New-York tribune., 1907-06-04

leaders of to-day shows that the majority OF
, them began their realty operations in a very
humble way The first purchase made by ono
out Of every ten lot then located in what
was considered a suburb OF the city. Robert
Z. DOwllng head Of the City Investing was
active as a buyer in the West Side from 5Sth
TO I'D street when lots there sold for
which would now be considered ridiculously
small, even for Dyckman lots Patrick Doherty,
the well known contractor, who died some years
ago, and whose vast Manhattan and Bronx hold
lngs were recently sold In the auction rooms by
Joseph p. Day for 81 9l30O0, placed the first
sum Of money he ever invested in Bronx lots.
For one unimprOved strip of land comprising
about $50 square feet and fronting in the Long
Acre section, Michael J. Shanley paid at the Do
part of a Broadway lot with a frontage of ti3
feet and, with depth Of 100 feet. The price
paid for the entire plot In 1910 by Mr. Doherty
was $4,000. Some OF his friends told him he
had paid more than the market value for the
property.
A brief reference of how many big realty Lead
ers laid the foundation Of their fortunes by buy
lots and reselling them at an advance would
fll many columns. At the Bailey estate tract
sale held last week by Mr.. Day in the auction
rooms was John II. Deane Years ago Mr..
Deane was prominent in financial circles; now
he devotes his entire time to realty operations.
II was Mr. Deane who gave not many years ago
plot of lots in 57th street a gift to d
church and who ater put S100O00 in cash in the
collectlon basket one Sunday in the church that
was built on the site Mr.. Deane bought lots at
the Bailey sale for clients.
The Aqueduct avenue lots to be sold in the
auction rooms this morning comprise one of the
best Bronx tracts ever offered The land is
nigh dry and level and is also free of lots The
tract fronts in Aqueduct avenue Featherbed
Lane and Macomb's Road Nelson avenue and
west 10th street, just north of the easterly an
pToach TO the Washington Bridge Uhe 1Slst
. street BRIDGE FeatheTbed Lane is 50 feet
wide. Macombs Road is 100 feet wide and
Aqueduce avenue is parkway 1876 feet wide
Ihe local improvements adjacent to the lots
proposed some months ago, have been cornpleted
and been paid for by the Century Realty con,
pany 50 the lots to he sold are free and clear of
al assessments for the local improven,en,.
1hese improvements included openipP 80
ulatinS, grading. curbng and Tagging A6uadnSt
avenue and Featherbed Lane and opening 90
ulating. grading, curbing and laying sewers p,
West 10th street and Nelson avenue and ona,
ing and putting in sewer in AIacomb's Road
The terms Of the sale are easy as 10 per cont
Of the purchase money may remain on bond and
mortgage for one, two three years at ) nor
cent Each buyer VIII get a guaranteed title
policy 10 his lots free of charge The 1S1st
street Broadway station of the subway is on
posite the westerly approach 10 the bridge So
the lots are within easy reach by subway or
trolley OF nearly every section Of the city The
journey from the City Hall. Manhattan to the
tract can he made in thirty minutes
IN view OF these facts there is no reason why
to-day should not be gala day for small buy
ers in the auction rooms. and that means the
laying OF foundations OF many fortunes in
realty.
In the private sales market yesterday a lot