New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-31

/ The property Of the West PRESBYTERIAN
| Church has been purchased by the Aeolian
Company through Frederick G. Bourne. who
is director and large stakeholder IN the
company. The price paid is said to be
more than 81. 600 900. Pease & Gilman
were the brokers in the transaction.
The church property faces on Bryant Park
end at No. % West 42d street, and Nos.
! 80 and &c West AID street II has 'front.'
ages of IS feet in each street. with a depth
of 200 feet
A tall structure. probably sixteen stories
high. and estimated TO cost s1,500.0o0. will
be erected on the site and turned over 10
the Aeoliar Company. which will OCCUPY the
major portion of It. Part Of the new build
/ ing will be rented for studios and offices.
The building will contain many novel feat
ures. and there Will be a large concert hall.
The Aeolian Company started in bust
ness about fifteen years ago in fifteen
I foot store at No. Sal Broadway. From
there they moved 10 No. IS West Esd street,
and thence to the twelve story structure at
No. $50 Fifth avenue. near S4th street Now
/ they have outgrown their present quarters.
/ Their lease on the Fifth avenue property
still has some years 10 run. and the space
will be subet by Pease & Gilman. who
! have been appointed agents for the proper
! ". The company recently moved into new
quarters IN Chicago. and work is in prog
ress on their Cincinnati building. They
/ also have houses in London. Paris. Berlin
and Melbourne
/ The West Presbyterian Church recently
became affiliated with the Park Presbyte-
rian Church at Amsterdam avenue and seth
street. and will worship at the latter edifice.
/ The 42d street property was secured by the
fchurch in 1863 from the city under the
common land law and with the buildings
erected on il represented an outlay Of $780,
| 600
The newly improved southwest corner Of
/ Broadway and Dev street was sold yester-
day through the brokerage house of
/ Douglas Robinson Charles s. Brown
| Co. The transaction is Of interest aside
from the sale OF the property. in that for
egn capital IS said 10 be back Of the pur-
chase.
The property. which consists Of six
story store and office building. recently con-
structed. on plot fronting IS feet In
Broadway and 1907 feet in Dey street. was
sold by the Broadway and Dey Street Com
purchaser represented by the law firm Of
market At 100000
The same brokers have leased the prop
erty for a period OF eighty-four years, at
net rental exceeding per cent Of the pur-
I chase price. The ground floor Of the prem
ises was leased few months ago by
Bowling 10 the William r. Riker & Son
til, y.
with the Hegeman Corporation. for
twenty-vear term AZ a minimum rental Of
S9O000 per annum and percentage Of the
profits accruing 70 the drug business con-
Quoted on the premises
Bowling purchased the site in Novem-
ber 1906, from the Mercantile National
! Bank for $4,000. and last year made the
present improvement.
The new owner or owners according 10
the brokers. had a choice Of four Broad
way corners, and selected this property be-
cause of it's two entrances 10 the Fulton
and Dey streets subway stations and its
location at the head Of Dey street, near
the Hudson River tube terminal on Church
| street.
NJ & /. Hess have sold for the \. & 8.
Construction Company, in conjunction with
wooster Il. Mable n CO., the new Twelve
story and basement building recently COM
pleted at Nos g and 80 West 18th street, on
a plot 5ox9s9 feet. This land, together with
the adjoining 80 feet AT Nos. "a and 2S. was
purchased about year ago by the Realty
Holding Company. who resold 10 the 4. &
&. Construction Company. with a building
loan, the westerly half. the eGsterly half
being sold 70 the 25th Street Construction
/ Company for the purpose Of a similar inn
provement. Both buildings have been re-
Gently completed and are almost entirely
/ tenanted.
This property was held at 425,1Ol. and
was sold subject 10 a mortgage of $4,000.
held by the Brooklyn Savings Bank and
also one OF $4,000, held by the Really
Holding Company. II will he held for in
/ Vestment by the purchaser.
This makes the fourth sale within the
last four weeks in which the Realty Hold
ing Company has been Interested, and dS-
eregates total Of $2.0G0o o0 the others be
ing Nos. 30 and 40 West 9th street, Nos. =
and q West 27th street and Nos. Il and Y
I West 18th street. all having been purchased
for investment and Webster r. Mahie also
representing the buyer for the last