The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-04
Purchase of Man.
haitian Hotel and
Tiffany Studios in
One Week Gave
Him %$5,OOO,OOO.
Worth Of Realty.
Has $%lO,O00,OOO
of Property on
Madison Avenue
ne-.ProfitsFr
Mines Go Into
Realty

A fortune taken from the mines ~ the
West Is being exchanged by August
Eeckscher for 'veritable gold mines" as
choice properties in leading sections Of
New York are often referred to by
brokers and shreNd investors. MIR.
1lcckscher has been n prod ious in
weston In New York for several years,
hut his liking for New Works. realty
has never been 40 keen AS recently.
About ten days back Mr.. Heckscher,
who II might hc we'll to mention here
Is one IL the biggest mining men Of the
country. startled The sluggish realty
market by taking over two Madison
avenue corners m the Grand Central
zone wortn about s5,Oo0.0o0 IN forty
eigh; hours.
III paid down 100000 and probably
will ada another $1,000. GOO to his equi-
ties IN these real estate gold mines
before he becomes their legal owner.
The properties are the Manhattan Hotel
at Madison avenue and Forty-second
street. valued at 81. 500, 900 and the
Tiffany studios. formerly the home OF
the kuickerhocker Athletic club. at TIE
southeast corner Of Mad.son avenue and
Forty-iifth street which is valued at
$1,000, 600. on the former property he
has paid out $500. 0OO In cash n on the
latter $500. 0oO.
II has been a long time since 40 much
real money has been spent by one man
o. real estate in 80 short a time. Mr..
lieckScher as now four OF the finest
located corners on Madison avenue. a
street which IL bound to be one If the
leading arteries of this city. lie started
20 accumulate his Madison avenue
properties about two years ago. His
first purchase on this street MAS the
corner diagonally across from the Man
haitian Hotel. The immediate corner
parcel he leased FOR n long period. as he
did not care TO pay the figure demanded
20 free the realty ~ a long lease. lie
owns In fee Of the adjoining property
on Madison avenue with the execution
OF the extreme end Of the plot. which is
also a leasehold. on the COZ bined fee
and leasehold he has built a twenty-three
story office building whose shape and
architectural features have attracted
considerable attention.
on the property controlled in fee he
has erected the main structure OF
twenty-three floors ON one leasehold
property or each side he has built mod
erately big buildings parts OF
the central structure in every re-
spect. The result, - rs novel and
pleaslng looking 4 building as the city
afords. The structure H. costing Mr..
Heckscher well M 10 IN" million lola
mark to erect. 1t Is understood that no
one IL AIDING him to finance tho con-
struction Of commercial monuments
The building Is not finished Yet, but con-
siderable space is understood to have
been leased in the structure at from 81
"a 81 a square foot, wh.rh indeed IL
anon the highest prices paid for Office
space in New York.
Ind such circumstances Mr.. Heck
scher's liking for more sites in that part
~ town ON which to put buildings which
would bring him such rentals can he
understood. Seeking about his attention
WIS next directed to the Hayemeyer
property at Madison avenue and Thirty
eighth street. the northwest corner Of
the restricted Murray Hin residential
district. one Of New Works finest home
sections. lie bought TIL corner and also
n law suit. As the Murray I'M Associa-
ton had let II he kuown that IL would
Ugh the commercial Improvement OF
~" site. a. il was an infringement on
the Murray restriction. Eiu that did not
deter Mr.. Heckscher from carrying out
his plans TO improve the corner. which
cost him $500 900, with a commercial
Structure.