New-York tribune., 1910-12-28

The Presbyterian Hospital yesterday
added to its site for new buildings along
the East River front by the purchase OF
twelve and a half lots facing the block
bought nearly two years ago. The property
Just acquired was purchased from f.
Augustus Schermerhorn. It has a frontage
Of 145 feet on Avenue A, 200 feet In o'th
street and at the rear extends through to
the south side Of 6sth street, where the
frontage is so feet.
The sale was negotiated by tho real
estate firm Of Leonard j. Carpenter. The
Douglas Robinson, Charles S. Brown Com
pany represented the hospital
So far as could be learned yesterday
no definite date has been set by the hos
pital trustees for the beginning OF work
on the new buildings, but il IS believed
that active operations will not be long de-
ferred.
Henry D. Winans & May have sold No. IS
West sSth street, four story high stoop
house. on plot 25x100.5 feet. for Archibald
D. Russell, as executor of the estate OF
General Thomas H. Barber. The purchaser
will reconstruct it into an English base
ment home from plans by c. P H Gilbert.
The Buying of a Home.
Charles A. Gerlach in 1.-THE Real Estate
Board Of Brokers Bulletin for December,
speaking Of cooperative ownership Of
apartment houses, says:
This form of owning. a home is becom-
ing more popular as it becomes better
known and understood. The plan is simple.
several people owning an apartment house
instead Of one. The companies are incor-
porated under the laws Of the State of
New York and given number Of shares
each, constituting the equity above the
mortgages, is given to each stockholder
or subscriber. also a proprietary or per-
petual lease is given by the corporation,
OF an apartment as selected. The owner
Of a certificate of stock and proprietary
lease is liable for his share of running ex-
penses on the house and interest on the
mortgages. etc, and he receives direct the
income Of the apartment selected if not oc-
cupfed by him, and if occupied, his share
of expenses as the cost to him.
1T is usual to reserve part of the build
Ing, sometimes one-half, which is never sold
Or divided, but rented and the income di
vided among the shareholders to offset their
share of expenses.
investigation will prove the average re-
suits on leases only will show the investor
about one-half what he would pay as a
tenant; sometimes it shows up much bet
ter. Any family who can afford to pay
s.. 900 or more a year rent finds it a great
advantage to buy and have an apartment
constructed to meet their requirements. The
apartments are easily sold, generally at
good advance over cost, and can be trans
ferred without public record. as leases are
simply indorsed, and the president and
treasurer Of the company issue q new GER
tihcate to the new owner. A clause in
serted in the proprietary lease leaves ali
matters OF dispute to a board OF arbitra-
ton; and should the owner not pay his
share of the expenses, provided he did not
receive income sufficient to pay that of his
ownership and interest, under special
clause In the lease he is obliged to vacate
his apartment ana rent it for the benefit
Of the expenses chargeable against it: after
an agreed time, usually a year, II he is
still in default, the apartment can be sold
at public auction, the same as any fore
closed real estate, according to lease agree
ment- Therefore each shareholder is only
liable for his share of the stock and pro-
prietary lease, and is liable to the COM
pany for any default Should an owner be
pressed for money he can, as a rule, readily
dispose Of his holding within the corpora
ton. They know the value. and are gen.
orally ready buyers Of an apartment where
it is offered for sale.
These apartments sold usually bring a
good advance over their original cost If the
has been properly organized and
the work carried out properly. It is estl-
mated there Is more than $5oo00,o1o worth
Of real estate owned on this plan by over
two hundred well known families. By COM
paring the amount OF square feet and light
and convenience an owner would receive
in an apartment, with a. private house in
the neighborhood, and then comparing the
price of the house and the cost Of an apart
rnent and the maintenance of each sepa-
rately it, is readily seen the advantages lie
in owning an apartment. 1t IS evident tnat
families are becoming convinced of this
from the fact that a large number of apart
nents have been and are now being con-
structed on this plan.