davidaulloa/AmericanStories huggingface dataset:
Wiarus. (Winona, Minn.) 1895-1919, 1919-11-28

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spodziewajja Asic pow rotu iekszeI
aczescii pozostaIy ych przeciagll
.naste epnych 4 lllzu niesiecy s
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The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

men forsook other businesses and pro-
fessions to make real estate investing
their vocation.
To the builder the sale represents q
golden opportunity for the resumption
OF construction activities, for the Ben
nett property stood as formidable I'M
passe barring the progress of apartment
house construction on the Heights north
OF 1s1st street. But II 10 the oppressed
home seeker who will feel to the fullest
extent the ultimate benefit OF the auc-
ton, for to steal a phrase from a state
ment made by the real estate wizard
who has been chosen to sell tho lots
Joseph p. Day-"the auction will be q
godsend to overcrowded New York"
Keen interest also attaches to the sale
from another point OF view, which con-
Germs the chief provision In the will of
the late newspaper publisher. When
Mr.. Bennett died he left the bulk of his
vast estate, including the New York
Herald, the Evening TeIe0rom and the
Paris Herald to a home for Manhattan
Journalists which was to be established
as a permanent memorial to his father.
James Gordon Bennett senior. founder
of the New York Herald. The disposal
of the property, therefore, will make
possible the naturalization OF that idea
Real estate men have been looking
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

The owner. tired of housekeeping, de-
cided to turn 1t into apartments and
spent between $4,000 and $4,000 In
alterations. There are Ave floors and he
gets $500 a floor. Scores OF others
have followed this plan with huge sue
cess, and in the case OF those who are
tired OF housekeeping and who retain q.
floor In the remodelled house. with great
Joy. because OF the relief from house.
keeping cares. 1t IL an interesting
phase OF realty development and has at
least solved the problem or living TO a
goodly number of city folk who want to
reside in the centre of town"
Back OF some OF these interesting
realty deals In this section. and ro-
sponsible for some OF the most charming
apartments. is woman. Mrs. Beatrice
Lockwood Leventritt OF tho BerlociS
Company. Curously enough Mrs Leven-
tritt Is really the leader OF this move
ment, for when the stringency OF the
real estate market was being most keenly
felt by those seeking homes. and dealers
were at their wits end to supply homes
to clients when there seemed literally
nothing to be had. Mrs. Leventritt was
going bllthely about her self-appolntsd
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
Realty Men, Investors and Builders
Eagerly Await Parcelling Off of Big
Tract Which Has Impeded Dis
trict's Structural Development
Say 1t Will Help Relieve
Housing Shortage.

Five hundred building lots and plots
to be thrown into the nav OF the real
estate market at q time when the city
is crying for houses in which to live and
facilities for building them-that Is the
purport OF q statement issued four days
ago by tho executors of the estate Of the
late James Gordon Bennett, who have
decided to sell at auction, on June 1e.
the Bennett realty holdings on Washing
ton Heights. Coming as 1t did at the
most crucial stage of the housing short
ago, and at a time when the resumption
OF building on a large scale seemed to
be assured by necessity. this announce
Inent could not fail to make deep i'm
preston on the operator. the builder and
the investor.
Shrewd real estate men see In the i'm
pending sale the opportunity for the
making Of fortunes, for vacant land Is
now selling, at bed rock prices and must
assuredly Increase In value before the
long predicted building boom Is under
way. They do not question the GER
tainty of the coming boom and their
memories bark back to the interesting
days of 1909 when the Fort Washington
Heights and the Buena Vista syndicates
sold their property located between l76th
and 1Slst streets. Broadway and River
side Drive, for $4,000 to $4,000. lot.
It was then that a number Of prominent
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
SIMONSON SALE TO
Be HELD SATURDAY
Jere johnson, Jr., Will Auc-
ton 213 LotSin the Elmhurst
Section of Queens.

One OF the most interesting events in
the real estate market next week is the
auction sale of 21S lots located on Queens
Boulevard. Grand street. Maurice and
Corona avenues. in. the Elmhurst Sec
ton of the Borough OF Queens
The sale Is to be held on the premises
on Saturday June 7, at . p. NJ. rain or
shine. by the Jere johnson Jr, Co., auc-
tioneers- It was ordered by the execu-
tors OF the estate OF F. De Hass Simon
son. who was the principal owner OF tie
Sim0nson Realty Company stock.
Ever since the original announcement
OF this sale was made several weeks ago
the auctioneers have reported an un-
usually largo number OF applications for
book maps. Any map of the Elmhurst
section Of Queens. however. will fur
nish the key TO the situation.
The Simonson property as a whole is
almost a replica of any junction point
area of Manhattan along the routes Of
Broadway, Fifth and Fourth avenues
In the case OF this property the street
and avenue layout is along diagonal
llneS' inc same lines, IN lact, as ave
produced such high real estate values
along Fifth avenue and Broadway and
have made these two great thorough
fares and others adjacent thereto the
best known business centres in the
world.
Because OF the high values reached by
properties located in such junction point
areas as Aston place. Union Square,
Madison Square. Greeley Square. Times
Square. Longacre Square. Columbus Cir
Gle. Lincoln Square and Sherman Square
and at other points OF similar character
In Brooklyn and Queens. It is believed
that there will be- some very lively bid
ding for the more speculative parcels 10
be sold on Saturday.
Electric surface cars in both to
Queens Borough Boulevard and Grand
street provide for direct s cent transit
from and to Manhattan and add greatly
to the potential value OF the lots that
run through from the Boulevard TO the
street.
The Junction OF the Boulevard. Grand
street and Broadway Is part of this
block and is actually the very hub OF the
Borough OF Queens.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

sions in Mr.. Benefits will relative to
the home for journalists. ~
Even were New York overbuilt and
lacking a great waiting list of apart
ment tenants" said Mr.. Day yesterday,
"the Bennett property would be an ex-
cellent purchase at far higher prices
than It is expected to bring at the COM
ing sale. Houses built on that high
ridge, II OF the right class. will not have
to depend upon waiting lists. They
will be filed to the roof when other
Heights houses are looking for tenants
THE sale of the Bennett estate Is o
splendid chance to secure, at your own
price, a little of about all the desirable
highly elevated land that remains avail-
able on Manhattan Island, with the ex-
ception OF the holdings Of John d. Rock
efeller, Jr., from 1s0th street to Dyck-
man street, which tract is not for cate
This Is where building for the RELIEF
Of the better class apartment tenants VIII
begin. Other booms' will follow. or may
materialize at the same time. but the
sale Of the Bennett estate means Just one
thing-the city's biggest and most noted
builders are going to start building there
before making a beginning elsewhere.
I'm April, 1909" continued Mr.. Day,
"I sold the Buena Vista syndicate lots
and plots Just south of the Bennett
holdings. Since that time every one OF
these lots has been resold several times
and each one is now improved with a
fine apartment house. The rentals
there are higher than we Of ten years
ago ever dared dream would be paid on
washington Heights. II Is the consen-
sus Of opinion now that the Heights
rents are going to higher levels
Buyers at the Buens Vista sale
made profits, and those who since have
purchased at private sale and built have
also profited. Tho Bennett sale is being
held under conditions that are less ad-
yantageous than those which ruled In
1909, and would say that Tuesday. June
10. In any event, and regardless OF the
prices paid. must be a buyers day"
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

only altering much of the property them
selves. but acting aF renting agents for
the apartments after they are ready for
occupancy. c. NJ. Ives. who takes
charge OF this work for the Arm, Ia fol-
lowing the movement with deep interest,
although he predicts a falling of. in in
terest OF clients In this section imme-
diately the new building operations now
projected are completed.
81 don't want to seem pessimistic,' =
no said. land shatter the dream of en-
thusiastic promoters OF remodelled apart
ments, but l am afraid that when the
new buildings that have been promised
are ready for occupancy the craze for
homes in this vicinity will die out.
may be wrong. but that is the way II
appeals to me. However. there Is no
diminution OF interest as yet. Quite the
contrary. One man know has taken
over bakers dozen OF brownstone
houses. remodelled them into apartments
and they are every one rented on Ions
term leases.
Gle is william Taylor Middleton OF II
East SiXty-ei hth street, NJ. Middleton
took his first house last January as al
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

experiment, and he found II such a good
investment that he gradually took one
after another until now he has twelve.
He demands long term leases and
usually rents the FIRST moor as a doc
tors office. One house In West Sixtieth
street. between Fifth and Park avenues,
which formerly rented for $4,000, now.
after alterations, brings him in between
50, 900 and $4,000. The rent in all his
houses includes maid service.
mo. 60 East Fifty-sixth street has
been recently remodelled into duplex
housekeeping apartments. the alterations
costing about $1,000 or si.400. A doc
tors Office occupies the first floor and
there are duplex apartments above. For
this the owner gets 1880. The house
Is not wide and would probably not have
rented for much more than $4,000, SO he
has doubled his rental.
Many Follow Plan with Success.
THE older brownstone houses that
do not rent so readily have been largely
chosen for remodelling. No. 40 East
Flftieth street for example, had been
/ remodelled into an American basement,
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
GREENWICH ESTATE SOLD.

Pease & Gilman have sold for
Thomas NJ. Hodgens tho latter's estate at
Greenwich, Conn. including a residence.
garage and other outbuildings on about
fifteen acres OF land situated on Indian
Field road. Mrs. Frank Sullivan OF the
Hotel Plaza this city. Is the purchaser.
She Is said TO have paid about sl25 900
for the property. which is located on tive
Sound adjacent 10 the estate Of William
X. Truesdale. president 81 the Delaware,
Lackawanna and Western Railroad.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
hest bidders, regardless Of its actual

, highest bidders. regardless Of its actual
value.
Historic sentiment forms an interest
| ing background for some of the land
| to be sold. for on that part of the prop
erty Just west of Fort Washington ave-
nue. are all that remains of the bastions
of old Fort Washington. which was
stronghold Of the Colonial troops during
the revolution Until a few years ago
the old country home of the elder Ben
nett occupied a site right in the heart
| OF the estate.
The property TO be sold has frontages
on Broadway. Fort Washington avenue.
Northern avenue, Bennett avenue, River
side Drive and all the other longitu-
dinal highways and laterala in the area
between lS2d street and 18th street.
Broadway and the Hudson River. Some
Of the land to be sold Is at the highest
elevation on Manhattan Island. one big
block Of lots so located as to be neces-
sary to the extension Of Fort Washing
ton Park north OF It's present line.
Tho north side OF 1Slst street west OF
Broadway is now to ell intents and pur-
poses the south line of the Bennett es-
tate. for the reason that the wave or
apartment building from the south long
since would have rolled over most of
the comparatively small holdings along
the north side of 1S1st street had not
the great Bennett estate halted the fur
Their advance of building until the de-
mand had caught up with the supply.
Ever since 1895. when the elGer Ben
nett made his first Fort Washington
Heights farm" purchase. the property
has been held intact The approaching
sale will be the first opportunity given
the public to bid for an inch of II, and
many an active operator of few dec
ades ago died while waiting Tor the
Bepnett estate to be sold
II "a indeed doubtful that the property
vo,ld he sold even now, especially with
vacant lots literally dragging bottom
and a building boom matter OF very
early necessity, except for the provi-
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

apartment in the house was rented. SO
enthusiastic is the owner over the pros
pect which the demand for apartments
hold out that she has concluded arrange
ments for taking over another brown
stone house in this section and has an
option on a third. She has planned her
alterations modestly. but 1t is to be high
grade work. Parquet floors will be laid
throughout. the old wall paper removed
and the plaster walls tinted; only the
best plumbing and fixtures will be put
In and the partitions will be soundproof
The first floor. formerly occupied by
the servants hall. kitchen and Laundry.
will be occupied by a shop; the second
floor remodelled for the owners suite,
while the third and fourth floors are
planned to accommodate two apartments
of two rooms and a bath each. Both
apartments have a private hall and the
bathrooms have been ingeniously intro
duced in the inner room with ample
closet space and a large storeroom in
the han.
EKnePfsa praAlctinn
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
Doubles and Even
Trebles Owner S
Income andCiVes
Tenant Numerous
COnVenienceS.
By HARRIET sIssoN oILLEsprn.

By HARRIET sIssoN GILLESPIE.
How a coterie Of city folk in New
York has met the apartment crisis and
developed a unique residential centre
In the heart OF town where a man may
live-not merely exists as astonish-
ing story as It Is delightful to record.
The strangest thing about It all is
that the tale. which Is az fascinating as
that Of Aladdin's Lamp. should only Just
be fully told when for many moons a
veritable orgy OF house remodelling has
been going on and small fortunes be-
ing made In the process. And yet in
the area bounded on the south by
Forty ninth street and on the north by
Fifty-ninth street. between Sixth and
Lexington avenues. hundreds of brown
stone dwellings,. In the last few months,
have been shorn of their ugliness to
make way for attractive modern apart
ments renting anywhere from 500 TO
$3.50 month. Included in the rental Is
home environment such as has not
been experienced by the jewellers in this
Mesopotamia for many a year, not to
mention such domestic comforts as real
fireplaces. a roof garden or better still. a
back yard garden where a fountain plays,
lilacs bloom and one can work In the
soil and tend old fashioned flowers be-
sides.
1t isn't only in Wall Street that for
tunes are being made. for the brown
stone district SO long suffering from
Its own handicap. Is making up for it's
shortcomings In true mining camp
style. The lease OF one OF these once
despised dwellings. for so long a drug
on the market, has to-day all the
glamour OF a newly discovered oil claim
and there Is rush of cease prospect
ors'' who have just discovered their
value. For when remodelled into apart
ments they bring In return that
amounts to double. and sometimes triple
the former rental.
Income More Than Doubled.
Brownstone houses that formerly
rented for $500 and $4,000 respec-
lively now, after alterations. bring In
from IS, 900 to $4,000. The shops usu-
| ally installed in the front basement rent
| for between $1,000 and 49, year, and
this. added to the apartment rentals
brings in a splendid revenue. One clever
young business woman foresaw the trend
| Of realty in this section and lost no Tins
in taking advantage OF the opportunity
I She took a long lease on the property
at 10 West Fiftieth street. formerly a
| fine residence, and Is Temodelling It into
apartments. HelmIe & Corbett, archi.
, tects. OF Brooklyn. have the contract fol
: tho work.
Before alterations were started ever.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

not ready either to sell or improve the
tract
This continued TO be Mr.. Benefits
attitude until the very day of his death,
and It was not until last week-so closely
has the secret been guarded-that the
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
% T 81 SSSE5 us s ss SRM S5vR s sR %

decision OF the executors Of the Lem
nett. estate became generally known. The
sale is to be conducted by Mr.. Day at
the Real Estate Exchange. IA and l6
Vesey street, at IL NJ. on June 10,
The property will be disposed OF to the
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

the Washington Heights section he had
steadfastly refused to sell. When the
Fort Washington Heights and Buena
Vista syndicates sold their property II
was freely predicted that Mr.. Bennett
would follow suit, but the latter was
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
WANTS EXCHANGE
FOR MORTGAGES
Commissioner Mann Believes
Loans Should Be Made More
Attractive to Investors.

Ono OF the chief reasons why com
,sratively few apartment and tenement
houses are going UP in New YORK ci'y
at present Is, in the opinion OF FRANK
Mann, Tenement House Commissioner
-he inability of builders to obtain mort
gage loans at a reasonable rate OF IN
terest. Testifying before the LOCKWOOD
Legislative Committee the otner oAy'
Mr. Mann asserted that It was impos-
sible to obtain loans in suf1cientiy iArbe
amounts, from the point of view or per
csrtage compared with the cost OF the
building and the amount OF the loan.
Tn pre-war times" said Mr.. Mann
the amount of money loaned upon
building would be about 60 TO DO per
cent. on first mortgage at per cent
interest, The banks and the title COM
panies and the mortgage and BOND COM
Danies. which were the principal agen-
cIes through which money was ootaineo
made loans upon that basis
"Under present conditions capitAI
seams 10 be timid and lenders are APP
prehensive that IL they made loans upon
the old basis to-day within four or nve
Years the value of the building-that IL
To ,ay. the cost of construction, labor
and material-would be lower to sucf
an extent that a building erected now
would then have to meet the competi'
ton of lower prices and would b
lowered IN value accordingly. The com
NAMES do not. want to loan now more
than go or So per cent. OF what wouio
have been the cost OF construction ir
pre-war times. or what It might be nV'
years from now.
What should he Realised.
NV suggestion, or rather my views
on the subject are that IL capital woulC
be less timid and would realize-ant
the public would realize--that It Is prob
able there will not be any change II
the cost of construction-any lessenini
IN the price OF labor and material 10
tho next ten years-and therefore !
would be perfectly safe TO invest II
MORTGAGE loans on the same percentage
basis on the cost OF construction as Il
pre-war times. there would be consid
cradle stipulation in building enter
prise"
When asked II he thought capita
could be induced to lend itself to adm
building operations Il some way coul
be found to adopt ten year semi
amortized mortgage. Mr.. Mann said:
.It would be still better to adopt
twenty year amortized mortgage. Sine
the Federal Government has organize
and created a law organizing the Fed
eral Farmers Loan Bank to aid agri
culturists. the same thing might be don
10 aid real estate interests and 10 al
housing in cities. In other words
mortgage loan bank might be created.
Mr.. Mann Faid he believed there woul
he a food OF money TO lerd II Fedora
and state Governments would eXemr
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

forward to the disposal OF the Bennett
property for some time. Long before
the late owners death II was known that
Mr.. Bennett had received any number
of substantial offers for the realty. but
having q. Arm belief in the future or
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
Roof Gardens and
Sleeping Porches
Are Features in
Some Converted
Houses.

u
task Of getting leases on old fashioned
houses IN this section and turning them
into picturesque apartments. win true
housewifely instinct she made the most
OF every honey aspect, introducing
domestic details such as the average
man might not be apt to think essential
but (which makes all the difference be-
tween real living and a mere existence,
Transit Problem Solved.
Mrs. Leventritt Is wildly enthusiastic
over the business prospect or remodei-
ling apartments. for which there Is an
ever increasing demand
"It ia simply amazing the prices
apartments bring" she says. You see'
neoDle do want to live below Fifty-ninth
street. The enormous rents are driving
neople out of the big apartments ana
they lust naturally drift in here. 1hate
to admit that there is a servant prop
lem. for 80 far as / am concerned !
have never had any trouble, but 40
know II exists. l do THINK however
the transit question has much TO DO WIN
the desire TO live In this neighoorho, W.
The wear and tear Is too great on the
average man. and the consequent 60
vantage OF possessing n complete niue
menage WltnlH, Pe'hAP
lance of business Is ~ boon that DOM
women and men seem TO appreciate
Lots OF people are beng driven OUT
Of town, but rents, | understand, are
correspondingly high in the country
The demand for apartments Tor $40 or
500 n month Is enormous, but they are
not 10 be had. Rents have In many
cases doubled. All have Increased mn
measurably. Take my own apartment
which was $1,000 but is now $3.50
The whole point is, ons can get an
attractive, even picturesque apartment,
right around here for 500, $l25 and
$3.50 a month with the old tashIoneu
home environment and maybe ROOF
garden or a back yard garden with vines
and flowers, and where else. In all con-
science, are such things to be found this
side OF the East or North rivers.
Lack of Elevator No Handicap.
"The result is the apartments are
ana pped up the moment the buildings are
leased The funny part of 1t Is they are
all walk-up apartments. too. Nos.
and s West Fiftieth street. recently re-
modelled, Is the only house Of the kind
| know with an elevator. In fact. II
seems as II one gets better rents with
out an elevator. II doesn't make any
difference about that or how badly they
are done remodelled houses rent so Ions
as people get the space. There Is, too
a certain element OF quaintness that
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

Pease s. Gilman have had their share IN
this interesting realty development, not
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01

cOntinsea on Second Pdgs.
The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-01
Lack OF Elevator No Handicap.

Continued on Fourth Page.