New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Stewart Building
To Be Sold at
.uction Tuesday
sam Due on This Historic
Landmark So, 900,
with Interest
Some Facts About Site
Another Big salesrOOm Offer
no This Week l2S Lots on
University Heights
Same Facts About Site
o. ,nrHrR I. NICHOLSON

Il satisfactory rcsul.S arc oo'd'"eu
IT,. yc.c, ST.. salcsroom th.s week
-. opt.mism VIII prevail and the
~, real estate market will be bene-
- !, view Of the war situation
a.. arc pro0,uous days for seekers
"a, real,y bargains.
IN tuesday Joseph p. Day will come
-. yesey ST. auction room seeking a
-, tcr hc Old Stewart Building. one
~. hest known landmarks Of this
20 The neat day Bryan L. Kennedy
N N enter the same auction room to
r.,o,, o. l9s lots in the University
v.!.l,s section OF The Bronx. The
49,. Rgfl1inC is valued az some
.-1l,ors. The University Heights prop
.sy at some thousands lot.
Best Place to Buy
rA,rc,ssu old realty saying that the
-, -isco 90 buy is where there as the
-.,s,cst activity or where there are
....,Ilsn. transit facilities. The Uni
s.,sity Heights section has at last been
,..rgbt within the rapid transit zone
.T,ps Greater city. Moreover, the sec
=, has many rural charms.
The Stewart Building is TO be SOLD
q. foreclosure. The property was
s,c,bt by FCiN Isman from the estate
,GtSr late Judge Henry Hilton on April
= 1905 through Leopold Wen. al II
,,,or,ed selling price of S4,5oO,0OU.
Tile was TO have passed IN 1907, but
,,,, before the date fixed Nh lsman
-, with s. railroad accident, and an
,v,snsiou Of time was agreed upon.
Tssn followed the financial panic Of
'se- and another extension Of time
IS requested and granted. Finally. on
,b,pt June j.. 1905, Mr.. lsman loon
,,le 10 Che property. subject TO pur-
.bsse money mortgage OF S5,1oO,OOo, al
per cent. due in four years. On on
,,out June 96. 1905. Mr. lsman trans
erred the property TO FehX lsman'
i,e against which incorporation the
resent foreclosure action is directed.
IN. sale is by order of the Central
-,rst Companv. of New York, and Ed
r,Td D Harris. as trustees, acting on
AZ order Of the Supreme Court. The
rroperty will be offered IN I'VE separate
parcels. and then as q whole the hlgher
mount 20 be accepted by Henry smith
gho is the referee IN the foreclosure
action. Tie trustees have arranged 10
allow 70 per cent Of the purchase pnce
10 remain on mortgage for three years
a. per cent A..
onetimt site OF the Washington hall
which on July q. 1919, Was destroyed by
fire. This parcel occupied the site 4vVN
ls0 feet at the southeast corner oil
Broadway and Reade St. and was
bought BY Mr.. Stewart IN 1874 by auc-
ion held In the Merchants Exchange
ior about SCI, 1000. The nOrtheriy hall
q the Stewart Building WAS erected on
his site b. Mr.. Stewart, and II was
ere he opened the Stewart store IN
SEPTEMBER, lS41.
Several wears elapsed. during which
m. Stewart acquired control OF the
lssnce Of the block frontage. he then
offended the Reade 81. corner building
70 Chambers ST.. after adding two
rories 10 the original structure. This
vas in 1852. He then bought the lots
ID the rear in Reade and Chambers SITS ,
nth the exception Of one parcel, ana
attended the building eastward. The
single outstanding lot he nedged about
With his new establishment and waited.
tter ebou. seven years he leased that
parcel. the Andrew, House. plottage
.ixss. and incorporated i in the build
nc site.
Mr. Stewart started in business on
August II. 1928. when twenty-one years
q age. IN store 12.oN40. al -N5 Broad
vly. upon his return from trip 10 his
home in Ireland When he bought the
Stewart property in 1873 fashionable
New York had moved its residences
northward TO the Washington Square
and Union Square sections, and all
he more prominent retail stores were
On the west side of Broadway
No streetcar lines operated IN Broad
siy during this early period and the
baux and bellies Of the day had their
thoiee Of either going downtown by
I,tge or Of walking 20 the shopping
district. Mr. Stewards enterprise was
regarded as being especially hazardous
Aeeause Of the consensus that II would
a most difficult 10 divert traihc 70 the
sas, side OF The thoroughfare. In the
curse OF time. however. i grew 70 De
ne vogue 90 promenade on the easI
lde Ct Broadway, and when Mr.. stew
an IN 1852. more than doubled the SIZE
q the store he had opened in 1897 and
aeressed the heighth Of his place by
he addition OF two full stories, MS
'eitsight in having located the wrong
sc Of the avenue received recognition.
N. Stewart paid only S65,000 for the
rit Of Washington Hall. The late Mrs.
Hsity Green once loaned S2,0OO,OOO on
ne property.
, In 1913, when A. T. Stewart bought
he property az Broadway and Cham
etrs Street there were mostly resi-
etnees ia Broadway north OF Pearl
Street At Pearl Street and Broadway
vas located the Broadway Tabernacle:
ne Union Club was just south OF
Leonard street. the Academy OF De
ngn occupied corner al Anthony
S.reet. and the then store OF A. l..
Stewart stood At 267 Broadway, on
parcel occupied subsequently I'm l8ie)
" the Merchants Exchange Bank. rms
sore was Tao feet deep and the only
one Of that size In Broadway occupy
~ en- entire building.
N 1857. the year OF one OF New
FORKS financial panicS. Mr.. stewart
sstsah the erection Of the building at
a'oadwsy and Tenth street, now occu-
Pee by John Wansmaker. This oulld-
ag sss opened BY Mr.. Stewart.