New-York tribune., 1909-04-29
MOREDOW OWNTOWN SALES
RIG LOFTS IN DEMAND.
4 $4,000, 900 Hotel Nay Be Built at
led Street and Madison 1Uenue.

More sites in central and downtown districts were
bought yesterday for Improvement with business
buildings. AIooyer & Marston sold for the Farm
ers Loan and Trust Company to a client No. %
West Sd street, a six story loft building on a plot
AXIS feet Also sold for the Ward estate a tract
Of forty lots at Tompkinsville. Staten Island.
julius Friend sold for Harold Goodwin Charles
Kave No. 81 West 26th street 2sx9S9 feet Mr..
- adjoining. which, with No. 81 form plot lex
es feet He viii build the premises twelve
,tory mercantile building.
Plans have beer filed by Helme & Huberty, Of
Brooklyn. architects, for thirtyone story reproof
hotel syscraper to be built for the company at the
southwest corner of Madison avenue and 42d street
opposite the Grand Central terminal. The
building is be Of brick, with limestone trim
roings II will be $3.50 feet high.
The designs provide for facade OF modern Renais
sance type decorated with bays at the three lower
stories and additional hays set between pilasters,
ard finished with elaborately decorated stone work
st :he upper stories. crowned with attic story
shove the cornice. The building viii front IA feet
on 42d street with depth of % feet and eXten-
sion $50 feet deep running through to 41st street
There viii be a central light court between the
main building and this extension. The main floor
nil contain a restaurant and cafe with palm
room adjoining. and there Will Re private dining
-oorn on the second floor. The hotel will be
.ouipped with rapid transit electric elevators. II
sill cost 50 20oo.9lo-
The property is owned by the Thompson Star
rett Company a member Of the company said
Yesterday that these plans would be perfected II
tbe property sold or leased
one Of the largest leases made in many years,
that covering the new Gimbel store property at
E2roadwav SD and S3i streets. will be recorded
,-s.f,fn 2 day or two and probably this week work
,noD the big ten story department store, TO occupy
81 or square feet or tlrty-two city lots will have
beer begun
II was not until late last Friday afternoon that
,bo final details Of the deal were arranged through
'17a
lease 10 Gimbel Brothers by the Greeley Square
Fesl+- Company is for twenty-one years, with the
privilege Of renewals for four similar terms-in all
la5 years
For the first twenty-one years the total net rent
.ls will amount TO over Sl2GA00o For the subse-
onenr rwen.y-one year terms of the lease the
rentals will be based upon reappraisal OF the
,,ropertv and if the firm. shall continue 10 oc-
c,py It for lo5 years It viii have paid in rentals
sum between $50 100000 and S7o.o1o0o net
.f+er recountfng some of the difficulties incident
70 : transaction of this size, with its many COM
plications. Douglas Robinson said yesterday;
>lot only by reason Of the amounts involved. but
.fso on account its influence over the entire sec
+i, in which the property is located. 1t seems 10
me- that this transaction ranks as one OF the most
important in recent years The effect OF an enter
-rise of this kind multiply rather thah 10 aou
70 the tendencies that already al work III I'e
neighborhood Thus the building OF this immense
re7- store at Broadway SD and $50 streets means
-o+ only that another department store Is 70 he
added to the group now in the 3ith street dlsulc|
- -r.- -ba irnnortance Of that district as de-
artuent store centre is be materially increased
Viewed in this light, the successful conclusion Oh
negotiations between the Gimbels and the HreeleE
Square Realty Company is OF the Creates iihPoi
tance and cannot but exert a most poWer1ul llllu-
eoe IN Fastening the development OF that strip OF
sixtb avenue from Sd TO 42d street"
Douglas Robinson Charles s Brown & % soiu
for Mrs Amelia Schneck No 15l East o6th street
three story dwelling house on lol lSAlV'.' I'e''
10 2 client for occupancy