New-York tribune., 1907-03-06
TO SELL DOHERI'Y LAND
Property Bought Sirty Years Ago
Has Multiplied in Value.

one of the most important real estate auction
sales in this city for some time viii be held on
Tuesday, March % when Joseph p. Day will
sell the extensive Doherty estate. which is
sessed at about S1JO0OO0, The sale OF the
property is by order of Charles W. Koss. execu-
tor; George Flint Warren, jr and Joseph VI.
Fargis, attorneys, and is to be absolute.
The vast holdings Of the Doherty estate. With
the exception Of thirty-two lots in The Bronx
consist of improved property in the heart of
New York. Nearly all the lots corner par
cells, including some of the most valuable prop
erty in Eighth avenue. Following IS list OF
the holdings Of the Doherty estate which at
auction it IS expected viii bring close on 10
100000:
No. coo TO G17 Eighth avenue. being the
southwest corner Of 10Th street; No. go 10 G2'
Eighth avenue being the northwest corner of
10Th street and Eighth avenue; also Nos. 3o'
and 3O7 West 10Th street: No. Gl2 70 Gi6 Eighth
avenue. adjoining the southeast corner of 40th
street; No. G7l to Ca Eighth avenue being
the southwest corner OF 43d street: Nos. 69i
and 696 Eighth avenue, being the southeast
corner Of 44th street. No. 1I9 Eighth avenue
between 47th and 18th streets. No 1868 Broad
way. Nos Coz and 600 Ninth avenue, north
west corner of 44th street: No. IA Ninth
avenue. adjoining the southeast corner of West
10Th street; No 4G3 Tenth avenue. near West
0bth street. NO ITO west IA street. NO. 4iO
West 5Oth street No 5l4 West 37th street. No.
BAL West 5Gth street. Nos. 6S6 and GSS Third
avenue. adjoining the northwest corner Of Eas-
43d street and approximately thrty-two lots
in Ogden avenue, Summit avenue and East 1921
street.
All Of this property is free and clear although
on the sale a per cent will be allowed TO re-
main on mortgage of one. two or three years
at per cent
The Doherty estate represents the invest
ments judiciously made by Patrick Doherty,
back in the early '40s. who foresaw more than
sixty years ago. when 14th street was consid-
cred out of the city limits that New York
would become a city of gigantic proportions.
and took chance. it then regarded.
Patrick Doherty was probably the best known
and most prosperous contractor of his time He
did not however live to see his prophecy full
filled and his judgment in regard to the rising
values of real estate in this city verified. for
he died about fifty years ago. But he left the
nucleus for the fortune which his investments
to-day represent They have each decade since
doubled in value the city grew. and the
property improved by the heirs.
When Patrick Doherty bought his land that
part of New York was nothing but shambles
Now modern apartment houses and prosperous
business places occupy the sites.
Charles w. Doherty, James J. Doherty. Mrs.
Walter Roche and Mrs. Ellen T. Gavin children
Of Patrick Doherty, were his heirs and bene-
ficiaries under his will Mrs. Gavin, who lives
in Boston, is the only survivor. Charles w Do
herty having died last fall. There are how
ever six grandchildren who will receive their
share of the sale Of their parents property.
which has been held together always as the Do
herty estate and has never been distributed.
There are now pending transfer tax proceedings
to assess the value of the Doherty property for
the purpose Of fixing the amount of the inheri-
tance tax to be paid
a good illustration of the remarkable increase
in value of the property to be sold is the parcel
at No 1863 Broadway, which adioins Shanleys.
Patrick Doherty purchased this land somewhere
about 1870 for $4,000. It's dimensions roughly
estimated SO by zoe feet. Several years
later he sold forty feet front of his purchase for
$4,5OO. the amount he had paid for the whole
parcel. The twcnty-three feet that remain in the
| Doherty family is estimated by competent ap-
praisers to be worth to-day fully $4,000
The offering at auction to investors Of the
large Doherty estate is also regarded in
dication of a favorable condition in tho real
pSfate market