New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-17
REAL ESTATE.
BUSINESS IN THE FIELD.

The expected Improvement in realty business
throughout the city was not apparent to any large
extent in the last week. but 1t Is SAID that I'M
favorable weather conditions not only within the
city limits. but also over wide expanse OF territory
and the observance Of the Lincoln holiday were
partially accountable for the slight check IN the
closing Of some important real estate deals. inc
eve of every business man is now chiefly directed
upon the progress of the gold payments Tor 'he
new bonds. This element of financial interest
which largely enters into the calculations oil every
operator in real estate who is obliged to become
q large borrower of money. will soon be eliminated
The success of the loan has resulted in creating
q new feeling of confidence among the real estate
brokers throughout the city.
The most Important sale concluded In the last
week was that made by f. A. Cruikshank d CO.
for the heirs of Bowie Dash and the Avian Bin
finger estate of the Broadway. Liberty-st and
Tempe-st. property. to the Washington Lile IN
surance COMPANY 1t has been known for several
weeks that important negotiations for Its sale were
pending The company has had the corner uluer
consideration as a site for an office building ior
a long time but the negotiations had dragged
elona SLOWLY The sale however, finally closed
early last week The contract price is N.%Oop, or
at the rate OF s13l 81 square foot for the entre
plot; which price has seldom been exceeded III inc
history Of New-York There are 9'il.d square
feet in the plot, of which 1,lS2E square leel are
in the Dash property and 255S3S in the Bininger
estate corner parcel. with the Liberty and Temple
St frontages included. Is s1Ss g. and that for the
inside piece No 1I Broadway. owned by the
Bininger estate Sill 65. The sale of this corner
takes it permanently out of the market The new
owners will not improve their purchase until after
May of next year, when d fnouerh ONCE SUI
will be erected.
An Illustration Of the fact that real estate values
ere ON the Increase. especially in the lower part
Of the CITY was given to The Tribune reporter by
q wel-knovn business man OF this city recently.
1.-THE recent purchase" he said. of real estate IN
the Insurance District, the corner of Cedar and
William-st. by the Queen Insurance Company from
Flake & Downing for s342 500. is a fair example
Of the enormous advance in values In that quarter
of the CITY, This piece of property could have been
bought for 1925 900 February 1895. from Mr.
Wilkes the former owner. He sold 1t later IN the
season 10 Flake & Downing at an advance OF
a25 600 on his previous asking price. or at S2oooo
The new purchasers once secured a mortgage
loan Of 5000 oO) on the property thus requiring only
$4,000 cash capital to handle their entire purchase
In January the property was resod TO the queens
Insurance Company at s3i2,50O The president of
the insurance company who proposes to erect
ffteen-story office building under the supervision
of Harding & Gorch. architects, states that he
received an offer 1890 900 for his purchase before
he took title in January. Flake & Downing, after
carving the property q short time, realized on
their sale profit OF 1880 on a capital or only
$4,000 Had they held this property a brief period
longer they would have realized profit OF slioWV.
or its full increased valuation, within period OF
eleven months
AS an Illustration of the experience OF some OF
the owners of 'sky-scrapers weli-informed