New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-30
AR. ASTOR AND HIS TENANTS.
THE FACTS CONCERNING THE UNEX-
PECTED SALE OF THE PLOTS THEY
HAVE IMPROVED.

The report which was published yesterday de-
scrlbing the probable ruin OF the ground tenants
Of the forty-onc pieces Of East SIDE land recently
sold by the William Waldorf Aston to Henry Nor
genthaw Of No 81 Nassau-st.. appears 20 have
been somewhat unduy colored. The property Is
situated in the vicinity OF Fourth. Fifth and Sixth
SITS between Frst-ave and Avenue 4. and after
being in the possession Of the Astor family for
great many years It disposed Of couple Of
months ago The ground has hitherto been
leased in building plots upon tweniy-year terms
and at their expiration The leases have always
been renewed. although al higher rentals. as the
ground became more valuable.
The tenants. confident in the belief that an Aston
never sells his real estate have from time 10 time
erected houses upon their leased plots. They have
felt so much faith IN their ability to obtain re-
ncwals from William Waldorf Asior that they
looked upon their leasehoid ground AZ being fully
as safe as freehold But when Mi MorFcnthau
bought the estate he Immediately informed the
tenants that he would grant renewals. as he
desired to obtain possession Of the ground for i'm
provement purposes Naturally a wall went up
from the tenants as few Of them probably had
the necessary cash TO buy the plots upon which
their houses stood. Hence they saw. IN conse-
quence. the sweeping away OF the homes which
they had built. at the expiration Of their ground
leases in 1899 or 1900 when The terms run out In
their tr!buation the lessoes appealed TO Mr. Astor,
who Immediately ordered another deed Of sale to
be drawn up which should contain provision
that they should have the first option OF purchasing
the ground and upon easy terms. This provision
is being carried out by Mr.. MOrgcnthau and AL
ready eighteen tenants have become the owners
IF the ground upon which their homes stand. They
have been enabled to do This by placing morte ages
upon the ground itself and upon their houses. and
II is understood that they have themselves been
allowed to appoint the period in winch they should
pay of the Indebtedness
While undoubtedly the new condition Of things
viii cause some hardship to certain tenants the
trouble Is not nearly great has been reported.
Some of the tenants who were seen yesterday by a
Tribune reporter said that they had been fairly
dealt with by Mr.. MOrgeniAau. There are others,
however VINO are seriously disturbed over the
| DANGER OF the loss Of their houses, unless they
! purchase the ground whcrcon these structures are
! bull, These people VIII hold a meeting to-mor-
row night; ana Il is said acting upon the advice
| Of ex Sheriff Tamsen. viii appeal for protection TO
The Legislature. Apparently the courts can afford
/ leases allow The landlord ;he option OF refusing a
| renewal and In such d case these terms allow him
70 t2ke possession Oh any 'O''D''S erected 'y the
IN" real estate interests % Henry Morgenthau
! When The latter was seen al his office. No 81
/ Nassar-s;. yesterday he sald TO a Tribune re-
.eya Pi'' ARE h.ir@ treated The facts have been
inienona ~ distorted in order to cOthe my brother
Whcn we bought that property it was expressly
Understood that no renewals ground leases would
be given We desired 20 have the fee simple OF
! the estate. But The option has been extended &c
the tenants 20 buy their plots We have offered
| TO sell the land Tor exactly the same price
which builder would be willing 10 pay for It II
the ground were bare and destitute OF improve
! Inc0ts.
cot course. none Of the occupiers arc able pay
down the money. bu; we have assisted them (anc
are still doing SOD 10 raise the necessary price by
/ mortgages Eighteen OF the nousc-Owners hav,
,aken advantage OF this and within the next mon.'
/ as many more VIII avail themselves OF the sam,
opportunity. Naturally the interest upon and the
! gradual reducing 81 the mortgage will mean
greater yearly outlay than the rentals amounted 10
bat in the long run the tenants will reap th'
benefit. Eventually. instead Of being only lease
holders. they viii the freehold of the ground.