davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-02-23

quired up TO date about tb;rtn
critics in the downtown distr;o. p,0p-
"hich he purchased through
charles F. Noyes Company. Tbs -, 'ns
est OF these purchases was tho
story building at 42 Broadway oss asa's
ing through the block to New .e"a' S.s
IL is one of the largest office bn;,s,
IN the financial district. and sa. ''ss
years ago figured in deal at sVsaa S,s1a'
900. Mr. cullman rssold the uronos,+ S.s'
ana IS said to have made n,
money. But he was not talk;n y, o.
profits yesterday, except in p s.m.' 'u'
way. 1t is a known fact that ~" -
not bought parcel in the dow. "a'
section that he could not have ros''s
almost Immediately and at an advass 0'O
The trading in the Marine Son.
section attracted his attention 80,
bought recently the southwest cos.
OF Beaver and Hanover streets
days after he had made the n,r.,s
he was offered profit for the co,ass
tie has been offered several s;ns.
They were sufficiently large to tams,
one to sell, but Mr.. Cullman tb;nl. r.
will hold the corner, improve il for
tenant and watch his prophecy com.
true. ''"e
he has similar plans for all his hold
ings. He will make improvements h.
says, if tenant desires. or ..,,n.
can make his own Improvement u.
said that he stood for progress anS
VIII do nothing to hamper business
Mr.. Cullman has altered ssv.r.,
buildings in the old district w;,h
charming result. He bought sevor.
on the south side of Burling Slip. near
South Street, which had stood there 70,
many years. One of them had been
the home of the China and Jansn
Trading Company for SEVENTY years
Mr.. Cullman altered the buildings. nro.
serving the old lines. Built in Colonial
days they are Colonial in style. so Mr.
Cullman has had all the ugly apnena.
ages removed from the structures
They are today among the few bright
spots in the district, their cheerful
Colonial faces being accentuated by the
gloomy appearance of buildings in the
neighborhood.
Mr.. Cullman has built himself
business building at the corner of
Front and Fletcher streets, which i
regarded as the most attractive Office
building downtown. It is Colonial, and
the idea has been carried out to the
letter. 1t is only one story high. Mr.
Cuilman said that there is psychology
that he is certain that the efficiency
of his organization would not be So
high if housed in depressing atmOs.
phere.
New-York tribune., 1919-02-23
Investor Buys Station
Of Willys-Overland
Jeremiah +. Donovan Takes
57th Street Building Held at
100000 for Investment

The service station of the WHY'S
Overland on Fifty seventh and Fifty
eighth streets, mcar Tenth Avenue, has
been purchased by jeremiah +. Dono-
van, represented by Feiner & Mass, as
attorneys, as an investment. The
property, tenstory structure cover
ing a plot 150x200 at 521-531 West
Fifty seventh Street, and including
5l8-52S West Fifty-eighth Street, was
sold for the WHY'S Overland. Inc.
which had the building constructed
about three years ago by the Fred T.
Ley Company from plans by Rhines,
Bellman e. Nordof, of Toledo, Ohio,
the cost of the structure being csti-
mated at that time at 100000. The
land was originally occupied by the
Conrad Stein brewery, from which
estate the WHY'S Overland concern
bought the property.
The selling company, which disposed
Of the property through the Cross &
Brown Company, has arranged to CON
tinue the occupancy of the property
under a long lease dating from the
passage Of title to the new owner.
New-York tribune., 1919-02-23

pur purchased about thirty parcels in
that time. Some of them he resold
but most of them he has retained and
will hold for investment because the
day for the old district is in the fu-
ture, he maintains.
Before l entered the field Of real
estate as INVESTOR" Mr. Cullman said
yesterday, ~ gave the situation con-
siderable study. The more I studied
the more I was convinced that the ship
ping district held an unusual position
which seemed to have escaped the at
tention of the investing and speculating
real estate public
at is the logical ground for business,
particularly business whose market is
the entire world. With shipping facili-
ties on one side, the district has on the
other international banking institutions,
great marine insurance companies and
the Customs House. 1t seems to me
that the district was especially pre-
pared for the shipper, the big business
as continental trade"
The establishment there of a number
of large concerns with foreign trade
connections during the last few years
supports the conclusion Mr.. Cullman
reached when he set out to test his
opinion of the district by investing
large sums of money in real estate
there, banking on the day when the
business environment would be appre-
ciated.
81 base my opinion regarding the
future of the district" Mr.. Cullman
said, con the limited waterfrontage and
small amount of property in what may
be called the shipping district. ! be-
lieve that every foot of this vicinity
will be utilized by large concerns, i'm
porters and exporters. The time will
come when it will be impossible to pur-
chase locations here because there will
be none to purchase. Those coming
into the section now are buying for
New-York tribune., 1919-02-23
By Alfred c. Bosom

There is a vast amount of money
standing IN the Federal Treasury which
has been definitely deposited for peace
time buildings, but they are not being
undertaken even though the war is
over.
The desire TO create employment is
liable to be used as an excuse for un-
dertaklng work which is not really nee
essary, and consequently be abused.
In fact, 1t might get down to what is
commonly known as creating jobs for
friends. This, of course, is absolutely
undesirable from every point of view,
as 1t does not meet the present emer-
gency and will cause dissatisfaction and
further unrest.
The writer has had long corrcspon-
dence with the Labor Department at
Washington with the object of getting
the Government to prepare a definite
report upon the possible fluctuations in
the demands of the various unions, and
also the intentions of the large en-
ployers of labor. This Secretary Will
son of the Labor Department is now
having prepared and it will give the
consensus of opinion generally as to
whether prices are going up or going
down. Unfortunately, this being a gov
ernment report it may take some time
to prepare, and if it is delayed beyond
the early months Of the year it is liable
to hold up work for all Of 1918: as
there might be a fear that build
ings could not be closed in before next
years snow. Speed in this connection
is OF vital Importance.
Shipping Board Plan
For instance, the writer was one of
the assignment architects for the
United States Shipping Board during
the war. The procedure that was fol-
lowed then could appropriately be mod
ined' feel, to apply to the present sit
uauon. FIRST. an architect was Sc
iected, but an agreement was made
with him that he should only get q very
small fee for his efforts.
do not feel that at this time n,
should be asked to work at such a
great reduction, but | do think the
majority of architects would be will
ing, II they could get the wheels of
D,ulidlng moving again to work and give
thelr services for less than the Am r.
lcan Institute of Archite It's REQUIRE
nents as to fees-of course, provided
tney did not lose money ry so doing.
Again the general contractors were
selected and given a definite fee COR
the work they had to execute under
suitable supervision. The fee given
to-day should be less than the normal
profit, but it would keep contractors
organizations busy and get them ready
for other work and at the same time
would encourage private owners to
undertake activities which are now
hanging fire."
This most important section of tic
building trades activity undoubtedly
would be willing to work for little
less than the full usual fee SO as to
get owners started again.
To Obtain Lowest Price
As regards sub-contractors. several
OF these could be invited for every
item of work, and they in turn shoul /
be Informed of the desire to get things
going again, and by this means every
effort would be made to avoid as far
as possible any likelihood Of undue OF.
preventable expense being incurred.
Thus the entire building operation
even Mt the present pricss would he
New-York tribune., 1919-02-23
Architects Ready to Help
Government Start BuiIding
ouid W ork at Reduced Rates to Get Under Wav
Federal Structures Which Can Be Erected
With Money Already Appropriated for Them

done as cheaply as it is possible 10
In awarding this work to the various
contractors and sub-contractors Z.
should be 50 distributed that in con-
munities where there is a large amount
OF unemployment more would be given
out than would be in places where the
labor situation is not so serious.
] am confident that if the govern
ment would take the initiative in this
matter the architects and contractors
OF the country would back it to the
limit and be perfectly willing to make
reasonable sacrifices (not as big. Of
course, as they were willing to do dur
ing war time, but quite substantial.
10 thus enable the general lines Of
activity to get reorganized on peace
basis. It would help the labor stua-
ton materially and prevent the unrest
that is now growing to such alarming
proportions, for while people are inae
tive they naturally are discontenied,
out Is soon as they become occupied
again contentment largely returns.
Higher Building Costs
1t might cost trifle more TO build
now than it may in few years time.
put II the unrest grows soldiers will
have to be maintained to guard Ger
tam communities, workers will get
more dissatisfied, and it will be yery
much harder and correspondingly e1-
penslve to finally bring them back into
looking at things from a peaceful
point of view This will all COS:
money to the government and woula
be lar greater, without doubt, thaS
any slight possible enhancement ei
building costs to-day over what The
future may bring forth.
Should the government have to pro'
vide emergency funds to care for me
unemployment it will be vastly more
expensive than the enhanced buildlhs
costs, for the writer does not feel tas.
we can ever expect the same old JOY
prices that were experienced in IVA
IT the government would 90 ahead sns
demonstrate that it wishes TO put I1s
country back again on peace bsss
there is no question that owners ~,
profit by that example and so ahe''
and do likewise.
We all must make certain satl'
flces to get things started again; :
1t right that lawmakers Should hes,
tate to set the example by using fupe.
already appropriated for the speet.'
purpose when by SO doing they VIE
hold one of the greatest aids 10 owe.
coming the depression and disorgsp'
zation that are appalling to con'eG
plate and which are fast becoming -
accomplished fact in this country.
New-York tribune., 1919-02-23
Bought When Nobody Wanted
10 Be an Owner and Helped
Turn Ebbing Market

which found that it was good business
to buy their premises to assure a loca-
tion in the old district"
The changed condition is amusing to
Mr.. Cullman when he recalls that it
was only few years ago that Water,
Front, Pearl, South, Burling Slip and
other streets in that section had no
place in the buying market. No one
wanted property there. This condition
might be attributed to the fact that
a lot of property there was held by
folks who had no particular interest
for the old district. "They were what
| would call obstructionists," Mr.. Gull
man said, because they would not sell
nor rent nor build. Other sections
pushed ahead while this section stood
still. In standing still it lost value.
have bought property here for much
less than it sold for say fifty years
ago. Even present day prices are in
some instances below the prices of half
century ago. Nowhere are prices
much above those of the days when
the section was the centre of large
American merchant marine firms which
sent the flag in every par. of the
world
business interests are coming to
reailze tins. 1t will be noticed that in
the last fifteen months the sugar and
coftee interests have been consistent
buyers. Properties have been bought
and sold several times in a few months
each time at an advance"
This is going to stop eventually. Mr.
Nullman said. The possibilities of
speculation for the real estate profess
s'onal are reduced every time prop
erty comes into the hands of bus;-
ness concern because that marks the
end OF the speculative career of tho
parcel. 1t is the home of the buver
ana Will continue to be so, SO long as
Vhe banking centre, and the insurance
centre, and the Custom House remain
where they are.
Values are bound to increase" Mr..
Cullman went on. 81 do not care what
you buy or what YOU pay for it to-day.
you viii be getting it cheap. Scarcity
OF property and business premises are
the best surety for higher values.
The value of the old district was
always clear to ME as daylight. l
think lot of folks were asleep or
else they had no confidence in the won
dertul business expansion Of the city
as result of the war. They could
not help but sec that this forgotten
district would come in for share of
this prosperity"
Mr.. Cullman said that he had ac-
New-York tribune., 1919-02-23
By Douglas L. Gilman

It seems only fair to the tenants in
high class apartments on the East Side
to explain to them more fully the
necessity for the increased rental
which they are being charged from
next October for renewals of their
leases.
Fortunately, the great majority of
these tenants recognize the justice of
this increase, but there are a few
dissatisfied ones who attribute it to so
called "profteering" by the landlord
without stopping to think very deeply
about the matter, they assume that
the landlords are grasping and rapac-
lous, and because there is no building
OF new apartments, that they are tax
ing advantage of the situation
OF course, the lack of new buildings
and the consequent temporary excess
of demand over supply is a contribut-
ing cause of high rents. This is simply
the working out of a natural law and
when conditions become more normal
IN the building trades, will result in
many new building projects which will
feileve the situation and the time may
come again when the tenant is in the
saddle.
Owners Have Their Day
We have never found when the stu
a'on was reversed that the tenant
showed any mercy to the landlord. We
cannot imagine in the case Of an er-
cess supply of apartments, the tenant
saying to the landlord that the rent
ne was paying was fair one and
a''nough he could obtain a better
apartment elsewhere for less money
ne would continue 10 pay the old rent
70 the landlord. We have always found
the tenant in such a situation takino
advantage Of it. asking for free ron,
or reduction, without any thought
OF whether the owner was securjno
An adequate return for his money q,
not. Tenants have had their own wav
so long that perhaps they are tri4e
spoiled. They have almost ALWAYS
d'ctated to the owner in the past and
now that the owner, for the first time
- aoie 70 dictate 70 them, they show
very different spirit than the owner
dia when the situation was reversed
~ must be remembered that nra
coal, which IN largely used in The
heating OF these buildings, has in.
creased in price from 1926 per ton
20 over VI; that the wages Of elevator
nen, haiisaen, firemen, etc, have beer
doubled. Repairs Of all kind. incIt,d.
ing redscoration Of apartments, have
been doubled in cost. rnc tax rate
which a short time ago was Sf.s0 pep
s1o0s has now become $2.3e. Labor
be.idcs being higher, is less efficient
In summing up the situation. there
~ no doubt that IL the landlords were
not sbie TO raise the rents. as they
are doing, that the increased cost of
operation would wipe out their equities
and numerous foreclosure proceedirv,
would regsit. Further proof OF tEe
u9aairness Of the charge Of profiteer.
lng esD be found In the fact that htef
New-York tribune., 1919-02-23

Real estate has two tides, an ebb'
and a flow. and what goes out always
comes back. Values are returning
now, Mr.. Cullmn said. This is no.
iiceable in various parts of the city.
II is particularly noticeable in the
business sections. The situation dawn
town makes for higher values and Mr.
Cullman is of the opinion that present
price demands wcill never be lower
There is everything to indicate that
fec and space values will move up and
up, and anyone who is contemplating
investment, should not tarry long. Ten
years will find the old district a very
much different one. 1t will be the
home of the largest business concerns
In the country. The structural appear
ance will be modern and it will be next
to impossible to buy or get business
premises on a rental basis there.
Mr.. Cullman said that he had
watched the district for years and it
always will be a mystery to him why
its possibilities escaped the attentian
Of the speculator in real estate for so
long a time. Contrary to a belief in
real estate Mr.. Cullman is not pro-
fessional real estate man. He is an
importer of tobacco and the leader in
the Sumatra field. His name is known
in every tobacco market of the World.
His business is tobacco and his hobby
real estate.
Mr.. Cullman made his first real es-
tate purchase about twenty years ago.
1t was not until about four years ago,
however, that he became a recognized
figure in the downtown real estate
market. To him is given the credit
for the revival of real estate ther. His
activities in the lower city, it has been
said, encouraged investment in other
sections. There is no doubt about the
claim that he was responsible for the
Come Back of the old shipping section.
In the four years he has ben buying
there he has acquired about s5,OOO,OOO
worth of property. Mr.. Cullman has
New-York tribune., 1919-02-23
X ents Opposite
Federal Reserve Site

Adolphe Schwob, manufacturing
Jewelers. has leased from May l,
through the Charles F. Moves Com
pany' for twenty-one years, at an
aggregate rental of about $3.50 900. the
hve-story building at 45 Maiden Lane,
covering 2,7OO square feet. Extensive
Improvements will be made and the
building i19 named the Schwob Building
Inc location is directly opposite the
sue or the Federal Reserve Bank and
Mas mas purchased few months ago from
Noyes Company. '''e
New-York tribune., 1919-02-23
Joseph f. Cullman, Tobacco Mer-
chant and Realty Investor,
Confident of Big Advance

Joseph Culmn who has been making sensational purchases
property shipping
the the aonishmen wseacres
regarding the future of
properties
hadb
of he
think He saws one
talyuavs I hack
New-York tribune., 1919-02-23

dred tenants on this property.
The coming of big business into
shipping districts, as, for instance, the
New Jersey Zinc Company, which came
from the Forty-second Street district.
forced many to relocate. The renting
rates reflect the situation we'll. The
value of premises has increased from
33 to so per cent. The question is,
Where is business going to go? The
situation has been brought forcibly to
the attention of number of concerns,
New-York tribune., 1919-02-23

has lately been advanced for discussion
and investigation by the Advisory
Council of Real Estate Interests. 1t is
TO prevent the wide variations CASUALLY
increases, of course) in the tax levy
on real estate by establishing normal
rate for taxes on realty and other nor
mai rates on other large sources of
revenue, such as general income and
business taxes, and then provide that
II future increases in the budget be-
come necessary the rates on all these
sources shall be increased in like pro
por'ion. thus, improved real estate is
accustomed to pay at least 80 per cent
of its income in state and local taxas
80 tar as 1T is required to pay more. to
that extent is the public injured. After
deducting the special revenues of a
New-York tribune., 1919-02-23

tinued. He said that he had knowledge
of several projects that are awaiting
the return Of normal conditions. Four
OF them are enormous projects, he said
I'm the next ten years the entire
section will be reconstructed. The ac-
QUESTION .of the Nassau, William,
Maiden Lane and Liberty streets block
for banking building means that the
space situation will be made more Sc
rious by the disturbin of several hun
New-York tribune., 1919-02-23
Many Proposals Which Sound Well in
Practice Would Hamper City and
Would Place Unequal Burden
By Leo Day Woodwork
Secretary Advsorv Council of Real Estate Interests

funds covering accumulated deficits" >"
This brings out the further point
against pcgging the rate, which is that
unless accompanied by sound extern
sion of the tax base so as to "take
up the slack" the day of accounting
is only postponed.
This remedy, in short is an effort
to put the cart before the horus, SO
far as its advocates believe that by
reducing revenues las would be the
effect under the bill pending in the
New York Legislature) we will stop
expenditures. Appropriations come be-
fore and not after the revenues
az debts will not be repudated, our
politicians can continue to enjoy their
stipends.
A proposal evidently new to taxation
New-York tribune., 1919-02-23
Brown Sells Two
Apartment Houses

Frederick Brown has sold to Rem
Jam1n koplowitz the fve-storv anart-
ment at 1889 lntervale Avenue. and to
Alfred Oliver, 506 and 5O8 West 1o9d
street, a six-story elevator apartment
mouse on plot 50x95, between Broad
way and Amsterdam Avenue. In part
payment the buyer gave an estate at
erty, consisting of fortvAfve acrns
with residence and outbuildinrs
New-York tribune., 1919-02-23
to 20 Wrong in Real Estate at Present Prices

their own occupancy which will be per-
manent from all indications.
II know of five concerns which have
plans for important structural develop
ments of a nature which stamps as per-
manent the occupancy Of these con-
Germs. The sugar, coffee, chemical and
exporting and importing concerns who
have purchased property here are not
planning to resell at profit. No, they
have bought because the location is
New-York tribune., 1919-02-23

adaptable to their needs. Therefore it
is business necessity with them that
they remain. You cannot tempt them
with profit. This is a condition which
will be found as far west as William
Street.
"If it had not been for the war,
which stopped building and made con-
structive costs prohibtive there would
have been much building downtown in
the last few years." Mr.. Cullman con-
New-York tribune., 1919-02-23
Edgemerc Crest House Sale

Edgemerc Crest, MaximiIian Morgen-
thau, president, has sold a dwelling
on the westerly eide Of Beach goth
Street, Edgemere Crest, l.. J.. to Mrs.
Jennie. Schustcrman. The property is
located ts0 feet north Of Edgemcre
Avenue. The size OF the plot is 40 by
S5 feet. The purchaser has bought this
property M an Investment. Adolph
Schulz negotiated the sale.
New-York tribune., 1919-02-23
Banner Buys Tall
82nd Street Apartment
David Dows Parts with East
Side House Held
Since 1913

Douglas l.. Gilman & Co. and n. A..
berwin & Co. have sold for David Dows
to s. Morrill, Banner the nine story
orick apartment house, on plot 75x
lo2.2, at 122 East Eighty second Street.
MS property has been held by MIR.
Dows at s35o,00O, and was sold to him
by Mr.. Gilman in 1919.
New-York tribune., 1919-02-23
Newark Site for Garage

Edmund n. Todd. Alexander S. VS.:
and Frederic r. Pilch. executors -. -.
trustees OF the estate of Abraham 70. %;
Winkle. have sold the plot 9S ana Z
Centre Street, having frontage !,
90 feet and depth of 200 feet en,,. ;
Theodore Bernstein and Peter rs.s
CHA. who will erect tireproof gsiss,,
on the plot Louis Schlesinger W, !,
negotiated this sale. sold the pio.a 1
Mr.. Van Wrinkle on November 80, i'''
New-York tribune., 1919-02-23
utard House i'm New Hands

NJ, q. Fl. Weisker has sold for the
', " heeier Realty Corporation to NJ. B.
ncrowitz the old utard mansion. on plot
oi SIX lots on the west side of Popham
nisenue, eighty-one feet south of Pal
VIII make extensive alterations. ''s'
New-York tribune., 1919-02-23
$l5O,OOO Deal in 18th Street

Douglas l.. Gilman e. Co. have sold
for Williah S. Hawk and j. Edward
Nealy. trustees, to James s. Wright, 5
East Forty eighth Street. four story
and basement brownstone remodelled
property which Mr.. Hawk altered some
time ago for The Little Shop. This
property has been held by the sellers
at $l50,000 1t is y6 by 1905 feet.