The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-27
KEPT in THE FAMILY
PROPERTY IN NEW YORK
AUCTIONED OFF FOR s4,225,OOO.
Hotel and the Madison
Square Playhouse Disposed
of to w. Il. Emo.

NEW YORK, April 26.-The Fifth-avenue
Hotel and the Madison-square Theater
building adjoining were sold in one parcel
at public auction to-day for S,22S,VW, the
purchaser being w. p. Emo. son of the
original owner.
The hotel occupies the Fifth-avenue and
Broadway front of the block between
Twenty-third and Twenty-fourth streets.
having a depth on the latter street of
217.111s feet and on the former street of 2l5.2
feet. 1t is a six-story and attic building
with white marble front.
The theater on West Twenty-fourth
street Is three stories high on the street
front and occupies a plot fronting 47.3A
feet on the street and about 9S.9 feet in
depth. 1t Is constructed chiefly of brick
and iron, and is leased until Oct. /, 1908. to
Frank Mckee and Charles Frohman at an
annual rental of sl6.5O0. A building was
erected on its site during the gold excite
ment in 1871. to be used as a night ex-
change by a Mr.. Gallagher, who was a
member of the New York Stock Exchange.
and who sold seats in the same manner as
they are sold on the exchange. The Stock
Exchange, however, soon passed a reSolu-
ton for the expulsion of any member who
dealt in stocks or gold after the close of
business on the exchange. John B%rougham
and Augustin DAILY then used the building
for Christy's minstrels. 1t was burned
down In 1S71, and when rebuilt was used by
Heller, the magician. II was afterward
rebuilt as a theater by the Messrs. Mallory
and since then has been occupied by A. NJ.
Palmer. Hoyt and others.
The hotel is leased to Aug. !, 1903. Real
estate dealers had been figuring for weeks
as to what sum the property would bring.
Opinions varied from $4,000, 900 to Sc. SOC. 600.
The estate has realized for many years 4
per cent. on $500. 900. represented by the
annual rental of $780, 00, the lessees paying
all taxes. assessments and repairs. 1t is
said that they have reduced their rent to
$4,000 and paid half their taxes by renting
stores to the Second National Bank and
others, while the billiard rooms. cafe, bar
and barber shop bring In revenue enough
10 equal the amount or the rent. III Is GER
tainly a well paying property and there is
much speculation as to will be done
with IL.
The site OF the hotel was occupied in 1850
by Corporal Thompson's cottage. a road
house. which was then very far uptown.
Ii was a small wooden building with \
piazza running across the front and on Il
was a sign reading Corporal I~1o-apson ;
Madison Cottage, corner Broadway,
Twenty-third street and Fifth avenue. n.
B.-Stages leave, every four minutes" A
hippodrome was afterward built upon the
r Emo bought the property i'm 1854. Mr..
Emo bought other land than that upon
which the theater and hotel now stand.
but sold the remaining lots under stipula-
tons as to the height of the buildings 10 be
erected upon them, so that there would be
sufficient light and air for the hotel, which
was opened on Aug. 1. 49,. The lessees were
Hitchcock, Daring & Co, the partners
being Hiram Hitchcock. A. r. Darling and
Paran Stevens. The name OF the firm Is
still Hitchcock. Darling & CO.. the mem
bers being Hiram Hitchcock. Elmer A. OAR
ling and Charles N. Villas. So the hotel has
been run for more than forty years under
the same firm name and under practically
the anne management.