The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-09
REAL ESTATE NEWS

,o1 state OF the summer season the past
,,L must be regarded with satisfaction by
,t,.e who follow tho real estate market From
T,,vIuntil Oct. 1 New Iork's rich mon are
.r,y from the city to a greater or less extent
- INV largo transactions in real estate are
closed during this period IL proves the eAcop-
ton and not the RUE
''T g,hers will DO during this vacation period
,r,,srous minor sales closed but the buyers
iii IN tho main. be the smaller class OF OPP
.rst5rs. who are always on hand looking for
,.-g,ina At the present time there are quite
.nn,rbcr O. big deals hanging fire. and at any
,,r. during the summer rest one OF these
flaming deals Is liable to wake up and be
heard from
Ther. was only ono largo sale actually
.roc.rd last week. This was the sale OF the
Custom House property at Wall. William and
Hanover streets and Exchange place. Al
though this sale took place at Washington,
,hrough the m odum ofsealed bids and had long
heen discounted. It must be regarded as real
sstato feature ofthe week Just passed. On Mon
dny. before the bids we're opened. there was no
aoneral information that q sale was to be m ade
n, course each Of tho three bidders and the
custodian OF the bids knew that an offer had
heer made in excess OF the upset price
a. oOO.-and that in accordance with the
farms Of tho Governments proposition sale
would result.
Rnt the general public had every reason
N he doubtful. The Custom House prop
er.v had been IN the open market SO long
,bb, there seemed little hope from the
s.al.d bid market. In fact, 1t may safely be
said that a year ago there would not have been
Aid for the property. Not that this specific
,tore o, realty is worth more to-day than 1t
w,sa year ago. for this Is not 40. the selling
prIce rar square foot being about Sl04. the
average price prevailing thereabout In recent
years but year ago it would have been I'm
nossih,e to dispose OF the Custom House
pr,pe-'y Mt the price now obtained S.. 265. OO0
nr nj the Price required by the Government
The explanation is simple. The market is In
avery different condition to-day from what It
was year ago.
Not only 10 It shown that the National
CITY Bank is disposed to make 100000 in
ye.tment in Wall street realty. for with the
proposed alterations the cost will reach this
figure. but II is also shown that two other large
financial institutions. the New York Realty
Bond. Exchange and Trust Company and the
Farmers Loan and Trust Company. are pre-
pared to do the same thing. Indeed, there Is
reason to expect an early development OF such
sections Of Wall street as are not yet improved
with what is known as the modern banking
and Office structure. The locating OF the Ma
tona City Bank in the great old Custom House
pile will be Of magnetic effect.
The announcement that William Waldorf
Aston il to erect a six-story commercial build
ing at the northeast corner OF Broadway and
Thirteenth street. extending TO Fourth ave.
nue., the site Of the old Star Theatre, settles
the future OF Broadway Immediately south Of
Fourteenth street. The new structure will be
in no sense an Office building. line OF I'M
provement which Mr. Aston had seriously con-
tsmplated The Roosevelt and Domestic build
ings. extending on the west side OF Broad
way. from Thirteenth to Fourteenth street.
are Office buildings. aud II has been predicted
that all office building will ultimately be put
UP on the site Of the present Morton House
With the new Aston structure an office buiid-
ing the conversion Of this section OF Broadway
to Ioobng district would seem to end. Rogers.
Peet 4 Co will occupy the whole OF the new
Aston building with a Wholesale as we'll as re-
tail business For the fifteen years for which
their lease extends the aggregate rental will
be about IL, 100000.
Terrence Farleys Sons filed plans yesterday
for 'our tour-story dwellings, costing $780,
600. 10 be erected at the southeast corner OF
Madison avenue and Fiftieth street. part Of
the old Columbia College site.
John F. Weston took title yesterday at
s275.00O from Charles w. Mather to the plot.
G2.21lOO. at the south corner OF Fifth avenue
and Eghtyftth street.
The following are the comparative.tables for
Manhattan ana the Bronx OF the conveyanees,
mortgages and projected buildings for the cor
responding weeks Of 1889 and 1893. as COM
piled by the Record and Guide: