The Bridgeport evening farmer., 1912-05-21

uSu tO idy OuC 4tIcctS AAA HIS v oA voo possessions he objected strenuousiy be- cause he did not want to stand the
 expense of assessments, even though
 the city improvements helped to in
 crease the unearned. increment which
 makes the wonderful Astor fortune to
 to-day. His mind seemed to be en- tirely in- the distant future, when oth- seemed To foresee in a great city of
 wonderful wealth would need the reve- nues from these lands. Although in
 many cases his property came to be the centre of building activity and city growth, he never undertook any inn sell
 The limit of his. activity toward helping the city> in it's growth was to rent his land on a basis of or 6 per sdent. -ofr it's value to others who would put. up proper buildinS1. pay all tax e and other charges and give Astor "a clear net profit on his holdings.
 This policy has been maintained right down to the present day. with the result that vacant Astor lands are to be found in some of the richest sec tfons of the city. Others of them are covered with shacks of various kinds because no one has yet come along
 who will pay the rates demanded. Wherever a building was put. up on
 Astor property 1t was provided that the structure should become the prop
 erty of the estate on the expiration of
 the lease. So it has happened that from time to time antfQuated build Astors and they have done little or
 nothing to better them.
 Broadway between Thfrty-fOurth and Forty second streets, where sev- eral blocks of Astor property lie, gives a fair example of the inactivity of the estate. There valuable property in the heart of the hotel and theatre dis trict is covered by one ana two story buildings, because no one has yet seen fit 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 illustration of this is found in the Thompson, farm. This is a tract ex- tending east and west from Fifth ave- | nue from Thirty-second to. Thirty | sixth street. William B. Astor pur- l chased one half of this in 1926 for 325,000. Fifth and Madison avenues | cutting through this tract gave it it's first great value A l Up to that time 1t was merely1marsf
 and rock lands. AS the fashionable
 section passed from Washington Square up Fifth avenue it sreached the Thompson farm about 1860. and at
 that time 1t became one of the most valuable pieces of property in all the
 great city. Years ago William B. As tors two sons, John Jacob the third
 and William, had their homes on the site of the Waldorf-Astoria. In recent years the subway was built to skirt the
 Th0mpson farm on the east. The Pennsylvanfa Railroad built its station
 on the west side and with it's tunnels
 bisected the old Thompson farm. These | two improvements brought the centre l of business near to the Astor proper.
 ty and made it at once almost price less.
 Some of this Thompson, farm hal been sold of, but in the land remain
 ing the Astors have cash value esti- mated at about S35, ,000, 900, which in
 crease will amount to not less than e100N00. .000.s Up to the time of the
 death of William B. Astor the estate
 created by the original John Jacob was held intact. Then, however, it twas divided along with the estate of William B. Astor between his two
 sons, John Jacob the third and Will Ham Astor. John Jacob Astor died
 in 1890, leaving his property to Will
 liam Waldorf Astor. estimated to be
 worth $150000. 900. It was the estate | Ol w IllldIIh ASlOT, WnO Q10Q III l6SZ, ! that was turned over to the late John
 Jacob Astor and now goes to his son, William Vincent. It was estimated to be worth then about $65, 1000, 900. It has been said that under the care of John Jacob Astor the estate has
 done more in the way of improve | ments than ever before. As examples of this there are the hotels Astor,
 Knickerbocker and St. Regis, besides l a number of great apartment houses.
 includinN the Apthorp, the second largest apartment house in the city,
 covering whole square block on up per Broadway. Under his direction,
 too the old policy of the original John Jacob Astor has been continued of getting rid of stagnant land and talk ing on property of greater promise. In this way both John Jacob and William
 Waldorf Astor have sold off whole
 blocks of East Side income producing
 lands. On this property 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 individual own | CTS of the buildings they decided to sell them outright. Consternation InEeyailed for time among the ten-