New-York tribune., 1902-12-21
AsToRs SELLING EAST SIDE PROPERTY
Lessees Become Buyers of Valuable Sites.

shout a month ago the lessees OF many proper
ties owned by the estate OF John Jacob Astor in
the blocks bounded by First-ave-, Avenue and
Fourteenth and Sixteenth SITS. told the trustees of
the estate that they wanted buy the par
GELS. This request has met favorable action and
il is expected that before February, 19oS titles TO
forty properties in the blocks will be transferred
,,- the estate the present lessees Of the land
The Astors have for years been known as among
the largest owners of realty in this city, and up
about ten years ago it seemed TO be their intention
not TO part with any OF their parcels here This is
said to be the third sale Of property in which the
Astors have ever figured.
K was reported yesterday that the transaction
was taken as Indicating that the Astors intended
to sell all their East Side holdings This idea is
about as far the truth II could possibly be-
The revenue received from the East Side proper
lies is so satisfactory the estate that the estate
would not sell if the lessees had not asked and
urged il to turn over the property TO them. The
sum for which the forty parcels be sold the
essees is in the neighborhood Of $4,000 or about
SIS 600 lot In deciding upon the value OF the prop
critics To transferred trust company which Is
in no way connected with the estate asked TO
do the work. and the appraisements made by the
company have pleased. it is said. every one directly
interested in the project.
Some of the properties which figure in this deal
are No 425 439 East Fourteenth-st-. No. 422
to 496 East Fitteenth-st.. and Nos. 7 to 249 Ave
nue. A. and a long row of houses on the north side
In case any the lessees do not buy property
which they lease. the property will be sold just
the same. A buyer for any such parcel could
easily be found on account Of value of the
property from the point of view of investor.
N the properties old style tenement houses.
Many years ago the ground was leased from the
.Astor estate and the lessees put up the buildings
on the sites. According the terms Of some of
tko leases the lessees have the right at the eN-
piration Of The lease to remove the buildings. and
in other cases the buildings the end of the lease
revert 20 the Astor estate To learn what build
ings could ne removed. or what houses become the
nr0pertv of the estate al the expirat ton OF the
lease II would be necessary to examine each lease
obtain the facts from the holders OF the lease
only from five 10 seven years or the
terms of the leases have expired The original
iessees leased the ground and built the houses on
the land.
Ii is said that the value Of the land in the Tomp
kiGs Square section of the city, which was bought
by the first John Jacob Astor a century ago for
$50 600. is S5.00aG00. It truck farm, and
Mr.. Astor's grantor John Samer, whose wife
signed her TO the deed, il Is said, with her
cross. The blocks in the present transaction were
bought 4 much later date.
II is said that the properties in the blocks IN
question 10 be turned over 10 the leSSeeS on
the best possible terms. Plans for financing the
matter have been perfected, and only a few thou
each property. the balance remaining on mortgage
for a long term of years. The mortgage for the
balance will be given by a company or persons not
connected with the Astor estate. that when the
transfer of title is made the estate viii not have
any further interest in the property.
The first similar sale Of properly was made by
the in 1890 when il sold East
Side parcels, and the second one only a year ago