New-York tribune., 1909-12-31


ported yesterday. The principal deal was
the sale by NJ. Greenwood. jr., of the lease
70 she Astor estate plot at the northeast
corner OF Broadway and 42d street for the
Broadway Corner Company to a syndicate
composed of clients OF Herbert T. Jen-
nings, president Of the Mount Vernon
BanS The Broadway Corner Company is
a subsidiary company of the United Cigar
Stores Company.
ST December the Broadway Corner
Company secured from the Astor estate a
lease OF this plot. approximately 1850
square feet. with a frontage of ll2 feet in
go street and lei feet i'm Broadway. for a
term Of twenty years. at net average
annual 'rental of $o5.ooo GS 81 a square
fact. with privilege OF three renewals of
twenty-one years each.
The Broadway Corner Company viii get
possession OF the property on May J, 1910.
1t has given a bond 10 insure the erection
OF a mercantile and office building. con
thinning at least fourteen floors and TO cost
not less than SJ0000e.
The leasing syndicate is 70 be represented
in the construction of the building and the
management by Mr. GreenWo God. jr.. OF
Greenwood & Co. The terms OF the as
siEnment provide that the leasing syndi-
cafe shah assume and undertake all OF the
obligations Of tie Broadway Corner Com
pany with respect to the proposed build
ing, The consideration being that the
Broadway Corner Company receive the
free use OF the corner store, l5X35 feet, in
The building
That store the United Cigar Stores Com
pany VIII therefore occupy for twenty
years at a nominal rental. 1t also secures
an option on the store on most favorable
Ia oh, lne
taken by the lessons in continuing the
lease from the Astor estate for further
terms.
This deal and transfer were made on
lines similar 10 those which followed in the
negotiations for the transfer of the lease
hold estate of the old Metropole Hotel. at
the southwest corner of Broadway and 42d
street, 10 clients of Greenwood & Co. That
transfer also provided for the retention by
the United Chemists Company OF the cor
ner store. 15x30 feet. in that building for
twenty years al a nominal rental The
United Chemists Company is another real
estate holding concern of the United Cigar
Stores Company.
In regard 10 the sale OF the lease;to the
Astor estate plot. person interested in
the transaction said yesterday:
''AIr. Jennings and his associates fully
appreciate Inc waite 10 Llle B4Udth dA NOi
ner Company Of the store space which II
secures. As the renting value Of the re-
rlaining space will Weld satisfactory re-
turns. the syndicate and Greenwood & Co
are fully satisfied TO accept the obligation,
construct the buildings and receive the
fancy rentals which the location commands
and which fully satisfies the investors, be-
cause a reasonable estimate Of income less
ell carrying charges. vacancies End inter
est on the investment, leaves a Get annual
income Of $50 600
Mr.. Jennings and associates are largely
interested in The Fitzgerald plot adjoining
on which the c. J. GRAY Construction Com
psnv is building the Cohan Theatre and
twelve story office ard mercantile building
which VIII be ready Cor occupancy May !.
1919.
The TWO buildings VIII be managed as
one structure. thus Yielding a saving in
operation Of approximately So. coo . year
"The transaction involves approximately
$4,000 as the rental is Pc cent on
50 co5. coo. and the Improvement contem-
plated VIII cost approximately Sl215. geo -
4 transaction involving s5oeoC1 reported
yesterday. was The sale lv Levin & Jack
son for Or. Samuel =. Jackson 80 Ascher
Strauss of the Victoria. q seven story ele-
vator apartment house. on a plot 1e0xlQ9
feet. at tire southeast corner Of 12Sth street
AM LenoX avenue. In part payment NJ.
Strauss gave to Dr. Johnson rhree five
story triple fathouses. Nos. 4O2 404 and SOC
Gold street. B-oo5lyn. on a pot 75z.lo9 feet.
The Brooklyn parcel IS about - feet from
the approach 80 tie Manhattan Bridge.
Plans have been fled FOR q three story
hotel 10 be built At the northwest corner
L Of Ninih avenue and ID street. at the east
eriy end % the long row Of famous London
y Terrace dwellings. with garden plots in
front, after The English fashion. The bUiid-
fng VIII have its main frontage on the ave
nue. II VIII replace three dwelling houses
The hc1cl viii be known as The Terrace.
il viii be erected from plans by Neville &
Ragge, as architects. for Matilda Willen-
bocher, Maria Metzelf and Carl and Gus
tave Tiemesmsun. all Of Germany, who
have leased the site for term Of years
10 Charles Boekman The building is TO
cost s2e,e10-
Plans have also been fled for charging
the five story dwelling house ~ The south
west corner Of Madison avenue and 18th
street. and Installing stores i'm the lower
stories, making fat apartments of The
upper floors the changes being made for
the Henry Phipps Estate, as owner. and
fo- Aiss Grace O'iara, who has leased the
building a Tcm6deled FOR q term Of years.
Robert l. Kelly is the architect