New-York tribune., 1919-06-11
472 Lots on Washington
Heights Brings ST, 10000
Sale Declared To Be Greatest Success Ever Held
Here; Fort Washington Site Preserved; New
Values Established; Lot Market Started

Men who have had many years ex-
perience in the real estate world said
last night after Joseph P. Day finished
the sale of the James Gordon Ben
nett estate holdings on Washington
Heights that it was the greatest auc-
ton sale ever held in this city. 1t
was not the largest sale as regards
the total amount realized, but in that
respect alone it failed to establish new
records. Never has there been a sale
where such genuine enthusiasm pre-
vailed as was shown yesterday from
the time Mr.. Day put up the first lot
at 12:45 until he struck down the last
of the 472 parcels in the estate tract
at 1880 last night. Then people went
away from the salesroom at IA Vesey
Street disappointed at having been un-
able to buy all they wanted.
OF course, everybody interested in
real estate wants to know first what
the property brought The total re-
allied was s1,78G,900, or an average of
S3,785 lot; though averages in this
case do not mean much, for the lots
were of such irregular size. Perhaps
a better idea of the prices obtained
may be realized from the fact that
the lowest price was $700 for four
lots on Overlook Terrace and the
highest price was 11,100 for the cor
ner of Fort Washington Avenue and
183d Street, with frontage Of 3S
feet on the avenue and 100 feet on
the street.
But more important perhaps than
the events of the sale are the condi-
tions which the sale emphasize.
There can be no doubt any longer
that New York is headed toward
movement in vacant land, a movement
Of great proportions.
Sale Advances Heights Values
The other big factor brought out by
the sale is that land values on Wash
ington Heights have been advanced to
new high levels because of this sale
The crowd that turned out for the
sale truly was remarkable. 1t not
only filled every one of the 800 seats
provided within the salesroom, but
hundreds overfowed onto the side
walk and never did get into the room.
But it was not a real estate crowd.
Very few Of the oldtime builders or
operators were to be seen, and a
glance at the list of buyers will in
dicate how few actually obtained any
lots. OF course, few of the pro-
fessional element did bid and buy, but
it was the day of the small investor
who, having read Of and felt the hous-
ing pressure, made the sale the big
success it was. Many Of them looked
upon the Bennett property as the next
field of apartment building in New
York and, determined to share in the
profits to be derived from such a cam
paign, bought the lots with the pur-
pose of reselling to builders.
High Prices From Start
Early in the bidding it was these
investors who took the sale into their
own hands and blasted any hopes the
professionals present might have had
of getting the lots cheaply. To say
that the bids were far above the prices
expected is violating no confidence.
Indeed, so eagerly did they go after
the lots that many oldtime auction
room buyers declared the sale to have
been the best evidence they have had
that the lot market has returned
stronger than it ever has been.
The sale was held by order Of the
executors of the Bennett estate to
carry out the provisions Of Mr.. Ben
nett's will. These included the payment
Of certain legacies and debts and the
establishment of a home for disabled
New York newspapermen. The lots are
located on Broadway, Fort Washington
Avenue, Riverside Drive, Northern,
Pinehurst and Bennett avenues, Over
look Terrace, Chittenden Avenue, Magaw
Place and 1881, 184th, 186th and 18th
streets. Most of the property lies high
up on the Fort Washington hills and
besides including the highest point on
Manhattan Island has the site of Fort
Washington, which is marked by
tablet.
Patriotic Syndicate Buys
This latter site, a plot Of 36 lots,
vas purchased from the estate by