The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-07
Young Man Of 20
Has Made Pur-
chases During Is
Months of Prop
ertyV Valued at 1884,
Building Not Yet
Erected For ST..
Refused
$4,000 Profit
Next Day.

out OF the West has come a youns
man. q very young man !ndeed-in l.
accepted meaning Of the term to-day
he Is only 20 years old-who has by
his operations In real estate shown "A
confidence in New York which should put
to shame local investors and those VIC
have been crying down real estate
values. Measuring this young West
erner's faith in the supremacy OF this
town by the number of dollars he has
put into It's real estate, which. by the
way, IL the most unfailing barometer. he
has a very exalted opinion OF this great
city Of the Western world.
In the last year he has backed his
faith in New York city's real estate by
buying two apartment houses. one on
Park avenue and one OH the West side.
and a Fifth avenue office building In
the making, properties valued at Sf.ooV.-
600 at the very lowest. Brokers have
valued them at II much higher figure.
1t is not necessary to mention this
young mans name. for every broker an'
real estate man knows him, and he Is
to-day considered the most active In
weston In the market. Fearing that per-
chance there are a few who have not
read THE suns real estate page as
diligently as the others and therefore do
not know about this young mans opera
tons, we will mention his name. He Is
Clarence Payne. formerly OF Menio
Park, Cal. and New York city. but now
of New York city and Menio Park. FOR
MIR. Payne has come to New York to
stay
His father was Theodore T.. Payne.
q member of the Standard Oil company,
owner of large real estate holdings III
San Francisco and other California
cities and a man of other business in
tcres;s. His mother is the niece OF
William O'Brien. one of the early day
California millionaires. a mar who went
TO the Western edge Of the country
when IL was semi-civil!zed Young Mt.
payne's grandfather on his father !
side was "a Forty-niner. In fact, he LETT
the East for California before gold was
discovered there. He was on the spot
when the precious metal was found AM
was among the first TO strike a claim
He made the earth give him a fortune.
The Paynes are related to the Floods
and Fairs and other prominent can
fornia families. The present Mr.. Phyne
Is n typical American young man. TAU
and ransy, he carries himself with all
air that is particularly American.
Mr.. Payne has been we'll known so
cially in New York for years, but as a
man O. affairs. a business man In other
words, his position was obscure. lie
became q man OF affairs about n year
ago last May and since then his rise IN
the opinion and estimation OF the realty
profession has been steady. To-day he
hotds a most prominent place as an In.
weston. there being hardly another mar
in the field who has put as much money
intD investment realty As Mr.. Payne has
In the last year.
In May, 1914, Mr.. Payne shoul6ered
MS way INTO the market In n way thai
caused real estate men 10 take notice OF
him. As u vis tor TO the city he had
watched IL grow almost hourly. Ever!
day he saw new signs OF progress ans
Advancement, assurances that th.'
precious little Island OF Manhattan
would some day be worth near. IL
weight In gold. Its supremacy as tht
worlds greatest city is a certainly, Mr.
Payne reasoned. With such views in min,
Mr.. Payne thought he would get more o.
New York city than vas LETT 10 him ID!
his father. This little was a few parcels
In T~hlrty-sixth street rear Sixth avenue
Park avenue interested him and II wal
there hat he shOuldered MS way Int
the business affairs OF New York b.
buying for 500. 900 the twelve stor.
apartment at 3s3 TO 3s7 Park avenue
which is next TO the northeast corner o
Fifty-third street. II Is one q. tn
finest houses in the Park avenue colony
Mr.. Payne let IL be known that h
wanted only the best, and since he hs.
the money, his fortune beng estimate'
mt any figure up 10 $1,000, 900. he go
what he wanted, a house ~ fully rente
that he cannot get in himself, but ha
20 lease recently a dwelling In Eas
Eighty-frst street.
The house has an income OF abou
o70.0O0. II was built a few years ag
on three lots.
1t was a notable beginning for
young ma in n field which he ha
studied only from the standpoint OF
visitor, but his faith in New York rea