New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-14
Purchase by St. Bartholo-
news Church Biggest
Deal in May.
IMPORTANT SALES
AT HUB OF THE CITY
Several New High Class Apart
ment Houses in the Area
Changed Hands.

The transactions in the midtown sec
ton reported last month clearly indicated
the firm faith of many buyers in the hub
of the city. It will not be long, 1t is
thought. before some new high record
prices are reached in this territory.
Buyers in the section last month were
widely scattered through the zone, and the
character of the properties dealt in has
been varied. The largest activity is IN
and near the greater Grand Central sec
ton of the region. Just north of the
Grand Central terminal buildings some DIG
improvements are planned.
The most important Improvement
planned for the section in many months
was projected in May and calls for the
tearing down Of the old brewery structures
on the easterly side of Park av., between
5Oth and 51st sts., and erecting on that
block front a new edihce and rectory for
ST. Bartholomew Episcopal Church. 1t
will probably be several years before the
new church is built, as the purchase OF
the property carries with II the condition
of reasonable time for the present occu-
pants TO Yacate the premises. The +. O.
NJ schaefer Brewing Company has been
located on the Park av plot for years.
II will soon erect Sl,50O,OOO brewery OF
the East River frontage from 5lst to ga
SITS. The plans for that plant have been
drawn by Morlerson & Co. The Park av
property has a frontage in 50th st OF Z25
feet and frontage of ESQ feet In Dist 81
Several big deals in the very heart OF
the hub at 42d ST. and Fifth av. were re-
ported in the month. One of the princi-
pal ones will result in the enlargement OF
the Transit Building. East AID st. Jo-
seph Milbank, the owner of the Transit
Building. bought from Thomas Kelly,
represented by George ]. Gillespie, the
two old four story dwellings and East
43d St, on a plot with frontage OF Al
feet and depth OF 100 feet adjoining the
seventeen foot dwelling 10 East ADD st.,
also owned by Mr. Milbank. On this
So foot frontage in Add ST. ten story
building will be erected and II will be
connected with the Transit Building by an
arcade on the street floor level. The new
building will be ready for tenants in 1915.
This big transaction was negotiated by
Homer Foot. tr.. and Douglas L. Gilman
& Co.
Coudert Brothers showed their faith IN
the realty future of the hub Of the town
by purchasing from Thomas Hastings
through Pease e. Gilman the five story
dwelling II East list ST. The house Is
on a lot 22x9S.9 feet and adjoins a SINH
lar building at East ilst ST.. which
Coudert Brothers bought not long ago at
auction for sl3l ,ss4 The buyers now con-
troll plot with 4 frontage OF II feet next
TO the Rogers Peet Company's building
now in course OF construction.
New owners were found last month for
a number of the choicest apartment
houses in this central area. One OF the
buyers was Benjamin ~. Duke and the
other Clarence Payne. Mr.. Duke bought
from the Palermo Construction Company.
of which DIR. Charles V. Palermo is presi-
dent, the twelve story apartment house
at the southwest corner OF 5sth ST. and
Seventh sv. This house is on ppt 100
feet square II was held at $4,000. II
was completed last autumn from plans
by Gsetan AJeilo The total rentals OF