The sun., 1919-03-06
MERCHANT MARINE
HOUSE BUYS REALTY
WIN Remodel Old Beaver st.
Buildings for Housing of
Insurance Interests.
OTHER SALES DOWNTOWN
Properties on Water and Front
Streets Figure in Days
Trading.

Downtown Manhattan played a con-
spicuous part in yesterdays trading.
Much OF the interest centred about the
overcrowded marine insurance district
within which 90 per cent. Of the marine
insurance capital in this country and
the principal agencies OF American and
European concerns are confined. Here
the congestion and the demand for
quarters became so acute as to force the
purchase by the Merchant Marine House,
Inc, OF the three four story and one Ave
story buildings at AZ" 40, 81 and SO
Beaver street. which were sold by the
estates OF John q. Mccullough and
Frederick B. Jennings. The value Of the
property, which is just west OF the Corn
Exchange Bank building, was placed
by the sellers at $4,000.
The Merchant Marine House, Inc, is n
subsidiary Of tho Merchant Marine In
surance Company. Cecil p. Stewart being
president of both concerns. About a
year ago II bought the eight story
Delmonico Building. now known as the
Merchant Marine Building. on the cor
ners opposite the property purchased
yesterday. It's plan then was to add
three stories to the old Delmonico Build
Ing 30 as to mako possible the housing
OF not only the Merchant Marine In
surance Company. but the Marine In
eurance Club as well. This project,
however, has been abandoned in favor
OF the purchase of the Beaver street
properties
The leases on the latter property ex-
pfre on April 1. at which time the new
owners plan to begin the remodelling Of
the buildings so as to have them ready
for occupancy by July 1. The buyers
mi - 80
buildings for their own business and
quarters will be arranged fer the Marine
insurance Club. A. number of marine
insurance firms will be forced to vacate
their present places on May ] and IL is
understood that one of the largest Of
these will take extensive space in the
altered buildings ~.
The Beaver street properties have a
frontage OF 11s. feet, a depth on the
easterfy end OF .110.8 and ia on the
westerly side. The sale TO the Merchant
Marine House was arranged by Robert
II. Rainey and E. II. Ludlow.
FKONT AND WATER SITS. SALES.
Two more transactions OF impor-
tancc In the area south OF the Brooklyn
Bridge were reported yesterday by the
Douglas Robinson. Charles 8. Brown
Company. Through. these brokers In
huential interests In. the sugar and cof-
fee district just east Of the financial
section acquired the four story building
at III and 123 Front street. between
wall and Pine streets, The purchase
was made from the Lagrosip interests,
Ipot. which. were represented by Me
bruEge & Maxfleld, attorneys
The property comprises a four story.
iron front building, covering a plot 3sx
'lfs. This structure the buyers plar to
raze ~, as, TO make. way for, a new
building which they viii occupy. Plans
for the new building have already been
drawn up and the. necessary financial
Arrangements for Its construction have
been completed. 50 1t is expected that
the work OF improvement will be under
way by May I.
The same brokers sold for the estate
OF Lena Laue the four story building,
25x6o. at 1874 Water street, adjoining the
United States Arcade Building, which
fronts on Fulton street. The buyer is
Charles II. Demarest an Importer, now
located at 1870 Water. street, who also
plans to build new home for his bust
ness on the property just acquired.
Leases on the property have about two
years to run. +sa