New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-27
$l,OOO,OOO 5TH Az.
OFFICE STRUCTURE
BUYERS Of Plot Plar Tall
Building for Site Extend
ing to Add Street.
CORNER WEST END
AV. DWELLING SOLD
Will Be Replaced with an Apart
ment-N. Y. R. f. Titles Trans
ferred TO Bondh0lders.

Harry Fische. president Of the
Times Square improvement Company,
is at the head Of new syndicate when
has purchased one OF the most vslu-
able parcels Of land in Fifth az. The
plot IS 50 feet on the east side OF Fifth
az. and l23 feet on the south side OF
a3d 81. Il is reported mat the Douglas
Robinson-C harles :. Brown Company
together with II. d. Baker. were the
brokers in the transaction. and Joseph
A. Seidman. attorney. represented me
purchaser
I, is proposed 70 improve the plot
with sixteen story Office building
costing over 100000. The Guaranty
Trust COMPANY. Of New York, - about
20 close lease for the ground floor.
first floor and basement of the pro
posed structure for term OF twenty
one wear. TO be used for its Fifth az.
branch. Nr. Fischel refused TO give
anv details as TO the transaction.
Slawson & Hobbs sold through Mars
ton & Co. TO the McMorrow Engineer
ing and Construction Company the
seven dwellings az the southwest
corner Of West End az. and 99in ST.,
comprising frontage OF 40 feet on
West End Az. and 100 feet in 99th al.
The NcNorrow Engineering COMPANY
will Immediately begin the erection o.
twelve story freproof apartment
house of the most modern type. Inc
floor plan calls for apartments contain
ing suites Of five. six and seven rooms,
v.itb three baths 20 each apartment
The deal involves over Sl,OOO,OO0.
The properties Of the New York Real
Estate Security Company which iailed
in November, 1913. were Yesterday con
vowed by James ~ Rosenberg. trustee
i'm bankruptcy. to companies represent
ing the bondholders Of the old com
Tie New York Real Estate Security
Company az the time Of ITS failure was
one Of the largest owners OF improved
real estate i'm NeG York City. Its al
fairs were much involved. being IN ar
rears for taxes and interest on mort
cages 10 The extent Of over SoOo'oVu.
Practically all Of the holders OF mort
CAGES on the properties o. the com.
panv were threatening foreclosure OF
their mortgages.
Wcschlcr & Kohn. attorneys for the
receiver. appealed 30 the equity side OF
the United States District Court. ASA
inc that the court deny motions iot
leave 10 forcclosc mortgages. IN prac-
ticallv every case nc court ana deny
such MOTORS. the result beng that the
receiver received -lmc 90 issue ana DIS
nose of receivers cert tcatcS. on Wnlch
we're raised sufficient funds 10 take
care Of The taxes and interest on those
properties which D. was deemed al
visable 20 preserve. The mortgages
waived the default n payment oil prln-
cipal and in many instances gave e"-
tensions Of mortgages.
Cpon his appointment the receiver
employed the firm Of T. L. Nood-N II
Dolson Company as agents OF inc
property. and Notwithstanding the Oaa
times and unfavorable conditions o.
the real estate market the rental in-
come Of the properties preserved was
incrcased FOR the year ending October
/. 1915. b. over $4,000 over me m
come for the preceding year Inc
mortgage indebtedness on the prop
critics has been reduced and the prop
critics have been put IN hrst class con-
dition.
heir Offices az 43 Exchange Place. are
40 folIows: Halcyon Real Estate Cor
noration. Irving Arms Real Estate Cor
oortlor and the Nyres Real Estate Cor
poration. The officers OF the new com
NAMES will be Greyson Mp. Murphy.
president. and Sarsheld Doyle. treas
urer and secretary. The rcorganila-
ton was effected without assessing the
I. n.