Newspaper Page Text
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 $200,000. Thla Is the first year that the office has ever been a money making proposition for the community. DOMMINEY ESTATE TO SELL CANARSIE LOTS J ere Johnson, Jr. Co. Will Auction Them Next Week. A portion of the holdings of the es tate of George A Dommlney, late head appraiser of the Brooklyn branch of the Title Guarantee ft Trust Company will be sold at public auction In the Brook lyn Real Estate Exchange, 183 Mon tague street by the Jer Johnson, Jr., Company on Wednesday evening, Aug ust 20 at 8 o'clock. The properties to be sold comprise 189 lots along the Caharsle extension of the Broadway elevated road which the executors of Mr Dommlney's estate have ordered to be disposed of. The lota are on Glenwood road ( Ave nje O), Flathands and Remsen nu O, Flatlands and Remsen (Canarsle avenue). Bast Eighty-ninth, Ninety-fifth. Ninety-six, Ninety-eighth, Ninety-ninth and East 100th streets. Among the facilities that give the properties essential value are the single fare to Manhattan via the Broadway "L." and subway to Canal street with free transfers to trie Battery and Forty-second street, excellent trolley service on the Kockaway avenue lino to Delancy street with tranafrs to other intersecting lines. The site la a abort distance from active building operations In the Twenty sixth ward which la destined- soon to spread to the section included In the BaarTaBwaBfiCT-A loM? 'ft 9t u KiSLBtTtagAMMnaT jflK alsasswaftar- sawasatluu H - ifewafflafratl 9Vm-SSWMtsS niBb BsasHiss!Trl wsawaN 't- HfcAlJ ! aaawaaawal I BeatAQswseaSsP'sS ' MnSsaaaRBwBaBM. TrTIn lli saaaaaaaaaawaaej - asCs lilflLnaanaksrewMawa jflai ' e. 9 B I ffTXewBse-B 3 It TCTlj tSeWf aZB ''"T'''flMi"ijjW lsLJiawaPltJ N aaaawlf ' " ' 1 I H$HaePsU ' '"" "'-i""- "KCHir""'"'r T" " HwaswaT ' aaaanTwimlStlPBewa IwB tBB iB jmfemmmmm't'eemmmmmmmemamm 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.