The sun. [volume] (New York [N.Y.]) 1833-1916, 1904-10-19
SUBWAY BOOMS REAL ESTATE
THE ANNOUNCEMENT OF THE
OPENING STIMULATES SALES.
The Faile Estate in The Bronx Bought
by the Central Realty Bond and Trust
COmpany-Other Tracts In Other
Districts Changed Hands Yesterday.

DbtrlcW Snaneeu hanus nesVeruaS
Speculation in vacant land, which hai
been gathering Roadway rapidly since thu
date for the opening OF the subway wal
definitely announced, eliminated yesterda.
in record volume OF sales. Some twenty
five transactions were made public. involv
ing nearly 1000 lots.
The activity was most marked in the out
lying districts opened up by the rapid tran
sit road-in The Bronx, on the DyokmaI
Meadows, on Washington Heights, and IL
upper Harlem. 1t was not confined to thes
districts, however, but was distributed
generally throughout the fat and tene'
ment neighborhood.
The immediate occasion Of the buying
movement is undoubtedly furnished by
the completion Of the subway, but, accord
ing to realty experts, its Fundamental
and controlling cause Is the scarcity Of
low price flats and tenements Practi
oally all Of the land now changing hands
is intended for improvement with houses
of this description.
The biggest single deal which has &C
far been made public was purchase yester-
day Of the Faile estate in The Bronx by the
Central Realty Bond and Trust Company The
estate consists of 1 200 lots at Hunt Point
and cost about 81 900 900. 1t is bounded
by Dongan street, Intervale avenue, South
ern Boulevard, Longwood avenue, La
fayette avenue, Hunts Point road, Gilbert
place and the Bronx River. There is a
subway station near by, at Westchester
and Intervale avenues.
Ell. Faile, a tea merchant OF South street,
was the original owner. He paid Sl5,O
for the tract, which he gathered together
between 1882 and 1912. He turned it into
a model cattle ranch, importing his stock
from England. 1t was his habit to drive
downtown daily from the Colonial mansion,
which is still standing.
The sale to the Central Realty Bond ana
Trust Company was put through by Charles
II. Easton d Co. and j. Clarence Davies 4
Co.
The Central Realty also signed contracts
yesterday for a purchase through j. Clar-
ence Davies d Co. OF forty-fve lots on
Southern Boulevard and Timpson place,
between Leggett and St. Johns avenues.
While the negotiations were pending the
plot was resold, and q new set OF contracts
will be signed to-day.
AS reported in yesterdays Sun, a third
tract in the same neighborhood was bought
consisted Of eight blocks on the old Dater
farm. Three Of these were resold yester-
day afternoon. They form the triangular
block bounded by Prospect and st. Johns
avenues and l52d street. The two other
are between 15Oth and 152d streets and
st. Johns and Leggett avenues.
The Central Realtys purchases In The
Bronx this week represent property valued
at considerably more than 81 900 900. They
constitute its first operation in that borough.
NJ lz1 olr
some weeks in the Dyokman tract at the
upper end OF Manhattan, where it Is said
to have invested anywhere from 81 600 900
to 100000.
It's latest purchase there includes twenty.
FIVE lots on the west side OF Broadway,
100 feet north Of clSth street. They form
part of the property belonging to the SYM
dictate which proposes to esta blish O great
amusement park on the Harlem Ship Canal.
The syndicate retains enough frontage
on Broadway to serve as the main entrance
to the park.
The activity of the Central Realty Bond
and Trust Company in uptown lots suitable
for cheap multi-family houses Is significant
Of the change which has taken place in the
realty market, The company was the
porations in this city. 1t was organized
several years ago with a view to dealing
in gilt edge downtown property and built
some OF the larg st skyscrapers in the finan-
cial district. including the Broad En- change
Building.
Several good sized deals on Washington
Heights and in upper Harlem helped to
swell yesterdays record breaking budget
OF vacant land transactions. One of these
included fifteen lots on l45th and 14eth
str vets l25 feet west Of Lenox avenue,
sold by Warren h Skillin for the Geer- Baer
syndicate to A Hollander.
They form part Of the block between
145th and l4eth streets and Ieno1 and
Seventh avenues, purchased by the syndi-
cate last Thursday from John D. Crimmins
The block contains sixty lots, Of which all
but eight comprising the Seventh avenue
front have now been resold.