New-York tribune., 1912-03-21

The twelve story Dorchester apartment
house. At tho northeast corner OF RIVER
side Drive and Sjth street, on plot l"2'-
feet I'm Riverside Drive and l21 feet In the
street. has been purchased by the Ameri-
can Real Estate Company from the Dor
chester Riverside Company.
This property has been acquired by the
American Real Estate Company for per
nancnt investment In exchange the COM
panv gave the Paul Jones, A six story
apartment house on the west side OF
Wadsworth avenue, which occupies the on
tire block fIont from 1Sitn 10 iS5th street
on a plot 1910 feet in the avenue ana ~
feet In each street
The Dorchester has been held at @oo"N
and the Paul Jones at $4,000. suhStdh-
tiaI amount In cash was added by inc
American Real Estate Company TO the
trade. The brokers in the transaction were
Mark RaCalsky 4 co. The Dorchester IS
ono of the most imposing structures aIonG
Riverside Drive II was built two ana
half years ago by a. c. & II. NJ. Han
There was printed last week report OF
the sale of tho Dorchester TO William II.
Earnard. vicc-prcsidcut of the Fidelity
=
civcn in rart paymcnt his villa at Aiken
:. c., comprising a large residence ana
nincty-two-odd acres fronting on Top
notch and Whskey roads.
Icsal complications haN- arisen ont oi
that negotiation. a. WAS indicated IN the
filing If lis rondcrs Tuesday by Putn"y'
Tvomhcy & PunCy, attorneys for bar
nard. who seek a specific performance q
contract for tho exchange Whilo IT IS ad-
mittcd that deal had becu in progress. II
WAS asserted 10y those on tho sid" 81 inc
defence that no contracts had been signed
and O;to iIorWitl said that th" hiuS 81
tho Ug pandcus was q surprise ana that III
his iudsmout there IS no ground for IT,
and that steps would ho taken immediately
10 have II dismissed. Counsel for IN" PLAIN
uT. hoOcycl say the action IS based on 4
signed contract. the specific performance
Of which th,y have rottioncd for.
\ marble front four story structure Is t'
ho erected by William L. Hearst on the
block front bounded hy the Grand circle
Central Park West. Broadway and 6is'
street. which ne purchased last year from
the Mccullough estate.
The building viii he devoted chiefly to
tho automobile trade. There will bc nine
teen stores ON the ground floor. several oi
Them extending throuSh from Broadway tc
Central Park West. The upper portion VII
bo used for Office purposes. When MIR.
Hearst purchased the property it VAS I'M
dcrstood that he would erect skyscrapcI
on tho site for hi, various publications.
The new Improvement will he carried or
by tho recently formed Now York Am'ri'
can Building Company, a corporation capl'
talizod at $1,000" II IS planned {" have
the building ready for occupancy by Octo-
bor T. II viii occupy a frontage Of %6'
roct I'm Broadway. 2s1.6 feet In Contra
Park West "71l feet in the circle and l9'
feet iu Glat street. James G.. Green is tho
architect
Plans for tho proposition of Widening
Varick street 10 4 width Of 10 foct anc
for the extension Of Seventh avenue south
ward from 1lth street to West RroadwaE
al Franklin street. Will com" up for forms
adoption before tho Board of Estimate a
meeting this morning AZ 1870 Tho i'm
prov cmeuts will cost at least $4,000.