The sun. [volume], August 10, 1919, Section 4, Page 7, Image 43

About The sun. [volume] (New York [N.Y.]) 1916-1920

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
THE SUN, SUNDAY, AUGUST 10, 1919.
PROSPERITY IS REFLECTED IN THE RECORD BREAKING
DEMAND FOR COSTLY WEST SIDE APARTMENT HOUSES
ROSBIA . NORTHEAST CORNER of WEST END AVENUE SfHS
sixth street
OELLA
NINETY
Investment in These High Class Properties Greater Than
in the l'Palmy" Days of 1 905 More Than $4,000,000
Worth Changed Hands in Less Than a Week West
End Avenue and Riverside Drive Houses in
Greatest Demand Brokers Unable
to Fill All Orders.
Never In the history of New York real
state were there so many Important
tiartment house deals crowded Into the
Oice of a week as there were on . the
jjptrWejt Side during the latter part
of July and the first of August In
:te than one week more than 14,000,000
sarin of high class apartment house
properties changed bands In that district.
Mining like the volume and quality of
tic trading was ever seen, even In the
palmy days of 1903 and 1906.
Among the typical properties that were
Involved In that recent series of trans
itions were the Delia Robbla. north
east corner of West End avenue and
Ninety-sixth street, which It Is said
vat sold for SI. 250,000; the Allendale,
northeast comer of West End avenue
and Ninety-third street, regarded as one as these that they cannot attend w half
of the best constructed houses on the of them.
West Side and held at $900,000 I the Cliff
Haven, at Klveralde Drive, southeast
corner of 114th street, which was held
at 1500,000, and the Majestic, southeast
corner of SL Nicholas avenue and 146th
street, held at f600,000.'
In most esses the exceptionally large,
apartment house transactions recently
reported have been negotiated for invest
ors. Brokers who have been In business
hi New York for twenty-flve years say
they have never witnessed such a de
mand for apartment properties.
C. J. Elgur and Sol Felnberg, who ne
gotiated the Delia Rebbla sale, report
that they are so besieged with requests
for lists of such gilt edged investments
CEOICE OCEAN LOTS
GO UNDER HAMMER
Public Will Get Chance to Buy
Navesink Park Sites on
August 23.
GREATEST ACTIVITY
OF YEARS IN B'KLYN
Register Webster Says Even
1905 Figures Are Broken.
Brooklyn real estate activity Is estab
lishing a new high record, according to
figures for the month of July, which
have Just been made public by Register
Webster. The Kings county Register's
office received 0,021 deeds, 6.589 mort
gages, 2.231 satisfactions and seventy
four miscellaneous papers during the
month of July, a total of 14.916 papers.
This Is an Increase of 1,601 over the
month of June. It Is also the largest
July figure In the history of the office,
Bryan L. Kennelly will sell Navesink
hrk, Atlantic Highlands. N. J., for the
Navenink Park Company, Edward D.
boughman president, at public auction ,, ZLp, nn. anie exreutlon. Is the
ra the premises, rain or shine, at 2 P. M., busiest month the office has ever known.
Saturday, August 23. The property to be That exception was June, 1905. when
old consists of two houses, 260 build- , 21,346 papers poured Into the Register's
lag sites of from one-fifth to one and a I office. The occasion for that rush was
half acres each, and a few of larger that It was the last month before the
mortgage tax law went Into effect, and
there was a frantic scramble to complete
all pending mortgage deals and to rec
ord all existing mortgages In order to
avoid the tax. The figures for that
.month are accordingly unnatural and do
not represent the real extent of real
estate activity of those days. Register
Webster considers that he Is Justified in
Me, Navesink avenue (route of High- I disregarding the figures of that excep-andi-Perth
Amboy trolley), Linden tlonal month as an Indication of genuine
Hiuue, Wayside Drive, Fores Drive, I real estate activity, and In stating that
rospect road. Hillside road and along j July, 1919. was the most active month
taa bluir overlooking the Hilton sta- that Brooklyn real estate has ever had.
Hon. tha Navesink division of the Centra! There Is no sign of a decrease and Au
Rallroad of New Jersey, Sandy Hook and ! gust may show an even greater total
8andy Hook Bav Th Atlantic ocean, number of papers.
tie harbor and city of New York. Mon- I The total receipts of the office for the
awoth county and the richest part of j month were t40.924.30 and the expenses
ana.
Practically all the plots have two
frantages and some have three. The
Property as a whole has a mile and a
salt frontage on both aides of Ocean
Beulevard. about the same on Sandy
Hook Bay (with all riparian rights re
rved) and miles of additional front-
M on Baysid Drive, Highland ave-
"Some of the transactions are made
by speculators, but I should say that as
a rule, the properties are being bought
up as investments by big manufacturers
and others who have prospersM during
the war and see In them a good oppor
tunity to continue making money," said
Mr. Elgar. r
"There never was such a demand for
this class of property. It Is to be seen
all over the West 8lde and on the East
Side too. There Isn't so much evidence
of It along the middle of Manhattan, on
Fifth or Park avenue, because those de
sirable properties have been held In
conservative hands for some time. That
is especially true f Park avenue."
Another section of activity Is West
Seventy-second street around West End
avenue, where J. C. A M. G. Mayer have
Just resold the twelve story apartment at
105 to Samuel A Hsrxog of the Kansas
Realty Company, which has been having
phenomenal success renting recently con
structed apartments at 251 West 'End
avenue. The holding price was 3600.000.
Further up town the Sequoia, a ten
story apartment structure at Broadway
and 165th street, wal sold on Wednesday
last by Frederick Brown to William F.
Daniels, an Investor. It was held at
1500.000.
The Delia Robbla was sold by Elgar
wawawawawsl 1 v Bav L-M M . k I t n - w swat rm u T I
THE
CUHF
HAVE
SOUTHEAST
CORNER
OF RIVERSIDE
DRIVE and
IH- S'TKEtir
l sswHff-jgf " "Ut -awawawawawawaBMMssiwawawMawaw " 4"W' VAX
THE ALLENDALE
NORTHEAST CQRNER. of WEST END AVENUE and
NINETY - THIRD STKctT
The Stratford apartment hots), planned for tha northeast corner of
Wast End avenue and Seventy-fourth street.
Foremost among the Riverside Drive
transactions which figured prominently
in the operations of the West Bide was
the sale of the Cliff Haven at the
aoullieast corner of 114th atrect by
Charles E. Force & Co. of Oklahoma to
the Winter Realties. Inc. It Is thirteen
stories high and stands on a plot 52
feet, on the drive and 135.6 feet on 114th
street. It rented for $52,000. The Force
company acquired It about six years ago
from John J. Hearn, the builder. Elgar
A Feinherg were the brokers In the last
trai.sactlon.
Another drive transaction Involved
the Bona Vista, a ten story apartment
at the southeast corner of 109th street,
sold by the Arrow Company to the
Economy Building and Realty Company,
In which Irving Judls Is Interested. It
was held at 3750,000. It has a frontage
of 151.10 feet on the Drive' and 100 feet
ft Felnberg for the Essie Construction
Company to the Winters Realty Com
pany, of which Benjamin Winters Is
president. It occupies a plot 100x125
and contains six apartments on a lloor
in suites of four, Ave. six and seven
rooms and is rented for $146,000. It was
built by the sellers (Marcus llrown and
Harry Schlff) four years ago. Schwartx
ft Gross and B. N. Marcus wire the
architects. The sellers were represented
by Joseph A. Hetdman and. the buyers
by Morris E. Oossett.
The Allendale was built In 1911 by
Benjamin Mordecal. It has a frontage
of 100.11 feet on West End avenue and
116 feet on Ninety-third street. Its
yearly rent return Is $100,000. It was
sold by the 808 West End Avenue Com
pany, of which Samuel Elsemann is
president, to Frederick Drown for all
cash over the mortgage. Byrne ft Bow
man negotiated the transaction.
on 109th street. The J. Romalne Brown
Company negotiated the deal.
Other drive transactions of campara
tlvely recent date Involved the Dorches
ter at the northeast corner of Etghty
flfth street, acquired by Frederick
Brown, who quickly resold it, and the
Stratford-Avon at the northeast corner
of Ninety-third street, which Mr. Brown
resold to Peter J. Shields.
The Majestic, an eight story struc
ture at St. Nicholas avenue and 145th
street, was sold by Edward Moushcklan
to the Lebertnn Corporation, fit Vs
rented for $73,000 and the buyers paid
all cash above a $300,000 mortgage.
Burton ft Thompson were the brokera.
The structure occupies a pot 184x102.
One of the most convincing evidences
of the marked activity of the West End
avenue boom Is the fact that doe of the
largest apartment hotel ventures ever
undertaken there Is about to begin. The
structure will be called the Stratford
Apartment Hotel and will be erected at
West End avenue and Seventy-fourth
street, directly across the street from
the residence of Charles M. Schwab.
Will goat 1,700.000 to II 11 1 id.
It will be fourteen stories high and
will contain 376 rooms and 250 baths
Suites will be arranged in any size to
suit the tenant and each will be pro
vided with a private foyer. A spacious
obby will be provided with lountTlng
rooms, writing rooms and a restaurant
'vlth a seating capacity of 300. The ex
terior will be of dark brown Roman
irlrk with trimmings of stone and terra
cotta.o The plot on which the structure
will stand has a frontage of 100 feet on
Seventy-fourth street and 142 feet on
West End avenue.
The operation will be carried on by
the 305 West End Corporation of which
nd have an appraised valuation of $2, -J which will contain 350 roorks and 175
175,000 and the building itself will cost
$1,700,000.
The work of tearing down the old
structures at the northwest corner of
(Vest End avenue and Seventy-fourth
Htreet to make room for the hotel hfts
already beirun. The structure will be
completed by July 1. 1920. Stately sim
plicity will be the predominating note
of the architectural design as provided
by Sch warts and Gross.
It was learned yesterday that negotia
tions are under way for the erection of
a fifteen story apartment hotel at West
End avenue find Seventy-second street.
baths. It will be built by a group of
capitalists represented by Cross- ft
Brown, and a prominent hotel manager,
It Is said, has arranged to buy It when
It is completed. "" v v
The structure wIM be on property
,iwned by the Oramercy Investing
Company at the northwest corner of
West End avenue and Seventy-second
street, fronting 80.5 on the avenue and
115 feet on the street. Street ft Van
Vleck are preparing the plans for the
structure, whlcn. It Is estimated, will
cost considerably more than $1,000,000.
The land alone Is held at $4r.0,0OO.
RYE NOW BIG CENTRE
FOR COUNTRY CLUBS
Wilt Soon Have More Than
Any Town of Its Size.
The acquisition of Hobart Park at
Rye, N. Y., for a magnificent country
club to be erected by John McE, Bow
man, proprietor of the Pershing Square
group of hotels in Manhattan, has added
to the prestige of Rye as the home of
country clubs. Mr. Bowman announces
that he will bestow the name of "The
Blltmore Country Club" on his ambitious
venture. The architect's plans call for
the biggest institution of Its kind In
America.
It will havo everything that one would
possibly desire In the way of tennis
courts, polo grounds, a track for horse
shows, one for steeplechase, a lake for
skating, a place for skiing, a playground
for children, a toboggan slide, a bridle
Henry Mayer is president. The financing ! Patn' a swimming pool, a squash court.
wan rmneed through a first mnrt cist 6 1 a Plnce for "P Shooting and a maf-
per cent, aerial liond issue underwrit
ten by 8. W. Strauss ft Co. to the
amount of $1,400,000. The building and
i;
nilii i tit hi 11 lard mom h nH hi i a Una nllav
Tho building of thq, two eighteen hole
WIDE CHOICE OF BUILDING LOTS
OFFERED AT THREE AUCTION SALES
toe Bute of New Jersey all He within
radius of thirty miles and form a
KKground for the property.
Oncerning this property a prominent
aglneer who visited Naveaink Park
l'h Mr. Kennelly one day last week
aid:
"Give me Navesink Park and the
""lief of fortifying that commanding
WON of the Atlantic Highlands, and I
JP make all .Manhattan. Brooklyn,
Queens, Staten Island, and a large part
a." Jt,fev Py tribute to me aa
"uih to a feudal baron of old.
It la simply beyond me to understand
y the Government has not long since
Jen over and fully fortified this local
Wortltar, this Galllpoli of the harbors of
York ,,., .N-,.w j(rMr if only as a
jwnforcement for Sandy Hook, which
J Purposes of defence, Is no't to be com
J,rt" with the Highland!, although It la
for use as a proving ground."
" Pn though the Government ha
JWooked this opportunity. It Is certain
E! numh'r of prominent New York
m New Jersey financiers did not,"
r- Kennelly says. "Several years ago
tormed the Navesink Park Com
PJ "fortunately a number of them
"d alnce the company waa
"""a and so it has been decided by the
TJlvors to hand the Park over to the
J"" on the day of sale, and to let
"m bid for the 160 earceU Into which
divided.
"K la a pity,- he declare, that thui
Property must be sold for what It
Ju orn. and yet it Is a good thing to
" public get in and build residences,
7" or bungalows where now there
V"'7 nne highly elevated and thickly
r'd "and. mllea of drives and un-
i marine and landscape vWwe."
"Is 22B WKT 131IT STREET.
'el E. A. PfiiaV nitv i unu fn.
JJf.0'4 'or Samuel Cohen 226 West
Mi. ' nve story nal on a lot
Si J1 Th . who Is a client
w. Hchults. own adjoining pron
sag now controls a plot IsxlM.
$23,254. a profit to the taxpayers of
$17,670.10. So far this year Register Web
ster has turned in $86,318.16 to the
City Chamberlain In excess of all ex
penses. He figures that the office will
certainly show a profit of $175,000 this
year and possibly $200,000. Thla Is the
first year that the office has ever been
a money making proposition for the
community.
DOMMINEY ESTATE TO
SELL CANARSIE LOTS
J ere Johnson, Jr. Co. Will
Auction Them Next Week.
A portion of the holdings of the es
tate of George A Dommlney, late head
appraiser of the Brooklyn branch of the
Title Guarantee ft Trust Company will
be sold at public auction In the Brook
lyn Real Estate Exchange, 183 Mon
tague street by the Jer Johnson, Jr.,
Company on Wednesday evening, Aug
ust 20 at 8 o'clock. The properties to
be sold comprise 189 lots along the
Caharsle extension of the Broadway
elevated road which the executors of
Mr Dommlney's estate have ordered to
be disposed of.
The lota are on Glenwood road ( Ave
nje O), Flathands and Remsen
nu O, Flatlands and Remsen (Canarsle
avenue). Bast Eighty-ninth, Ninety-fifth.
Ninety-six, Ninety-eighth, Ninety-ninth
and East 100th streets.
Among the facilities that give the
properties essential value are the single
fare to Manhattan via the Broadway
"L." and subway to Canal street with free
transfers to trie Battery and Forty-second
street, excellent trolley service on
the Kockaway avenue lino to Delancy
street with tranafrs to other intersecting
lines. The site la a abort distance from
active building operations In the Twenty
sixth ward which la destined- soon to
spread to the section included In the
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MERRICK ROAD. lYN BROOK,
ON WHICH SOME OF THE
LOT5 FACE
Three auctions of summer resort prop
erty have been scheduled by Joseph P.
Day, the auctioneer, for the next fort
night He will sell 102 lots at Lyn
brook. D. I., at absolute auction on the
premises at 2 :30 P. M., on Saturday, Au
gust 16. That evening at 7:30 he -vlll
mil 197 unrestricted lots. In a restricted
district, and seven houses at Arverne.
1 L
The following Saturday, August 23,
Mr. Day will sell at Deal on the Jersey
crust for George W. Young the property
known as Deal Park, consisting of 276
buPding sites and eight houses situ
ated principally in and adjacent to
Rose Id avenue, Lincoln and Washington
drives near the Deal Lake, the Casino,
Kttplanade and railroad station sec
tions. Roaeld avenue extends directly
to the boardwalk, the beach arid tha
ocean, four blocks north of the Casino
nd bathing pool.
In announcing these sale Mr. Day
aid:
"One of the duties of a real estate
auctioneer Is to keep abreast of the de
mand. One way to do this la to ached-'
tie his various sales, so tnat tney win
fail In seasonable dates. Another good
saiv1c method la to hold a oomblnatlop
aale: that la to link up two or more
variously located offerings on the same
'or nearly the same dates.
"The Idea Is that whereas one pros
pective purchaser may wish to buy prop
erty Jf one class In one locality; an
other investor may have a very de
cided preference tor some other locality
NEPONSIT SALE IS
EVENT OF WEEK
Few Opportunities Offered to
Buy Sueh High Class Sum
mer Resort Lots.
golf courses, begun last week. Is under
the supervision of W. J. Travis, the brill
iant golfer, who Is said to be the great
est authority In America and Great Brit
ain on golf course construction.
The building of the Blltmore Country
Club In the town of Rye gives this his
torical little township the honor of hav
ing more country clubs than anv other
town of its slxe In the world. 'The '
growth of the town In this respect has
been marvellous, several million dollars
of valuable country land now being used
for this purpose. A few years ago the
Apawamls Club in Rye was alone in the
Old, whereas now there are four cluba
The others are the Green Meadow Coun
try Club, which Is under practically the
same management as the Apawamls; the
recently organized and highly exclusive
Blind Brook Country Club on Harrison
avenue, and the Port Chester Country
Club on Ridge BtreeL
The Bowman property in Ryef com
prises 600 acres. The officers of the
Blltmore Country Club are : John McK.
Bowman, president ; Gago E. Tarbell,
vice-president ; Charles R. MacDonald,
second vice-president, and Kugcne D.
Miller, secretary and treasurer.
PUBLIC SCHOOL. AT AVE RNE
an class of property. It Is necessary
for the auctioneer to bear this In mind
and to make his arrangements accord
ingly. In order to provide for Just such
wide latitude of choice at the very
height of the Rockaway and Jersey coast
summer season I have planned these
ttlree autlona"
Deal Park, located west of the ocean
front area and near the station at Deal,
has been maintained Jong as an all the
year residential park. t Is Just far
enough removed from the ocean front to
answer the purposes of an alt-the-vear
residence location, yet near enough to
derive all the beneou of toe
biecses during the summer season.
The sale of Deal Parle, on August 23,
will be the first opportunity ever offered
the highest bidders to buy building
sites at their own prices In that neigh
borhood. According to an announcement made
by the attorneys and auctioneer, the
offering of 191 lots at Lynbrook, L. I .
at 2:30 P. M. on Saturday, August 16,
as also In the case of the evening sale
of 197 unrestricted lots and seven
houses at Arverne, will b absolute.
Lynbrook wss a progressive, thirty
town long before Long Beach had thrust
Its present popularity upon lu To-Uay,
THIS ROW OF HOUSES GIVES
SOME IDEA OF THE CLASS OF
RESIDENCES TO BE FOUNO AT
DEAL . e-
however. Lynbrook Is the gateway to
Long Beach, and the village derives a
large benefit from the huge volume of
automobile trafllc that flows out on the
Merrick road and over the all too nar
row bridge that connects Long Beach
with tha mainland. A new bildge wV.
soon be built. It Is understood, and enter
Long Beach at lung Beach boulevard,
a few blocks from the present bridge
It Is believed that when this bridge la
built Long Beach and LypV ook will
grow by leaps and bounds.
The town Is ul.-o a Junction point on
the Long Island Railroad and has the
Kervlces of both the Long Beach and
Moulauk divisions. The time of travel
by the electrifled Long Beach division Is
rorty-nve minutes. Most of the residents
are commuters and the houses already
built am of moderate value.
The 191 lots to be sold are well and
advantageously located In and adjacent
to Longdon place and Lyon place, ad
Joining Broadway, near the railroad
station and on the Merrick road.
The 197 lots to be sold at Arverne, on
the Kockaway coast, have the advantage
of being unrestricted, while In a re
stricted district. They are located on
Remington, Wave Crest, Bllxabeth and
adjacent avenues. Mr. Day will also
sell with this offering seven house on
Beach Sixtieth, Sixty-first and Sixty
second streets, Larken avenue and Rock
away boulevard.
All three of the sale will be held,
rain or shine, under a large tent on the
premises.
CITY LOSING $1,000
A DAY ON HOTEL SITE
Comptroller Wants to Sell It
for $3,500,000.
The site' of Simeon Ford's famous old
hostelry,' the Grand Union Hotel, at Park
avenue and Forty-second street, over
which so much controversy has arisen
as to what shall be done with the land,
will probably .be sold .by the city within
a few months, or as soon as the Sinking
Fund Commission passes on the proposal
and the sale Is properly advertised
throughout the oounlry.
In order to connect tha Lexington
avenue subway with the old subway at
Forty-second street the city had to buy
the entire Grand Union site, buildings
and all. Accord-ng to Comptroller Craig
the entire Investment coat the city $4,400.
000. Out of this, however, the city re
tains the subway easement valuation
which has been variously estimated at
approximately $900,000.
With interest charges capitalized at
7H per cent, the, annual carrying
charges of the site are about $320,000 or
close to fl.000 a day. This Includes the
loss of taxes while the property remains
Idle, but does not Include an unestlmated
Increment due to the operation of sub
way trains beneath. .
The Idea that the site would be used
as a park has been definitely abandoned.
Several months e.go the city received an
offer of $2,800,000 for tho site. It Is
known, however, that Comptroller Craig
expects to get at least $3,500,000 for It
from some out of town hotel syndicate
which has had Its eyes on the prop
erty for a long time. Comptroller Craig
personally believes that there Is a de
mand for a popular priced hotel and
restaurant In that section and he is
pretty sure that the site will ultimately
be used for that purpose.
One of the largest and most attrac
tive absolute sales of Improved seashore
lots at public auction will be held next
Saturday, August 16, at 2 P. M.. on the
premises, rain or shine, at Neponslt, on
he Rockaway coast, by the Jere John-
Bon, Jr., Company, auctioneers, for the
account of the Neponslt Realty Com
pany, the affairs of which will be finally
liquidated by this sale.
The sale of all the remaining vacant
lots at Neponsit owned by the company
has attracted widespread attention, first,
because the lots are to be sold, It Is an
nounced, for whatever they will bring
without regard to their value or the com
pany's former prices. This Is a radical
departure from the policy established
and heretofore enforced by the owners,
who since 1911 have been selling "at
their schedule."
They have been In a position to do
this, aa the property carries no mort
gages or similar encumbrance, and has
been developed without regard to the cost
of tho physical Improvements made and
Installed. The declslontosellresuitedfroro
the determination of certain of those
Interested In the Noponslt Realty Com
pany to devote thetr time and money to
other less well developed enterprises thai
need their support and which are not m
the strong independent position of
Neponslt.
Neponslt, although sufficiently re
stricted to protect the ploco against un
desirable Improvements and conditions.
Is not at all a "snobbish" sort of plane.
Quite to the contrary, tho several hun
dred houses already .erected there have
cost all the way from $4,000 to $20,000.
while some of the bungalows may have
been erected for a little less.
The clubhouse on the Jamaica nay
side Is the centre of good fellowship,
conviviality and the sort of good sports
manship Induced by luncheons, dinners
and dances, by tennis matches, aquatics
contests and any other form of amuse
ment, recreation or sport the residents
decide among themselves shall be the
event of any particular day or evening.
The bench Is quite the same sort of gath
ering place during the bathlrvg hours, and
as all the residents dress for their swim
"at home" and then walk to the beach
the ocean frontage Is not ruined by bath
houses. The beach belongs to the own
ers at 'Neponslt In common, and Is main
tained for their sole ben fit.
Additional evidence of the fine democ
racy of the place, where many wealthy
men have erected costly homes, is the
fact that the purchasers at the sale next
Saturday have their choice of paying
"all cash" for their lots or or leaving
two-thirds of the purchase price on
mortgage, or. If desired, of paying for
their purchases on the monthly Instal
ment plan.
A number of the lots to be sold front
directly on the ocean, while the remain
der are well distributed throughout the
area of Neponslt, between Belle Harbor
and Seaside Park, the Atlantic Ocean
and Jamaica Bay. the distance between
the two water frontages ranging from
1,600 to 2,600 feet.
I. RANKS 10 OORTL4NDT ST.
Tiffin Products, Inc., leased through
Harry N. Moore tho five story building,
25x125, at 10 Cortlandt street from the
Waterman Building Company for a long
term of years at nn aggregate rental of
approximately $400,000. It Is situated
on the north side of Cortlandt street,
one door west of Broadway corner for
merly occupied by the Waterman Pen
C'lmpany and nrw tenanted by Llggett's
drug store. This Is the first downtown
location taken by Tlffln Products, con
trolled bv the Waldorf-Astoria, McAlpin
and Clarldge Hotel lnteresta Harlo J.
Sparks represented the Waterman Build
ing Company in the deal.