New-York tribune., 1907-06-21
NOT A "REALTY LEMON"
SMITH ESTATE RELIC.
Plot Intended as Site-Building for
Friends To Be Sold.


fortune of his uncle, in 1899. that James Henry
Smith, who died in March in Japan while
his wedding trip around the world, planned to
erect a building. TO be designed and furnished
exclusively for the entertainment of his friends.
He selected site for that building the old
Dickels riding academy property. No. 12e to
133 West 55th street, with q frontage Of 100
feet in both and in 56th streets, and depth of
2OO feet. He also bought small adjoining
stable plot, which ne intended to add to the
original site of his entertainment building.
IN order to protect the light and air, and par
tIcularly to keep unobstructed the tay-ho run
way which was to be part Of the main entrance
IN Doth street, Mr.. Smith also purchased two
houses opposite the entertainment building plot.
lie meant to treat his friends royalty. and to
Show them how highly he valued their COM
panionship he invested $2500O0 for the Dickels'
Riding Academy site and about $4,000 more
for the other parcels, representing a total out
lay for building site and for protective meas
ures' of S325,000. About 100000 more
TO be the cost Of the building.
These plans were perfected in 1902. and from
that year to the day of Mr.. Smiths death many
persons waited patiently for some sign that this
unusual building project would be carried out.
With the death of Mr.. Smith, however. ali hope
of the building adorning a site in 55th street
vanished The reason the proposed structure
was never erected was learned yesterday, and
at the same time 1t officially reported that
the executors of the estate wish to sell the
property.
After the site bought and the tentative
plans were drawn Mr.. Smith was told that the
building could not be erected in the time he want
ed 1t put up. "Oh. then have got realty lem
on" he exclaimed. He Immediately abandoned his
plans for improving the site sold the two build
ings on the south side of 65th street, opposite
the main entrance to the proposed entertainment
building to the city. to be used as an annex to
Public School No. SO. and altered one building
adjoining the riding academy site into private
stable for the Of his own horses ana car
riage equipments.
From that day to the day of his death Mr..
Smith always referred TO his scheme fer enter
tanning his friends as his realty lemon. and by
so doing added a new meaning TO this coloquial
phrase which meaning is yet unknown in the
haunts of realty operators and investors In Nesey
street The expression He handed me realty
lemon" is a familiar one in Nesey street, out II
means that the person who got the realty
lemon" was unable to sell some property for
what he paid for it. In the Vesey street mean
ing of the expression Mr.. Smith was NOT hahded
a realty lemon, as he paid exactly SZoo'ooo TOT
the Dickels Riding Academy property. and IT Is
valued at nearly 100000. Ihe estate coh-
siders this realty plum.
Mr. Smith intended to erect on the OLD rluihS
academy site structure Of about three stories
On the first floor was TO be a riding rink a
swimming pool and dressing rooms; on inc
second floor were TO he squash and tennis courts.
and the top floor was TO be divided into bl!llard
parlors, large dining and reception rooms anu
there were also be livery rooms for servants
It was authoritatively announced yesteroay
that the executors Of the estate will not only
consider reasonable offers for the old D!ckels
Riding Academy property, but also for the large
and modern dwelling house. NO. 81 Fifth ave-
nue., which was owned and occupied oy tae iale
William c. Whitney for many years. ana whlch
Mr. Smith bought from the Whitney estate for
about 81 100000. Mr.. Smith. in his WILL pro-
vided for the sale of the Fifth avenue house and
that the first refusal for the property was 20 he
given 10 Harry Payne whitney. Mr.. Whitney
has told the executors that he does not want the
house. No person has as yet submitted an
offer for the property. II the property IS not
sold in about ten days the house viii be boarded
up for the summer months and when 1t is re-
opened next winter George Grant Mason the
favorite nephew of J. Henry Smith, who inner
tied from his uncle about 600. will be the
occupant For his nearest neighhor, Mr. Mason
will have r. H. Hartman who recently leased
for term of years the house fronting in Fifth
avenue. and adjoining No. S1l. Mr. Mason was
until recently division superintendent or tho
Chicago Milwaukee & st. Paul Railroad. He
lived at Aberdeen, S. D. He resigned that office
several weeks ago to come East and take up
his duties as one Of the executors Of his uncles
estate which will soon pay to the state an in
heritance tax OF about sl,000,O0o
There have been rumors recently in real estate
circles that the executors intended quickly 10
dispose OF the realty holdings in order TO nave
the necessary cash TO pay the inheritance tax
and other sums arising from the settlement OF
the estate. These reports are unfounded. ac-
cording 20 an official announcement made yes
terday They were probably due. il was said
to the answers made to the inquiries of many
persons who sought in the last month 10 borrow
from the estate large sums on Manhattan realty
They were told that there was no money to
lend, as It would soon be necessary TO pay the
state inheritance tax, and that IT would also be
necessary 10 make other large cash settlements