New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-11-30
Sl,4OO,OOO FOR
HAGGN PLOT
Property Former Fifth Av.
Home Site of Prog
ress Club.

Signs are increasing that the reaisy
possessions Of Father Knickerbocker
are once again attracting to the realty
fold large numbers Of old-tims specu-
lators and investors and also many
other persons.
Many big parcels were sold yester-
day, one Of them being the former
home Of the Progress Club at the
northeast corner Of esd st. and Fifth
Avenue, 100 by 100 feet. It was sold
by the Charles p. Noyes Company, at q
figure slightly less than $l,4oo.ooo. for
Lewis B. Preston, representing the
Haggin estate.
This was the site that James Ben
All Haydn bought about twelve years
ago on which to place q suitable home
for himself. Soon after the purchase
he abandoned the project and bought
the Croker house, at the northeast
corner Of 64th st. and Fifth Avenue
The buyer Of the former Progress
Club site is q syndicate organized by
Starrett & Van Week. A twelve story
apartment house will be constructed on
the plot. Fred T. Ley q Co. Will be
the general contractors. The buying
syndicate represents New York and
New England investors. This Will be
the third apartment house built In the
Fifth Avenue homo colony in recent
years. At 72d ST. and Fifth Avenue
the foundation Of a 100000 apart
ment house has just been laid:
Fred T. Ley & Co., Inc, Will nave
an interest in the operation. This Is
one Of the largest contracting con-
Germs in the country, with othces In
Springfield, Boston and New YORK. IL
has done a great deal OF important
construction work, including banks,
mercantile and industrial buildings,
theatres, hotels and power houses and
also railroad work, including the cleo
IRRIGATION of the Hoosac Tunnel and .
large part of the New Haven system,
besides much of the hydro-electrc
work in New England. 1t employs
over 1000 men at the present time.
Starrett & Van Week say the apart
ment will be the most complete In the
world. The rents will be $4,000 for
each APARTMENT. There will be one
Apartment Of from 16 to 20 rooms and
8 baths to q floor. Important negotia..
lions are pending for the lease OF
several apartments to be designed ana
eouipped for the lessees. The demoli-
ton Of the present building will occur
Immediately. The new structure Will
be completed in August, 1916, ana
leases will date from October, 1910
Speaking about this operation a
realty expert said last night:
"This transaction emphasizes the
improyement in the real estate market
Not only is the transaction one OF the
most notable of the year, as II
involved no exchange and was financed
on AZ per cent basis. but 1t is den
nitely known that at least four otner
purchasers were in the field for tne
nronerty. which was reported solo
SEVERAL months ago to another syhoI-
cate. The deal did not 90 through
Sowever on account of financial
terms hut in the present instance sae
Charles F. Noyes Company sy.jan
has arranged financing accomnoS~ ,ha
The nroperty was purchased Dy @
late ]. B. Haggin about tweive o.,
ago. previous to which IL haa proaress
o si as the home Of the rIos .hejr
Glib II has been vacant since
ramovaI TO Central PARK Wes A. Va,
'' GoiSwin starrett. of Starreu ~
VIZ Commenting upon the iocs..o"
- ;,nrovement, says: IN puIS
anu 49, Progress Club properly
client considers there IS no mr. thar
eIe ;n,t location on the avenue
s Vel =. II Is close TO the SHOPS ann
. oou vet distant enough 70 DC
J from all objections. AZ WIS
me- the mark view is at It's pest
pom ~" neople realize the fact that an
x,ment Of eighteen or twenty roon''
spei.r,,cted 20 suit on such corner -
e.. rot only makes il possible 20 nese
'hIs, rsable and better planned mouse
- .rv residence can provide, but
he. q rent of $4,000 per annum Is
les than the cost CT owning residence
..s from s250.0O0 TO 100000. Re-
frigeration. electric lighting, telephones
md full service will be supplied u
tLos. who rent apartments Of this char
The Charles F. Noyes Company says
that the purchase of the ground and
the erection of the building will in
yolye an investment Of nearly $780,
COO,
Alexander & Green, attorneys, rep
resented the Haggin estate and Will
lam F. S. Hart, attorney. represented
the buying syndicate.
Another of the big transactions yes
terday was the sale By Douglas l. Elli-
man 4 Co. for DR.. James c. Bishop Of
the premises 4l6 Madison av., a four
story and basement private dwelling.