New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-18
reality Revival
IN and Near Old
Leather District
,,..,gth of the Buying
Movement There lncreas-
ing Rapidly
rbe Principal Buyers
$4,000 Made Overnight in
One Transaction by
seig Goldstein
rse Principal Buyers
~ CHARLES F.-NofES

. eis not SURPRISING " nv
4 .rrcbased property in the lower
IL s;Ao section only q few months
-. being tempted by substantial
i*.. and many resales are being
- have always eontended that
no safer or more conservative
T.. On Manhattan Island for real
| Investments than on the lower
SIDE and particularly near or on
street. Burling Slip, Maiden
o,d slip. Coenties Slip or near
| I'D Ferry. ., -.
4 so-mant. and few have realized
~,.upd underlying strength Of the
80 which has not, and can not be
4 II, bv trade removals. As the build
/ 80 predomina.e in the neighoor-
,rs Of the old but honestly built
| ,i,bered store and loft type, they
| ~. and have not, gone out OF
many Of the recently speeula-
Y ~ .-o,structed buildings have AFTER
1'g--nal over-capitaliZation OF IN
"a when erected -. %
~ tba+ IL is this last type OF
1 ..s5ng that has done more than any
49, iniure real estate as an invest
=. .orn,oditv. because It Is ouliq--
snrb character that have m'sieo
1 - and lenders on mortgage, win
.rI, .bat many have been taken
urder foreclosure. have YET 70
single small four. hve or SIX
- one-terant loft building and IN
@i..siy nineteen Of every twenty
/ sE.-: in This lov-sr East side DIS
\ 81. sSo Of this type-that has gone
s.-.,Iosuro. AS a matter OF fact'
.ba+ because our leading ap-
-, ard many Of the institutions
:. Lar on bond and mortgage now
- that these are the SAFEST OF
u '-.,s-+ios for ownership and Lhe
i .,!sonservative Of all properties IoI
is the reason that mortgage
-ry il freely offered to those W. W.
IN this district on very reas S.asune
and this is one Of the conoiIloI!s
-I,ve belped this boom and attrael-
u -snv investors and some OF Inc
~nlators in buying. -...,
Ufs not saying too mucn 70 sCe Se
~ mortgage money Is more IISeiy
\ 49, a. +his class Of property lhah
ssbsr and that no more conserVa-
;-ves+r,ent is offered in any. sec
I'm citv. The Charles +. Moves
;,,.oe+ed several million
fo~ its clients in these lower
e. buildings in the last rev
- as has been very properly
i - .ereral occasions, the Strength
| of.As b1ying movement IS lH0ie '''''' e
wa1y. to.5ors
| /, his buying movement. joseph 4,
rulira- has startled the real es .s,''
i-.,--itv with deal after deal; Seig
ses.,sia has bought as many as nVe
-.TE,ys A. one purchase; James j.
| V.o,s ias added half a dozen bulielngs
-. bois;rg-: William D. Kilpatrlcks'
-sH Cruikshank and Richard q
! lave sold and resold repeatedly ~
L,,Sso-,e rrofits have been gain
- /, 6u-;n- the last few weeks py
II. Bal Bag Company and Harry n
,srg, who bought only 20 own i0' 9
y months.
Resume Of Big Transactions
IA resume o. the active trading
sd include the sale Of eight build
liz At 234 Pearl ST. lthe old Me
Khange Building; ,, 4, 8, : ana ~
,ring Slip and ia 70 lsO water p.
Joseph F. Cullman 20 the Ne"
lws Steam Company; the purchase.
d quick resale by Mr.. Cuilman OF
= torner A. A. Low property at 81
81 Burlinr Slip and his purchases
Il "a 70 IS Burlinr Slip and % south
/ rfrVr the China and Japan Irading
Crssny. and the rebuilding OF the
( iN,trty and ts lease for twenty-one
an % the National Paper and type
srpany: also Mr. Cullnan's purchase
Il re block front on Front ST.
liosn, Lane % Fletcher 81; MS pur-
aase Of the six story Scott Build
g35 and 81 Frankfort St. now De,
g rsbuil,, and his latest puenase Of
a building az 169 % IT'S Front ST.
I4n 90 Burling Slip. comprising
-. .! 1000 SQUARE feet, az the south
r eorner. and 50 South 81. near
al e. Such buying as this u OF
y very best character. as every pur~
:aass made b. Nr. Cullman has oeen
sscs on a free and clear. ali-cash
~.
s.ig Colsste'n's buyings include the
~ $4,000 Thurston 4 Braidicn
'rlaing, a. q Chf 81, the hreprooI
rltiss a. 60 Cliff So, the acquiring
ne Cold so. end Of the William s.
~ a. Plat 81, and more recentiy
= aEng over o. all Of the FORMER
srp5el estate holdings at 4 and .
III a., 205 and DOT and 239 Pearl
rd a. 70 and "a Cliff e.. These
Y bs.ldinrs cover "key' plots. either
rtin sixty Feet % Maiden Lane or
adjoining Joan ST.. and cover
w square feet Of ground, and are
as,sed a. sf75 900. valued at SZZo'-
a. md while rented az 1880 wnen
fta2sed b. Mr Goldstein. now com
az rental income Of about VII
Va year One OF Mr. Goldsteins
se.sristles IN buying is 10 take
y iast which is desirable, as ind.
& By The $4,000 overnight proht
~, be made on his initial Jonn
~. Building purchase. that was
-fsy resold 10 the Liverpool and
mon ard Globe Insurance Company.
nres J. Moore has bought and re
iS Front -. and taken % Goid
II @s'a Pearl 81. l29 and i3l hAfd-
II Ahe. Zach building he has al
~ iust a. soon a. he could get
psS,n and quickly rented AZ a
y higher rental
Many Quick Resales
ha!s Richard Elliot, has resold al
IL eailcln2s in this district ana
n fitzpatrick and Cruikshank
fssoid al they originally pur-
- yet Nr. Fitzpatrick only during
AZ few weeks aecgred s5 and 81
=. a 3ll5O00 property in the
o. The coffee, tea and spice dfs'
Rating for nearly $4,000 a year
- best ~ tenants.
1sriek D. Cone, one Of the Lead
4 .nsfthants in the neighbOrhood. has
t|o splendid corners on Bur