New-York tribune., 1915-03-28

Somehow the merits Of this site have
not been properly presented to reai
estate investors who are financially
strong enough to hold and develop. II
need be. such q choice speculative prop
erty. About four years hence this cor
ner site viii be considered cheap at
about SsO0OO0, according to many stu
dents of realty conditions IN this sec
tion Of the city.
At the southwest corner OF Fifty
seventh Street the 731 Fifth Avenue
Companv has. az previously stated, IN
vested more than S2.O00.000. as it Is
not only the owner Of the former hit
new and Morse properties, but also the
premises Z West Fifty-seventh Street
and 8 and 5 West Fifty-siXth street,
three four-story and basement dwelling
houses. which were assembled by the
No. 4 West Fifty-seventh Street Com
pany, w. Emlen Roosevelt and other
executors Of the estate Of James A.
Roosevelt. and sold by William B.
Nav & Co. 70 Mr.. Heckscher in 1913.
William B. May & Co. were largely re-
snonsible for the quick market for
properties in the street from 1910
10 the latter part Of 1918. On the for
mer Whitney and Morse properties
tbare is mortgage of S1,750,0OO at D
ucr cont Thus the weekly interest
charges on the premises once owned
bv Harry Payne Whitney are about
81 ,6S4. A conservative estimate Of the
total weekly fixed charges on the prop
erty would be about S2,1OO.
Some sites in the street which
changed hands before 1910 at about
S125. 900 for a 25-foot lot. which is at
the rate OF $4,000 front foot, cannot
now be had for less than $1,000 front
foot. or $4,000. Even at 100000
they would prove most profitable hold
ing to any progressive elite store
which. in the not distant future, will
need home in this growing centre Of
Manhattan.
One of the best bargains ever OBJ
+ained in this street was the premises
81 West 57th st.. a four story stone
dwelling, with a one story eXten-
sion. At a partition sale held In 1912
II was sold to Robert T. Oliver for
S1O1 900, and in March OF the same
wear retransferred to William n.
Cohen. The consideration of the last
transfer WAS not expressed. Two years
ago at the height of the purchasing
movement in the street DR.. Hermann
NJ Riggs increased his holdings west
Of Sixth av. by taking title TO Ill West
b7th st.. a four story dwelling, 2OXlUO
feet. The former owner was Irene NJ.
Demuth. 1t was about this time that
the John J. Clancy estate transferred
title to 337 West 9th St to Henry
Noeller for the expressed sum OF 500
$50. As that property has a frontage
OF 20 feet, the sale price was at the
rate of n little more than Sl,5OO
front foot This is about the ruling
price for 2O-foot parcels in the street
between Eighth and Ninth aves, The
late Mr.. Clancy held very firm opinions
as 10 the future of this part of the
thoroughfare. He thought that no
part of the city had more promising
The e property 80 West 9th st. was
sold bv the executors of David L. Elm
stein TO Wesley Thorn for 100000.
The site is 33.4x1005 feet and there7
fore changed hands at about $4,000 a
front foot. IL this transaction the sell
ers took back a purchase money mort
gage of slG5. 900. About the same time
Bainbridge Colby purchased the Tour
story dwelling house 81 West 67th ST.,
25x1OO feet, from Florence WalstelA.
The consideration was nominal. When
the sale was made the city assessed ths