The Irish standard., 1908-02-29
THE "IRIsH BUILDING"
New Works Monument to the GIor,
Of tho Race.


Preparations for the erection of a
building that will be a home and
headquarters for the Irish societies of
New York and credit to the Irish peo-
pie are now in fair way of compile
tion, and a flne site has been secured at
the southwest corner Of Lexington av-
enue and One Hundred and Fifteenth
street. This is the chief feature of
voluminous report issued to the Irish
people in pamphlet form by the Irish
Palace Building Association, giving the
result of ten years Of work.
The location is practically in the
center Of the Boroughs of Manhattan
and the Bronx and easily reached by
all the chief transit routes. 1t is at
present occupied by eleven rent bear.
ing houses, nine fronting on One Hun
dred and Fifteenth street and two on
Lexington avenue. The property was
purchased on June 1, 1900, for $65, 900,
of which $25,000 has been paid, and
there is mortgage for the remaining
100000. It has a frontage of 1875 feet
on the south side of One Hundred and
Fifteenth street and of IS feet II inch
es on the west side of Lexington ave-
nue., but Is feet west Of the avenue the
lot widens to 100 feet and continues at
that width for the remaining so feet.
The present value of the property is
$4,000. The rental derived from the
eleven houses pays the interest on the
mortgage, the city taxes, the running
expenses Of the property and adds
something every year to the principal.
The funds with which this property
was bought were realized by a fair
held at the Grand Central Palace in
1897 under the auspices of an Execu-
tive Committee appointed by the First
Regiment Irish Volunteers, the booths
being managed by committees from
Irish county organizations
composed mainly of ladies whose de-
voted work was the chief factor in the
success Of the enterprise. The net
proceeds of the fair amounted to $685.
1925, but the property and funds now
controlled by the Irish Palace Building
Association make a total of $133,s39.5s.
Deducting the mortgage of $4,000
from this leaves $ss,s3s.5e as the
amount realized from the original in
vestment. OF this sum $23,339.50 is a
cash balance to the credit of the asso-
citation and $69,660.41 it's equity in the
property after deducting the mortgage.
This shows a remarkably profitable in
vestment.
The accounts of the association have
been audited at various times by
certified public accountant, Mr.. Ed
ward Owen, formerly one of the city's
Commissioners Of Accounts, and the
report gives a detailed and itemized
statement Of receipts and expenditures
from the foundation Of the enterprise,
May 8, 1897. to June 30, 1907. With the
historical and financial report is given
a supplement containing facsimiles of
all the important documents connect
ed with 1t. These are the original
charter Of the association, the certifi-
cate of Incorporation, the deed of con-
veyance Of the property, the policy of
title insurance issued by the Title
and Trust Company. and
the certificates of the public account
ant. 1t is coincidence that the
Secretary of state who signed the cer-
tificate of Incorporation was John T.
McDonough, an Irish American.
Being incorporated under the laws
of New York, the financial reports are
filed with the County Clerk and the as
sociation is under the jurisdiction Of
the Supreme Court. so that it cannot
be diverted from the original object of
its charter, and its accounts are open
to the inspection Of all citizens having