New-York tribune., 1900-07-22
THE WEEK IN REALTY.
WILLIAM WALDORF ASTOR'S NEW
HOTEL IN LONGACRE SQUARE
AND OTHER EXTENSIVE
IMPROVEMENTS.
IMPROVEMENTS.

IMPROVEMENT
All other transactions in the real estate market
of last week sank into comparative insignihcance
when the announcement was made that papers
had been signed in the Office OF Brooke & Georger
for the transfer Of the Astor easehod property IN
I,ongacre Square occupying the entire block front
on the side of Broadway. between Forty
fourth and Forty-hfth sts., and running westerly
100 feet on either street. William c. Muschen-
helm the proprietor Of the Arena in Thirty-frst-
St. near Broadway. This deal only goes to prove
that It is entirely possible for brokers 10 carry
a successful conclusion sales of great magnitude
in midsummer and with the mercury sizzling in
ninettes, Notwithstanding the frequent an
nouncements in the real estate columns Of the
newspapers that brokers find IT impossible to bring
the principals together during the heated term
Since the announcement OF this transaction there
has been a great deal of speculation and guess
work IN print to just what the nature Of the
Improvement on the property is to be and when
the work Of tearing down the present buildings
will be begun. So far the plans for the i'm
provement of the block are concerned, the writer
state positively that the plans for ten story
hotel drawn by the architects last spring
according to the ideas of Mr. Muschenheim, and
that these plans were approved by William Wal
dorf Astors representatives several weeks ago
the only hitch in the transaction being the terms
of agreement between Louis P. Seton whose lease
that part Of the property known as the Stoning-
ton had seven more years to run. and Ernest H G.
Meyer, who acted for Mr. Muschenheim in the
dealings with Mr.. Seton. Brooke & Georger. who
were the sole brokers in the entire transaction.
brought matters to a satisfactory conclusion with
Mr.. Seton Monday last. and upon the trans
fer of the latters interest in the property to Mr..
Meyer. the agreement already concluded between
Mr.. Astor and Mr.. Muschenheim became oper-
ative, and the work OF constructing the hotel
will be begun May l. 1902 upon the expiration OF
existing subleases. Until this time Mr. Meyer will
the StOnington which occupies the southwest
corner of Broadway and Forty-hfth-st. $50 feet
in Broadway by 100 feet in the street. for Mr..
Muschenheim.
The agreement with Mr. Astor is for a twenty
year lease OF the hotel the basis Of
separate percentage to be paid on the valuation of
the land and the cost Of the improvement, which
will aggregate about So 800 OOO At the expiration
Of this term Mr. Muschenheiu has the privilege OF
renewal at increased rental
According TO the plans drawn at present the
hotel will be 120 feet deep and in the viii be
a drive twenty feet wide running through from
Forty-fourth to Forty-ffth St. similar that
opened in the rear Of the WaIdorf-Astoria at the
time the Astoria part OF the hotel built. This
plan, besides giving tradesmen easy of
access TO the hotel we'll removed from the public
entrances, will add to the value of the Astor land
TO the west and assure ample light to the hotel.
The loss Of income on the drive Will be merely the
interest on the value Of the house lots. There
Will be no taxes to pay the street ii is said
to be Mr.. Astors intention to make it a public
thoroughfare.
The hotel itself when completed will be larger
and will contain available floor space than
any other hotel in New-York City. excepting only
the waldorf-Astoria That expense will be
shared to make the hotel thoroughly modern and
up to date in all It's equipment and arrangements
for the convenience Of its patrons it is needless to
state Mr. Muschenheim is determined to have
hotel second none in the city. and Mr.. Astor is
willing to build It. The plans for the first
main floor of the hotel have been altered since
originally drawn. to put the restaurant on
the TOP floor. and there combine with this feature
a summer or roof garden. In the location of the
hOt =
10 the success Of the enterprise in the summer
months, but as the garden could only be used for
three or four months in the year and the rest OF
the time would stand idle, Mr.. Muschenheim has
his architects working plan for combining both
these features in the same space. and for having
in place as the seasons require.
proTegent as is planned for the block front named.
Within the last few years it has become centre
OF activity in the evenings second 70 none IN the
city. Theatres and restaurants have clustered
around it which are better patrcnized by the gen
last winter it was the rule rather than the excep-
taoe occupied az Muschsnbli2 dacIares tbar the
block on the west side Of the thoroughfare which
| he has selected is far superior 10 any Of the
second-st. up and in support of mis- contention ne
calls attention to the fact that the e4tTf 6l9c6
| Forty-ffth stands out in bold relief as one
While Il can be Seen for many blocks
on the two thoroughfares TO the north which meet
Property owners in the vicinity OF Longaere
meht of the transaction and it was the general
opinion among real estate brokers that the contem
/ ted Improvement only the beginning of a
| series of Operations which will soon bring about
! a complete transformation of the entire section.
The block the south of the new hotel site on the
| vast sid of Broadway between FCrty-third ana
! Fortv-fourth SITS. is owned by John Jacob Astor.
! and ;he northwest corner Of broadway and Forty
/ Aftb-st is also Astor leasehold. 1t learned
at the Office Of Brooke Georger that negotiations
1 were in progress for extensive improvement on
| one of these plots. but definite informa ton
| could be obtained to the nature OF the contem-
| DIa fed transaction the amount OF the property
! involved 1t readily be 3een however, that
| ,-ftb owners Of 25-foot lots which old
huiidnes located in Forty-second-st.. near Broad
U5av holding their unimproved property SIS. 900
! lot and with Broadway fronts for single lots in
the vicinity Of Forty y-second-st held at nearly the
| same figure property in this section bring
IN an adequate return 10 its owner unless the old
sfructures speedily give way 10 modern buildings
| The foregoing improvement and others reported
| last week furnish conclusive evidence that the
earIv fall will develop a general activity in all
| branches of real estate market. especially In
| the building line. The Maritime Building Company
| Announces that it will eighteen story Of
| nce structure at Nos. and 10 Bridge-str running