New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-27
Land Comprises 3,0i9 City
Lots-Big improvements
Being Made on the
Property.

The action Of the Banking Department
Of the state Of New York. in authorizing
the sale Of the Morris Park racetrach'
his cleared the way fOr what viii be the
largest real estate auction sale IN the MS
tory OF this or any other city.
The property. comprising &.ol9 city lots
nj, about 80 acres is 10 he sold on the
premises by Joseph p. Day and j. car
ence Davies. beginning May 81. Some
idea OF the size of the property ana what
its subdivision and development VIII
mean to The Bronx may be gathered from
the fact that it measures nearly mile
from north TO south and over hair a mhe
from cast to west-nearly half the size
~ Central Park. Its total street frontases
on the thoroughfarcs already established
bv the city amount to about fourteen
MILES For weeks a force Of several nun
bred men has been at work opening and
grading those streets on which TINS WORK
had not already been done, and before
the sale these improvements viii have
been completed throughout the property,
and title 90 every street coded TO the city.
Some further idea Of the size of tins
offering is TO he had from comparison
With other large auctions. The ogden
estate sale in 1907 covered 1000 lots in the
West Bronx. and extended over three
DAYS The former Dyckman estate sales,
Including practically all of What is now
the Dyckman section. probably ranked as
the largest in the Aggregate. of any auc-
tons OF Manhattan and BronN property
The interest OF the Banking Department
OF the State of New York in the Morris
Park sale. concerning which there has
. been not a little curiosity. is due 10 the
desire Of the Banking Department 20 con-
vert speedily into cash tine assets of the
dcfunct Carnegie Trust Company and the
Northern Bank. y Lar &c part of these
assets is tied up in fhe Morris Park prop
erty. and while these might be converted
into cash by methods of private selling
Superintendent Van Tuyl has felt that
the quick realization possible under an
auction sale will he more advantage oas
10 all parties concerned.
Tho decision to sell the Morris Park
property under the hammer, the Bank
Ing Department says. has the APP
rrovaI Of the Supreme Court. and Was
reached only after Icing consultation on
the nart Of the state authorities ana
counsel for the various interests III tle
dcfunct financial institutions. The an
nouncements concerning ii have been
made with the full Endorsement of Gov
ornor sulzer and Superintendent Van
Tuy and with the approval Of Attorney
General Carmody. George ". Egbert,
Deputy superintendent of Banks, ia
charge of the Carnegie Trust Company III
liquidation: Frank NJ. Patterson, COUNSEL
Cor the Superintendent Of Banks. as liqui-
dator of the Carnegie Trust Company;
h Charles A. Horne. Deputy Superintendent
n of Banks. in charge OF the Northern Bank
y OF New York, in liquidation, and Breed
Abbott e. Morgan. attorneys for the su-
pcrintondent Of Banks. as liquidator Of
the Northern Bank of New York.
Messrs Davies and Day, in speaking OF
the sale yesterday. said:
They mean that the sole object Of this
sale is to convert real estate into cash
and that every lot in Iorris Park must be
sold to the highest bidder II there has
ever been sale Of real estate 10 which