The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-19
SOLD BY UNION COLLEGE.
a LARGE TRINsACTIoN IN LONG
ISLAND CITT PROPERTT.

Moro Thnn 100 City Lots at Hunters Pnint
BouEht In 1885 by President Mott Sold to
william Halls, ~. Property TO he De-
reiopcd-The Sale - Result OF Consolidation.
William Halls. Jr., cashier OF tho Hanover
National Bank, has purchased tho Hunters
Point property of Union College of Schenectady.
Tho property includes moro than l 100 city lots
In Long Island City, the greater part OF II Is i'm.
proved, and its value is said to be considerably
moro than 81, 900, 900, although no figures are
-iven by tho seller or the purchaser. Tho trans
action is tho biggest in real estate that there
has been since the new city was formed.
Moro than sixty years ago tho property was
known as Dominie's Hook. II starts Mt tho
river front and Newtown Creek and spreads all
over Long Island City. 1t was farm land then
and was owned by farmers named Hunter, Van
Alst and Dc Bevoise. 1t was purchased from
tho farmers by Eliphalot Mott, who was Presi-
dent of Union College, In 1885. He paid $780,
600 for the three FARMS, including Hunters
Point and 1900 feet Of water front, which is
said to be now tho most valuable property in
Long Island City. DIR. Mott held the property
q year of so and then transferred 1t to the col.
lege. creating certain. trusts for the colleges
benefit. 1t has been held by tho college ever
since.
income from the property has been spent in i'm.
proving IL and IL has constantly increased in
proving tho property that not all the taxes on 1t
wore paid. In 1895 there was duo in tht neigh
borhood of 5000 900 of back taxes. Tho college
asserted that much of this debt was unjust aud
illegal and it went TO the Legislature for relief.
The city Of Long Island City opposed its appli-
cation bitterly, but In spite OF that the Legfsla.
amount Of the lief. Since then the taxes have
been paid. The management Of the property.
it has been stated by the officials of the college.
has been a very. great care and trouble and they
have been anxious to dispose OF 1t for a long
time. hut there was no nlrClnRnr for the lnnd
in bulk. Occasionally n small piece would be
sold. When the new city charter went into
effect and Long Island City became a part of
money came into the market and 1t was possible
to sell property for which there had been no de-
mand before. A large part of the college prop
erty might have been sold in small lots, but the
Mr.. Halls told THE sun reporter yesterday
that he began negotiations for the whole plot
about three months ago: Now the sale is prac-
tiicaliy complete, although not all Of the pur.
not yet been turned over. He refused to say
what the purchase price was. He said that the
p maP9Uer =, B@ nj w WIN Ga whieh ib he is ss sonnsi6ed' had
at is entirely. n personal transaction" he
said. Il bought 1t myself. Some Of my friends
will assist me in paying for 1t and in developing
Ho said the property was purchased for the
purpose of development. OF its condition at
tho present time he said that much of 1t that
had already boon improved contained substan-
added, "at the conditions l found"
Mr.. Halls. would not say anything about the
nature OF the Improvements that were to be
ment into a paying one, as plans were not sufi-
GENTLY definite at the present time TO make
them public. In the purchase Of the property
bert x. Harroun. treasurer: of the college, for
tho college.