The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-04-22
MANAGING A GREAT ESTATE.
OFFICES or the zSIoR PROPERTY ON
WEST TFENIr.STxTH STREEE

srntiess-ASper Bartlett, Invsstor-hcth.
zee Of Buuains. .nd OF DssiisE.
A wsll-built unpretentious brick and stone
house on the north side OF Twenty sixth street.
just west Of Broadway. contains the Offices Of
the Astor estates The architect who de-
signed Il might have had In mind one OF those
valuable and enduring treasure chests which
we're In use In tie homes OF the rich before
safes were invented II IL two stories In
height and but for . certain air OF privacy
which envelopes Il. IL might be mistaken for a
hank The windows are guarded with heavy
perpendicular bars Of iron. curved outwardly
like the sails Of an oncominR ship.
But no eslleon Of Spain ever carried
treasure equal in value to that rep
resented here The business Of this
bank IL N receive deposits and credit them
al 70 the owners OF the establishment Every
day the twin officers are kept busy giving re-
esipts for rent 90 the tenants who usually
come themselves TO pay. So thoroughly sys-
tsmstized II this great business that . corps
Of half dozen men In each office manage 1t
all. II II no sxaRRsration to say that the
amount received every rear through each OF
the little brass windows IL several millions Of
dollars. ofcourse. there are repairs to be made
and salaries to be paid. but the greater part Of
this income IL free for Investment And this
r. one important branch Of the business ear
ned on ct Il and 20 West Twenty-sixth street
tho Investment Of the income.
IL was not so very long ago that John Jacob
Astor the founder Of the house. was alive
Plenty OF men remember the vigorous old
man who died March 20 1S48eat his home
b85 Broadway. His estate has generally been
estimated at $50. 000.0 900. His name stands as
an illustration for all time OF what New York
will do for . shrswd and thrifty man who
stakes his earnings all upon the growth Of the
city. The reason that the Astor fortune has
gone on rolling up Its millions every rear has
been that the Astors who came after him have
also been thrifty and shrewd enough to pursue
precisely the same policy Of banking upon the
growth OF New York that he pursued.
Three generations have succeeded the
original Aston. but during almost this entire
period the same set OF men have been en-
ployed to look out for the interests OF the
estate. There are two OF these In the ONCE
and one outside. and nne lot OF old gentle
men they are. Philip Nissan is one Of the
trustees as we'll as the manager OF the estate
OF the present John Jacob Aston. As he was for
those OF his father and his grandfather. Abner
Bartlett IL the investor In real estate for both
the estates. He IL said to be the best authority
on New York and suburban real estate
Tho third faithful servant Of the Astors is
John Downsy. the builder. who has put up all
their houses and N sde all their repairs during
thirty years. These three men have served
three generations and to them Is largely due
the growth Of the Aston wealth. which now
consists OF two estates each more than. double
In value that Of the original estate.
Through tho kindness OF Mr.. Nissan and OF
Henry b. Ely the young lawyer who is his as
sistant. SUN reporter WAS allowed to see Just
how the business OF the Astor estate Is carried
on. The proof sheets OF this article were
afterMard submitted to representative
OF Mr.. Aston, who authorized its pub
LEGATION In the present form. OF recent
years no Investments have been made IN
bonds and mortgages. the policy being to pur-
chase real estate. However. about one-third
OF John Jacob Astors estate Is In the form Of
bonds and mortgages and other securities
Real estate when purchased Ii generally
unimprovsd. The usual course is either to i'm
prove It or to lease It at once ground leases.
The property Of &c estates on the lever s east S
EVER Sit q ground G 9,s By the estate. /;
distances In a series Of illuminated maps.
which are hung on rollers a.d may be re
the SGT OF maps was prepared are put down In
. set OF auxiliary maps To rehearss q list Of
would i0 bs difiCuit TASK. but there are Ger.
tain sections OF the city which belong to them
Tenth and Seventeenth wards. along Avenue
occupied for the most part By ton ements built |
BIZ the lessees. whose leases run for twenty
The old Gint t farm property was formerly
from Eighth avenus to the river This also
contains many tensments and Is held on |
The fnsst section Of the Astor estates is IN
doubtedly the Middle Road property. on Fifth |
si.ta Tor the most part Of WslI"bSiit stone And
brick residences 1t an elliptical section, TAX
t oarth .tpests. on both SIDES Of FiftS avenue
ON Thirty nth and Thirty sixth streets east OF
saa II ids sS %
sixth streets. Il contains more than one hun
drsd houses within radius Of block or two.
The Rdsn farm property extends diagoDally
BfoadWsy to the river at Fiftist6 street It
contains the Long1eIs APARTMENT house.
EiEhty.ninth street TO 10th street and a
large amount OF suburban property in Harlem
Astors being that the city viii grow in that d.
The estates OF the two deceased brothers II.
vision was made they shared the property
Th. rent roll Is one Of the principal book. Of
account This u single large volume. and 1t
onsns 10 The estate There are ehrss 9iTisoss
In the book. representing three estates man
There u fret trust estate left py William b.
Astor for William Aston, and although il sx-
pirsd At the death Of William Astor IL ia still
maintained IS q separate estate William |
Astor left half OF that property TO John Jacob
Astor as q part OF his individual estate and
the rest OF IL was vested in him. to be del Vsrsd
when he should reach the age OF 80 years As
that will happen next July the trust estate OF |
William Is. Aston for William Astor will not
long be continued As separate account
The other property OF William Astor was left
IN trust for John Jacob and his sisters for life |
These estates have separate accounts In the
Ient roll. This volume gives the names OF
tenants. and describes the leases and ali the |
details about the property.
Two collectors only are necessary for gath
sring the vast rents OF the estates controlled |
BIZ John Jacob Astor. as most Of the tenants
call and pay their rent themss selves. The in-
suTAnee OF the ONCE is under the direction OF
one man. who keeps q separate book for that
business. The other employees OF the once
are four accountants and one inspector. The
sole duty OF the inspector is TO see whether
repairs which tenants ask for are necessary,
The AstOrs will make any alteration desired
by tenant before he moves into one OF their
houses. but once In he must abide By tie