The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-21
PENNSYLVANIA ROAD
TO SELL REALTY.
Posts Notices in Stations That
Company's Surplus Property
Is for Sale.
S10,000.000 WORTH HERE

Current conditions in the business world
have made 1t necessary for the Pennsyl-
Nania Railroad Company to dispose OF its
surplus real estate holdings not only In
New York and vicinity but in at least
twelve other cities in the East. Notices
were placed yesterday in the company's
depots in these cities and large shippers,
manufacturers and others who might be
considered to be in position to use some
OF the companys holdings have received
letters to the effect that the Pennsylvania
company Is ready to market all real eS-
tate not necessary for the transaction OF
business
There are few corporations holding more
valuable real estate than tho Pennsylvania
Railroad. In New York alone its sur
Plus real estate is valued conservatively
at NlOOOOOOO. II IL here that the COM
pany IL most anxious to dispose Of it's
real estate, because OF the great burden
due to high rates.
The station on Seventh avenue. the post
office on Eighth avenue and a power sta
ton for the use OF the big terminal are
the only properties improved OF the many
the railroad was forced to acquire to
get the site for station in New York
and land for subway tracks across the
city.
President McCrea four years ago In his
annual report put the cost Of the station
and 'tho tunnels lInk'ng It with the com
pany's system In New Jersey and the
Sunnyslde yards In Long Island City ut
tll2,96S,4l2. At the same time Mr. Nc
Crca said that the Surplus holdings or
the company in New York were worth
100000 Since then the company's land
has increased In value at least $4,000 900.
Real estate men place the value OF the
Pennsylvania holdings here at from Sil, -
600 OOO NlI 0OO OOn y,st,
properties stretch through the city on a
line with the big station Around the
station are SS,00O.00O OF properties which
the railroad had to acquire when building
the station. on Seventh avenue facing
the station Is nearly n block and a half
OF property lying idle. IL extends from
] Thirty-third street to midway between
| Thlrty-nrst aud Thirty-second streets.
| This real estate Is valued In the millions
II is not more than a year ago thai
the company paid $1,000. 600 to Thomas
| Diamond for the few buildings on Thirty
second street between the then buildings
| OF the company and Gimbel Bros store
Several hotel deals have been on for the
Seventh avenue block front. just now
the block Is under consideration by tho
| Dry Goods Association as a site for
| big building to house all the buying
departments OF New Yorks department.
| stores Advertising men are said to be
| OF Seventh avenue and Thirty-second
| street on Thirty-third street midway
between Seventh and Eighth avenues is
a plot OF several hundred feet connecting
| with a plot u less width ON Thirty
| fourth street. This was to have been the
site OF a tall business building with an
arcade on the street level
The story was advanced some years ago
| that on 1t was to be the headquarters OF
| the road after the station was finished
instead OF in Philadelphia. Nothing has
been done with the property except 90
| build street through II for the conve-
nience OF patrons OF the road. on the south
side OF the station is plot as large II
moi larger. This properly. however, !s
not vacant. on part OF IL is "A large
power house. The success OF the new
post Office building led 10 the idea Of
west to Ninth avenue, as the New York
| Central has done about the Grand Central
creating terminal colony Of business
buildings The Pennsylvania Real Estat.
Company was incorporated at Albany with
a capital Of $4,000, 900, hut the idea has
not developed further than this.
Among tho properties mere which tie
| company may consider surplus are two
block fronts on the Hudson River, between
| rhirty-seventh and Thirty ninth streets.
along the route OF the tunnels. To the
| cast and west OF the station properties
| had TO be bought 20 sink shafts. These
| have not been utilized since the tubes
| were finished.
Tho cost OF so much unprodu ling realty
| has been big burden with taxes alone
| considered. The company has been hold
| ing out for its price, but the notice posted
yesterday Is taken by real estate men
| TO Indicate that the railroad is willing
| TO consider reasonable offers.
| William ". Wheelock OF the Douglas
| Robinson. Charles g. Brown Company the
| Pennsylvania real estate brokers In New
! York. would not discuss the matter last
| night further than that the posted notice
was news TO his firm Besides the no.
| tees in the big station at Seventh avenue
| that the company wanted to sell its real
| estate, II was placed In stations In Phil
| adelphia- Pittshurg, Buffalo. Baltimore.
| Washington. WillIamsport, Pa. Trenton,
Atlantic City, Wilmington. Del, New
| Castle, Del, Claymont, Del, IIavre-de-
Grace, Md, and at other points on its
| lines.