The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-26
HECKSCHER BUYS
MADISON AVE. SITES
Manhattan Hotel at I'D ST..
and Tiffany Studios at
45th st. His.
S.. 100. 900 SELLING PRICE

AUGUST, Heckscher. mine owner and
ore Of New Works largest and cons!sten,
Investors in hieh class real estate. ha.
Increased considerably in the last two
DAYS his investment In properties here
He IL said to ave acquired control OF
,so parcels on Madison avenue In the
Grand Central section valued at close ,c
s. 100000. lie is credited not only with
buyins the Hotel Manhattan, at the
nor,hwcst corner Of Madison avenue and
ror,y.second street. %diagonally across
from his new twenty story office build.
lne. but with signing contracts Yesterday
afternoon for the purchase OF the Tiff
fsnv studios Building. al the southeas,
corner Of Mad son avenue and Forty
fith street. as the site for a future Of
fee building OF skyscraper proportions
The sale was negotiated by Frank n.
Weller and James L. Robertson. who
have hid Mr.. Hcckscher's name behind
the ~overworked phrase: our client Is an
investor who does not wish his name
mentioned at this time
The property was held at fl.25o.0 900.
and the price which secured the corner
ia said TO be close TO that figure.
The six story red brick building or
the corner was erected about thirty
years ago as a home for the Manhattan
Athletic Club. one OF the best known
clubs In New York al the time. The
building was considered one of the fines,
club buildings which had been built IN
~ that time. The Cherry Diamond
Cub, az the Manhattanites were known.
Got into financial difficulties. and in
1898. or about eight years after the
building was opened. II had to close
Gown. The organization was rcorgan-
ned under the name of the Knicker-
booker Athletic Club. but IL remained in
e~xistenc. but a short time. The club
property. fronting l25 feet on Maids son
avenue and l25 feet on the street. was
,ten sold to william II. ~Chesebrough
ard others. who had organized the Gen.
fury Realty Company.
In 1905 the property was sold to the
TiTany Studios which manufactured art
Glass, bronze. tapestry and household
furniture. The Tiffany interests al
tered the building for their purpose
and since then the property has been the
home Of household art.
The property backs up on the Wander.
hN' Concourse building, At the south
west corner 81 Vanderbilt avenue and
Forty-hfth street. and the twenty story
Vac club. at the other end Of the VAN
derbilt avenue block. A. the northwest
corner Of Madison avenue and Forty
fourth street. adjoining the studios.
are two old buildings owned by Dards
the florist Diagonally across Madison
avenue from the Tiffany corner il the
Ph!pps property. which is soon to he i'm
proved with a tall building for the use
Of Abercrombie & Fitch.
The Tiffany people are said 10 have
sold The property subject to an agree
nent which will permit them to remain
there for some time. but just how Ions
II was difficult To learn yesterday. Sew
eral are of the opinion that a few
months VII, be The limit of their stay
In the Cherry Diamond clubs old home
The building will then be removed
and a tall structure. similar to the one
which Mr.. Heckscher is building at the
southeast corner Of Madison avenue and
Forty-second street, erected. Mr.. Heck
scher owns the southwest corner #
FIN avenue and Fifty-seventh street.
Which he bought several years ago from
Harry Payne Whitney. inc the Have.
meyer corner at Madison avenue and
Thirty-eighth street. on which he is now
erecting a tall commercial building.
with Yesterdays purchase included. Mr..
Heckscher controls four fine Madison
avenue corners whose value would each
vel on to the slO,0 900, 900 mark. All
these corners he has acquired within
the last two wears,