New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-26
HOTEL SITE HAS NEW OWNER
EDWARD H. VAN INGEN ACQUIRES VAL
LIABLE BROADWAY PROPERTY.

ME LAND ON WHICH THE HERALD SQUARE
norEL WAS TO STAND PASSES TO THE
vooIJEN MERCHANT IN EXCHANGE
FOR THE BANCROFT BUILDING
AND A CASH CONSIDERATION
enc grea, plot Of land at Broadway. Thrty-six'h-
n and Sixth-ave, on which Douglas H. Schhe-
Aer planned to build a Herald Square Hotel ana
which. since the failure of that project has IAN
idle the site of n half-completed excavation deep
In water and nuisance 10 the tenants OF the
surrounding property. and an inconvenience 10 'he
public has passed into the hands OF Edward H.
Van Ingen the woollen importer. Of No. l6O Firth
ny, The proper;y has been acquired in trade
Mr. Van Ingen giving 10 the seller, Julien T. Da-
yies. IN exchange for 1t the icn-story bahCroi'
Building Nos. 3. and West Twenty-nin,h-st'
with a considerable sum in cash what ne pro
poses 10 do with the land is not yet known ana II
IS said that his plans have not yet taken definite
shape but It is scarcely likely that it VIII De al
lowed TO be vacant much longer
The deal by which this big plot. after many
vcissitudes. acquires new owner disposes Oh piop-
erty to the total value about 81 10000 The trans
action was closed several days ago. out ai'housh
there have been many rumors that big deal
was pending IL only yesterday that the iacts
about IL were learned. he negotiations were car
r.ed through by Horace S Ely & Co, out even
Yesterday tina; firm refused all information ABOUT
the transaction on the ground that 1t had been
agreed by the persons interested to keep the par
,iculars a secret until the deeds were recorded
From other sources. however 1t was learned 'ha'
the transaction was not wholly cash one out
that the Bancroft Building figured on MT va"
Ingen's side OF the bargain
The Herald Square property has had CURIOUS
history in the las; two years 1t was Doueh' os
Mr. Schneider in 1895 as the site for large MOTEL
N he managed by James II. Breslin. OF the oiise!
House and TO eclipse in size and appointments any
bostlerv in the city The old buildings on the ste
were torn down and eXcavating was begun. ~
fore the construction of the hotel WAS th ,upvISE
nnder way however the project fell through
The contractors stopped work on the propert! pc
cause money was not forthcoming and dItnousi
an attempt was made 10 get them 10 proceed,
taking in payment shares in the stock company
which was TO run the hotel. they declined. Elmer
Yale on behalf of Mr.. Davies. who heIu seSoIlu
mortgage of slco.0o on the property; hnaiE lo ,b
hammer bv George II. Read on May y last M;
vale bidding IT in for $4,000 Mr.; Schnelder heiu
he property 10 he worth N.2tOVe. M; since tne
sale II has been underso God that II coud DE oous"'
for N.lnDl . ,.G Canvas tho nrinci-
nal part Of The consideration given LOT '1S pror
aTtv stands on a plot 75xlco feet. in West twenty,
ninh-st $50 feet west of Ffth-ave. II Is estimated
TO he worth from $4,000 TO $4,000 MI an ihkei
nwns in addition the nine-story MohaWK builulNs'
a, The southwest corner of Fifth-ave ana lWentE-
srst-st 92x1i2s feet. in which his business Is car
ried on the northeast corner OF broaG"a! dilu
Eor,ie,hst 19Sx203 feet: property in Ffih-aVe be-
'vaen Seyentieth and Seventy first SITS; mouse
n Iexington-ave near Thirty ninth-st, ana oiheI
valuable holdings in Fifth-ave between SeVshtIe.n
nd Seventv-socond SITS. He is one OF the largest
woollen' importers in the United States.