The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-15
FUN AT The CITY'S TAX SALE,
ONE BUYER GOT 4 SLICE OF Ma
TIONAL PARK BANK.
But Wakes Only S6l on II Instead OF For
disappointment OF Buyers VINO
Discovered That They We're Making
Only Long Distance Investments.

But Wakes Only Sol on II Instead OF For.
-Dlsappoi ointment OF Buyers Who
Discovered That They We're Making
Only Long Distance Investments.
From the first days tax sale Of delin-
quent properties, which was held yesterday
in the City Hall, the city raised more than
$3OOOOO. 1t was the first sale of its kind
held in sixteen years, and the Aldermen's
Chamber was thronged with real estate
men and SPECTATORS The idea prevailed
among many of these people that they were
to have an opportunity to buy the properties
outright, and many Of them went away
disappointed.
In sales Of this kind what the city does
Is to lease delinquent properties to bidders
who will pay the back taxes. The bidder
who offers TO pay these taxes in return
for the shortest lease is the winner. The
original owner of the property can redeem
it by paying the amount Of the taxes paid
by the bidder plus 31a per cent. and PEN
atty Of IA per cent year to the bidder.
After the expiration OF two years, when
the lease goes into effect, the property can
be reclaimed only by paying an additional
per cent to the bidder.
Even after all these conditions had been
explained before the SALE there were several
who after taking on their shoulders the
payment Of the back axes. were under
the impression they could take possession
of the property at once. and in fact that they
had become the actual owners OF IT. More
than one Of them went to the Comptroer's
Office after the sale to ask when they, could
get their deeds and conveyances, and some
of them we're inclined to back out OF their
obligation when they were told that they
could not even take the lease OF the proper
ties until after the expiration Of two years
There was one particular case where the
buyer Of lease thought that he had sud
denly become rich. The catalogue con-
tanned a parcel described as lot No
8. on the north side Of Fulton street
between Broadway and Nassau street.
1t was assessed to John Downey, against
whom there were arrears to the amount OF
81, 800. The bidding was, started at 500
years and the sale eventually made to Daniel
Eichler of 352 East 10th street, whose bid
was five years. When the sale was adj
journed Mr., Eichler strolled round, to Full
ton street to have a look at his bargain.
He found on the lot a fine granite struc-
ture. with bronze bars in front OF the win
dows. 1t was the Fulton street side of the
National Park Bank.
Mr.. Eichler. it was said in Collector Stat
terys office. could hardly contain, him
self First he rushed back to the Comp
troler's Office to make certain that the. lot
was really occupied by the bank and then
went to the officials of the bank. They
were much perturbed when they heard
him explain what he wanted and there was
a hurried examination Of deeds.
twas found that when the lot was bought
with two others in 1900 the title to the prop
erty was grara nteed by title company,
but through some oversight it was not as
certained that there were taxes. over
due on it. The bank people said they
would redeem their lot Immediately. be-
sides the tax, they will have to payto the city
$3.50 interest and to Mr.. Echler SCI interest.
Delinquent owners paid up another
s2oO. 600 yesterday. Of the 4,5l5 delinquent
parcels Of property the indebtedness on
sequence Comptroller Circuit decided not
to go on with the sale until next Wednes-
day, in the hope that by that time the entire
mount of back taxes will have been re-
ceived.