"' ' ' ' ' . . i ? i . , . . -:
Construction Costs Will Remain High
Until Break Comes in Commodity Prices
Will Be Years Until Prices Are Adjusted
to a Lower Level; Pre-War Schedules
Are Gone Forev er; Cost Plus Con?
tract Best Building Basis at Present
By John C. Hegeman
President Hefreman-Harria Com?
pany, Inc., Builders, New York
The question that is asked many
times a day of every architect and
builder is, "Are building costs coming
down, and if so, when ?" The demand is
urgent, and to those interested it is a
uestion uppermost in their minds,
he answer, addressed to every busi?
ness man. is: Building cost3 will come
down at the same time, or, perhaps a
tittle earlier, than the cost of products
handled by you will come down. If you
can estimate when the costs of your
own raw material, or your own lahorv
charges or own expenses of doing,)
business will come down, you can, with
fair accuracy, approximate the arrival
of the day that building costa will be?
gin to descend toward the levels of that
distant happy day, known as "pre?
war times,'' which I consider are gone!
and will be forever forgotten.
Why should bnilding costs come
down when prices of all other indus?
tries are leaping upward day by day?
There is no mysterious exception to
the building business which warrants
any one to expect that the cost of
building may be kept down while all
other industries are being operated at
a higher cost
"Not Until Coat Comes Down" Talk
Manufacturers come to the architect
and builder and tell of enormous ta?
rrease in demand for their products,
They will frankly say that their busi?
ness has outgrown their present build?
ing and that space cannot be leased or
'?ought for any consideration. They1
will complain that unless they can find ?
increased facilities for production the
development of their business will bo
retarded. Through all their talk will
run the story now so familiar, of ris?
ing costs of raw materials, and the ever
mounting demanda of their workers;?
despite all of which their business has
grown faster than they can keep pace
with. The demand for their goods at
any price was never so strong.
In their own business they know
that rising costs must be reckoned
with; but these same men, when they!
come to the architect or builder, expect I
things to be different. They cry out in- ?
dignantly when they study the esti-!
mates of cost on their proposed new!
building, and not infrequently decide j
to wait "until building costs cornel
down."
We have heard these decisions in the
*arly spring. We have heard them
through the summer. We are hearing
them to-day. The costs have not come
down In the building business any
more than they have in any other. It
is interesting to know, as a matter of'
fact, that the cost of building is not
keeping pace with the costs of other
necessities of life. Statistics show
that whereas building coats have risen
116 per cent since 1012, the average of
twenty-six necessities of life shows an
increase of 123 per cent. It is not for
me to prophesy when our well ad?
vertised friend, "The high cost of liv?
ing," will be reduced. When it does,
I know that building costs will be re?
duced, and not before.
If the desire or necessity for a new
building arises I would most certainly
recommend that, steps 'be taken to start
the work as soon as possible.
Lamp Sum Contract Is Not Best
Should the owner of the proposed
building decido to proceed a study of
the forms of contract according to
which his building might be built
would he most advantageous to him.
A few years ago the building business,
to the average prospective owner, was
something mysterious?something that
could not be understood by the lay
mind. The ordinary procedure was
to ?engage the services of an architect
and after the plans were drawn have
him send out broadcast to obtain esti?
mates as to the cost of doing the work.
Without regard to the problem cover?
ing his special work a contract is
finally entered into with the builder
to build his bnilding for a certain fixed
sum known as the "lump sum con?
tract,"
It scarcely seems necessary now to
point out the disadvantages of this
form of contract. Under it the owner
and architect were r&uged against the
builder. The selfish interest of the
A Christmas
T
contractor would dictate that he would
do the work as cheaply as possible, and
the difference between the cost of the
work and his contract was his profit.
The cheaper he could do it the more
his profit was. The owner and the ar?
chitect were ranged against him to ob?
tain as much out of him for their own
side as possible. In such a situation
it is easy to imagine the constant bick?
ering and disputes which arose. Some?
times the contractor estimated too low
or met unusual conditions and suffered
disastrous losses. < In such a situation
the quality of the building necessarily
suffered.
Advantage of Cost-plus Plan
The Great War changed these con?
ditions for the better. When the
United States government began its
vast building program it very quickly
developed that tho lump sum form of
contract would not prove very efficient
or economical. The government offi?
cials decided, after due consideration,
to award contracts on some form of
"cost-plus" basis.
The basic idea of the cost-plus con?
tract is sound, The interest of the
owner and architect not being ranged
against the contractor, as under the
lump sum form of contract, the three
are ranged on the same side of the
one purpose, that of building the best
building for the least money in the
shortest possible time. The owner is
in reality engaging the "know-how" of
the contractor for his own benefit. In
selecting the contractor it is neces?
sary for the owner to assure him?
self of only two facts.:
First, does the contractor know his
business?
Second, is the contractor honest and
is his whole organization imbued with
tho highest principles of honesty and
business integrity? These conditions
being'met, the owner may assure him- :
self by securing the services of two
experts?namely, . the architect and !
builder, working in harmony and work- t
ing for his own interest?that his build- !
ing will be built at less cost in shorter ;
time and with a higher degree and i
quality of workmanship than by any ;
other method of doing the work. Every |
individual building contract is a prob?
lem in itself. In these times as never I
before, in any building operation, upon
the part of the builder are required, !
first, a most careful preliminary plan?
ning as to the method of doing the
work, and, second, the most careful
following up of details of purchases
and details of work to secure the best
results.
The great objection in the minds of
prospective owners upon doing work
upon the cost-plus-percentage basis i.
the idea that the contractor will run
up the cost of the building in order
that his percentage fee may be cor?
respondingly increased. If the condi?
tions in the selection of a contractor
which I have pointed out above are
met with, this could not be true, as
ordinary business practise would dic?
tate that the owner's interests be pro?
tected when so served. The thought,
however, oftentimes remains. To meet
this thought, the cost-plus-fixed-fee
form of contract has been devised,
which, to my mind, is the fairest of
all forms for all concerned. Under
this form of contract the owner agrees
to pay the builder a certain definite
fixed sum for his profit for doing work
regardless of what the building costs.
Form Fixes Builder's Profit
If the cost of the actual building op?
erations is either more or less, the con?
tractor will obtain the same fee. All of
us know in making our daily purchases,
ranging from bread to automobiles,
that each article contains a certain
definite fixed profit to the manufactur?
er, which was determined only after
the article had been manufactured and
its cost absolutely fixed. There is no
objection from any one to pay this
manufacturer's profit. The builder
must make a profit in the same way in
order to continue, and by paying this
fixed profit the owner is buying the ser?
vices of the builder for his interests,
first and all the time, and not his sec?
ondary interest, as under the old lump
sum form of contract.
There Is another factor in the build?
ing industry which war work developed.
I refer to increased efficiency. Build?
ers learned how to do things in a big
Eve Purchase
TMe I? the) Unite?! States Express Building, at the northwest corner j
of Rector Street and Trinity Place, bought on Christmas Eve by Elias A. !
Cohen, aa president of the Broadway-John Street Corporation. It waa
?-?portad then that the structure was held in the market at $5,000,000
onA the rental derived (rom the twenty-three-story structure was $610,000.
!t ?Urrelope that the announcement of the real estate folks in the deal over
etatad tha valwa of the property and the yearly Income from the structure,
lutawft Jeme* W. Smyth, treasurer of tha United State? Express Com
pany, ?ay? that tha? building sold for $3,725,000 and tha* tha rant fata?
wee mm* ee a__*eh ?u? $#1 <MM>0 o?jem*m
#? ".'" "
way in war-time construction. We
learned how to standardize our work.
We learned the secret of quantity buy?
ing and quantity production and the
most economical method of handling
our materials. We are now applying
these methods to our work on private
account.
In the face of the vital emergency
of war and confronted by problems
vastly greater and, more complicated
than we had ever dreamed of, it was
necessary to change our methods and
to adopt or invent others. Some mis?
takes must necessarily have been made
by all, but as the result of such mis?
takes and the unparalleled experiences
obtained we are enabled to place before
prospective owners for their benefit
methods of building far better than
have obtained in the paBt. Other
building companies which engaged in
war work had similar experiences, and
as a result the building industry to?
day is more efficient and more compe?
tent to solve the problems of the in?
dividual building operation than it ever
has been before.
In conclusion, therefore, I would
say that, though costs at the present j
time are high, I do not consider that
they will be lower in the next few
years. If the prospective owner's re?
quirements are sufficiently urgent to
pay the present costs, I can only rec?
ommend that he proceed immediately,
and as compensation for the additional
high costs there is to be considered
the closer relationship between the
owner and the builder, and his greater
responsibility to the owner, together
with the greater efficiency which the
builder has developed through his ex?
periences, in war work. All of which
tends to offset the comparatively high
costs.
Sage Auction
To Be Held
This Month
Proceeds From Sale of,
Extensive Real Estate
Holdings To Be Given
to Colleges and Charities j
The first big auction sale this year, I
and one of the largest ever held in
the Vesey Street salesroom, will take
place on Tuesday, January 20, when
the valuable New York City properties
owned by the late Mrs. Margaret Olivia
Slocum Sage, wife of the late Russell
Sage, financier, will be offered to the
highest bidder,
Mrs. Sage, under the terms of her
will, left the entire residue of her es?
tate to be divided- among thirty-six
institutions. The residuary estate,
which is estimated to be worth $40,
000,060, is to be divided into fifty-two
shares and distributed in varying pro?
portions among the institutions named
in the will. The Sage Foundation will
receive seven of the fifty-two shares.
Colleges to Share
The institutions that will be bene?
fited from the sale are:
The Sage Foundation, Women's Hos?
pital in the State of New York,
Women's Board of Foreign Missions of
the Presbyterian Church, the State
Charities Aid Association, New York
Presbyterian Hospital, New York In?
firmary for Women and Children, New
York Bible Society, New York Public
Library, New York Botanical Garden,
New York University, Yale, Princeton,
Williams College, Amherst, Dartmouth,
Barnard, Vassar, Wellesley, Smith,
Bryn Mawr colleges, Syracuse Univer?
sity, Hamilton College, Clinton, N. Y.;
Troy Polytechnic Institute, Union Col?
lege, Schenectady; Troy Female Semi?
nary, Hampton Institute, Tuskegee
Notarial and Industrial Institute, Board
of Home Missions of the Presbyterian
Church in the United States of Amer?
ica (women's executive committee),
Presbyterian Board of Relief for Dis?
abled Ministers and the Widows and
Orphans of Deceased Ministers, Chil?
dren's Aid Society, Charity Organiza?
tion Society, American Bible Society,
Metropolitan Museum of Art, American
Museum of Natural History and New
York City Mission and Tract Society.
The properties to be sold are located
in some of New .York's principal thor?
oughfares, including Fifth Avenue, Park
Avenue, Madison Avenue, Lexington
Avenue, Riverside Drive, Central Park
West and West 125th Street. In addi?
tion there are a number of parcela
located in various side streets on the
East and West sides. The properties
embrace business buildings, elevator
apartment houses and one of the most
valuable block fronti? in Riverside
Drive now available for improvement.
Several valuable corners and resi?
dences in Long Island City and in
the Central Avenue section of Far
Rockaway and private dwellings in
Cedarhurst, L. V, are included in the
sale.
One of the Fifth Avenue properties
is the ?leven-story loft building at
73 Fifth Avenue, northeast corner of
Fifteenth Street; aiiother the former
residence of Mrs. Sage, at 604 Fifth
Avenue, a four-story and basement
brick dwelling, on plot 80x100, and
the leasehold property, a fivo-story
elevator building, at 632 Fifth Ave?
nue, opposite the Cathedral. Other
offerings are the five dwellings at
the northeast corner of Madison Ave?
nue and Sixty-fourth Street; the va?
cant block front in Riverside Drive,
from 109th to 110th street; the two ele?
vator apartments at 422 and 424 Cen?
tral Park West, northwest comer of
102d Street: the five-story apartments
at the southeast corner of Park Ave?
nue and Ninety-eighth Street and the
five five-story apartments at the north?
west corner of Lexington Avenue and
100th Strwt; two store tenements at
46 and 47 West 125th Street, between
Fifth and Lenox avenues; the six five
story dwellings at 118, 116, 117, 12?
J 37 West Fifty-fourth Street, a garage ;
Ninety-third Street, a five-story ffat;
117 West Fifty-fourth Street, a garage;
515 and 617 West Seventy-sixth Street,
between Avenue A and John Jay
Park, a 60-foot vacant plot; 108, 107
and 109 East 100th Street, and three
five-story tenements, between Park and
Lexington avenues.
Good Speculative Property
"The Sage estate sale," Mr. Day said
yesterday, "is the first big and impor?
tant offering of the year 1020. The
salo, to carry out the magnificent be?
quests made by the late Mrs. Russell
Sage, will benefit many of the most
prominent educational and charitable
institutions in America, and reflects the
fine character and the kindly heart of
America's most noble and philanthropic
woman.
"In view of the character of the late
Mrs. Sage, it is highly probable that
she indulged in as little rent raiqlng
nu possible. It is altogether likely that
the properties to be Hold are rented tit!
the present time for less than half;
their market value. This, of course, Is
the sort of opportunity the speculator
in real estate thoroughly appreciates,
and the outlook, therefore, is for active
bidding on the day of sale, eep??elally
as estate properties not dealt in fer a
long term of years ?re generally eon
ceded ?to be the ?plum* ?J tk# veal esv
t?U market.'*
' ' - . .. Il ?
Sensational Undertakings Were the Feature
Of Construction in This City Last Year
?-,
$2,800,000,000 to
Be Invested in New
Buildings This Year
Residential, industrial and other
building contracts aggregating $2,
800,000,000 will be awarded east of
Missouri and north of the Ohio rivers
in 1920, as compared with !*S2,600,
000,000 in the same territory during
1919. ,
Statistics for years back show
that only two-thirds of construction
planned is ever undertaken. Working
on this basis, Franklin T. Miller,
head of the F. W. Dodgy Company,
has arrived at the above estimate
for actual construction work this
year, the total value of proposed
building filed during 1919 being
$4,200,000,000.
Contracts awarded for building in
New York City total $269,767,000.
Residence? (15,197) including dwell?
ings, apartment houses dormitories
and hotels, $149,4i.3,000; manufac?
turing buildings (302), $25,847,000;
miscellaneous (2241), $94,467,000.
16-Story Building
For Seventh Ave.
And 35 th St. Corner
James F. Ogden, Music Roll
Manufacturer, to Erect
Structure, Part of Which
Company Will Occupy
James F. Ogden, president of the A?
toona Music Roll Company, has leased
from the estate of Anna Loughran
Daly, through John R. & Oscar L.
Foley and J. Arthur Fischer, the prop-!
erty at 4?2, 464, 466, 468 Seventh Ave?
nue and 209-11 West Thirty-fifth
Street, being the northwest corner of
Seventh Avenue and Thirty-fifth
Street, a plot 85x100, covered with six
five-story buildings.
The term of the lease is sixty-three
years, and the aggregate net rental for
the term is said to be $2,500,000.
Mr. Ogden intends to demolish the
present buildings and erect, on the site
a sixteen-Htory mercantile building,
part of which will bo used for offices
and showrooms for his own com?
panies.
Two Fine Apartments
Planned for West Side
Campagna Is to Build 9 Stories j
on West 75th St. and, With V.
Cerabone, a House on 146thSt.
Anthony Campagna, builder, will
soon start the erection of a nine-story
apartment house on the south side of
Seventy-fifth Street oetween Broad?
way and West End Avenue. The
plot, covering an area of 60x100 feet,
wan assembled some time ago through
Slawsou & Hobbs, and the plans for
the project are being prepared by
George F. Polham, architect.
The building will contain suites of
three and four spacious room. Care?
ful thought has been given to all the
needs and requirements that go to
make a modern apartment, and the
problem of soundproofing, which 's
one of the thorns in most multi
family houses, has been met in a
practical and efficient manner by plac?
ing lines of closets U.tween adjoining
apartments.
The house will be ready for occu?
pancy next fall. Mr. Campagna has
also, together with Victor Cerabone,
purchased for improvement the north?
east corner of Riverside Drive and
146th Street, and associated with
them in this enterprise will be Michael
and Armin? Campagna. This plot was
held for the laBt forty-Bix years by
John Brown, one of the oldest real
eatate investors of Washington
Heights.
Work will be started at onee on this
sito for an apartment house similar
to the one just completed by Anthony
Campagna and Joseph Paterno at the
opposite corner, which was the first |
apartment house erected in Manhat?
tan after tho war, and a very success?
ful operation.
This family of builders, the pioneers
of fireproof apartments on tho West
Side, arc among the first to produce
new apartment houses and face the
high costs and the tremendous diffi?
culties in labor and materials.
Cash for Bronx Apartment
Investor Purchases a Corner
House on Grand Boulevard
Richard H. Scoble hus rosold for
Adolph von Oehsen to a client for cash
the northwest corner of Grand Boule?
vard and Concourse and 184th Street,
a five-story apartment, three stores, on
plot, 62x92.
Sarouel Cowen has sold 128 Alexan?
der Avenue, a four-story store build?
ing, to a Mr. Pagano.
Tho Frangella Realty Company has
sold for Mrs. T. Lynch to Mrs. M.
Shandclman tho three-family house at
780 East 180th Street; for Charles
Dietrich to M. Dolgin the two-family
house nt 615 Oak Tree place, and for
William Malarky to Francesco dAmlco
the two-family house at 775 Blast 183d
Street.
J. Clarence Darles has sold for Cot*
nalla 8. Dean and other? 1089 College
Avenu?, 198 feet north of l?oth Street
a throo-family briek twaae, on lo? 80
?et-L
Builders Overcome Cost by
"Gingerbread^ Construction
Expert Reminds Folks, That There Is No Use
Evading the Issue; Good Houses Cost Money;
! Skimpy Buiicling Is Not Fair to the Buyer
By Charles F. Neergaard
President, Garden City Development
Corporation
From the real estate news angle the
announcement made last August, that
the Garden City Estates residential
colony in Nassau County, L. I., had
been acquired in its entirety by the
Garden City Development Corporation,
was interesting.
Of far greater importance, however,
was the additional announcement that
the newly organized corporation would
immediately erect a number of high
grade residences, to be sold for less
than $20,000 each.
This acquirement of one of the larg?
est and best developed residential colo?
nies In the suburban section of New
York, together with the announcement
of an active building campaign, came
just at a time when many persons were
seeking to purchase permanent homes,
in preference . to continuing as apart?
ment tenants at constantly increasing
and abnormally high rentals.
This news came also at a time when
hotiHO builders and home seekers had
about arrived at the deoision that the
present high cost of building is a con?
dition they must be prepared to face
for a long time to come.
House Owners Can Name Price
This condition has been emphasized
since July 1 by the increase of ap?
proximately SO per cent in the cost of
building, and the end is not yet in
sight. Prices, in fact, arn almost cer?
tain to go to higher levels. The buyer
of to-day will be the seller of to-mor?
row at a substantial profit. That profit
is absorbed, however, when it comee
time to reinvest in another house. Sell?
ers are fortunate, indeed, if they "break
even" on their purchasers.
So few In number ar* the houses to
he lot that renting practically is a
dead issue. The owners of houses are
in a position, therefore, to demand al?
most any price within reason. Ever
under these conditions there are com?
paratively few houses available.
How has tho average builder met the
situati?jn arisen from high costs, ar
abnormal demand and an inadequate
supply?
Some Builders Have Skimped
In many instances he has adopted
the policy of sacrificing tho quality of
the materials, the equipment, the deco?
rations and the workmanship that go to
produce a suburban home of "quality,'
one that is fit to be occupied by per?
sons of discriminating taste, who ir
purchasing a permanent homo seel
comfort and safety of investment, nol
"gingerbread" effects or construction
In following out this policy he ha?
not neglected to avail himself of th<
opporunity to revise his price list
upward. "Jones pays the freight."
Not Garden City Way
Garden City Estatus, eotablishec
twelve years ago on a sure and Am
foundation, is its own best protectioi
against the bad effects of the adoptioi
of any ?tuch building policy. It woul<
bo suicidal for any builder to er??c
other than a "quality" house there
where the 200 or more residence
erected during tho last twelve years
nnd practically all occupied by thei
owners, aro of an order to challeng
comparison with those of any otho
suburban re?ldentlal community. Th
physical attributes of the colony ar
equally as fine and honest. It is thi
combination that places Garden Cit
Estates quite in a class by itself.
There is but one way, however, li
which the cost of producing "quality
houses can bo minimized.
This can be accomplished by en
operating closely with an experience
and fully equippod organization o
houso builders, an organization tha
pays cash for its materials and equip
ment and that buys direct from th
producers in sufficiently large quant)
ties to make it an object to sell t
them. The ?tame organisation must en
p!? ??*? .*?? highest class ?nd mo?
efleiea* labor. By these methods? ?a
these alone, can the cost of production '
be- minimized, and a "quality" house
produced at a reasonable figure.
Coincident, therefore, with tho or?
ganization of the Garden City Develop?
ment Corporation, we contracted with
the Hegeman-Harris Company to erect
our first unit of twenty-five new houses,
all of which are in course of comple?
tion now and being sold from the
plans.
The personnel of this, and our own
organization includes men of high
standing, all of whom are experienced
in real estate and building. This is
additional assurance that the present
high character of Garden City Estates
will be maintained and that with the
growth of the colony to larger propor?
tions values there will advance to high?
er levels.
In addition, there is the assurance
of the well informed that building
costs and house prices are "up to
stay," and cannot, uhless existing con?
ditions are sharply revised, be further
reduced..
Labor and Capital Agree
The "fly in tho ointment" of those
who in the recent past wished to build
but who dared not because of the un?
certainties of the labor and wage situ?
ation disappeared recently with the
agreement on a wage and work scale
reached by the labor union., the Em?
ployers' Associations and Councils.
This pact fixed the wages and hours
of labor tor the year 1920, which is fi
big step in the right direction.
If combined with a little more effi?
ciency, the gre_.tr production quickei
delivery and downward revision of the
price of materials, the agreement be?
tween the unions and the employer!
should be productive of a large amoun'
of building activity during the nev>
year.
Final analysis of the work and wag?
scale adopted and a study of cona?
tions in the material market lend bu
small encouragement to the expecta
tion that dwelling houses will be low
??rod in price by the activities of th?
future, due to the improvement ii
conditions.,,
It is all a question of "supply am
demand," and the demand to-day is o
such huge proportions as to affect th
possibility of the supply being in
creased for at least a decade in a?
amount sufficient to bring it abreas
of the demand.
This is the only logical and tru
answer to the question "when will th
price of suburban dwellings be low
ered?"
Higher Rents Are Coming .
Residents of New York, and in fac
every other city, town and villag
wherever located, must, become recor
ciled to the great change in condition
that has taken place. They must b
prepared to pay higher rents, an
higher prices for their abodes, just e
they have become reconciled to payln
higher prices for food products, art
cles of clothing, objects of ar
diamonds, and all the long list of n<
cessitieB and luxuries they deei
necessary to their individual comfor
and to the maintenance of their st?
tion in society.
It is, however, withi? the provln?
of every man to at least exert a ce
tain amount of control over his e:
penditures.
With the idea in view of aidlr
prospective home buyers to do this, v
are prepared to sell sites of great
varying cost, at Garden City Estate
to those who prefor to build Iioub
from the designs of their own arch
tects, and which It is our purpose
help them finance, and to build at
considerable saving In cost. Every d
tail of the work will be attended
by our organisation,-the owner Imvii
only to turn tho key in tho door whi
tho'house is completed and the groun
landscaped.
In these two ways?by huildii
houses ourselves, and by building
order, for others?we believe wo c
best servo the interests of congest?
despairing New York, and in a mai
uro, add to tha at, pr?sent lamentai
inadequate supply of "quaHijr* hooi
to? **i?_*__-y* ?a-?s.
?
J,-.
Looking Forward
Not in Anticipation
"The outlook for 1920 for sub?
urban and country homes is both in?
teresting and puzzling. There is no
question about the demand, but
brokers' shelves are relatively bare,
hence they look forward with mixed
feeling rather than lively anticipa?
tion. New construction proceeds as
rapidly as the material and labor
markets permit, but the work under
way can furnish no appreciable re?
lief. In other words, the housing
situation in the Ridgewood section
of New Jersey is extremely acute
and the spring homeseeker will find
himself a very busy man if he waits
till spring. Truly the early bird
will have cause for self-congratula?
tion. S. S, WALSTRUM,
"President S. S. Walstrum-Gordon &
Forman."
Mr. Walstrum's summary of sub?
urban conditions, though applicable
to this particular field of operation,
might be accepted as a concise view
of the entire suburban realty mar?
ket.
Alwyn Court ;
At Seventh Avej
Corner Sold
Twelve-Story Flat at 58ifc
Street, With Two Suit*
to Floor, Bought ty
the Gier,well Compaq
Sales of Business Realty
Max Natan son Parts With
Eleveu-Story Loft Build,
ing in East 20th Stree4
Alwyn Court, twelve stories, at t??
I southeast corner of Seventh \venw
and Fifty-eighth Street, has just b??i
sold by Edgar & Feinberg for tb(
Orean Company, Inc., Frank Hughe*
president The new owner Is the Gr*.
i nell Company, represented by H. B. D?.
! vin. The selling company acquired tU
j property at auction in January, ipj?
as plaintiff i? foreclosure proceed^-..
It represents a syndicate of bondhola
ers which foreclosed the second mort
gag?.
Alwyn Court is on a plot 125x100. <t
was erected about twelve years ago bi
the Hedden Construction Compao*
from plans by Harde & Short, Hn?f for
a time held the record for high apart?
ment rentals. It. contains two aparU
mcnts of fourteen rooms and five bathi
on a floor.
Sale of U4th Street Apartment
Th* Lloyd Winthrop Company h-,%
sold for Otto Horwitz and Carolin?
Wiener, 312-H West 114th Street a
mix story apartment on plot SOxlOfl
The T,loyd Winthrop Company hue boen
app03Jited agents of the property.
Flat in Greenwich Str-eet Sold
Van Vliet & Place have sold for John
D. Wellenkamp the four story flat a(
791 Greenwich Street, on plot 34 fix
68x65.
Natanson Sells Loft
The Nomar Realty Companv (Vax Na?
tanson, president) has sold io the Msn
port Realty Company (I. Portniaii
president) the eleven-storv loft build
ing at .39 East Twentieth Street, on a
lot 25x100. The structure was eulfj. for
all cash over a mortgago of $110 000
Max Cohen and Henry I. Cooper wer?
the brokers.
Sale in Greene Str?wt
The Lebertan Corporation has bought
from Pauline Meyers, Leah S. King
and Louis S. Brush, 125 Greene Street
a five-story and basement atore ani
loft building. C. S. Moore was the
broker for the sellers.
Estate Sells Old Boildlng
William Cruikshank's Sons and Cam
mann, Voorhees & Floyd havo sold for
the estates of Daniel Edgar amj New-*.
bold Edgar to the Markham Rcal'y.
Company, Clarence W. Eckhardt, presi?
dent, 108 Washington Street, n on*
story stable on a lot 23.4x8S.S. This is
the first sale of the property in 80 ?
years.
East 21st Street Realty Sold
Horace S. Ely & Company have ?ol?j
for Mrs. Margaret E. Munson, 203-20E
East Twenty-first Street, a thrce-story;
building on lot 47x120, and have resold'
the property to the Willis Pipe Com-,
pany, who will make extensive improve?
ments.
g^8^^^^^^?^^
' The ahora illustration raprasanta tha building which the Fred F?
French Company, but!der. and engineers, plana to erect, chiefly for th?
hrms own occupancy, at the northwest corner of Madison Avenue a??
Forty.firet Street. Tha property was bought by the builders several
weeks ?go through Lawrence, Blake 4 Jewell, and the improvement ?*
tfca alta will be undertaken j?t aa soon aa il wilt be possible 1er tltf
French company te ?at atar ted. Tha owner will occupy the upper Beet*
?f the proposed ?tsmatura. itia ?indenteod that a financial institut?*?,
w?l haut, fjh? at?% __?__??? _^