New-York tribune., 1911-12-14
TRACK TO CO
Old Course Subject to Option of
Real Estate Syndicate.
S3,OOO,O0O DEAL RUM0RED
Sale of Property Doesn't Mean
Dissolution of the Coney Island
Jockey Club, Secretary Says.

T. V. Schaumbcrg. secretary and treas
urer Of the Concy Island Jockey Club, last
night confirmed the statement that nego-
tiations are being carried on by l.. c. Reed,
of Bowers & Reed, representing the club,
and syndicate of capitalists headed 10y T..
&. NJ. Fitzgerald real estate operator,
and David Michel. OF No. IFS Remsen street.
Brooklyn, for the salc of the old Sleeps
head Bay racetrack.
we are going to sell the racetrac"'
said Mr.. Schaumtcrg. "and we are now
conferrng with several prospective pur-
chasers We are negotiating with Mr..
Fitzgerald and Mr.. Michel but the ar
rangement is as yet only under way and We
have arrived at nothing definite In the way
OF an agreement. The chances are that
a sale will be effected within very short
time
People familiar with the affairs Of the
Coney Island Jockey club, the owners of
the track. have known for long time that
the stewards would welcome an opportu-
nifty to sell the famous racing plant. The
property consists of various buildings ana
40 acres of land The drain Of upkeep has
been severe tax on the finances OF the
organization. The doubtful honor OF being
the first club to acknowledge the devastat-
ing effect of the Agnew-Iiart bill was by
no means sought, but as time passed the
conviction that some arrangement Tor the
liquidation OF the clubs assets represented
by the track was imperative became UNI
versa
While the details OF the impending trans
fer were withheld by club officials. the fact
was admitted at a hearing before the
tax commissioners in Brooklyn yesterday
| morning.
l.. G. Reed. of Bowers g. Reed. attorneys
for the Jockey Club. appeared before that
body and stated that the organization had
decided to abandon the use of the prop
| erty as a racetrdck. He said the assess
ment on the buildings was excessive, ana
that this assessment should be levied on
| the value Of the land only. II was then
discovered that the negotiations Of the club
officials for the sale Of the property had
not only been entered into. but had so far
progressed that T.. q. NJ. Fitzgerald. "A real
| estate operator. at the head of a syndicate
of capitalists, acknowledged that he had
an option on the racetrack The price
! stipulated was said to be nearly 100000
! This syndicate has several plans in mind
for the development of the property. it was
learned yesterday, one Of which is a
scheme for the transformation Of the race
track into a high class residential colony
The location is ideal. and those in the con-
dental plan calls for a settlement as elab-
crate in it's appointments as Newport oil
| Bar HarDor.
Another possibility under consideration
is the construction OF the largest and mos
perfect athletic playground I'm the world
| While this plan is I'm the nature of a sol
tossed to old sportsmen, who are shedding
bitter tears at the mere idea of back e
the soil' enthusiasts planting sweet pea.
and wheeling baby carriages on grounC
pressed by the flying feet OF so mani
! heroes and heroines of the turf there is n,
provision for their favorites i'm the plan
1t calls for two-mIle automobile track
surrounded by an automobile exhibition
and sales room, with an aviation field anC
possibly a motor boat course There woulc
be also a perfectly appointed field for tract
athletics. football. baseball and polo.
THE sale of the property" Mr.. Schaum
burg said, would not mean the dissolution
| of the Coney Island Jockey Club The clul
has been under a tremendous expense car
rying it's plant with no adequate return
and it is for that reason that an effort wa.
made to have the assessment on the build
| ings which have been absolutely useless
| all season, cancelled.
"As far as the obligations with the horse
men are concerned, they will be kept if tn,
| conditions will permit Futurties are pro