New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-21
81 100000 LOAN ON CORNER PROPERTY
Realty Company Gives Sum Parcel at Broadway and 4o
Street for Five Years at Low Rate.
NEW LOFT AND OFFICE BUILDING FOR FIFTH AVENUE

The announcement by the McVickar-Gail-
lard Realty Company Of the placing OIL
loan of 100000 on .he property at the
northeast corner of Broadway ana SOU
street containing about 200 square leet
fronting 120 feet IN Broadway. 1b2 rect III
45th street, extending through the oioch
with a 50-foot frontage In ioth street.
arousedj much interest in real estate cir
cles yesterday. The loan is for five years
at al per cent. The Equitable Life Assur-
ance Society provides the money Tor th's
loan.
The negotiation Of this loan calls atteh-
ton in a striking manner to the large III
crease in values which has taken Piace
in the Times Square section In the last lie"
years, and II was pointed out by some Oh
those who are familiar with the values
which prevailed when the owner OF tHls
property, Thomas y. Hidden. acquired lhe
plot. through the McVickar-Gaillard Realty
Company. in 19O2-'oS. that the total cost OF
the property with interest to date is hardly
in excess OF the amount which It is now
possible to borrow on first mortgage. On
the basis of tie most recent sale in the
Times Square section. that Of the Stanley
plot. on the west side of Broadway, be-
tween 46th and 18th streets. 10 Felix lsman'
through the McVickar- Gaillard Realty
Company at the rate Of about SOU per
square foot. the value Of the Hidden prop
erty would be approximately 2'23o'V"'
which would indicate clear net proft 70
the owner. in a comparatively few years.
of approximately S,25o0c0.
The Cross q Brown Company he's leased
from the plans for the Stevenson Construc-
ton Company the twelve story building TO
be erected at No 245 to 2i9 West 95th
street. on plot G0x1005 feet between Broad
way and Eighth avenue. The lessee is the
o. r. Weiss Realty Company. which has
secured the proposed building for a term
Of twenty-one years al an aggregate net
rental Of about 100000
The structure is to be devoted to the
housing of the commercial motor vehicle
industry. II is 10 have unusually hlSh
ceilings and there are TO be two 1850
pound elevators. each o. feet in length. 10
permit Of the handling of large trucks.
II will be the only public building in the
city devoted to motor trucks.
Plans have been filed for erecting a new
home for the 4F1olian Company, on the
north side of 42d street. 400 feet west OF
Fifth avenue running through the block
10 43d street. occupying the site Of the old
West Presbyterian Church, opposite the
New York Public Library. 1t will have
frontage of Is feet and an entire depth
OF 9pO1O feet. The structure Will be seven
teen stories high on 42d street and sixteen
stories high on 43d street. IT will be
building will cost $4,000. II. b. Tremaine
is the president of the company warren
e. Wetmore are the architects.
Plans have also been filed for making
improvements to the National Democratic
Club. at No. 6l7 Fifth avenue, 10 allow for
the widening Of the avenue as ordered by
the city The front high stoop will be re-
moved and a new entrance built In the
basement at n cost Of $1,000 Ewing q
Chappen are the architects.
c. p. H. Gilbert. architect. filed plans
yesterday for a new building TO cost 500
600. to be erected on the southeast corner
OF Fifth avenue and sd street, for Edward
Holbrook. The structure will be eleven
stories in height, built on plot IS feet
in Fifth avenue and 125 feet in SD street
design will be a severe classic treatment.
The first story and basement will be fitted
UP for stores and the upper stories ar
ranged for offices and lofts. The build
ing will be equipped with all the modern
appliances. Marble and bronze will he used
at the entrance. The contract for the ex-
cavating has been awarded. and work Is
now under way. The building will be com
pleted early in the spring OF 1872
The Gross & Gross Company has sold
for Elizabeth NJ. Anderson TO Richard
Croker. IT., No. 1Oi East 4lst street, a three
story business building. on lot 25xSSs feet,
adjoining the Terminal Building, at the
southeast corner of Park avenue, and Is
opposite the Grand Union Hotel. when
occupies the block front on Park avenue.
between 4st and 42d street. Mr.. Croker
has bought for investment.