New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-12
A BIG REAL ESTATE DEAL.
THE SYNDICATE BUILDING LIKELY TO
CHANGE HANDS AGAIN.
THE METROPOLITAN LIFE INSURANCE COMPANY
- THE PRosPECrfyD BUYER, IT TO GIVE
Is EXCHANGE SEVERAL PARCELS ~
THIS CITY AND BROOKLYS-ABoUT
s50oOOOO INVOLVED.
s.. 900. 900 INVOLVED.

5000 600 INVOLVED.
The facts In connection with the biggest real
estate deal projected in this city. for montps
leaked out yesterday. The transaction involves
tho sale by the New-York Realty Company
d1lake e. Dowlhg). II the Syndicate Building at
tho southwest corner of Liberty and Nassau
sts at 50 100000, to the Metropolitan Life In
surance Company. in exchange for which the
sellers take several properties in this city and
BROOKLYN. which include practically all the prop
ertv Of the insurance company, with the OK
cantion Of the properties in the block on which
the large Metropolitan Life building stards'
n the northeast corner Of Madison-ave. and
Twenty-thrd-st
Two Of the properties given in exchange by
the insurance company are known to be the
Wellesley apartment-house, Il nne-story fire
nroof structure 100x1OO at the northeast corner
Of West End-ave and Eighty-frst-st., and the
Earlscourt apartment house at the northwest
corner Of Madison-ave. and Thirty-hrst-st., an
eight-story building. 50x95 feet. The valuation
put upon all the properties given in exchange by
the insurance company is understood 10 he
about 50 o25. 900, the balance to be paid in
cash.
It is also reported that. by the terms Of the
salo the METROPOLITAN Life Insurance Company
Is 10 lend to the New-York Realty Company on
tho buildings of the former company an amount
~ money about equal t. the mortgages on the
Syndicate Building which may mean that the
Realty Company will pay off all encumbrances
an that building and transfer IL free and clear
20 the purchasers.
Il is also reported that the New-York Realty
Companv leases the Syndicate Building from
IT'S proposed new owners for long term OF
vears AT fair rental on the valuation at which
the building is put in
While il is known that the foregoing IS the
princlpal part Of the agreement approved by
the principals TO the transaction. 1t could not be
learned last night that the contracts had been
signed as yet John r. Hegeman, president of
the Metropolitan Life Insurance Company, de-
cllned 10 see a Tribune reporter who called at
his house last evening. ard Mr.. Bowling, OF
Flake g. Bowling has just left this city for
Florida 90
The syndicate Building, which fronts 90 feet
I'm Nassau-st. and 10 feet in Libetty-st.. has
hcon = continual cause Of worry to those inter-
estcd in It ever since 1t was erected. II was
bought by the NeW-York Realty company on
January { Last i'm foreclosure proceedings for
s. OiS Igi this being S9.OOO over the mortgages
and accrued interest on the property
The ground on which the building stands was
purchased by Flake q Bowling in December
iSYi. and in May lS!i5 the plot sold by them
to Lamb IL Rich representing a syndicate, for
81 go OOO Work was then begun on the crec-
lion Of a hftcen-story handsome stone building.
but owing to series Of strikes in the process OF
construction the building was not ready in time
for the renting season last spring. and In conse-
ouencc the owners lost almost years income.
The interest and operating expenses had aCcum-
ulated and the property was sold under a fourth
mortgage amounting to S9OOOOO which was
given to secure balances due TO contractors. ma
terial men and architects This left a first mort
I gage of 81 800 900 at ) per cent due July 1901.
q second mortgage Of $3.50 O00 due July 1898 at
G per cent and a third mortgage OF $3.50 900. due
September. 1898. at q per cent.