New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-03
REAL ESTATE.
A QUIET WEEK IN THE MARKET
BACHELOR APARTMENT HOUSES
AS AN INVESTMENT.

~ the holiday on Wednesday. the offerings at
auction were a rule. of little Importance ana
on Friday there were no sales at all under the
hammer The East Side residential section in the
Ff+h-aye district reported its full share of
actions however and continued the enviable repu-
tation healthy activity it has established in the
last few months.
Charles Buck reported the sale of another of his
row OF five story American basement houses on
the cid Columbia College site and the Fifth-ave.
corner about the sale Of which there has been so
much speculation and guesswork recently turned
out be the southeast corner Of Fifty-third-st.
four story and basement dwelling house, on q plot
25x1o0, which was sold by s osgood Peil Co. for
Henry NJ. F1agler TO Charles w. Hardness for
about s35O.0ga $4,000 a front foot Another i'm
portant sale IN this section was that of Nos 6 and
s East F1fty-thrd-st. by Mrs. Sylvanus Reed TO
George G. Haven jr, and Seymour Cromwell.
These houses each on a lot 25x10O have been used
as a school They Will be torn down by the pur-
chasers and modern American basement houses
will be erected. On the south side Of Sxty-fifth-
St. between Fifth and Madison aves several
browrstone dwellings being torn down in prep
aration for extensive improvements
TRANSFER TO THE UNION CLUB.
The Union Club took title Friday to its new
cite on the northeast corner Of Fffth-ave. and
FIfty-frst-st. plot fronting 75 feet and inches
in the avenue by 16O IN the street. Title was
taken from the Roman Catholic Orphan Asylum
IN the names Of John L. Cadwalader Louis Mesier
and John NJ. Bowers, trustees, at a consideration
Of s70O.00o The clubs present house. the north
east corner Of Twenty-frst-st and F1fth-ave.. and
the site were both mortgaged to the Seaman's
Savings Bank for 100000 per cent for a period
of five years. Purchasers OF other plots from the
roman Cathonc orphan asylum P r6 M ib
also took title last week.
auction 6ra5c % Of Re mafet 'I Its i t Of Offer
ags a9g 5 F n0uds 5he PPoP s16 o0 OF hs
OF the f4IloWing four end I'VE story buildings: nos
Cedar-st and Nos p to q Cedar-st between
William and Pearl SITS: No. s. Beayer5st, between
tween Old and Coenties slips The sale will be held
by George r. Read on Tuesday at No III Broad
AN ATTRACTIVE INVESTMENT.
For the last two three years probably form
of investment property, when considered solely
in the light of rent payer. has presented itself
to the conservative real estate owner with more
attractiveness than the modern bachelor apart
ms cai1TSp last S955s9 t,+ dssHs n.y. L1 ax
tended mention than space then permitted;
building of such hotels a. The Plaza The SAVOY
and the New NetheriaIl5 and the choice Of M
town sites by the University, Metropolitan. Union
Accommodations for club men and bachelors came
70 be recognized Until about three years ago.
the use Of bachelors. in its experimental stage
eemnEy nnited D0 demand for fhs class 81 o
buildings. bachelor apartment houses and family
noteS 10 the height OF nine 10 fifteen stories have
in many Of the most desirable resiSanfiaI seetiops
OF the city, while many more still building.
Their success is largely due TO the thoroughly
modern construction of the buildings referred to
and the extreme care that has been taken in plan
ming every detail of the construction and the
FaI senents Tor quick and elcien service, so as to
cater 10 the convenience and comfOrt-and possibly
lions 80 been NEGLECTED. IN 15a hest bi de F i
character 1t is little wonder that this way of
that for from s TO TO B @ var Wr rent IT IS considered
procure two or three rooms and a bath in good
ms AvlhS rooms an me comforts and conveniences
To nea-I,, III - .t- - 49, ,-,-,
houses, including those that rent as low as S5S
bathrooms exposed plumbing hot Water snply 5
apundance, steam heat. gas and electric lights,
monthly rental, while the only extras, outside of
and the use of a telephone, which is to be found
IN nearly every apartment, connecting both with
world In addition to the conveniencas sIreadS
Iaentledled the better class Of apartments pro-
1ans; refrigerat TN plant which gives to each
other attractive features.
A CASE IN POINT.
In an apartment house recently completed in
central location. IN the Forties the owner has com,
hdned all of the essential features in the way of
up-to-date improvements. and yet has made the
rentals so low that the building flied soon
eiter It's completion. 1t stands twenty five
ents Of two rooms and hath each on al IO o apart apart
The rents run from $33 TO s42 a month the total
year investment Of about SO go leaving an
building and the loss of rent with 10 per
cent return on the Investment still remaining In
their rooms, If desired. 90 cents and other meals
wei cooked and served may be ordered a la carte
IN ue mgher cIass OF bachelor apartments every
thing In the houses is usually planned and carried
out on an elaborate scale and in order that this
may be accomplished the house must be built on
plot having frontage Of from fifty seventy
1Ve feet thus giving the spacious appearance
sary for decorative effect the main floor and
satisfying the more essential requirements of light
and air On the main floor Of these structures
I6ene Is USUALLY Moorish or palm room or as in
ana haTlng me panels filed with handsome tapes
tres. Inc celnngs are often covered with histOri
cal mural paintings, and the entire effect nclud-
the better class Of tenants end commands better
from nine TO fifteen stories high. restaurant gen
orally occupies the entire top floor having win
Such houses are managed largely on the plan of
hotel and as many Of the two and three
IS made Of the restaurant service
The success OF the bachelor apartment house
ings can be- efficiently managed, and with good
profit TO the owner. At the same time the cost
more than the charge in first class boarding
house and small families fnd the cost Of living
materially reduced, compared with that house
keeping, besides avoiding the and annoy
ances OF the latter ard securing privacy and com
fort which 10 be found in a large hotel
open 10 transient patronage.
A PLOT BOUGHT FOR IRISH PALACE FAIR
II was announced yesterday that the trustees of
the Irish Palace Fair had bought plot at Lexing
ton-ave and ne-hundred and ffteenth-st, 1GOx100
for the purpose of erecting the long talked OF Pal
Fair. II is said that the property was obtained
for ss6ooo. Preparatory this purchase the Irish
Palace Building Association Incorporated at
Albany on Friday, with Roderick J. Kennedy
William II. Walker and Edward F. CaSsin as
directors.
AS soon as the necessary funds be raised a
modern clubhouse viii be built, the basement Of
have been energetic in this undertaking are Colonel
Gl.sm ~ Brown W; n, ar9-her 4 p hennedy