New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-30
LOT SALE A SUCCESS
Brisk Bidding at Murray Estate
Auction Offerings.

II seemed like old times In the auction
market yesterday when Joseph P. Day
mounted the auction stand to sell the 4l9
lots of the Murray estate just over The
Bronx city line in the lower part Of fon-
kers. The sale was a big success even
though some of teh lots did sell for as low
as $50 Bidding started at about 2 o'clock.
and by shortly after nightfall the last one
had been knocked down TO a real buyer.
Anybody looking for conclusions to be
drawn from the sale, would have to admit
that It marks the return of a strong and
substantial market for we'll located prop
critics honestly advertised and honestly Of
fered.
One of the features of the sale was the
little history Of each lot that Mr. Day gave
as he offered the lot for sale. It was fairly
stated wherther the lot was on above or
below grade, whether II had rock on II
and the number OF trees. These statements
caused considerable amusement TO the bid
ders, especially when the auctioneer men
toned some lots from 30 to 30 feet below
grade with stream running through them.
One bidder asked IL riparian rights were
included. and then bought the lot for $50.
AS a rule the prices obtained were uni
formly satisfactory. For lots near to grade
and off the principal streets an average of
about $500 was had, which all present con-
sidcred a fair average.
A total OF s225,5oO was derived from the
SALE
The property is part Of one Of the very
old estates established in lower Westminster
County many years ago. 1t lies east OF
Park Hill and almost adjoins the high class
residential section of Summit Park. Up TO
this time 1t has been kept in its original
wooded state. All about the district are
moderate priced artistic suburban homes,
and the only reason this tract has not been
developed before is because nobody could
buy It,
There were about a thousand persons
present at yesterdays sale. about equally
divided between residents of Yonkers and of
New York. From the start the bidding was
active, and the auc'ioneer had little diff
Guilty In disposing Of the lots. Among those
known professionally to the real estate
market who were there yesterday and
bought property were ]. Arthur Fischer ]
Romano Brown Thomas Totten and the
| Gerberans, OF Yonkers.
| Shortly after the sale started a heavy
thunder squall appeared In the west and
| threatened 10 put an end TO the days pro-
ceedings. Mr.. Day said, however, that II
any one left he would miss the best oppor-
tunity ever given to obtain bargains in real
estate, so ali but a few more timid ones
remained They took in payment for the
lots everything that was offered, from
cash through bankbooks. certified and UNI
a Il q
turb the interest due on the savings ac-
counts. 1t really was the most successful
| suburban auction sale held near New York
in several years.
The Mclean avenue frontage was the
chief desire Of those present, though the
bidding OF $50 to 500 for corners in other
parts OF the property indicated that the
| buyers looked on the lots as desirable for
residential purposes and were willing e
pay prevailing prices for them. Inside lots
in the upland section brought from $500 70
S25, the buyers taking them in parcels OF
from two to nine. Since only 10 per cent
OF the purchase price had 10 be paid yester-
day II was possible 10 buy considera bic
property with little money. When it came
TO the Mclean avenue frontage the prices
were materially better. though through one
section where the avenue dips to 90 under
the bridge Of the Putnam division of the
New York Central prices ran as low as
500 to 500 For the good stun. however.
500 was a minimum figure. and from this
the prices went all the way up 10 several
! thousand dollars
The property was sold in partition sale.
so that the heirs OF the Murray estate
might obtain the money tied up I'm the land
Mr. Day said that the sale marked tn
highest point OF the auction market in SUBJ
urban sections. He said that not since the
very active period preceding the recent sale
had he faced so enthusiastic and spontanc-
Gus a crowd Il buyers Nr. Day thought
the effect OF the sale would be 10 bring
into the market many properties whose
owners had been hesitating because Of a
feeling that they would not be able 10 sell
He said the sale demonstrated the ability
OF the market 10 take any well located
property.