New-York tribune., 1919-12-18
Twenty-Story
Building for
Terminal Zone
Milbank Corner, at Madison
Avenue and AID Street,
Leased for Site of Pro-
;ected Office Structure

The Liggett Drug Company, the
Winchester Arms Company and Fred
r. Ley Company are going to do what
MANY folks nave wondered was not
done years ago, and that is develop in
s.nsively the Milbank property, at
.he northeast corner of Madison Ave
rsrded the finest mans corner" in
Sew York by chain store experts. who
study the psychology of crowds and
their purchasing power.
The triangle combination has leased
the property for twenty one years, and
At the expiration of leases next May
viii erect q twenty story building on
the corner. The cost oil the structure
and the money that will be paid. in
cround rent to Dunlevy Milbank.
Who owns the realty. during the next
,wenty-one years Will total at least
ss0OC OO0. according to the estimates
Of real estate men.
Horace S. Ely & Co. and Albert B.
Ashforth arranged yesterday the final
detail of the deal which has been under
negotiations for months.
According to the lease. which has
been taken by the three corporations
In the name Of the Lirget. Winchester
Lev Realty Corporation. they will pay
100000 rent for the first years con
trol Of the property. aud thereafter a
graduating rental, ranging from $l92.-
500 to e250.000 q year.
The property has frontage of 147 g
feet on Forty second Street, 1922 feet
on Madison Avenue and 40 feet on
Forty-thrd Street, 100 feet east of
Madison Avenue. The Mibanks have
owned the property for years. The
two-story building erected on the
property was merely to carry the
realty until such time as q taller i'm
provement was warranted. The prop
erty would have been developed
sooner perhaps, but for the leases on
the land. Mr.. Mlbank has no reason
20 regret that he could not give pos
session sooner.
The drug company and the Win
chester Arms Company will have stores
in the building. The structure will
be erected by the Ley Corporation.
Hurrys Sell Tl,irtieth Street Parcel
Butler & Baldwin have sold for the
estate Of Edmund Abby Hurry II East
Tfrtieth Street, a siN-story loft build
ing, on lot 2l.6x10O, to the Manport
Realty Corporation, I. Portman, presi-
dent M Frank was co-broker in the
transaction.
Jackson Buys Nineteenth Street Loft
Daniel II. Jackson has bought from
the estate of Matthias Strusburger 1873
end 1876 West Nineteenth Street, g ten
story loft b1ilding and stores, on plot
4iX92. Herbert Morris. OF the Office OF
William Pierre Jockin Rafael De
Florez Company, was the broker in the
transaction.
Another Loft for Brown
Frederick Brown has bought the
twelve-story loft building at II West
Seventeenth Street from Michael Vie
a.dt through Charles j. +. Bohlen
he building is on a plot 30X92.
Deals in Old Mercantile Zone
Bleman & Co have sold for the New
ork Savings Bank the two eight-story
9it buildings at 25 East Fourth Street
nd at 50 Great Jones Street The
.ame brokers also sold for the Burden
oalty Corporation the eight-story loft
aiding at it9 Spring Street.
Buyer Of Z; riIngton Hotel Realty
Benjamin Nerschel is the buyer OF
tie Hotel J. rlington property at A9
70 IS VS.. T Tee1ty seventh Street, re-
ported soii recently by the Metropoli-
IAN NE 4.~ IA &C company lNIOQSH
Thomas J. 0'Reilly The broker re-
ports that already large list Of whole
salers have applied for showrooms anc
executive Office space, owing to i'm
mediate possession which can be given
Ship Agents Buy Uptown Corner
Charles J. F. Bohlcn has sold 70,
the Fifth National Bank to the Polish
American Steamship Agency the ole
Fifth National Bank Building at the
southwest corner of Twenty-Five
Street and Third Avenue. The banl
purchased the building in 1874 ant
occupied it until seven years ago, wher
it moved into the new building a
the northwest corner of Lexington
Avenue and Twenty Street. The
purchaser viii occupy the building.
54th Street Business Realty Buyer
N. Silverman has bought from Evs
Kern the five story loft, on plot 50s
100, at S19 East Forty-fourth Street
through r. Bernstein and Joseph Kern
Madison Avenue Club Building is Sole
Ludwig c. Traube has sold for f. A
Manice & Co. 1928 Madison Avenue,
threestory and basement brick build
ag. leased to the Wichita Democratic