The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-02-17
THE JOB MALE Sale,
How the Morrow & Day
Property Was Bid Up
One Parcel With
drawn.

The sale of one portion of the job Male
estate situated in this city, yesterday
afternoon. in Chancery Chambers, was
the sole topic Of conversation amongst
real estate men last night.
On the whole, bidding was not extra
ordinary. The property located at No. 81
Montgomery street, in which the bu ST.
ness of Morrow & Day is conducted.
brought fair, solid price, though not
fancy one. THE JERSEY CITY NEWS set
an estimate OF $35. 900 upon the property.
so far as this sale was concerned. The
exact price paid was $34. OPS. The build
ing is a four story and cellar brick one
The ground floor is well leased
aud the three flats above are rented5aG
fair prices. They are always occupied q
circumstance which adds considerably
more value to the building. The prop
erty is well located, and upon an invest
ment of S35, 900 would net the owner D per
cent, if not more.
When the sale began, President Frank
Stevens of the Real Estate Trusts Com
pany, was comforted by an audience num-
berlng more than one hundred persons.
or this number, perhaps, TWENTY-FIVE
were lockers on, but the others were there
on business, and at one time or another
made BIDS for one or the other OF the three
pieces Of property. Some OF the gentlemen
present who intended purchasing, If The
prices kept within their limit, were Mr..
Emmons of Emmens & Co., Il. A. Daly.
George Morrow, Lewis Wood. i. @. Vol
bert. j. ID. Carscallen, Asa Dickinson,
Counsellor w. j. Bumstsd, Abraham
Post. w. !. Montgomery, Michael Casey.
J. D. Bedle, Jr., and S. Mayer, beside u
number of interested lady-buyers.
1t was thought by many real estate men
hot hi haA eli ff
the strict terms of the sale. These were
that ten per cent. of the purchase money
aud the auctioneer's fees should be paid
Immediately upon the property being
knocked down, and the remainder in
thirty days. A non-comDiiance with this
rule subjected the property to immediate
sale again.
THE BIDDING.
When the Morrow & Day property was
put w $50, ,000 was at once bid, as told in
The JERSEY CITY NEWS, yesterday. Nine
bidders were after it with rush, and
jump of $1,000 was followed up by an
other, until 1900 was reached. Then
there was iull, but President Stevens
aroused the would-be purchasers from
their reveries, and the property took
jumps or 800, then the raises dropped TO
$50, and from that to the bottom advance or
$25 at time. Morrow & Day bid for it 10
the extent of $4,000, and made bold
effort TO secure the property but Mr.. j.
u. Carscallen with his easy s25 raises
worried other bidders. President Stevens
had but to look toward Mr.. Carscallen TO
get $25 more than anY other bidder would
offer. 1t became noised about
the room that Mr.. Carscallen intended
purchasing the property. if $40, 600 were
necessary, Ahe Post wanted the prop
erty, and Mr.. Vanderhoof was anxious to
get it. but Mr.. Carscallen was more de-
Germined than any of them, and 1t fell to
him for s34, ,025. Auctioneer Stevens tried
hard to mud another bidder who would
raise that figure little. but one WIS
not to be found. Mr.. Carscalleu declines
to discuss what he will do with the build-
ing, hut it Is understood that Morrow &
Day will be permitted to release the pro-
perty If Mr. Carscallen's terms are agree
able to them. The building is In first
class order and In all probability it will
not be altered in any respect.
THE OTHER HOLDINGS.
The tenement property at Nos. 1O7 and
109 Morris street was bargain for
d. Kasuendiecb, the Sussex street artist.
He paid 6.O25 for it. securing it by CIV
ing s25 over one of the Job Male heirs.
who bid it up to Sc, 600. Three-story tene-
menJ houses in that locality for $6, ,025
constitute what real estate men term Il
"cinch." Tenements rent readily in that
vicinity.
The last piece of property to be sold was
the tenement house at No. 259 Grand
street, which consists OFFS lot 25x40, with
four story brick tenement house with
store on the first floor. The purchasers
did not seem inclined to boom the price
for this parcel at any great rate, and
Master In Cnancery Washington B. Will
Jams adjourned the sale to later date on
the premises.