New-York tribune. [volume], January 04, 1920, Page 11, Image 33

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Real Estate Opportunities Fo
TJUSSELL SAGE, American Financier,
JL^^P bequeathed his great fortune to \
his widow, the late Mrs. Margaret
Olivia Slocum Sage, who left the residue
of her estate to Thirty-Six Hospitals, Char?
itable and Educational Institutions.
The cash to pay these bequests will be procured in
part from the Absolute Auction Sale of the""valuable
N.Y. City Real Estate acquired by the late Russell Sage.
The sale will be held on Tuesday, Jan. 20, 1920, at
12 o'clock noon, in Real Estate Salesroom, 14 Vesey St.
^^ZlTi^TL. *%<&* % Send for Bookmap
?iif^tal^Hoaii?edlenm?naii,aB?. "^ ***** ?* ?*>*?*??
Botar* W. <to Porest, Es*. Tifc Prides Free fttii
Esaxr w. do Forest? Esq. ffa Gaarjuetee &
M Br??J St, N.? York ?7 L?.rty Sfc CMtaM m
PIOXEETt OF
CONCENTRATED,
PERSISTENT
ADVEBTISIN?.
ORIGINATOR
OF
SPECIAL SALES
DAYS.
Auctioneer.
Real Estate at Public Auction
SPECIAL SALES DAY
Thursday, Jan. 15, 1920
AT NOON. AT EXCHANGE SALESROOM, 14 VESEY ST.. N. Y. C.
ABSOLUTE EXECUTOR'S SALE
Estate of Margaret Buckley, Dec'd.
210 West 54th St. ? Corona, Boro, of Queens.
- Adj. S. S. Comer of Broadway. ( S. 8. Merrlt St., 22S ft. East, ot Alburtls At.
Two ?tory brl<* business building. A vacant lot, ready for immediate Improvement.
Site of lot 25x100.5. I Sise 35x100.
Lewis C. Thompson, Esq., Atty. 630 Fifth Ave., N. Y. C.
TRUSTEE'S SALE
?4 - ? For Account of Lawyers Title & Trust Cb. ?
N. ?. Corner Eighth Av. and 41st St.
Valuable corner In the vleinlty of Times Square and In the heart of th? ?amuse?
ment and hotel section, comprising five ?story brick tenement Size 24.8x100.
EXECUTOR'S
Est. Peter DeLacy, Dec'd.
S.E. Cor. Jerome At. and 190th
St sod Two Adjoining
Parcels, Bronx
Two snd ens-half story frame dwelling and
two vacant plot?. Sizes 100x100, 64.4**1?0 and
74 ?1x158.51. Sola separately.
Geo. A. Bowman, Esq., Agent.
IIS West. 42d St., N. T. C.
Est William L. Radferd, Dec'd.
11 West 95th St.
(Bit Central Park West and Columbas A*.)
Four story and bssement stone iront privat?
Miden?*. Size 18x100.814.
Burlock E. Rabel!. Esq., Exr.,
t? Psrk new. N. Y
*
SALE
Est. Merritt B. Miller, Dec'd.
By Instructions from Fidelity
N. W. Cor. Cauldwell Av. & 164th
St, Bronx -
Three story frame dvtelling. Size 18x89.98.
Stephen W. Collins, Esq., Atty.,
40 Wall St.,*N. T. C.
Etta.
Amelia &. Simon Herman,
Dec'd.
74 East 116th St.
(Adjointe?- 8 W. corner Park ? v.)
S"lve story brick apartment house.
Size 2tal00.il.
Henry C. Bayer, Esq., Atty.,
?! Psrfc Row, N. T. C.
Estate of Edward Wackerhagen,
Deed.
254-256 West 65th St
(Between West End sad Amsterdam em.)
A ?tot 50x110, Improved with one 3 tan
M ?ne S story frsst? dwelling.
Henry J. Uderitz. Esq., Atty.,
/ M Brnsd St.. k. T. a
Estate of Edward Handy, Dec'd.
Block Front on N. S. of 184th St.
Bet tsietittne sud ilebeut ten.). Bronx Bore.
Bntlr? block frobt cnmprlsing ?38.3 ft. on
184th St. x78.88xll?.05x28B, improved with two
I Story frarn? dwelling?. Te b? sold m two
pan?!*.
T. H. Kelley. Esq., Agents
IM Esst 188th St.. X T. C.
LIQUIDATION SALE
94 East 4th St.
IMms Is? ?sa? M STS.)
?bw sUty brldr ?sbsssmU snd tars? stor
Slss ?sill.
ESTATE SALE
Est. Patrick H. Egan, Dec'd.
5$7 West 42d St.
(Betlwero lOtb and 11th av?.)
Tire story brick tenement with stores. 81
?8x100.8.
Owen Brady, Esq., Agent,
84 Naw.au Bt., N. T. C.
VOLUNTARY
341 West 53d St.
(BttwSsB ?Hh snd 9th sis.)
taw itsry fran* wnetaeot, with st
? Ml s.
Morten Stein. Esq., Atty.,
St Wall SL. New To* City.
SALES
3.606 Park At.
(Between 189th snd lTOth su.)
Bronx Borough
Two ?tory snd basement franw dwellLS?.
Size 25.2x140.8.
Write for Booklet
RwlErt Cny.
Cortlaad t?*.
f? un worn Business pcbfoses
?FOR RENT*
Urge sad small light emeee la the
ARGUS BUILDING,
17 West 424 St.
*?* a4UBtle__al ?Mrtraatee oa 4M ft.
?MEDIATE POSSESSION.
Apply te
WAXTER J. SALMON,
_M_____ ? We?. 4M St.
-^ POR RP.?IT ^^mm
Floor?3,000 Sq. Ft.
wg? Fifth Aye. (42d St)
< ac mj? in?.
-eL C-*rtla?ilt 149S
*%&__ as. _S"_GS* wANTEO
??At.p-.S__tt-_I.y. -* 2n. * ?"*;_*fln* *n*
__ ?n ??A*. IHM-A-f?
fflfrS Busbies* Property
REAL ESTATE WANTED
Warehouse Building
ABOUT ?0,000 SQUARE FBBT,
ON LONO LBAf-B OR PURCHASB,
IN HARLEM OR LOWBR
BRONX SECTION.
II.??? TO ?0,000 SQUARE
FEET (COR. FRBFBRRBD) FOR
LIOHT MANUFACTURING".
MUST HAVE GOOD LIGHT.
1M4- TO 16,000 SQUARE
FBICT IN BAST HARLBM FOR
FURNtTURB STORAGE.
A. D. ROCKWELL, JR.,
Harlem 2477. 183 E. l_3nd ST.
OWNERS SHOULD SEND FULL PAR.
T1CULA.U- OF PROPBRTT FOR BALIS
TO M. MOROBNTHAU JR. CO., 20?
BROADWAY. PH?NB1 CORTLANDT ?-?6.
UXn/BNISHED APARTMENTS TO LET
?7T? sW., 101 WEST, THB OSBORNB
corner 7th av., houaekeepinft apartment
?f ti rooms and ? bathe, additional meld'i
reema, eaeepUorta.iy targe room?, with alt*"
oeillng?; Immediate possession; ?820 per
month te O.t. I er longer. See Buperln
te__l?nt or telephone Circle ?420.
7-TH, 112 BAST.?Blegant modern ?unny
apartment, two roomi; bath, dressing
room.
-CNrt/RNIftilED APARTMENT? WANTED
WANTED^~AJ??-_i -M*reefn medsrn upueu
oJ??S?Mf???U????Vo/^ aoWtll'rmrn
wniowOMw twowi mita aT?. or uentrai i*?ra
*??_!.< ?tl" ???*?_. ttommmhoat May let or
BOROUGH OF MANHATTAN
FOR SALE
6 Story & Base. Building
In the Thirties,
Between 6th and 7th Aves.
Containing 45,000 Sq. Ft.
Possession 90 Days
Suitable for furriers or light
manufacturing of any kind.
Principals Onfy
JHC
807 Broadway. 'Phone Oramercy??052.
Attention Investors
Vicinity of Columbia University,
Near Broadway?Riverside Drive
SEVERA-, HIGH CLASS MODERN
APARTMENTS, WHICH HAVE
NOT CHANGED OWNER?
SHIP SINCE THEY WERE
BUILT.
RENTS ?30.000??40,000.
(Only ?16 per room)
Liberal terms.
PROFITABLE NEW LAW WALK
UPS IN BRONX. WHICH WILL NBT
25 TO 80% ON CASH INVESTED. .
Private Houles For Sale
A. D. ROCKWELL JR..
HARLEM 2477. 18? E. 122nd ST.
Bing & Bing
119 West 40th Street
Are Offering a Few
Buildings For Sale
Particulars en request
BROKERS FULLY PROTECTED
r?CHANCE 40%?
On necessary Investment
plus Increase in value.
VICINITY BROADWAY?157th ST.
Elegant Vacation, good future. Two 0.
story apartment houses. 4 and fi room?.
Reata ?9,60- each. Pri?e $56,000.
H. T. WOOD, 220 Broadway
$4,000-CASH
Buy? three atory and basement house, 451
West letd st; good investment- Full par?
ticulars, I). V. Weed, fll Broadway.
?-FAMILY HOUSE, 6 rooms to each, with
all Improvements; bath, electric and ga_
In every room: all in firm class condition; on
123rd st. Sacrifice for ?12.000; cash, ?4,000.
COCHRANE. 2 West 12Gth st.
BOROUGH OF THE BRONX
mFordham Heights,
Just Completed
Select Location,
197th St. & Crest?n Av.
3-4 Room Apartments,
With Every Conceivable
Improvement.
Near St. James and Poe Park.
3 minute? to Kingsbridge Sta.
Jerome Ave. Subway.
Reasonable Rentals. Inquire Premises
BAROAIN. Two-family, 11-room house, all
Improvements but elcctrlo; also one
tamlly house ?3,600. Frangolla Realty Co.,
2112 Quarry Hoati, near 2d a v. and 18. th
st Tel. Fordhaifi 1749.
Hotel Ormonde Figures
In $2,500,000 Deal
The ten-storv Hotel Ormonde, at the
southeast corner of Broadway and
Seventieth Street, has been taken over
under a lease of twenty-one years at a
gross rental of $2,600,000 by J. C. La
vin from the James Butler Syndicate.
The house faces 8herman 8quare and
shares the Broadway block front be*
tween Sixty-ninth and Seventieth
street? with the Semin?te, having a
frontage of 146 feet in West Seventieth
Street
Mr. La Vin wa_ formerly proprietor
of the United State? Hotel at Saratoga
Springs and managing director of the
Hotel Taft In New Haven and the
Copley Plaza In Boston.
It Is reported that he will aeeome
actual management of the hot?' a???,ut
the middle of August next. Mr. La Vin,
after elgnlng the otmtraet f?r the leas?
ing? of the pwperty, ?tarted for Havana,
wffere with oW?, it la *I?J? ??"
beeome intereited In the f***?***
now b?tale. 8?f??f|. H?j-HfM?M ???
broker lit tfc? Hotel Ormtwad? ????
r Tribune Readers
BOBOtJOH OV MANHATTAN BOROUGH OF MANHATTAN
50,000 Square Feet Available
February 1st, 1?21
24-26 White St and 25 Walker St
Six story and basement buildings.
Heat; two elevators; all improvements.'
Price $150,000 Mortgage $90,000@5% 10
Years Plot Contains 6,630 Sq. Ft
One of the few six-story buildings in the neighborhood.
^Convenient to the four subway stations at Canal ?St In the
same block with the subway and "L" stations at West Broad?
way and White-Franklin Streets.
Value to reproduce: 6,630 ft ground at $20 - - $132,600
Value of building: 600,000 cu. ft. at $30 ?per ?tu. ft 180,000
$312,000
Taxes and insurance amount to about $2,625. 6% on purchase
price shows a rental of less than $12,000 for 50,000 ?q. ft of
space. Space intrinsically worth as follows:
Store and Basement 24-6 White St 55c. per ft - - $4,125
" " " 25 Walker St - - - - - 1,500
5 Entire Lofts (connected) both buildings 40c gross 16,000
Total Rental Value.$21,625
Price $150,000 Possession Feb. 1, 1921
Brokers Protected.
Chas. F. Noyes Co.
92 William St. Phone John 2000.
wm?mm*m?Bemtt*ammamamm??mimmmmmmmuimmxamMm?entmi^?mis*i?Mmemmnmmniem*Mmmwmimmmmmmmm
BEAI. ESTATE 1 BEAI. ESTATE
W??m??mm?mmtmmami?Bimtm???e^mmtmmm^mmimmmmmiammmmit?i???tim?m????mim^mmmm??mmm?mmmammmmm?m???m?mim
Established 1873
L. J. PHILLIPS & CO.
Beg to Announce That On and After
JANUARY 1ST, 1920.
THE CO-PARTNERSHIP WILL. BE COMPOSED O?
DAVID L. PHILLIPS
LEWIS PHILLIPS CHARLES S. LYONS
BENJAMIN M. PHILLIPS I. NEWTON LEWIS
J. DUDLEY PHILLIPS ROBERT W. PHILLIPS
Office? i
148 West 73d Si. 158 Broadway 8787 Broadway
NEW .JERSEY 1 NEW JERSEY
? Wealthy Man's Opportunity!
For Sale?340 Acres at Short Hills, New Jersey, 18 miles from
New York. One hour from your office, day or night Has almost
a mile of frontage on Essex County South Mountain Park. Good
roads all around it. Within 3 miles of some of the very best golf
clubs. A dairy barn with 42 cattle in one corner of it, 30 of them
registered Holsteins. Rolling land, excellent building sites.
' A wealthy man could put his money away NOW and let to?
value accumulate for him until he wishes to cash in. It is free
and clear. If necessary liberal terms can be arranged.
cA#3*
67 Liberty St.. I/-. //?/IM Telephone
N. Y. City S*00?rW?vM*??W 74i CortUndt.
Improved Realty Values
To Climb Still Higher
J. Garence Davies Says Fundamental Conditions in
Real Estate To-day Are Absolutely Sound; He
Expects a Rising Market for Vacant Property
By J. Clarence Davie?
During the year 1018 the auctloi
market for real estate had been almos'
entirely eliminated. The conditloni
were such that no one could tell ho*
long the war would last or how muclr
more the Government would have tc
borrow. For that reason it was fell
by those people who had the good oi
the Government at heart and for pa?
triotic motives that all the monej
available should be at the disposal oJ
the Government. No auction sales wer?
held and I did not think it was de
Birable or patriotic to put any propertj
on auction during the year 1918.
After the armistice, when the finan?
cial position of the country seemed
assured, when there were largf
amounts of money which had been &c
cumulatec- by the public far invest
j ment in savings banks and otherwise
' when practically every building wat
! filled with tenants and the demand foi
living quarters greatly exceeded th?
supply, the opportunity presented it
i self to dispose of property at auctior
J at somewhere near its approximate
value.
i Long Selling Opportunity Comea
A great many estates, individuals
corporations, etc., had been waiting
years for this opportunity. Early in
April and in May the sale of the James
Gordon Bennett estate was held, witli
the public showing a good demand foi
the property. And it was disposed ol
at fair prices in most cases. This wag
followed later by auction sales in the
suburbs, such as Long Beach and
various other places in tho outlying
districts, with fairly good results.
But the demand seemed to be great?
est for improved property. During the
| fall, however, a number of auction
i sales were held. In September the
Stern estate on the Bronx and Pol
ham Parkway was offered, and every
lot was absolutely sold and taken title
to at fair prices by the public. This
was followed by the CTaflln estate,
Sound Realty -Company properties, the
Van Cortlandt estate, the Crimmin?
estate and the Johnson estate. The
most notable and most successful of
these sales was the Van Cortlandt es?
tate, of which there were about ISO
lots on Broadway, opposite Van Cort?
landt Park, between 242d and 266th
streets. At this sale every lot was ab?
solutely sold at good prices, the total
being $954,000. Both the publie and
the owners were well satisfied with the
results.
As the auction season drew to a close
in November the results were not bo
satisfactory??ome of the property be*
ing disposed of at fair Drices, far be?
low the expectations of the owners,
and, In fact, eheaper than they bad
b?ta sold trot many year? befo?? at
private sal?. Thin was to be expected,
as such a large number of lots had been
attempted to be marketed at a fair
price.
The fundamental condition? in real
estate to-day are absolutely sound.
Since 1907 real estate had been abso?
lutely dead-^so far as the improvement
in values was concerned. In 1914 the
war started. From that time on there
was little, if any, building; from 1917,
when wo ehtered the war, to 1919
practically none at all. The result was
that at the end of the war the city was
five years underbuilt and the demand
greatly exceeded the supply, which
is the condition to-day. In the mean
time the value of every commodity has
increased from 100 to 300 per cent, and
this included everything that is neces?
sary in the erection of a building, so
that at the present time it ie a fair
statement to make that a building to?
day costs 80 per cent to 40 per cent
more than it would have cost rive years
ago.
The natural result of this is that
buildings already erected, filled With
tenants at good rentals, are worth Cer?
tainly from 20 to SO per cent more
than they were worth five years ago,
and will gradually rise in value to this
amount, 3f not more. Speculators rec?
ognized this situation, and have been
for the last eight months, and are to?
day, purchasing all good properties
which they can obtain at the old
values. The natural result of these
conditions should make for great in?
crease in tho value of improved real
estate, which will be naturally fol?
lowed by a rising market and highes
valuations for vacant properties ir
good locations.
Vacant Property Good Investment
Vacant property can be built upoi
even at the higher cost of building anc
made a good investment at the highei
cost of building material. It natu
rally follows that the land should b<
worth just so much more in propor
tion. Vacant land is generally the las
thing to fed the effect of a rise in th<
prices of commodities. It ran be bough
cheaper to-day in many rases than i
could twelve years ago. Vacant lan<
must rise?and will rise?for the nex
two or three ye?r* in the same propor
tion that everything elle bus risen.
The publie rannet help but reeog
niz? these conditions, and fer that re?
son I em of the opinion that there wil
be e good markst for the Improve
properties at audtlon In the ??lt* o
New York?partlottlerly In Manhattan
This also appliee to lote, and I ?es
reasonably assured that good varan
property, well located, on rapid tran
sit linos in the Borough of the Brom
if put up at auetion this coming yeai
win be readily MM, provid-ed. the pujb
lie's attention I? caned to It In th
proper way.
I look forwarjl te tn Interesting an
snecessfal ?netto? Burke?, both frei
the sellers* ?n? the tare?' ?tand
point?, during the yrat ink
__ ~mm^mmmmm?m?m??m*mm?mB?mmm?mmam?m?WB?BWmWimmmim.mmm 11" m??
J. P* Day Enters 25th Business Year by
Moving Organization From Nassau Street
To Exclusive Liberty Street Home
.? I I i
Joseph P. Bay bas moved bis office ]
and organization from the Bank of
Commerce Building, at 81 Nassau
Street, to 67 Liberty Street, a building
which he has prepared especially for
his business headquarters. The move
is Interesting because 31 Nassau Street \
bas been the home of the Day organi?
zation for many years, and has ome
to be well known as such both inside
and outside of the city. The new Day
headquarters adjoins the marble front
building of the Chamber of Commerce,
and opposite is the fine building of
the Guaranty Trust Company.
The Day Building facade has been
designed to harmonize with its struc?
tural neighbors, which are regarded afc
architectural gems. It is of marble, in
the Renaissance style, five stories high
and 21.8 feet wide and 100.6 feet deep,
said to be the last property of such
small dimensions between Beaver Street
and Maiden Lane, Broadway and Nas?
sau Street, available for improvement.
John H. Scheier, R. A., designed the
building.
The Interior of the structure has
been planned to meet the special space
requirements and arrangements of the
Day organization. Every inch of in?
terior space has been utilized to the
fullest extent possible, each floor being
entirely free of posts or pillars.
An electric elevator operates from
the sub-basement to the pent house on
the rxrof, which is to be utilized as 8
rest and lunch room for the wometi
employees. There is a first basement
which, because of the introduction oi
a unique ventilator system, actually i?
an office floor. Here are two unusuallj
large, fire and burjrlar proof, reinforce?
concrete vaults, one for the ?torag<
of valuable office papers, the other fo:
the pemonal use of Mr. Day. The rea
of the basement is occupied by tw<
marble wash rooms. The balance o
the floor will be used by the filing
record, mailing and delivery deparl
ments.
A spacious lobby occupies the fror
part of the first or entrance floor. I
the rear of this floor Mr. Day will hav
67 Liberty Street, new home of J.
P. Day organization
, his "forenoon" or "open-to-all" office.
The intervening space will be occupied
Co-operative Ownership
A Boon to Home Seekers
Tenant-Owner Plan Meets With Popular Favor;
Offers Protection Against the Rent Booster and
?Gives Assurances of a Permanent Home
The successful sale of a number of
apartments this fall by the Queensboro
Corporation on the cooperative owner?
ship plan and the policy of this corpo
?ation to sell a number of buildings
which it is now erecting on the same
?Ian of sale have aroused interest as
to what is meant by the cooperative
ownership plan, and what merit, if
any, has this plan of sale over the
ordinary ownership of multi-family
buildings that has prevailed heretofore
in New York City.
Working of the Plan
The cooperative housing plan of
applied to multi-family houses is
the sale of the building to the tenants
or to a group of people who become
tenants of it. This plan of the Queens?
boro Corporation, while worked out in?
dependently, has many points of simi?
larity with the so-called copartnership
' housing schemes in Great Britain. Sev
j eral such enterprises in England have
| been started in which the copartners
: rent their homes from a corporation in
I which they are stockholders. In this
j way, if they are compelled to move
by reason of a change of employment
or otherwise, they can surrender their
homes and move to a new locality, at
the same time holding their stock in?
terest in the corporation if they choose,
which pays them a dividend.
The cooperative housing plan of
the Quennsboro Corporation is to meet
the needs of people whose incomes
range from $3:000 to $5,000, and who
seek the comforts of living in apart?
ment homes and wish to protect them?
selves against excessive increases in
rent.
There are a number of cooperatively
owned apartments in Manhattan, but
these have usually been confined to
buildings owned by people of large
means, who take perpetual leases upon
their apartments, and, when not occu?
pying them, either sublet or pay the
rent theinselves. This scheme is not
applicable to people of modern means,
Who frequently are compelled to move
because of change of employment and
other reasons and who cannot afford
j to assume the responsibility of possibly
| paying rent in two places.
Preventing Deterioration
To meet this situation and at the
sam? time prevent a possible de?
terioration in the tenancy of the build?
ing, the lease of the apartment and the
ownership of the building have been
kept separate in the cooperative owner
ship plan, except that in the first in?
stance the tenant and the owner are
the same person. Literally, each tenant
is his own landlord. The equity in any
building above the mortgage, usually
a savings bank or insurance company
mortgage of long term, is capitalized
by th? formation of a corporation to
take title to the building. The tenant
owners each subscribe for an amount
of stock in proportion to the size of
the apartment which they occupy. In
other words, the tenant of a four-roosn
apartment would not be required to
. purchase as much stock as the tenant
of a five-room apartment, and so on.
The tenant-owner at the same time
that he purchases the stock leases an
apartment at the current rent, renew?
able from year to year indefinitely at
the will of the tenant, but with the
option that, upon notice before July 1
in any year, he may surrender his
lease the following October 1.
Management of Building
The corporation of tenant-owners, of
which each tenant is a director, makes
a contract for the management of the
building with some competent real es?
tate agent. In the case of the Queens?
boro Corporation, as it manages and
owns a great many buildings, the ten?
ant-owners have employed it in this
capacity.
The agent collecte the rent, makes
all the disbursements on account of
the operation of tha building, and- what
ia left comes back to the stockholders
M ? dividend upon their investment.
It will thus be asen that the tenant
owner? have no burden in connection
with the management of the building,
and are only required to meet once'or
twice a year as directors of the cor?
poration of whieh they are stockhold?
ers to declare a dividend.
The by-laws of the corporation are
framed in such a way that at all times
the market rent of the building shall
be the rent charged. Of course, as re?
gards the original tenapt-owners, as
long as.they occupy the building, they
are protected by their leases, hut the
purpose of the provision to require the
market rent ?t ?11 times is to preteet
the teasnvewnesb who osases to be a
ranaa* ?aed ?wsneia* iatoreated to ?to
*
building from an investment stand?
point.
There is one point which needs em?
phasizing in this plan. The question is
often asked, "Why not sell a man an
apartment instead of a stock interest
in the building?" There are two rea?
sons, One of them has been referred
to?namely, the tenant who moves away
| is not held responsible, if he owned
his apartment, to find a tenant or pay
the rent himself.
Protection of the Owner-Tenant
The second reason, of more impor?
tance to the tenant-owners, is to pro?
tect them in a possible deterioration in
the tenancy of the building, which
might arise if one of the original own?
ers, through some reverse of fortune
might sell his stock at a low price to
an undesirable person. If the stock
carried a right to the apartment this
person could demand the occupancy of
the apartment and thereby cause an?
noyance to other occupants of the
building which would have a depress?
ing- effect upon the value of the in?
vestment.
Under the cooperative ownership
! plan there is, of course, no restriction
upon any tenant-owner to sell his stock
| and a situation might arise where the
I stock would be sold to some undesira
I ble person, but such purchase of stock
i would not carry the right to occupy ar
by the auction and private salea de?
partaient and by the private office of
the general manager?James R. Murphy.
The board room win occupy the rear
of the second floor. The Broadway
Subway and Home Boroughs Car Ad?
vertising Company, Inc., Joseph P. Day
president, the third floor.
The local and national private and
auction sales, suburban, appraisal,
bond and mortgage, insurance, securi
j ties, chain stores, managerial, develop
? ment, industrial, promotion, advertie
I ing, cashier, bookkeeping and secre?
tarial departments occupy the remain?
ing space.
The Liberty Street site Was pur?
chased last August through William
A. White A Son from Macy A Jen______
and is a landmark in the fo~_rer city.
?
Site for Servie? Building
Sidney B. Bowman Automobil*
Co. Gets Broadway Block Front
The Sidney B. Bowman Automobile
Company has bought through Cross &
Brown from Archibald D. Russell the
westerly block front on Broadway, be?
tween 131st and 132d streets, SOOvlM,
on which the concern will erect a new
service quarters building, containing
? 100,000 square feet of space. A bu<le
' ing and permanent loan has been ar
! ranged through William A. White A
Sons to carry out the project.
| The plans are by Dodge A Harrison,
and the building will be erected by the
Standard Concrete Steel Company. The
Bowman Company, metropolitan dis?
tributors for the Kissel Kars and
Trucks and agents for the Anderson
Car, will retain their present sales?
room, at the corner of Broadway end
Fifty-second Street, for passenger cars,
but will locate the offices for their
wholesale distributing business and
their salesroom for trucks in their new
building.
apartment and all tenants would have
to conform to the standard set by the
corporation owning; the building.
This plan, In the opinion of a num?
ber who have studied it and who are
familiar with the real estate situation
in New York, offers a possible solution
to the sale of large apartment build?
ings throughout the city.
Jackson Heights Advantage?
The community advantages and facili?
ties of Jackson Heights, where the
buildings owned by the Queensboro
Corporation arc erected, assist mate?
rially in effecting sales of buildings
along these lines, but it is believed
that a similar plan of sale, if intelli?
gently handled, can be made effective
in other apartments in the city. Real
estate men who have studied the trend
of the market in recent years have
seen the tendency of large mortgages
to be subdivided into small bonds and
sold to the general public. The samo
tendency with regard to the subdivi?
sion of the equity among a number of
owners seems a logical development,
in view of the high cost of large
buildings and the comparatively few
people who can afford to purchase them.
The plan is attracting considerable
attention at this time because of the
fact that for a comparatively small
outlay upon the part of any individual
he is able to protect himself in the
matter of rentals and in cooperation
with others protect his environment
Concerning the Plan's Success
The success of the plan is of course
contingent upon the careful selection
of the original tenant-owners by the
brokers for the sale of the buildings.
After this is done and a competent
agent employed to manage the build?
ings there are very few points of contact
or possible friction between the tenant
owners who continue to live in the
buildings as owners just as they did
before as tenants, with the possible
exception that they feel a certain pride
in their apartments and in the building
as owners which they did not feel while
1 merely renting their accommodations.
Westcliester Board Attained
Many of Its Ambitions
! Standardized Forms, Equalized Taxes and Broker?
age Rates ; Got Promises for Better Transit and
Has Advanced the Plan for Licensing Brokers
The achievements of the retiring of?
ficers of the Westchester County Realty
Board?Walter K. Cooley, president;
William R. Bull, Thomas S. Burke. L.
Ward Prince, Edward C. Griffin, vice
presidents; S. L. Angel?, treasurer, and
William H. Mills, secretary?are worthy
of commendation. The board has ac?
complished much for the general wel?
fare of Westchester, for the snen who
i trade in real estate and for those who
live there and will come to live there,
! because the work of the board was
[as much of a civic nature as it was
professional.
Every ambition of the board could
j not be realized at once. The brokei-s
; planned transit improvements both on
| the great railroad systems and on the
j trolley routes operating through the
! county. They carried the needs of
! the county to the transit heads as only
i such an association could and have
I won the promise if not the actual ser?
vice asked for.
The standarization of real estate
?documentary forms; the equalization o?
brokerage charges; progress made in
bringing about an equalization of taxa?
tion iri Westchester are some of the
real accomplishments of the retiring
board.
Progress also was made toward plac?
ing the real estate brokerage business
under the jurisdiction of the state
which will mean benefit not only to the
brokers but also to those investing in
Westchester real estate.
Standardization of real estate forms
eliminates the possibility of fraud ot
tricky real estate deals. The wording
of each document is such that it can be
accepted by buyers or sellers with the
certainty that there is no underlying
meaning in them which will work tc
their advantage. Every member of the
Westchester association must use th?
standardized form, which is to be ?iden?
tified by the seal of the associatior
printed at the top of the document.
It Is the opinion of Mr. Mills, sec?
retary of the retiring board and alsc
secretary of the new board, that the
standardisation of forms used in th?
transactions in real estate will have a
most beneficial?' effect on real estate
The model forms were prepared to dis?
courage dishonesty and give assurance
of fair play to those contemplating,
coming to Westchester.
As a further protection to the buying
public, it is the hope of the board tc
have passed this year its bill or some
other bill licensing real estate brokers
This would place the real estate pro?
fession under the direction of the
state and prevent unscrupulous mer
from engaging in the sale of rea
estate. Three years ago the West
chaster beard advocated such a meas?
ure, and it would have passed, perhaps
but fer opposition developed by rea
! estate interests in Manhattan. The
! intervening years have taught all the
; necessity of protection.
j The board has succeeded In bringing
?about a uniformity of taxation in the
townships. Until the brokers took up
this matter some townships were over
tax-ri and some undcrtaxed which was
not for the best interest of the county, i
An appraisal committee was organ- \
ized during the year. This is an idea
which has worked splendidly in other
i parts of the country, in Boston partic
; ularly, where Mr. Mills has spent some
| time in the practice and study of real
i estate methods. The appraisal commit
; tee's valuations have been accepted by
| courts and estates in realty matters. It
is composed of three experts who may
' call on any and every man in the asso?
ciation for information in reaching an
-{,n. r. in the value of a property.
The officers of the Westchester Coun?
ty Realty Board for 1920 are L. Ward
Prince, president; William R. Bull,
? first vice-president; George Howe, sec
1 und vice-president; Robert Anderson,
thad vice-president; Carl Loh, fourth
vice-president; Stephen L. Angel?,
treasurer.
?
James N. Wells at Helm
Elected President of Real Estate
Auctioneers1 Association
James N. Wells was elected presi?
dent of the Real .Estate Auctioneers'
j Association at its recent annual meet- .
i ing. William F. Redmond was elected
l vice-president and Henry Brady see
? retary.
Joseph P. Day, Samuel Goldsticker,
B. L. Kcnnelly, L. J. Phillips, J. Clar?
ence Davies and Henry Brady were
e.ected on the executive committee. A
committee of three was named to take
.uch legal action or otherwise to fur?
ther an agreement so that the real es?
tate and all other interests of the city
shall not be endangered by the etop
page, disintegration or dissolution of
the transit systems.
. " ?? ' ?.?
Beauty of City's Country
Section Shown in Picture Book
An attractive book of views illus
trating Fieldston, the highly developed
residential park in Rive.dale-on-Hod
son, at West 244th Street, has just
beer published under the direction of
George' Howe. This book of thirty-two
pages is made up chiefly of artiatio
photographe taken when Fieldston
presented to the beat advantage It?
woods, boulders, winding driveway?,
pretty lawns aad summer foliage. la
addition to the pictures the book 4x_
, plain? what is offered at FU-cUtan.