New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-23
Upward Trend of Prices
in North Fifth Avenue

home site followed. and 10 attracted
widespread attention while it lasted.
IN that invasion many well known
operators made some large profits.
Among the pioneer spectators IN
the section in those days we're Isaac
T. Clothier Of Philadelphia. one OF
the most successful spectators IN the
history Of Manhattan trading; Fran
els x. Pendlcton. the late Charles I.
Barney. the late Joseph Hammerschlag
and some other prominent men. Bro
kcr- who placed their names proml-
nent.y Do the transactions comprising
that invasion were. as previously SAID,
Nr. sherman and also John Noble
GO,d-rg. LomauC Brown. the firm
OF Wiua3s & May. Douglas Robinson,
Charles $. Brown Company, Horace ;.
Ely Co.. pcase & Gilman and many
other progressive individuals ard cor
poration ID Is a striking coincidence
that the upper Fifth av boom was
revived by The sale through Herbert
A. Sherman Of the plot lO0Xl50 feet
d. the southeast corner Of 96th st.
and 5tn av. for the Ralph Marsh es-
tate 20 sumner Gerard, q brother u
Ambassador Gerard. That sale took
place in 1912 and involved S2500OO
Nearly every parcel of land, except
ing that owned by Colonel Jacob Rup-
pert a. 93d ST. and Firth av., has
changed hands many times since MIR.
Carnegie bought at g0tb So. and Fifth
av. Some of the parcels have been re-
sold several times at constantly in
crossing prices.
Sixteen years is a long time to wait
for an invasion OF this character TO ma
ture or 10 become the predominating
feature and most successful operation
Of the real estate market. Many causes,
however. contributed 90 delay the move
ment. The principal ones have been the
periods Of financial depression I'M 1908
and 1907 and the continuation for
many months OF a rclCJustment proc
e1s Of real estate affairs as we'll as
general business matters. Had u not
beer Cor these business sctcacks there
ls no doubt that the upper Fifth av.
residential section would now be Gov
cred with scores Of high class homes.
Soon after the purchase Of the plot
a. "0th O.. and 5th ay. Mr. Carnegie
bou~ut tnc panel forming the north
criy block front in 9lst ST. from Fifth
20 Madison avs. lu 1901 he sold the
plot with O. frontage Of 10 feet. being
a part OF that size and beginning at q
point lt7 feet east Of Fifth av.. 20
william D. Sloane. On his l2J foot
plot Mr. Sloane built two houses. one
Tor his daughter. dr- james 4. Bur
den. jr- and the other for j. 5. John
Henry Hammond, another daughter.
About three years ago Mr. Sloane dis
posed Of Eas, 9ist St., adjoining
the nome sites of his daughters, to
John b. Trevor WHO put up a fire.
proof house for his own occupancy.
Last year the parcel, lOOxl47 fcet,
at the northeast corner Of 9lst 81. and
Fifth ay., was sold by NJ. Carnegie to
Otto II. Kahn for S125,O00. the Iron
Master taking back mortgage for
S615OO0 at 4 per cent Nh Kahn is
now building house for himself TO
cost SlOOOOOO from plans by {. Z. IL.
Gilbert.
Henry Phipps owned FOR thirteen
years the northeast corner of g6th ST.
and Fifth av., which he sold las. week.
He bought the property boz 1901 through
Herbert A. sherman. Mr.. Phipps was
holding the property, lccording TO re-
port. 40 100000. Thirteen wears AGO.
too, Mr.. sherman sold 10 the late Will
lam g.. Park the southeast corner Of
9Th 50. and Fifth av for Sl65. 600
Many other notable purchases and
building operations have taken Mace
JUS north and south OF Mr. Carnegie s
home since the Iron Master bought
his home site at Goth 81. and Fifth az
IN 1898.