New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-07
A BIG FLAT HOUSE.
LESS FOR THE OSBORNE THAN IT COST.

4 DECLINE OF 5000 O00-THE BUILDING oF DIV"
sTRUCTrRrs OVERCOME.
Tho mania for big-Hat buildings which swepo
ever the city few years ago ana re'u,o'~ 80
erection OF such splendid structures as 'ne ~"
.,.-,r,on. borscs the Dakota, the Osborne. the
Chelsea and their kindred produced so many VI
these houses that the supply exceeoeo I'll u''n""
This was particularly true of the large nuiho,i y,
structures which were put up In the ne'gnooi"oou
Of Central Park at its southern entrance sumo
~ the buildings were erected at an enormous ex-
80. ara many Of them cost their projectors
sbout twice what they had expected Conse-
~.s.,,,, tbev nIaced first. second and even third
MORTGAGES on their buildings in order to hnish
,hem When this was not done in the process OF
hn,ldinp IL was found necessary afterward 10
ra;se money because Of the enormous taxes, water
rents and expenses generally for keeping up 'he
houses the annual expense In the Navarro u aI
for instance. being some S2,oOV ior e"ch u"
The fats had been built largely on .ne ueehs ,bo
they would cause their own demand, ana 'hHu uno
increase of population would act as announcer laNor-
able factor But these two levers did not come 70
the aid of the projectors and the result Was INC
the rents had to be put down lower than Fiylns
basis while many of the expensive apartments
remained untaken.
PREVENTED FROM MAKING QUICK RETURNS
T. is such things rs these that have prevented
The Navarro and the Osborne flats from bringing
in speedy returns. Unfortunate litigation over
the Navarro fats has complicated matters. Inc
Osborne fats at Sevcnth-ave. and t1ityseVeh'"-
st. were sold at anc,on yesterday Mt the hc"i
E.,o,e Exchange by William Kennedy * Bro.
They were built by Thomas Osborne, peine 1 9
in 1883 and finished in $685. the totai c9s1 prIns
cinal bidders being J. II. Taylor; Albert Belamy
and George DE Forest Barton The hrst pa was
s85o 600 over the mortgages OF wh T I nr;ce
VAS RIM mn to s5O7 900 over the mortgages, or
81 900 600 and the property went to D. H. Iayl" a
Tie sale took place under foreclosure proceed,
;nrs be@nn bv William Taylor as the executor OF
John TAYLOR the proprietor OF layiors rcslaur"h''
and ny order of George b. Newell as relerse yros+
F;ftv.scventh.st and 100 feet on Seventh-ave
The building is from ten TO fourteen stories nIgnl
If bric, bro,yp-stOne and terra Gotta IS hreprool
ard its halls are finished in MARBLE II was . Gee,
GRATED at ON expense of $4,000. 1t Is saiu tnaC
MIR Osborne sank all his money in building !
nous ,terd iS WAS 5000 o0O less than the cost
r. is expected that in time the building VIII ne a
good investment. Its annual rental 10" "no'''''
to 100000.
OWNERS OF TIE NAVARRO FLATS HOPEFUL
The owners of the Navarro flats believe thai
ultimately those houses will be profitable, ana
they say that it is only a question OF holoing on
A new factor in the litigation over these Is inc
transfer of the sl.OO0,000 first mortgage OF ',o
Mutua Life Insurance Company to D. =. NO so onn
who already held second mortgages lor sE,%uv,,
90 The foreclosure proceedings were begun
Sy the company because of dispute between s ,bn r
a. \avarro and Mr. McComb as to which OF them
sbonld meet certain expenses in regard to me
houses. Mr. de Navarro had not stintSed expense ,nn
in putting up the buildings, and in 81 ms mai
s o. ph he had spent money with liberal hand
Mr McComb, canny' Scotsman made made q. 4"
grand kick" against paying what was declared TO
pr MI was at its height the Mutual Life Ins9r
ance Company, finding little hope that Mr Mo-
These have been going on before Referee Cole
Tic transfer of the first mortgage leaves 1T IN MF
McCombs hands to push the foreclosure Procee ~
leave them as they are, in the hands of the rei-
cree unless the members Of the Various
Mr NcComb associated English capitalists w WIN
him in the present purchase; He be! eve, i M
he SAYS. that the flats Will In q Short .nne oo
good investment