New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-24

The realty market was dull yesterday
In the Fifth avenue section two sales were
recorded The Douglas Robinson Charies
&. Brown Company sold for the estate OF
Marshall O. Roberts No. 20 East 4sth street
four story dwelling house. on plot
25xIOo5 feet. to Sumner Gerard. Mr. Ger
ard intends TO alter the building into stores
and APARTMENTS. and is having plans for
such prepared.
Joseph p Day sold for Heiner e. Wolf
and Samuel II. Stone the plot, 45XIl.lo feet
on the south side of ulth street. 100 feet
west of Fifth avenue. The buyer is Ed
ward Friendman. who recently acquired
the ad Looming block front on the west side
of Fifth avenue between 10th and llltn
streets at the auction sale of the Pinkney
estate holdings conducted by Mr.. Day on
Nav is. His holdings at this point now
have a frontage of 10l.10 feet In Firth ave
nue about 125 feet on the circle. 80 feet on
Cathedral Parkway and l45 feet IN hlth
street with a depth of lilo feet.
Mrs. Elizabeth NJ. Anderson, owner OF
No 4l5 Fifth avenue, has purchaser 'he
lease on the property held by the estate Vi
Herman Schaus About five years ago MIS-.
Anderson. who owns. together WIN the
beirs OF the estate of Mary Lewis the ave-
nue block from S7th to 3sth street, JUS,
north of the Tiffany establishment ana
other adjacent owners. pooled 'heir piop-
critics and optioned them TO syhoica'e
which was to build on fourteen-lot pIo'-
tage the new Lord & Taylor store lho
scheme was baked by Schaus' however
who demanded an excessive price ior lhe
trouble to move his stock 10 some o'ilel
location. II is said that the price he asked
FOR hts ten-year lease was S2oo.Ho since
the failuryp of that project the BULK OF the
Anderson holdings have been improved an
eleven story building now being In process
of completion at the southeast corner Oh
Fifth avenue and 3Sth street, whlch mas
been leased 10 Bonwit. Teller d 90.
The Edison Company is about TO erect
a ten story building for its own use at NO
~, West 42d street, on lot zoSlVV ieet'
owned by Woodbury. @. Langdon.
For some time the company has been a
tenant in the old building on the Site
using the store as a demonstration room
The need If larger space at this location
has now led the company TO take sixty
year lease Of the lot, and the erection Oh
the new building will be begun in the
near future.
The proposed structure will adjoin on the
west the low building occupied by the
Bryant Park Bank. which is also owned
by Mr.. Langdon.
Harry S Black, president Of the United
States Realty and Improvement Company,
is OF the opinion that the structural facil-
tiles we already have are amply sufficient
10 take care of the city's needs for the next
half decade. Discussing the situation in
THE Wall street Journal" he said Rec
ords Of the building in New York City
show that in the last five years 100000 o0
has been invested in theatres. sl5000,0O0 in
hotels. and ss7,OcoO0O in office buildings,
making a total Of sl32, 100000. During the
same period Boston invested s1,500000 In
theatres. 100000 in hotels and $4,000 eo0
In office buildings. a total of slS5O9,000. and
Philadelphia invested ss.OOOOOO in the same
class of improvements.
The annual growth is far in excess of
that Of either of the other two cities, but
I do not believe our increase has been suf-
ficiently great TO warrant this large in
vestment of capital Our annual increase
in population will undoubtedly absorb the
additional facilities. but at the same time
believe that If no more theatres. hotels
or office buildings are erected in the Text
five years we will not suffer for lack Of ac-
commodatons in this connection.
THE percentage of returns on this class
OF investment IS smaller to-day than ever
before and any additional investment on
the same lines means a still further re-
duction in the net returns. Under the cir
cumstances. 7 think owners of real estate
and financial institutions which loan money
on mortgages should be conservative for
the next few years"