Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1880-02-26
JAMES LENox,s THIRTY ACRES.

y JAMES LENVA@O . IHIhII eACHEOs
80. s. Gezt1ss .a5asas 9 rrg :.
An Interesting Account, Showing How
Enormously Property In New York
Has Increased fn Value. es1F
The death of James Lenox, who was
the last survivor of that little company
of great New York landholders which
included Mr.. William b. Astor, Mr..
a. T. Stewart, and the two GOelets,
again calls attention to the vast wealth
which came to men fortunate enough to
own, and liable or sufficiently persistent
to hold through long series of years,
large tracts of land on this island. The
Astors have clung to every inch of their
landed property for two generations,
and old Peter Goelet only once, and then
by force, parted with real estate, as long
as he lived cherishing a grudge against
Commodore Vanderbilt for wringing
the siteof the Grand Central depot out
of bis tight grasp. s-.. .a-. M.
w hatever may have been the ad-noni-
tions given to the Astors and the Goelets
concerning the management of the land
they inherited, Mr.. Lenox came into
possession of the property which so
greatly and especially enriched him
after many years, with an express in
junction from his father to hold fast to
il with view to its ultimate rise to
great value In the will of Robert
Lenox, the father, dated May %, 1929.
with cOdicils of January %, 1892, and
October 4. 1889, the following is the
ninth section: @ t-
si1 give, devise and bequeath to my
son, my only son, James Lenox, Ny
farm at the five-mile stone, purchased
In part from the corporation of the city
OF New York, and containing about
thirty acres, with all its improvements,
stock of horses, cattle and farming
utensils, for and during the term of his
life, and after his death to his heirs for
ever. My motive for so leaving this
property Is a firm persuasion that it may
at no distant day be the site of village;
and as it cost me more than its present
worth, from circumstances known to
my family, like to cherish the belief
it may be realized to them. AT all
events, 1 want the experiment made by
keeping the property from being Sold"
My, farm at. the fiye-mile stone p"
was tract of land extending from what
is now Sixty eight street to SEVENTH
fourth street, and between Fourth and
Fifth avenues. The first purchase here
was made by Mr.. Robert Lenox in 1917.
1t was ofabout half of the whole farm,
and he bought it at foreclosure sale,
paying $6,420, "much more than its
present worth in order that the estate
of his friend Archibald Oracle, Of whi.h
he was executor, might not be loser by
reason of a foreclosed mortgage. Shortly
after, he bought the remainder of the
farm from the city, at only $500. The
whole property, therefore, in 18l7-lS,
cost him but So. .92o. and if all had been
purchased at thesame rate as the second
part of it the cost would have been
S., 1926 less than it was. s-F
Therefore this land, which now is
among the most valuable property in
the city, and is to-day worth $40, OO0, GEO.
cost Mr.. Robert Lenox in 1918 '.more
than its present worth " at that time by
nearly six thousand dollars, when he
gave less than seven thousand dollars
for it. --.,.---..--
Though in theoriginal will he directed
his son to keep unsold this property, of
whose increase in value he had so wise
a provisioa, Mr.. Robert IIenox fortu-
nately gave his heir full power of sale
in the codicil Of 1882, else one ofthe
finest situations in New York might
now be unim proved. Mr.. James Lenox.
however, scrHpulously respected the ad-
vice of his father regarding this now
famous farm, and held it intact until
1854. Then he began to reap the profits
of his prudence. His first sales were to
Air Robert Lenox Kennedy, his nephew,
of a whole block of land, for which he
got $250,O00, and to Messrs. Robert l..
Stuart and Alexander Stuart of another
block, for which he obtained the sano
price. This property was conveyed
March %, 1864, and has since enor-
mously increased in value.
But Mr.. Lenox's great gifts of sites on
the farm which added so much to his
fortune are of more public interest. The
first of these, made in 1868. was to the
Presbyterian hospital, and consisted OF
the whole block between Seventieth and
Seventy first streets, Madison and
Fourth avenues. 1t was then estimated
at S250,O00, and Mr.. Lenox besides gave
the hospital in money over $500, 900
The second gift was of the site for the
Lenox library, ten lots, comprising the
whole front on Fifth avenue between
Seventieth and Seventy first streets.
He likewise built and equipped the IL
brary at his own expense, and has
doubtless provided an ample endowment
for its permanent maintenance. His
other gifts in that region were of sites
for the Phillips Presbyterian church and
the Presbyterian home for aged women
Five years ago, putting the value of the
land bestowed for these purposes at the
lower prices of real estate then prevail
ing, Mr.. Lenox's gifts to the four insti-
tutions named, in money, books, works
of art and land, were estimated to aggre-
gate avalue Of nearly $2.500, 900. ans
Thus my farm at the fve-mile le stone, I"
of an actual value of about $1,000 in
1918. has. in.sixty two years, risen to be
worth SIC, 600. 600; and the little estate
which Robert Lenox was in 1929 firmly
persuaded might '.at no distant day be
the site of a village has become one Of
the most elegant neighborhoods of New
York. Moreover, Of its present value
the son and heir of the old Scotchman
gave to public and to charitable uses
the munifeent sum Of aone-quarter. .-
NeW Hork Sun. gAaA o. .vu u