Builders Sell Large Bronx Corner Apartmen| Property Sold at Burnside andl Davidson Aves. ; Other Sales of Flats The apartment completed about % year ago at the northeast corner of Burnside and Davidson avenues ha* been sold by the Regulus Realty Com? pany (John R. Hopkins and Akxandef Allenj, which built it. to the N'ebt Realty Company i Cohen * Klionsky)? It covers a plot 112x119. having fivo stories on Davidson Avenue and beinj six and seven stories on Burnside Ave? nue. The sellers have been asking $250,000 for the ?property. Jacob Kaplan and Joseph Blackner were the brokers. Edgar A. Landauer, attorney, represented the sellers and Morrison & Schiff acted for the buyer?! The building is one of several neuf apartments erected upon the large tract owned by Charles M. Rosenthal. Herman Menaker, who recently pur? chased the four four-story flats and stores at the southeast corner of 156th Street, has resold 3030 and 3032 Third Avenue to John M. Carter and Georga D. Kellerman. respectively. Thomas Carroll sold to Frank Vogel? 381 East 135th Street, a five-story apartment. 31.6x100. David Cohen sold to Rose Greenberjf 474 East 181st Street, a five-story apartment. 50x110. Philip Bank sold to Bessie Brand? wein 1883 Crotona Avenue, a five-story apartment, 38x108.9. The Utility Realty Company sold to G. & L. Holding Corporation the prop? erty, 149.1x143.1. at the northwest corner of 172d Street and Seabury Place. Mary F. McCarthy sold to Marga retha Fahrenburg 277? Bainbridge Street, a two-and-a-half-story dwelling, 25x115. Morris Herz sold to Samuel Backed the house at 1043 Teller Avenue* 33.2x100. -. Dunwoodie Heights Lots Bring Good Prices at Sale Bidding at First Session Net! $115,520 for Bennett Property Two hundred and forty lots fron^ the James Gordon Bennett estate in Dunwoodie Heights, Yonkers. were sold at auction by Joseph P. Day, Inc., at yesterday afternoon's sale, for a total of $115,520. About 1,200 persons at* tended, and many participated in thai spirited bidding. The. property wa* sold on the premises, which are op< posite the Empire City racetrack. Th* sale was continued in the evening and will come to a close with to-morrorf afternoon's session, beginning at 2 o'clock. The average for the salea of the afternoon was $39?* a lot. The following are some of the im? portant purchases: Lets on Otsego tr^t and Emerson Stret, $1,800 each; Central Avenu* between Cowles Avenue and Otesgo Stret, $475; Central Avenue at the northwest corner of Otsego Street, $600; Central Avenue, at southwest corner of Westerly Street, $2,000; Central Avenue at southwest corner if Onodaga Stret. $1,000; Central Avenus on westside between On&da^-a Street and Mile Square Road. $400. Lts on Vredcnburgh venue between Central venue and Mile Square Rad? $250 each: Trenchard Street between^ Vredenburgh and Whittier, $250: Yon kers venue at northeast corner of Seminary Street, three corner lots fof a total of $4,400; Yonkers venue at northwest corner of Page Street, three lots for a total of $3,700; inside lot* in Boone Place, $250. ? Another Large Structure Added to Motor District Owners to Oeeupy Big Space? in Bosch Building. Recently Completed The Bosch Building is one of the latest large new buildings in the heart of the motor district to throw open it? doors. It has been erected by the American Bosch Magneto Corporation at 17 Lo 23 West Sixtieth Street, m which the 'concern occupies three floors for its New York distribution station, sales, service and shop departments. The building is of steel, stone and concrete. Office floors in the structure are linoleum covered, with concret? baseboards, and the halls are of mosaic The building is attractively tinishe? and equipped with up-to-date conven? iences. High Rentals for Fart of More In Grand Ont ral Section August R. do Bianchi leased half ? store in the Bryant Park Building -flf $15.000 per annum; the store and first floor of 13 West Forty-second Street to Kaprilik's, for milliner" business Albert B. Ashforth leased to .*-'r? ham Finkelstein a part o;" the fourta floor at 1178 Broadway. Maurice Wertheim leased ?he ?tr*** floor store at 603 Lexington Avenue to Hterry J. Livingston, dealer in antique, Duross Comoany leased the storw and basement at 107 West Sixteen? Street to Edward Thomas Conrer*?. and the store and basement at f>\ ^t$? Eighth Street to Adeline Francii.