The sun., 1909-12-19
The REAL ESTATE MARKET
FILTON-CHAMRERS BUILDING
~ 4 $500, 600 LEASE.
Man, DeaIs Tor HaH . sIIilisa or Mere
Put through Last week In wall street.
broadway, Fourth Avenue and Else
where--Few small Buyers. However.

broadway. Fourth Avenue and Else
whcre-Few smail Buyers. However.
l-,s Fulton Chambers Building. II was
learned yesterday. has been leaSed to
. -,rporation for twenty lone years at
an aggregate net rental OF about $500. .0O0
The structure is a seven story ONCE build
ing, on "A plot s0xsO feet. at Nos. lO2 and
iOI Fulton street, and belonged to the
frron- Chambers Company, OF which
George c. Bradley is president. The
huildiug was modernized not long ago
and Is completely rented up. its rent
roll mounting to more than t3i 900 q
wear. The lessee is understood to be
a client of the Charles F. .Noyes Com
psny and will hold the property as an
investment.
From the figures given it win be seen
that the new owner will have q good re-
turn ON the investment under present
conditions as to tenancy. and will without
doubt be in a position to charge higher
rents in the course OF few years. The
lease carries with II the privilege OF
several renewals and is typical Of ten
dency that has made consi derable head
way Of late 10 lease costly premises for
long terms of years.
The deal was notable chiefly in 90 far
as il furnished a new illustration OF this
growing tendency, for big transactions
mon enough last week. Indeed Broad
way, a few blocks above Chambers street,
contrib uted q spectacular deal in the
purchase by q Newark merchant from
Louis NJ. and Thomas w. Jones Of the
two buildings at the northeast corners
of Leonard and Franklin strosts for
about So, 900, 900. The total rental of the
buildings is S250.000.
The Leonard street structure 10 a ten
story office building ON plot 61xl7s.
The ground floor is occupied by the New
York Central Railroad Company. I'm
mediately opposite is the home once of
the New York Life Insurance Company
The Franklin street corner In 5Ox1S0, with
a twelve story ONCE building, recently
completed. The ground floor is occupied
by typewriter company. and another
Railroad for it's general Eastern passen-
ger Office.
Property in this vicinity figures very
seldom in the brokerage reports. Among
the few purchases there in recent years
by the Emig-ant Industrial Savings
Bank Further sotkh. at Chambers street.
the Stewart Building passed into the
ownership OF Felix Isman a>few years
ago Last weeks transaction served to
draw attention to the neighborhood north
of the City Hall, which by reason Of pri-
vate and municipal improvements about
the Brooklyn Bridge is probably coming
in for some attention after period of
neglect from investors.
Another big downtown transaction
last week was the purchase Of the Giilcnder
building by the Manhattan Trust Com
pany. This nineteen story structure,
al the northwest corner OF Wall and
Nassau streets. was held by tho owner,
Mrs. Helena L. Gillea6er Asinari. at
s.. 500. 600.
The building. IL is understood. Ia to
be de9olished to permit the site to he
improved Jointly with that OF the sur
rounding structure on Wall and Nassau
streets. leased last July by the Bankers
trust Company; According TO report
a thirty-two story structure 10 to be
erected on the combined plots->
The week also produced an important
transaction in Fourth avenue. which has
recently allowed few weeks to go by
without yielding its share OF big news
The Fourth Avenue Presbyterian Church,
at the L.orthwest corner of Twenty
second street. was purchased by Mills
a Glib. The price was reported at
ssS0.OOo. This furnishes comparison with
the price paid at auction last March
for the Ashland House. nearly opposite
the church. Tho hotel was sold for
eohV,DUp, or AZ ttl0 TAbe Oh too.0o a
foot. The selling price Of the church
was s57 50 a square foot. This indicates
an increase OF about so per cent in the
price OF corner plots at this point on
Fourth avenue since the boom started
less than a year ago. The church ac-
1858 for Sis.OOo. Mills q Gibb. who will
move up from middle Broadway. have
been located at Grand street for thirty
years. The removal Of that leading
concern will. il Is believed, be de-
termining factor with some other firms
still in doubt as to whether the time
has come TO join the northward emf
grafton of Wholesale houses.
James A. Farley's purchase OF the south
vest corner OF Madison avenue and Forty
eighth street called attention TO a neigh
horhood which is profiting by the re-
building of the Grand Central Station.
The adjacent Ritz-CArlton Hotel and
Goelet apartments are typical OF the new
construction in this vicinity, which will
benefit largely when the New York Central
Railroad carries out its plan for removing
the express offices from Madison TO Lex
inEton avenue, a scheme announced more
than year ago. Mr.. Farley's purchase
Is regarded as eminently suitable for I'm
provement with a building designed to
accommodate such forms OF business AZ
the high prices on Fifth avenue are forcing
TO seek lower rents near by.
The foregoing transaction was supple
mented by a long list Of purchases OF high
class realty, improved and unimproved,
notably in the Pennsylvania terminal
section and on Washington Heights- The
Cemand for real property was more or
less general rejecting the stimuis ting
influence Of cheap money and Of normal
prices for building materials. but the
demand was less insistent in the tenement
districts than it was In the business and
high class residential sections. However.
IN view of the rising tide Of immigration
and the improved condition Of wage
Gamers. the tenement districts may be
revival Of activity that has taken placs
10 other sections.
Private sales.
SlVTU AVENIrE M T. Rlunnher0 has re-