New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-01
ST. LUKE'S PROPERTY SOLD.
THE HOSPITAL. SITE BRINGS Se,4OO,OOo TO
THE INSTITUTION.
A ZIG TRANSACTION IN MATHATTAY ISLAND
REAL EsTATE-TIIE NAME OF THE PrR-
CHASER NOT REVEALED.

livered ~ 80 r. m. yesterday. The purchase
price Is S2,400,000. and the deal is de-
clared to be the largest real estate transaction in
the history of New-York. The trustees of ST.
Luke's are to retain possession of the property
until the completion of the new hospital at
Morningside Park when the title deeds arc to be
passed aud cash payment made of the snug con-
sideration named. The old hospital will then be
razed to the ground, and tho magnificent plot be
divided and sold for residences or club buildings
The name Of the purchaser is withheld for the
present.
Ever since the ST. LulIe's Hospital trustees de-
cided that it should join r,le noble piles pro-
jected on Riverside Drive sites, the Fifth-ave
property has been the market. Many offers
have been made for portions of it, the negotia-
tons set on foot by the Union Club being the
most notable Of them. The trustees decided,
however, that the sale must be made of the
entire plot, and refused TO consider oilers for
separate lots. As the property comprised thirty
two city lots, with a frontage in flfth-ave. OF
200 feet and depth of more than 400 feet, its
pnchase was a matter of no slight moment. 1t
lay in one of the most valuable parts of Man
haitian Island, and was the only large plot in
the market
HOW THE SALE WAS MADE.
The sale was brought about through Charles
A. Seymour & Co.. real estate men of Fifth
ave and Forty-secondst. The purchaser ap
preached Mr.. Seymour about three months ago
on the subject OF buying the Manhattan Athletic
Club property. He told that. under the
circumstances. there could be no profit in that
project, and his attention called to the ST.
Lukas property. A vast amount of figuring
followed, and resulted in the submission Of an
offer of 50 600, 900 The committee. which had
been appointed by the trustees with power to
D1Lo H,,nh
Camp and George MacCulloch Miller. the presi-
dent of the hospital association promptly re-
fused this proier and subsequent one of S2,25o,-
00O Mrs Hetty Green offered $4,000, 900, and
then the undisclosed purchaser Who is described
as a retired merchant. raised his bid TO S2,4O0,-
OO0 making this his ultnatum. This offer was
submitted to the committee on last Friday Mr.
Miller hastened uptown and consulted with oor-
nelius Vanderbilt, Chauncey NJ. Depew and two
or three others Of the trustees who have been
most actively interested in the institution, ana
il was agreed TO lay the proposition before the
full board. with the recommendation that IL DC
accepted.
A board meeting was held on Monday after
noon in Mr.. Mlcr's law Office. The trustees ha'
held the property at SO 500 0Co but deci'cd TO ac-
cent the offer on these term,-SlJ0.o0u 10 ~
paid down on the signing of the contracts $780,
the balance IN cash on the transfer of the title
deeds: the property TO remain in the possession
OF fire trustees until the completion of the new
hospital the Init for the final transfer being on
or before January !, 1895, AT the option OF the
trustees, and all building or other operations TO
lie deferred until all the patients who are mostly
consumrtves have been transferred 10 the new
institution.
THE TERMS ACCEPTED.
These terms were accepted and at a full meet
ing of the beard yesterday afternoon the con
tract of sale was signed. 4 check for 81 10000
was given 10 the trustees by Joseph II. Cho'te, OF
Evarts, Choate X Beamam, who represent the
purchaser. The property Is Transferred free from
encnmbrances and without restrictions. When
parceled out for resale. ii will undoubtedly be
made subject 10 the usual restrictions put INTO
deeds of property in that neighborhood
This valuable tract of Manhattan soil cos'
the hospital trustees $4,000 about forty years
ago 1t has, of course, not been SUBJECT -
taxation and the clear profit to the hospital
association. through the rise Of values - 81
$4,000 The association will pay interest 10
the purchaser on the amounts advanced untl
the transfer of the title deeds, when the
property viii become subject 10 taxation II T.
expected that il will be largely hnit up IN
detached mansions such as those OF John u.
Rockefeller and others across the street from
il The reason given for Withholding the
name of the purchaser for the present i ;,n ei,t
agents and others until the great property Il
nnt in shape for disposal. The purchase price
Is at an average OF $4,000 CITY lot.
THE UNION CLUES DESIRES.
The most earnest cndeavor 10 obtain part of
the St Lukc's Hospital site was made by com
Inittee of the Union Club. This committee was
appointed in April, 1881, and consisted oi
Clarence A. Seward, J. y. A. Griswold, John j..
Burrl Frederic ID. Tappcn, }. Hampton hoOo'
Alexander T. Van Nest and Samuel w. Milpdnk'
There a great desire among the cIun mem,
bers to secure uptown sit, ana III" ho,?iitt'i
ground seemed almost tie Only one a\"Iia"i''
The committee reported. however that II was
unable 20 secure it at reasonable price, ana ,,i.
seeming lnlpracilcablliN OF chdlS h"n II
present sit at Fifth-avc. and Iwcnty-lr't,>'. Ici
10 Il movement for consolidation WIN 'h' ~"
Metropolitan Club. This i,>ur was faced lnaief d.
al the annual election Of officers OF the clao las'
week and tile antl-conSDlldatlon tlckct Wdo 80,
cessful by an overwhelming majority. III St''i'N
probable now that negotiations for "A pSrt of t.
coveted hospital sight will be rcopcncd though II
is asserted positively that the Union Club has no
plan for the purchase of property there under con-
sideration.
University Club TO a part Of the ST Luxe prop
erty. The clubs lease on It's present hous. AZ
Madison,are. and Iwe3ly-siN'h-st. VIII chd III
1895. The council of the club has had the di's-
tion of removal under consideration for sfc't
while ard il would not surprise thosc well poste
in club affairs TO see IL yet housed at the AT
tractive and costly Fitth-avc. site
WORK OF THE HOSPITAL
st. Lulies Hospital was founded in lsiG, by the
Rev William A. Muhcnburs. a Protestant Epi,-
CORAL clergyman, of Long Island II in
coiporated Under Protestant Episcopal manage
ment in 1850. and was opened in 1859. In It's
present building IL has capacity of 200 beds,
and it treated. in 1891, ,oo7 patients; II has
permanent fund of over Ss00,O0O. The founder
was the pastor and superintendent until he lied
in 1877 That place is now held by the Rev.
Dir George s. Baker.
Mr. Miller is president, Bcnon lockwood
retarv and Gordon Norril treasurer. Last year
the trustees decided 10 remove the institntion 10
the hirh site overlooking the Hudson River whore
with the projected Cathedral of ST John the Divine
and Cal,imtia rnllnoc il will form a mart Of a