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

who came to this country during the Revo-
luton "a a sutlcr in tho Hcssan army.
His first business was done in a stall in
Hanover Square. He, too. was butcher
and obtained his provisions from the
Bulls Head Market In the Bowery and
every day could be seen trundling his
purchases from the market TO his stall
Passing back and forth he was impressed
by the beauty Of land along the Bowery
and later purchased several acree. which
he subsequently sold to his brother. John
Jacob. This ia the first record Of Astor
property in America. From that be-
ginning John Jacob Astor bought prop
erty until oven in his own day he became
the greatest landlord on this continent
He seemed to have no choice Of property
excepting that it must lie along the
lines Of the probable future growth Of the
city.
His transactions we're the sensation Of
the day. Sections which are nov among
the most heavily populated and places
where great Office buildings now stand
then were marsh and rock lands in many
cases and when John Jacob purchased
them the sellers, as MIR. Hendrick has it,
signed 1t away with tongue in cheek.
everybody who had anything to sell
sought out Astor and from the records
OF the day il would seem that he pur-
chased nothing which at that time was
really worth while. Well rented resi-
dences and business buildings did not
attract him at all His interest was en-
tirely in farms. Properties that had
buildings on them which he bought from
time tn time In aim n 1Dta hs, aolN a, an1r
a. he could make a small profit
One OF his best remembered and most
often quoted transactions was tn, sale
OF house In Wall street for 5000. The
buyer OF the house thought Of course that
he had all the hest Of IL. Astor. however,
broadway near Canal street. He figured
that in ten years they would be worth
81 900 each. IL was this kind of trading
that gave into his hands what is now some
OF the most valuable property in all the
world.
1t was also Astor's custom to watch the
records and to listen to the gossip which
told OF other early New York families
who were in need of money. Through
shrewd business methods in connect on
with these families and their holdings he
acquired great tracts Of land which now
go to make up "a large part Of the total
wealth of the Astor family. 1t is told of
him. for instance that for s75.OOO he ac-
quired one-half Of George Clinton 8
Greenwich country place. After Clinton $
death'he lent money to his heirs. taking
in return small parts of the family
property. Edmund Charles Genet. who
married Clinton's daughter. occasionally
borrowed money from Astor and pledged
Il he family real estate a. security.
As result OF all this nearly two-thirds
OF tho Clinton farm Is now owned by
the various Astors and is covered with
wholesale buildings. the income from
which is said to he about $500 .Oo. One
OF the richest holdings obtained by Astor
/ from family in need of money was the
Cosine farm. "A great tract of land on
Broadway from Fifty-third to Fifty
seventh street and westward TO the
Hudson River. This property. now esti-
mated to he worth not less than $40, ,Oo0. 900.
was bought in on a foreclosure by the
original Astor for s23.O0. John Cosine
in 1909. was the owner of this tract and
for years Astor worincd his way into the
property by means of mortg cages. jtidg-
ments and foreclosure sales.
he site of the present knickerhocker
and Astor hotels came into the family
in the same undiGnitied way. Originally
this was an immense farm from Forty
second to Forty-sixth street and from
Broadway 10 til, Hudson. Medcef Eden
was the owner VINO pledged various
portions Of it a. different times for loans
d
interest in an outstanding mort gage
which he foreclosed and NJ the sale OBJ
tanned title for S25 O0O. Estimates on the
value of this property AT the present time
are in no case less than $50 OOO. 600
II was said that in this deal one William
cutting was an associate with Astor.
They made div ision of the property
and Cutting was forced 10 take the water
front. lhen came period OF twenty
years Of litigation with the Eden heirs
whom As'or finally bough, OF for $4,000
! II is related of Astor that he did the
/ largest part of hk real estate buying
during the periods Vi general depression
and public misfortune When the coun-
try was az war with Great Britain in 1872
and New York was fearing capture Ivy
the British he went along foreclosinc
right and left on all properties from
of 1897 tn" records snow tha. he appea red
as complainant in foreclosures in sixty
different proceedings and that there
were few buyers besides himself For
$1,000 he then bought n block in Harlem
worth 81 COOOOo and on another occasion
h" paid $500 for -four lots which are now
said to be worth $500 900
Trinity Church al that time was land
poor. II needed money for various
purposes. which it could only raise by
giving long leases of vacant property.
Its largest holding wn. on the west sid.
between Chambers and christopher
streets Abou, one-thi"d of this tract
had been given under long lease to Aaron
Burr. II was here that the famous
Colonial built Richmond Hill one of the
noted places of early New York hospi-
tality, Burr WAS reckless with his means
and mortgagcd Richmond Hill heavily
About the time of his quarrel with uiamil-
ton this mortgage fell due. Burr could
raise no money. 10 the place went TO
sale and Astor bought il for SI6o,ON
Astor did nothing with the property. but
Trinity Church laid out I ne present streets
b'nlt 81. Johns Park and otherwise made
the section so attractive that the better
class Of people in the city sought homes
there and il became centre of fashion
and wealth Astor obtained about $25 .ON
year rental from the property. from
which he paid Trinity Church as rent
S289 year The lease which Astor had
on the property expired in lS88. but in
the sixty-two years that the family held
the tract their income from il was enOr
nous.
Along with his real estate speculate ions
Astor carried on a fur b usincss from
which the profits were exceedingly great
His period of activity covered about fifty
years and when he died he was he richest
man in America, Ho had invested about
s? NM. 600 in real estate and at the time of
his death il was valued AT S20,O1).Oo
From him the estate went tn william
Backhouse Astor. a y" cond son. The
oldest son. John was an imbeclle from
birth. His heritage was the Clinton