Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-09-04
LARGEST HOTEL TO
HAVE 1900 ROOMS
Times Square Structure Will
Cost S12,500,000 and Be
"a Stories High.

motel to contain l,SOo rooms is soon L
be erected in the heart of Times square
When completed, and the owners hav,
arranged to celebrate It's opening on New
Years eve, 1914 1t will represent an in
Ncstment of Sl2,500,000 In respect to the
number of rooms 1t will be the largest
hotel in this country If not in the world.
The site, which has been purchased
outright for cash. is the large plot nov
occupied by the New York and Criterion
theatres on the east side of Broadway
between Forty-fourth and Forty hftt
streets, Immediately opposite the Iote
Astor. Contracts have been signed fol
the purchase OF the property, which has
long been regarded one OF the choic.
est sites on Manhattan for II fine hote
and the new owners will take title or
September TO- Plans already have beer
prepared and approved by the building
syndicate and at an early date they vii
be MED with the building bureau
The hotel will be built and managed
by a syndicate known as the Century
Holding company. The directors In
clude many prominent eastern and west
ern capitalists who have been waiting
for some time for a favorable oppor
tunity 20 erect just such a building as has
been planned They include C. NJ Hig.
gins, managing director of the STANDARD
OIL company, Samuel NJ Jarvis, presi.
dent OF the National Bank of Cuba. and
director in many other organizat lions
Alfred Hanan of the Hanan shoe firm
John MCGEE, a retired railroad man
frederick P. Wilcox, president of the
international Silver company and the
Merlden Cutlery company. L. S. Rose, q
Colorado capitalist, F. A. Wallis and D.
w NARROW. The last named has been
the leading promoter of this new Times
Square Hotel. No name has vet been
chosen for the hotel. but general sug-
Eestions are under consideration
sS,75o.oco CASH FOR THE SITE.
The theatre property, including both the
New York and Criterion theatres. has
been purchased from the New York
Theatre company, controlled by Klaw &
Erlanger for 100000. A most unusual
feature of the undertaking Is that Klaw
& Erlanger will receive cash for the full
amount OF the purchase money In addi-
ton, the syndicate has purcha sed for a
total OF 900. five old houses, three on
44th street, Immediately In the rear Of the
theatre plot and these owners also will
receive cash payment in full. This makes
grand total of So, 5000 paid for the site
alone
a deal of this magnitude on a strictly
cash basis is probably unprecedented in
the history Of New York real estate The
assessed value of the plot without the
improvements. is about s230O,OOo. of which
nbout 100000 is included in the thea
plot.
The theatre plot has a frontage on
Broadway OF 203.9 feet with 1913 on 44th
street and 1913 on 45th street. BY acquir-
ing the three adjoining houses on i4th
street and two on 18th street, the plot
Will have frontage of about 165 feet on
cath street and 1875 feet on 18th street.
The total ground area is close to 81. 900
square feet. making a hotel plot which
VIII he exceeded in this city by the Wal
dorf-Astoria and the new Biltmore the
latter now under construction by the New
York Central railroad on the block
bounded by Madison and Vanderbilt ave-
nues and 43rd and 44th streets In the
number OF rooms, however, the new hotel
VIII be far ahead Of both of these. for
one part of the Waldorf-Astoria Is only
j stories and the other half 16 stories
high The Biltmore. although % storf,s
high. will have only few more than |. 900
rooms.
s,Oo,ooo OF ENGLISH CAPITAL.
The remarkable fact Is that the hotel
will be practically built by foreign cam
ital and at rate of interest which the
large money-lending institutions In this
city declined to consider In the earlier
applications for financial aid. The best
oner 1t was learned yesterday, from one
or the largest insurance companies which
Is lender on high-class building opera
ton, was an offer of S6,5OOO0O at So per
cent" and no definite assurance WAS
given as to when the entire sum could
be advanced
The financing of the hotel was placed
In the hands of ]. A. Fookes. Within
six weeks he Interested English capital-
lists so thoroughly in the scheme as to
obtain permanent building loan Of
s7,OOC,G0o which will be first mortgage on
the property. This loan, at five per
cent, is to run for ten years.
With this 100000 in hand the syndi-
cate was able not only to agree to pay
spot cash for the site. but to obtain the
property at considerably less than the
original holding price, Klaw e. Eranger
had been asking s3,5OOOO0 for 1t. but for
all cash they were willing to meet the
purchasers by taking off 100000
An additional $4,000 has been sub
scrbed entirely by the members of the
syndicate to complete the hotel OF this
sum 100000 has been set apart for the
furnishings
TO BE COMPLETED IN 10 MONTHS
The actual cost of building the hotel
Is estimated at 100000. The architects
are Walker 81 Gillette. It Is their first
pis building in Manhattan. although they
nave designed a number Of smaller bust
ness structures and several artistic coun-
try homes, The contract for putting IN
the motel has been awarded to the Wells
construction company Of Chicago.
Demolition of the buildings on the site
VIII be commenced early in October
The work Will be pushed with rapidity.
as the syndicate announces that the
house must be ready for opening on De.
cember 81, 1919 which means that the
G-story structure is to be thoroughly
completed ana furnished ready for guests
in less than one year and three months
William Morris, who has been conduct
ing theatrical attractions on the roof NJ
the New York theatre under LEASE from
Klaw d Erlanger, as we'll as in the main
theatre had short-term cancellation
clause in tAe lease which he took a year
ago for three years Under its conditions
that lease has now been cancelled and
Mr. Morris will vacate the theatre at the
end of this month.