New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-15
MADISON SQUARE GARDEN SOLD
A SYNDICATE TO TAKE THE PROPERTY.

PROMINENT CITIZENS TO ESTABLISH PERMANENT
EXHIBITION BUILDING ON THE SIZE.
The sale Of the Madison Square Garden property
has at last been practically contaminated Although
all the details have not been completed and the papers
have not been executed there is little doubt that the
transaction will be completed The negotiations between
the purchasers and the New-York and Harlem Rail-
road Company conducted In behalf qt the former
BY W. F. Wharton. the city manager Of the Equitable
| Life Assurance Society. William G. Gulliver. with
Alexander & Green, Is counsel for the purchasers.
| The Harlem board of directors met on Monday and
approved the proposition of sale About month ago
the sale of the property rorted. but the Harlem
Company was unable to assent to the terms offered
for it and negotiations were announced TO be "on
They were renewed soon afterward however, and the
obstacles in the way of agreement were set ASIDE IN
informal conferences II is not questioned by those
who are most familiar with the matter that the formal
completion Of the transaction is only matter OF
detail arrangement
Both Mr. Wharton and Mr.. Gulliver were extremely
reticent when asked for information respecting the
matter They took the ground that the nego'ia'lons
had not yet reached stage where publicity was de-
srable gentleman interested in the transaction
the side Of the purchasers made this statement as TO
the official status of the purchase and the intention OF
the buyers:
A number Of gentlemen residing in this city, and who
are responsible and reputable citizens, are negotiating
for tho purchase the Madison Square Garden property
that the purcn ss VIII he CON pleed Their purpose Is
not yet formulated, but It Is intended TO insidne tnr
erection OF q large permanent exhbitlon buniog an
thus preserve this central plot OF gronrd 'or puc
When tuer pans ars more fully devrione1 , tney
will 10 made public In general their plan IS 10 iounn , on o,
tis purchase rubc spriied enterprise which VIII 10
tho citizens OF NewYors CITY, as well as "
exhibitors and to visitors To The city.
tba artv is rcnOrtpd
be 81 900 900. When surprise was expressed at the
small figure at which the Harlem Road parted with
the block the reply made was that probably the direct
ors took into consideration the prominence ana Guar
acte of the citizens who associated IN the purchase
and the public character of their project Inc price
shows an enormous advance over the figures paid
when the land still outside OF the settled limits OF
New York, bnt is below what would p.ooaoiy o.e oe
secured at public auction. After the panic OF 1913
Mr. Barnum offered 100000 Tor the properly, out IL
was held by the Harlem people then at S7oo'ooo =,
II Is premature to attempt any dnnouueeuno Wy ~ "
wha. will be carried in detail by those VINO are N
teresed in the enterprise. But 1t Is known that ter
designs as talked pending the negotiations IN
cluded a radical alteration OF the existing building so
as to combine with facilities Tor exhibitions horse
shows, ETC.. room for dancing purposes ana coucerls
| and a summer music c-gardeu. The estaDnsomehI VI
booths tor fashionable mOdtes and most OF tue c'at
trades encircling the greater part o the buIinG WIN
awnings protecting the sidewalk and ilghted WIN
electricity make the place an at ractiye s1o
ping day night Is amo the plans takeu Oh,
which II carried out would add largely to the returns
on the capta invested. those who are Interested III
| the project are among the best-known c"Eehs ot
wealth and standing in New-fJrS. ineV VIII proc
ably form sioca company 10 conduct the enterprise
and raise the needed funds for 1t. Those VINO are
interested in the project confident that tho uauch
can be kept rented The year through or eo'er.aiu
ments and exhibitions that will appeal To the punIlc
| and make the enterprise not only tecuuiary sue
cess but one that will merit the approval OF every one
interested in the welfare and attractyeness Oh Tue Guy
| 1t will he some time before anything can oe oone III
| the way OF change. as the Garden Is leaseu " 'i'
| Forepaugh up to next spring. ,,, ..
The ground covered by the big Garden oaiiuing was
purchased several parcels ana at dinercht ,nus ="
| the interest of the New-York and Harlem Railroad
The first purchase made about lS4I and none oi
| the purchases was more recent than 500 fart 0,
the land was bought from Archbishop hughes a oou
| 1858 the property transferred by the narieh
directors who had taken title to the land to the com
pany itself under the presidency OF Robert nchuyier;
At rst the only use made OF it was to have smlll
starting Office at Twenty -sxhst. and Fourtn-ave' loI
the CITY car line building put up III lso1 ana
sen tor The rrcanton OF milk trains aud the delivery
| OF milk and farmers produce at night. About 1905
| the old building was torn down and passenger
station for the New York New Haven and Hartford
Railroad was erected. When the Grand Crntrai
! Stauon was completed and opened Ill 1871 inc
| Garden building was abandoned Tor passenger pu:-
| poses and was leased to Mr.. Barnum. Shook " Oil-
! mores museum and summer garden were there Tor q
time and these less put the building into about the
| condition il is now in The Garden has been some
thing OF a white elephant " on the hands oil the
| Harlem Road and there have been frequent futiie
| negotiations LOT its sale in the last ten years.