New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-24
IT CAN'T SELL, MAYBE.
CoIumbia's Right to Dispose of Lots
Doubted by LeaSehOlders.

About thirty IeasehoIders OF parcels in the
Columbia University block. bounded by Forty
seventh and FOrty-eighth SITS. Fifth and Sixth
ave5., net at DelmOnicO's yesterday 20 discuss
the offer OF the university TO sell them the fee
OF the plots they lease Many important motions
were unanimously adopted, revealing that there
are some extremely weighty legal questions. II
IS thought. 70 the right OF the university 10
make the offer and carry Il out Before the
meeting number OF persons identified with the
real estate market argued that Columbia,
owner OF the plots, could dispose OF the fee OF
the plots to whomever and whenever 1t "ked-
That was the public opinion. Il was quickly
dispelled at yesterdays meeting.
1t was reiterated many times at the meeting
that the leasehOlders deeply appreciate the wise
and stable real estate policies OF the university
In the past and the able and courteous way in
which Douglas Robinson and Charles s. Brown
& Co., the real estate agents Of the university in
the block transaction" have presented the Of
fers TO them. Some expressions not OF a lauda-
tory nature regarding the present offer OF the
university were expressed. but it was said that
none OF the leaseholders approached the subject
with any except friendly feeling for the univer-
sity
One Of the motions offered by Justice Henry
A Gfdersleeve and adopted was that the lease
holders form organization TO protect their
interests. and that IL be known as the Co
lumbia College Leaseholders' Association. Fran
els p. Garrettson was chosen temporary chair
man and Theodore Weston secretary. 4 COM
rnittes Of four was appointed By the chairman
to nominate officers for the association. to en-
plOy experts TO determine what would be a
just sum for the leaseholders to pay for the
fee OF the plots, and to learn what is to be the
university's real estate policy. The advisa-
0F -
the Columbia University blocks north OF Forty
eighth-st 10 become members OF the association
is also TO be determined by the committee
which comprises Perry Belmont Theodore wes-
ton. DR.. Joseph D. Bryant and Charles f.
Cooke. Justice GHdersleeve said he would as
slst the committee.
Justice GIldersleeve outlined the purposes o.
the association. He said in part: 1T IS pro-
vided by the present leases that II the tenants
faithfully keep the covenants during the whole
Of the term Of the leases 10 shall be optional
with the trustees Of the university 70 renew the
leases or purchase the buildings. Again, It is
provided In the leases that at least twenty days
before the expiration OF the then current term
Of the leases steps shall be taken 20 determine
either the amount OF rent to be reserved for the
new term or the full and Just value Of the
buildings.
There is no language IN the lease indicating
that II contemplated at the time % the execu-
tiou thereof that the trustees Of the university
could sell the lots portion Of them at any
time that they might elect during the period or
the lease. The action OF the trustees In Offering
the lots for sale in most cases years before the
expiration Of the present term is, under the
circumstances, q great hardship to the tenants.
and especially 10 those occupying the block 20
the north Of US. They are left entirely IN the
dark as TO what may happen 10 them, and the
present market value OF their leases and build
ings IS practically destroyed. A fair reading OF
the leases would seem TO point 20 at least an I'M
Piled understanding between the parties that
ownership OF the freehold should not change
during the term OF the leases"