davidaulloa/AmericanStories huggingface dataset:
The sun., 1918-12-22

The Bank OF America, one OF the
oldest financial institutions in Wall
street. has found that its quarters at
the northwest corner OF Wall and
William streets are not sufficient to
accommodate increased business and
the property adjoining on William
street, the ten story London and Liv-
erpool and Globe Insurance building,
has been secured that the bank may
spread out. \ price close to $1,000, 900
is said to have been paid to John y.
Stewart and co-owners for the prop
eIty.
The building has frontage on Pine
street as well as William street and is
larger than that of the hank both in
height and area. II fronts IS feet on
William street and So feet on Pine
street. Through control OF this build
ing, the Bank of America will own 80
feet Of frontage on William street
which is practically the entire front
age OF the block from Wall to Pine
streets. 40 feet on Wall street and 3s
feet on Pine street. Some time in the
future the bank Will improve the en-
tire property with a new building, but
at present its aims are to get space
enough on one level to permit further
enlargement OF departments which
cannot be conveniently separated.
The National City Company less
than week ago purchased the former
homo OF the Mechanics & Metals Ma
tional Bank adjoining the northeast
corner OF Wall and Nassau streets, and
ills only ten days since the Stock Ex-
change paid good price for the Nor
timer building at the southeast corner
of Wall and New streets.
Wall street has not figured 20 prom
inontly in the real estate market for a
long time The buying is due entirely
to the general expansion of business.
The Charles +. Noyes Company and
Douglas Robinson, Charles s. Brown
I Company, neAotiated the sale.
The sun., 1918-12-22

lief was granted Comptroller Craig's
statement was applauded that despite
the fact that the budget had been in
creased through war exigencies and
the like by s1o,0o0,0oo. the tax rate
will not be higher next year than II is
this year. It was welcome news to
real estate men and was accepted as
evidence that the runaway tide of ex-
pense had been stopped or else lot
of new sources of income had been dis
covered that despite a higher budget
the tax rate would remain the same as
in 1918. What the Comptroller and
Mr.. Bowling had to say was the out
standing feature of the conference.
Mr.. Craig Is not in favor OF the pro-
posal to limit the tax rate on real
estate "If you go to the Legislature
In an endeavor to limit your tax reta
on real estate to 2 per cent. or IN per
cent. or y Of per cent. you must de-
eide on one Of two things" he said
limitation of the city's debt or abolish
ment Of its necessary work. do not
believe there is O man In the city Of
New York who believes in doing thai
sort OF thing. But. that will be the
consequence Of such an attempt, II
successful.
II think, however. there are those
who honestly believe that by limiting
the rate OF taxation Of real estate they
will so cripple the revenues Of the
municipality that administrative ex-
penses will have to be reduced to a
point where they will be kept within
that rate.
TN my judgment you are not going
to be able to accomplish more economi.
cal administration by putting a limita.
| ton on the tax rate which will lead
| to a Limitation OF the debt limit to g
possible cessation of activities on the
part Of the Fire, Health and Police
departments.
Committees appointed to fnvesti.
The sun., 1918-12-22

Not within the memory OF the Oldest
real estate man has there been a
period during which money has eXer-
cised greater influence on property
prices than during the last year, par
ticularly the last six months. In the
past the amount invested influenced
somewhat the selling price, but never
did 1t influence the situation to the
extent It does to-day.
The statement was made last week
by well known real estate man that
certain Broadway corner could be
acquired for 81 900, 900 less than the
valuation placed on it by the city's
tax experts II certain amount OF
cash were paid to the owners of the
property. This broker said that this
proposal was an indication of current
conditions in the realty market. It
is for the good Of the market, he ad-
mitted, although a barrier to trading
In great volume. since the man who
enters the field to-day must have suffi-
cient money to buy a large equity in a
property, thereby making him a re-
sponsible factor in the market and
the section in which he invests Not
only this broker but many others hold
the same opinion. Commissions may
not be numerous, but the market will
be bettered by the demands which
owners are making OF those who want
their property.
This Is not a term market except IN
certain sections or under conditions
where an owner is eager to dispose OF
a property.
Robert E. Bowling said recently that
one thing necessary for a good. active
market is willing sellers. intimating
that there are plenty OF buyers. There
cannot be much buying If owners will
not sell, and they are not sellers unless
buyers make them attractive induce
ments in the way OF large cash pay.
ments.
For the first time in years real es.
tate generally is on a paying basis
Rents are high and so are carrying
charges and operating expenses. but
the net return is attractive and owners
are not parting with this income fol
small cash payments and subordinatet
The sun., 1918-12-22
Large Capital the Sesame That Opens
Door to Greatest Real Estate Bargains

years ago when trading was the only
means of doing business. The buyer,
who was an operator, bought the
house and considers that it was one
of the best deals he had ever made
since he paid a good deal more for
property close by the one in mind,
several years ago, when the market
was not nearly as good as it is to-day
In the Fifth avenue district there
is an another example of the value
of money. A man having home there
which he desired TO sell placed 1t In
the hands of a Fifth avenue real estate
firm TO sell for him. Several offers
were taken to him, but they required
that he should subordinate his interest
in the house, which he would not do
because his purpose in selling was as
much 10 be free of the cares of the
property as to save the expense of
carvings for several months.
On his way downtown to submit
the property to operators he met one
who made a cash offer OF $4,000 for
the property. The broker did not
think that his offer would be accepted
although ne thought that so much
cash would be tempting. The offer
was accepted. The operator sold the
house several weeks later at a very
much higher price. but there was not
so much cash in the resale transac-
ton. Another operator paid $4,000
for the adjoining property five years
ago.
The current market is decidedly on
a cash basis. The man who commands
but few thousand dollars will re-
ceive little attention from owners of
the good paying properties, because
owners will not sell unless the pay
ment of large amount of cash is the
consideration.
1t is a cash market and good mar
ket in the opinion Of real estate men
who see in the stiff terms demanded
a barrier to the invasion OF real estate
by the adventurer who comes into the
field bringing nothing, but hoping t.
take something away. There has been
! too much of this in the past Real
estate cannot have any more prac-
tees such as prevailed during th'
boom period OF eleven years ago.
The sun., 1918-12-22

mortgages. The war drought to an
end such terms and marked the start
Of new conditions in which shoesiring
traders have no place.
Cash will be the terms for a long
time to come. The country has plenty
Of money and realty owners have set
their hearts on having some OF II,
whether they hold their properties or
sell. II they hold their properties their
investments will pay them we'll for at
least ten years. Rents will not come
down before then because 1t will take
about that many years before builders
will have met the present needs of the
business and residential population of
the city.
Properties bought when their in
comes were low naturally will not be
sold for little cash payments since the
incomes have improved. The National
City Company bought the former
home of the Merchants and Mechanics
National Bank at 90 Wall street re-
Gently. The company paid $1,175,000
for the property, the consideration be-
ing cash. Had the National City
Company desired terms in buying the
building the price would have beer
adjusted in accordance with the re-
quest. But the National company
wanted the property and as cheaply as
1t was possible TO get IT and cash OF
terms did not matter. Having gained
price advantage by paying all casi
| the company then mortgaged the
realty for 100000 for FIVE years al
per cent.
Mr.. Bowling bought the Mortimer
Building at the southeast corner Of
! Wall and New streets and the five
story building at "a and &C Nassau
street at a figure far under what il
was held at in the market, and below
any price quoted by the Mortimer
family before. because Mr.. Bowling:
terms were cash. He placed so much
money on the contract that the Morti
! mer estate consented to give him &
! long time option. Only money and {
/ lot of it would have Influenced then
| to make such terms.
There Is a building in the Wal
! street section close TO the propert!
The sun., 1918-12-22
BUYING IN BROOKLYN.

Tho Buckley & Horton Company has
sold the four story and basement brown
stone dwelling AT 1I6 Willoughby ave-
nue. for n. Il, Drake,
Charles F. Rickerson has sold AS
Seventh street, n two and one half story
and basement brownStone dwelling. for
the \. l., Holding Company, Inc, 10 ].
McManus
Frank II, Malone and Frank g. Seaver
& 60. have sold the stucoo cottage. on
plot 60Nl00. at 223 Seventy-eiGhth street
for Catherine Mccormack TO Thoma
Mcnamara.
Henry = Cain has sold Is Patchen
avenue. three story brick building, for
Mrs, Jennie French.
Joseph Garbarino has sold the three
family house at AS Henry street TO G
Gruffrida.
Thomas kilcoyne has sold for J. Muir.
ray the two family house at 1857 Fifty
seventh street to Mr.. Roberts also for
The sun., 1918-12-22
Enforceable Personal Property Tai
Based on Federal Income Measure
Proposed by Comptroller Has /,
Support Of Many Real
Estate Men
Estate Men

real estate owners pay We say. come
in and pay one-quarter OF per cent
which II about one-tenth Of what you
would be asked to pay under the pres
emit law for your levy. The only thing
we ask Is that the exemption for debt
shall be removed. Why should not
personal property owners pay one
tenth as much as real estate property
owners? Sc,
I'VE are going to pass a bill because
New York city real estate cannot be
made to pay more than . per cent. for
legal purposes. You will have to find
some other way to raise revenue. To
say that the property is not here Is to
make anybody who knows anything
about it laugh. 1t is ridiculous to say
Il is not here. We know there are
men living in the city Of New York
who have millions of tangible personal
property in their houses and yet who
pay nothing. They must be made to
pay because they cannot be permitted
to enjoy all the privileges of this
town and make their residence in
other States and pay nothing.
What is the use of saying that an
income tax will settle that question IL
we can tax incomes derived only In
the State Of New York from invest
ments made in the State of New York,
and IL 1t is true that on incomes
derived from sources outside of the
State of New York you cannot collect
anything? ga
We want to bring about a change
In the personal property law that will
make personal property pay a fair
proportion of it's taxes. and we are
willing to go as low as quarter OF
1 per cent on personal property. II
the owners of personal property do
not want to pay that. it is up to them
to move to some other State or place
or city where they will treat them
|
The sun., 1918-12-22

by the decision he had made in the
first hour of the deal and that was to
buy the property.
A few weeks ago the deal was
closed and Mr.. Bowling took the Wall
street corner and the Ave story build
ing at 81 and sc Nassau street. He
knew nothing OF the desires of Mr..
Bliss or the Stock Exchange Gov
ernors or any one else to own the
property. He bought confident OF the
value OF the corner and sure that
some one at some time would come
TO agree with him and he would re-
sell the building.
Having cinched the opportunity
there was no longer need OF aiding
his desire for the control Of the cor
ner, so Mr.. Van Pelt told Mr.. Downing
he wanted 1t for client.
1T was one of the quickest deals
have made" Mr.. Bowling said. II re-
minded him of the old days of the firm
of Flake e. Bowling. when their motto
was quick sales and small profits" he
said with a chuckle.
When asked IL that part Of the
motto regarding profits could be ap-
piled to the resale of tho Wall street
corner he said he had nothing TO say,
smiling as he spoke. Whatever may
be his profit the point TO be remem-
bered is that less decision would have
deprived him OF it,
Aside from emphasizing a business
maxim the deal proved interesting In
other respects. II showed that there
is a market for real estate of the eN-
pensive kind. To Mr. Downing the re-
sale was particularly gratifying, since
il confirmed the optimism which he
expressed recently in an inteo lew
printed in THE Sun.
Il am still optimistic, IN fact more
so than ever Mr.. Bowling said the
other day. The sale OF the Mortimer
Building proves that there is a de-
mand for property here. The market
would profit If there we're more willing
| sellers. There are buyers"
The purchase and resale OF the
Mortimer Building was one of the
most interesting transactions OF the
year. The Stock Exchange may util-
| ize the building for n clearing house
| Eventually a new building will be
! erected on the corner. 1t would not
| surprise any one If the Wilks Build
ing. AT the southwest corner of Wall
and Broad streets, which nestles into
! the Stock Exchange property in the
same way as the Mortimer Building
az the New street corner, was pur-
chased and added to the Stock Ex-
change site. The property between
the Wilks Building and the Mortimer
! Binding Is owned by the Stock FIX
| change.
The sun., 1918-12-22
City Authorities and Realty Owners
Agree That Part of Burden of City
Government Cost Must Be
Shifted to Other
Shoulders
Shoulders

r. has been a long fight and a hard
s,bt but now after thirty years Of
ring and pleading, demanding and
',iolins. real estate is nearer relief
.,om the great burden OF taxation
,b,ch II has carried than ever before.
state and local authorities agree with
"a, estate interests that real property
having more than it should, and for
40 first time there seems to be con-
..-,ed action on the part of officials
,,d nroperty holders to frame n bill, a
measure which will have the backing
Il all interests
With so much harmony, so great a
conservative urging, and the cold
acts that real estate cannot stand the
had longer. the Legislature win have
., acceed to the demands that other
,,prccs OF revenue be discovered and
nat privileges and wealth and luxury
70 made 10 bear a proporttonate share
tho expense OF the city and the
state government.
The two days conference on the
1robem OF taxation arranged by the
Mayors Committee on Taxation seems
10 have had the desired result OF crys-
'all!zing the opinions and views OF the
eading real estate men of the city
md officials and others interested in
AK matters. There were differences, az
was to be expected among thinking
men, but at the same time every one
vas firmly determined that real estate
sust he relieved and by the next Leg
yature.
Robert f. Bowling, speaking for the
Teal Estate Board OF New York anC
o,her associations, indicated the de
animation OF the real estate interest!
y this city when he told the commit
re and Mayor Hylan that the Rea
Estate Board would go back to Alban!
every year demanding relief until re
The sun., 1918-12-22

taken by the National City Company
which can be purchased on a cash
basis at a saving of s250,000 in the
price. The building Is now held In the
market at 100000. That is. the owner
will sell II on terms at that price. II
cash will be paid the building can be
had at $3.50 900, or perhaps better than
that figure.
There is another building on Wall
street, held by savings bank. which
can he purchased for 100000, al
though appraised by experts in Wall
street realty at S750,000. 1t does not
produce much income, but il properly
altered can be made one Of the best
paying properties in that particular
section. Terms will not buy the prop
erty at $4,000.
Lower Broadway holds a building
that is held in the market at 1900. 900
by Its owner, local life insurance
company. Some one willing to invest
100000 can buy that property for
! 100000. Several blocks further
north on Broadway is another build
ing which Is assessed by the city for
! taxes at about s3,350,000, but which
/ can De bought lot S-,ooU,VUV IL sOlile
one will turn over to the owner a sub
stantial cash payment. Again Broad
way, but this time to the north OF City
Hall Park. in the old mercantile DIS
| trict, is a building which was held
I last year by an estate at $4,000. Nc
/ concession would be made in the price
| until a man came along who had some
money and offered 10 pay all cash II
! the estate would cut its price In half
At half the price the buyer secured a
! fine parcel of real estate.
All illustration OF conditions was
the demand made for deposit OF
/ $1,000 on a contract for the purchase
OF a dwelling on the West Side. Two
years ago 500 would have been &C
cepted and willingly, but not now. But
this demand requires some explana-
ton. The big deposit was required
because the owner had agreed to sci
the house for 90 per cent. less than hC
considered his rock bottom figure
this figure having been made on con
ditions existing in the market two
The sun., 1918-12-22
nUYs sTAPLETON HOME SITE.

MOffatt & Schwab, and William Al
Ian Fair have sold for the Farmers Loan
& Trust Company, as trustee for the
Ward estate, a plot. 75X1Oo, corner OF
Pommer and Catlin avenues, Stapleton.
S. l., to Mrs Helen II. johnson. who will
build a home for her occupancy; also
sold for Miss Ada ]. De Revere of New
Brighton the two family house at So
Sand street. Stapleton, S. L.. to Robert
Palmer of Stapleton.
Marion Langre has sold a dwelling and
nine lots on Rockwell avenue, Rosehank,
S. l., to Emanuel Crucco.
The sun., 1918-12-22

be willing to shade that little bit II
we were entirely in accord before the
Legislature on everything else. There
il no use In shading It unless We are.
Relief, I think. can only be had by
the adoption Of a personal tax law
which shall be protected by fling a
compulsory return. failure to do which
will be followed by a stiff penalty"
Mr.. Downing said:
I'VE are not opposed to any tax
levied in favor of the city govern
ment or the State government, il 1t
can be levied and collected, that will
relieve real estate owners from unjust
burdens. We claim than there Is at
the present time an unjust burden In
the form of taxation placed on real
estate, not that we are not willing to
pay our fair share. We are paying
to day, according to a statement by
Mr.. Chandler, 90 per cent. Of the tax
rate, per cent. coming from other in
direct means of taxation not real
estate.
Since the time OF Mayor Low in a
period of about sixteen years our tax
rate has gone up to PAL. We are now
nearly 100 points higher since that
method of full assessing was put into
effect. At that time I predicted what
would happen and that 1t would be
detrimental TO real estate. l have al
least the satisfaction of having been a
true prophet.
! 1T is true that we went to the Leg
islature for relief. and that was be-
cause it was our only means Of re-
lief. We went before the Board OF
Estimate for years and ears and pro-
tested against the increase in the
/ budget.
I'VE advocate the proposition to re-
duCe the tax on personal property
| Instead Of requesting personal prop
: nriN nMners To nay the game rate thai
The sun., 1918-12-22
TO AUCTION mo GARAGE.

Joseph P. Day will offer n number of
desirable properties in various section 3
Of the city in the Nesey Street Sales
rooms this week. on Thursday. De-
cember %. Il to e CIoerck street, a
seven story flreproof garage on a plot
5ONl0O, and a six story apartment house.
on plot 40X99.ll, at 2o7 aud 200 West
144th street. will he offered on Friday
he will offer @15 Division street. a four
story brick tenement. on lot 234x54.G,
and 2527 Seventh avenue. n Ave story
brick tenement. on lot l9.3XlOO
The sun., 1918-12-22

III per cent, and Scranton, Pa, 1874
per cent.
Building operations in Greater New
York were far behind those of Novem-
Der, 1917. The appropriations made
for building in November last year
In Manhattan were 80 per cent
greater than last November. In The
Bronx the decrease was So per cent,
in Queens 73 per cent in Brooklyn
81 per cent and IN Richmond IS per
cent.
The sun., 1918-12-22
SITE BUYING IN QUEENS.

r. Lockwood has sold to A. Serill a
plot. 40x100, on the south side of Degraw
avenue. east OF Alsop street. in the Nor
NAL Hill section Of Jamaica.
The 7. Martin Realty Company has
sold to V. Schuman plot. 4Ox1OO, on tEe
south side of Priscilla street, east Of
Lambert street, Jamaica.
A Castaldi has sold to W. S. Stol-
worthy a plot, 4Ox100 on Remington ave
nue.. south OF Isabel avenue, Far Rock
away.
The sun., 1918-12-22
SELLS NEW ROCHELLE TRACT.

Joseph Lambden & Son have sold IN
New Rochelle for George ]. Fernschild a
large tract, corner OF Morris street and
North avenue. to the New Rochelle
Realty Company, which plans TO build
apartments and stores; also sold tor the
same owner two story apartment on
Columbus avenue. Tuckahoe.
The sun., 1918-12-22
MORE HOMES FOR S. i. WORKERS

Cornelius G. Kolff and Lawrence A.
Seaver have sold for Walter H Critten-
den twenty-four acres on Crescent ave-
nue. near the Richmond road. between
Dongan Hills and Emerson Hill. to Jo-
seph Piflette OF Brooklyn. who contem-
plates a subdivision Of the property and
men.
The sun., 1918-12-22
MOUNT VERNON LOT SALE.

The Tichborne Realty Company has
sold for the Clark estate five lots on the
east side Of South Ninth avenue between
Fourth and Fifth streets. Mount Vernon,
to L. Mama,
The sun., 1918-12-22
ESTATE SELLS on 7rH AVENUE.

The estate Of Sigmund Rochfeldt has
sold to s. Schwartz the southwest cor
ner of Seventh avenue and l19th street,
a five story apartment with store on
plot 26X1o0. Byrne G. Bowman were
the hrokerS
The sun., 1918-12-22
PLANS RoCkAwAY MOVIE.

The Zenith Amusement Company has
arranged TO butld from plans by Thomas
W. Lamb three story theatre. on Al
plot 1O3xl50. on the Rockaway Bous-
ward. near Nameoke avenue. at an esti-
mated cost OF 100000
The sun., 1918-12-22
SELLS wEsTCnEsTER PLACE.

Tho Duross Company has sold for
DR., \. A. Rupperger his home AT HRw-
thorne, Westchester county comprising
two acres with large Colonial dwelling.
10 a Mr.. Sevestre OF The Bronx.
The sun., 1918-12-22
BUILDERS SELL TENEMENT.

The Tully Building Company has sold
10 client of Alexander Selkin and
David Mintz a five story tenement with
stores on lot 31Nl00 at 3l5 East 166th
street
The sun., 1918-12-22
$4,000 9TH AVE. ALTERATION.

Charles +. Mitchell, president OF the
National City Company, who purchased
the former Harkuess residence at 9G3
Fifth avenue from Mortimer i. SChiff in
October. has had plans filed with the
Building Bureau. by Walker * Gillette.
architects, for alterations which will
cost $40 900 The building is four
stories, with a one story extension, AND
stands on a plot 25xl50 feet II adjoins
the present home Of Nj Schff.
The sun., 1918-12-22
INVESTOR GETS HARLEM FLAT.

turnelia " Hughes has sold the six
story tenement covering almost the en-
tire lot, 2oNl0O.1l. at 3i4 East l1Sth
street 10 an investor,
The sun., 1918-12-22
RICHMOND NIL HOME BUYER.

II. r. Williams & Son have sold the
two story frame dwelling ~ South Ham
ilton avenue. Richmond Hill. for James
pancy.
The sun., 1918-12-22
BANK OF AMERICA .
BUYS BIG PROPERTY
Takes Over 100000 Insurance
Building on William and Pine
Streets for an Annex -..
$1,000

T OConnor to J. Levine a plot. 40xI0o.
on the north side of Forty-eghth street
240 feet west of Sixteenth avenue.
The sun., 1918-12-22
SELLS NEWARK DWELLING.

FeIst & Feist. have sold the one fam
lily dwelling at 261 Broad street. New
ark. for DR., Alfred Goldstein OF thiH
city to Ida Lehman.