New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-02
A GOOD REALTY YEAR.
MANY H4NHATTAN DEALS
Market for Tacant Plots in Upper
Sections Has SLUGGISH.


that Of any other year in the history of the
citv II the early part of the year satisfactory
loans were easily got for the perfection of deals
IN nearly every section of Manhattan and The
Bronx but in the last four months of the wear
money stringcrCy resulted in the abandon
u.ent Of many operations in the upper districts
AID caused many speculators, especially those
identified with hathouse building. TO withdraw
from the market until realty conditions became
more favorable TO them. The inactivity of these
speculators, however, in nowise interfered with
+be plans Of those persons who saw many un-
usually alIuring opportunities for speculative
or investment deals below 125th street, ard par
tcularly in the business districts of the city.
In 1904 and 1905 there was phenomenal pur-
chasing and building movement in the Fort
Washington Heights and Dyckman sections tho
Marble Hill district and in various parts of The
Bronx. due TO the subway bringing many upper
sections Of the city nearer to City Hall as re-
cards time spent in travelling
None Of the conservative real estate leaders
expected that movement to continue last year
with as much vigor as it had in the preceding
year. In fact, they looked for sudden ending
o. the movement. and that is just what hap
pened- There were few big sales of vacant land
in the year. and decrease in hathouse build
ing. The principal transaction of the first
month Of the year the sale of the Coal and
Iron Exchange, at the southeast corner of Cort-
landt and Church streets. 10 the City Investing
Company for about 100000
The site now forms part of the Broadway
Cortandt Building plot The old Coal & Iron
Exchange site has q frontage of IA feet in
Cortandt street, 1885 feet In Church street. and
is 1882 feet deep 1t contains 10000 square
feet That transaction was the beginning Of a
stupendous purchasing and building movement
movement was one Of the realty features of the
year.
For some years hundreds of business concerns
which have long been located here have been
una bic to get suitable new quarters in the down
town business centres, Moreover. scores of mer-
camille firms have decided TO move to this CITY,
in view of the great Improvement in transit
facilities in greater New York and the projects
being perfected for even greater transit facili-
ties and larger freight terminals. This year
trains viii he running between 18th street.
Manhattan. and Hoboken. over the Morton
street tunnel route and in few years the
Cortlandt street tunnel and the Pennsylvania
tunnels between New York and New Jersey will
be in operation, as well as the Pennsylvania
tunnels between Manhattan Island and Long
Island, and the new suburban route Of the New
York, New Haven & Hartford. from Mount
Vernon TO 18th street and Morris avenue.
Trains will also be running soon through the
South Ferry tunnel to Brooklyn. Many more
subway routes have been approved by the Rapid
Transit Commission. and most of them. il is
thought, will be built and in operation in few
years. In view Of these vast rapid transit pro-
jects and the demand for more Office and loft
buildings. 1t is wonder that greater business
houses are being built.
The Guernsey Building, No. 160 Broadway.
was one of the landmarks sold IN the year. It
sold by the Marquand estate to the Law
yers Title Insurance and Trust Company. II is
g six story Office building. occupying a plot
5S11x135x irregular, with IL to No.
Maiden Lane The buyer will erect building |
for its own use on the site. The purchase price |
was about S1.175,GOo. Lords Court, a nineteen |
story Office building at the southwest corner of
William street and Exchange Place. the !
largest Office structure in the downtown bust |
ness section sold in the year. 1t sold by /
Herbert A Sherman for John T. Williams for |
S3500o00 TO the Lords Court Building Com !
pany. Il occupies plot of about fifteen thou |
sand square feet. the square foot price |
was about 1888. The total yearly sum Of the |
rental Of the structure is about 100000
The principal deal Of the year in the upper |
Sixth avenue drygoods section was the purchase |
by u. r H Martin, at about S250000O of the |
old Broadway Tabernacle property. at the |
northeast corner Of 34th street and Broadway |
and an adjoining plot, q site for big office |
and store building for Rogers, Peet & Co |
There were many large transactions in and near |
the Pennsylvania tunnel terminal station, at |
sd street and Seventh avenue. Spectators |
and investors prominent in that section |
throughout the year. The block front on the |
west t-de Of Eighth avenue from 33d to 34tn |
street was sold twice first at auction and then |
ct private sale The last purchase price was |
S721. 800.
In the Fifth avenue retail shopping section
north Of 22d street. many large plots were ,
bought or leased in the year One of the larg-
est leases made affected the old New York Club |
and Silo properties, at the southwest corner n, |
''oth street and Fifth avenue They were leased |
ny the Acker, MerraIl & Condft Companv for |
1Nehty-one years al total rental of 81 600 600
me Encld Building, No 564 to 56S Fifth ave
-e, 'Z.'xioo 1eet was sold twice last year 1t |
nnas sofa first for S6750GO and resold for $500 |
yyp For the southeast corner of 42d street and
Flith avenue, Felix Isman paid 81 $50 600 He |
quickly sold a half interest in the parcel which
nag frontage OF 1873 feet in the avenue
Of the year: W D's seieS
'~pru , Soort a nineteen story Office building &C
eubWest e p21 OF 70 3 S9p square feet at
o S'aa a0a lace ,or 10000
Ca, q - ~ square, square feet ,::.. 100000
c7 an1 cHuTeh streets :......:,::. 100000
40 10 = ifreen L175.oOo
NJ lsl Broadway. 5eTl0o7 feet 100000
,zs ~ 5xSo feet With T. :ox3s1 500 900
5o'h street and Columbus 100000
~ sn e. 100 Pie feet IN 22d 100000
bDOOD