The sun. [volume] (New York [N.Y.]) 1833-1916, 1912-05-07

piled the old man. and a few days later
the property was conveyed TO William
Is. Astor. the consideration being one
Spanish Inilled dollar and love and af-
fection."
II is said Of the original John Jacob
Astor that he never did anything to i'm
prove tho lands which he bought. This
Is not exactly correct. From available
records IL would seem that fortune fol-
lowed him to every new venture. He
calculated shrewdly Of course to get the
most strategic land and he just preceded
population IN many OF his largest opera
tions. He did nothing however. to en-
courage development When the city
authorities planned to lay out streets in
his various possessions he objected strenu-
ously because he did not want to stand the
expense OF assessments. even though the
city improvements helped to increase the
unearned increment which makes the
wonderful Astor fortune OF to-day. His
mind seemed to be entirely in the distant
future. when other generations which the
old man seemed to fOresee in a great city
Of wonderful wealth would need the
revenues from these lands Although in
many cases his property came to be the
growth. he never undertook any improve
ments Of any kind nor would he sell
The }imit Of his activity toward helping
the city in it's growth was to rent his land
on a basis OF or per cent. OF its value to
ings. pay all taxes and other charges and
give Astor clear net profit on his hold
ings.
down to the present day. with the resu i
that vacant Astor lands are to be found
in some Of the richest sections OF the city
Others OF them are covered with shacks
OF various kinds because no one has yet
manded. Wherever building was put
up on Astor property it was provided tina,
the structure should become the property
Of the estate on the expiration Of tho lease
So it has happened that from time to time
antiquated buildings have come into
possession OF the Astors and they have
done little or nothing to better them.
Broadway between Thirty fourth and
Forty second streets. where several blocks
Of the inactivity Of the estate. There
valuable property in the heart Of the
hotel and theatre district Is covered by
one and two story buildings. beca,ise no
one has yet seen III to lease them and
put UP adequate improvements.
Practically everything that was done
in the way OF city planning in the early
days of the Astor estate added to the
value Of their lands. The best illustration
Of this is found in the Thompson farm.
This is a tract extending east and west
Thirty sixth street. william B. Astor
purchased one half Of this in 1920 for
5000. Fifth and Madison avenues cut
ting through this tract gave il its first
great value.
Up to that time it was merely marsh
and rock lands. A the fashionable Sec
tion passed from Washington Square up
Fifth avenue il reached the Thompson
farm about 1850. and at that time il be-
came one of he most valuable pieces of
property in ell the great city. Years ago
the third and Willirm. had their homes on
the site of the Waldorf Astoria. In
recent years the subway was built to skirt
the Thompson fern on the east. The
Pennsylvania Railroad built it's station on
the west side and with its tunnels bisected
improvements brought the centre Of bust
ness near to the Astor property and made
il AZ once almost priceless
Some of this Thompson farm has been
sold on. but in the land remaining the
Astors have a cash value estimated at
ut its present rrt Of increase will amount
70 not less thrn 500. .0Oo, 900. Up to the
time of the decth Of William B. Astor the
cstc.e erected by the original John Jacob
was held intact Then. however. il was
divided along with the estate Of Henry
Astor between his two sons. John Jacob
the third and William Astor John Jacob
Astor died in 1891. leaving his property
to William Waldorf Astor. estimated TO
be worth sl5O.OOoOoO. 1t was the estate
of William Astor. who died in 1892, that was
turned over TO the late John Jacob Astor
and now goes to his son. William Vincent
1t was estimated to be worth then about
S85 .OO0. .OO0.
II has been said that under the care of
John Jacob Astor the estate has done
more in the way of improvements than
ever before As examples of this there
are the hotels Astor. Knickerbocker and
ST. Regis besides a number of 2rea
apartment houses. including the Apthorp
the second largest apartment house in
the city. covering whole square BLOCK
on upper Broadway. Under his direction
too the old policy Of the original John
Jacob Astor has been continued Of gettirG
rid Of stagnant land and taking on prop
ertv OF greater promise. In this way both
John Jacob and William Waldorf Astol
income producing lands. On this prop
crtv were small individual dwellings
built many years ago by persons who
leased the land from the Astor estate
These leases have long since expired
and rather than make leases with ind
decided to sell them outright. Constcr.
. nation prevailed for n time among thu
tenants, when the selling plans were
announced. until the Astors announced
the policy Of offering the land first al
reasonable prices to those who owned
the buildings,
With the proceeds Of the sales of ihes,
properties John Jacob and William Wal
dorf Astor vent far up in The Bronx
and purchased hundreds Of acres Of lane
that even in this fast growing city n,
real estate operator could bc induced Il
buy at any price. These lands are il
just the same condition now that tn,
Thompson. Clinton and Cosine farmt
we're in when the Astors bought them
and il is not to he doubted that a few
gene ations from now these many acres
will be among the valuable propertie
Of New York city.
The vast fortunes OF the Astors. in
cluding of course their real estate hold
inCs. are administered from two littl
buildings on Twenty-sixth street, nortl
side just west of Broadway. They ar,
little two story buildings, quite unpre
tentious, with bars over the grount
P, floor windows like on u bank A write
vividly describes them:
"The heavily barred windows are ex
pressive OF a policy OF exclusivenes
and silence which reign within Tn
buildi & is divided by n heavy partition
the eastern half utilized by what may b.
called the foreign or Englisl depart
. ment. the western by the American
branch. Day after day files in a pro
/, ccssion in every way typical Of New York