New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-29
CtRIOUs REAL ESTATE TRANSACTION.

=
SEVENTY THOUSAND DOLLARS BORROWED On REAL
ESTATE BOUGHT FOR S4jOO0
Some weeks ago one process by which
money wa. borrowed Oh real estate deeds fully
po,ed IN TIE TRIBUNE: several arrests followed and
the business broken up. An illustration OF another
IA +hrewi. though probably not ~ Illegal method OF
buyins and selling property has Just been discovered
In the vicinity OF Prospect PARK Brookyn' there Is
large tract Of umproved land. which when the Park
was first LAID ont rapidly in value and waseseemed
worth slim of money far III excess OF what 1t would
SCI for All sort, OF fictitious prices were put upon IT,
but "a the Park approached complexion the prices
heranr settled and fixed. Several sales or such prop
ery have been made WITHIN the past year. and real
estate dealer, IN Brooklyn assert that Land In the
vicinity Of 5txteenthSt and Seventh or Eishthaye' Is
worth sOtO $1,000 for lot !0xlOO feet, according
., rs ioca:ion IN the center tho or a
block.
5llas Herring some years ago bought the block OF
land bounded by sxteenthst. Braxt0n-st., Seventh
are, ami Eghth-ave, for small sam OF money. ana
concluded short time 10 sell the property II no
could obtain good price il Mr.. J Nelson OF Brook
yu had several interviews with MI ,rrng about buy
ing the and and finally agreed TO give 200 for the
entire block The property assured for $jO0N aud
SIr Herring esteemng 1t good of'r sad he would sell
AZ thar price, Nelson said that making out the
deed wanted the consideration placed at sOO). as
he might want to the property and he did not care
70 have The actual price appear. MT Herring said he
had no objection he could do 80 lawfully, and having
refe-red tue matter TO ns lawyer, who examined the
law and found could do with pr"priey accepted
Mr. Nelson. terms The deed made out and paced
III a third person, hands Int! payment should be
made.
Mean lille Mr. Nelson went 10 the offce or the knick
erbockcr Life Insurance Company OF this ity,hnditod
.he President that no wanted 10 borrow $4,000 on
niece O: property winch he had just purchased OF Mr.
Herring FOR sOO0O0 Ho needed that sum or money, he
said % mako the full payment. The deed was exam
ined and The facts found be az ne stated and Mr..
Se.on was informed that the appraiser or the Company
Mr. MORGAN would examine the property, and II he
,hou.nt II worth what he estimated 1t at the
ioan would be- made. Mr. Nelson then referred Mr..
Marian 10 several gentlemen and the result was that
II was reported 10 the Company that the property which
Mr. Herring thou ht he selling at good price for
s,D w.s worth rom 100000 10 $4,000 The COM
nan, LAWYERS Messrs Johnson and Cantlne. drew up
tbe necessary papers mortgage OF the property was
assigned 70 the Company Mr. Nelson received the S0
M OF which ne paid $4,000 to Mr. Herring who was
nerecty well satisfied with his bargain; aud the re-
naming US 900 he vi course retained
This transaction occurred thee months ago ana the
ar.t pavmeut OF interest Will fall due about April l.
,1j Ot course II interest paid and is probable
II will not be- the Company Will be at the expense OF
foreclosure proceedings and the property Will DO sold
Al auction