New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-12
HOW He GOT THE BIG FLATS.
PrLING UP ENORMOUS MORTGAGES

Mr.. MCoMB ADVANCED MONEY TO FINISH HE
NAVARRO BUILDINGS.
J. Jennings McComb who now mas ne",S
e. 600. 600 invested in the Navarro uats "t 'ho
southcrn end Of Central Park Is an onio man
n. u-os horn IN Mansfield. He passed fifteen
- 80 HE life in business In London, and there
made the bullx of his fortune, which ne mas IN
creased since his return to this country. lie Is
. man of medium height, compactly built, wears
. xvcll-trimmed full beard, and is Of genial man.
Nor with shrewdness sticking out all over II.
Mr. McComb says that he was invited as prl-
vate capitalist TO put money into the nat enter.
,,r;se on the representation that the Oulidmgs
Txhen completed, together with the land on when
they stood would not exceed q cost OF S4,V4o,ooy,
that the money had been PROVIDED from tne su al.
~ APARTMENTS and from builders mortgages, OUT
that $500. 900 would be required TO complete the
buildings before the total amount OF these mort
cages could be realized from .he ms. adtional
advance Of 5000 600. The Central inrK bu ini
ing Company was formed, after N.Y. MsSom IN o nnI
advanced the $500, 900. with this amount OF capl-
tai stock to be used temporarily for the compile
tion of the building.
FURNISHING MONEY TO FINISH THE WORK.
The company became the contractors Tor con-
stucting the buildings This occurred IN July
and August, 1883. Early in September, Mr. Nc
Comb SAYS he ascertained that the buildings
cost largely in excess of S4,040,0Oo, the avaiia
ble money had been exhausted and fresh ar
cnmstances other schemes TO raise the 1unds
having failed. Mr. McComb saw no aIternatTyHe
hut to provide The means TO cpmpleosi & he
agreed to do this upon the falth OF secono una
third mortgages, formally asscntcd to by more
than two-thirds of the stockholders ana OF cor.
tract between the apartment ASSOCIATIONS, inc
building Company and himself under Which ne ne
was TO be repaid oil the money advaneru oy mn,
for the completion Of the buildings Inc money
was advanced and the building, completed, anu
the subscribing stockholders some thirty III nun ,a
Der entered into possession OF their tiS
Tose F. de- Navarro Mr. McComb SAYS, has never
denied the OBLIGATION Of the stockholders 70 r.
nav the sum advanced. The other stockholders DER.
he declares, do deny their obligation to nav tnelr
sresendeavoring to defeat Mr.. McComo IN the
In cSnlaining why he has begun the foreclosure
rrocccdn@s now pcHding before Referee Cole, Mr.
NcComb takes the ground that ne IS cm1rea 90
s ,ni o% hy hin amount TO 81 100000. lie has
taken IN the first mortgage, held by the Mntnal
Life Insurance COMPANY on. four Of the buii p.
ines. for 81 900, COO which, with interest;
amounts to 81 270. 900: aid the frst NOR 1ase %
81 100000 held by the New-l'rk lte l non
n,cted Which with interest, makes $1,000, o92
Is about 70 pass into Mr.. McComb's hands; ne ne
thus sOaes all Inc savs ha. this enables
him To- manage the buildings himself ana grant
leases for from one to hve years % nv '
L"vG LrAsFs POSSIBLE Vow.
The trouble heretofore. Bays "AA
has been that. because of the uncertain state Oh
affairs aportmcnts could not he rented for more
than one year at time. People who wished 10
take such splendid apartments desired leases 1or
from three to FIVE years. The present arrn aa,i
mont enables me TO make these longer lcas'S gnu
socmra bi,-i,cr rents for the onc-ycar lease mas
made it necessary 10 put the rents lower ,nl
they shou,d be in order To secure occurano,
Evcn ms matters have been running, the income
from the buildings is abont equal TO the r1 1n,
lao
cagcs Already there is an increased inquiry IoI
these anartmcnts on leases Of from two 10 ,nr 1
vnops Everything will now be done to put inc
tnl6nos in the most complete shane am
clearing IN the back taxes and pnttl1ng every
thing in shape so as TO run tire buildings rs
Every member of the associations has lost eYsrv
dollar which ne raid toward securing hnlseli u
home of his own in the buildings, me i9t S no,
nrc proccedings begun nv Mr.. McComb. II con-
timed on their neXo,aile way. us n9w sc',ns
certain make this rcsut unavoidable. me mei M
hers OF the associations IT is said, owe ron sow
O." 60 600 each IN hack taxes. etc. ana TINS III
dobtedncss Mr. McComb will have to wipe out