New-York tribune., 1919-01-17
Owner, Mortgage Lender and
Builder Combine to Erect
Finest Fifth Avenue Flat
Big Commissions aid
Active Trading in Many Sec
tions Indicates Growing
Interest i'm Real Estate

orally. The Schley estate is to be i'll
terested in the apartment improvement
to be made on the corner, even to the
extent of holding a controlling in
terest. 1t was learned yesterday that
the estate had pooled its proper y.
William Henry Barnum & Co. are to
furnish the money to build the build
ing, and i. f. R. Carpenter will design
and build the structure. The corpora
ton which will carry through the prof.
ect will be composed of property
owners, lender and builder and archi.
tcct.
Estate Still in Charge
The story told yesterday was that
Barnum and Carpenter were to buy
the property from the Schley estate,
the estate to give back a purchase
money mortgage which would be. a
second lien on the property The
estate was agreeable at first, according
to the story, but changed its views
later and suggested that corporation
be formed in which all three would be
Interested, the estates contribution
being the property. This was agree
able and it is on this plan that the
Improvement will be made 1t was
sand yesterday at the office of Mr.
Barnum that the latter plan was the
only plan from the start The estate
will hold the controlling interest in
4 the corporation.
Two Commissions in Deal
-. Two commissions will be paid by
the estate, according to the stories
told. One to Peasc & Gilman for ar
ranging the deal which was to result
III the sale of the property and the
other TO William A. White & Sons for
interesting Mr.. Balnum to provide the
money to carry through the deal which
lad been arranged by Pease & Gilman
and which has developed into one of
the NEST interesting transactions an
nounced in some time. Not since the
I deal which led to the improvement Of
the old Fifth Avenue Hotel site with
IN office building has Fifth Avenue
had similar real estate transactions
IT was said yesterday that it should
serve to lead owners of other valuable
tons for the Improvement of their
properties with structures. the iinan-
cial success of which they will share
( he building will have the height OF
an elevcn-story structure, although it
viii contain only ten floors, or ten
apartments.
Highest Apartment Ceilings
Each suite will have ceilings higher
than other apartment houses in tho
city. Each suite will have ceiling
from thirteen TO fifteen feet high
Cross g. Cross. architects, will attend
10 the interests of the Schley estate
IN the designing and construction Of
the house.
Hiker- Hcgeman on the Circle
Nathan j. Mitchell and Robert ].
( Covordaie have closed negotiations with
the Liggett, Riker- Hegeman Company
for the four story building at The
northeast corner Of Fifty ninth Street
ard Columbus Circle, known as / and
-2 Columbus Circle. The drug corro-
building from Mcserik & SchorharJ,
and obtained an extension Of the lease,
WHICH has six years to yun, from
George Ihrot owner Of the property
Schmidt 4 Donahuc represented MIR.
Lhrct. The Liggett. Riker-Heweman
Company viii take possession July i.
Growing Demand for Space
William A. White q Sops have leased
lofts at ihJ TO III Leonard Street to
Hugh u. Catty and Karl Peuli; at ia
ard nc East Sixteenth Street to Norris
and Paula $. Gernshcimer and TO tho
Iuskelold Company; a; 29S Broadway
10 Harry Z. Simon and Edwin +. Lcco;
at 67 to a Spring Street, to the Monroe
Manufacturing Company; at l36 Prince
street to Stephen Komlo and Adelor
Schwartz; at 321 and 523 East Third
street 10 Abraham Klein < Co., and
with Hcrbcrt Hecht space at 335 to 3i39
Fifth Avenue to tho Flapper Coats, Inc,
and with Nathan Weiss space to Bern
hard Scl,nal.
NJ. G. l.. Hess have leased the cifh-
tccnth floor, containing $4,000 square
feet, at 81 aud So Fifth Avenue north
rast corner Of Twelfth Street. % the
National Shirt Shops. Inc, for stock
room and executive Offices. The main
reason for The lessees choosing the
;bovo building is the change or the
nature Of It's occupancy from manufact-
uring TO non- manufacturing tenantrv.
NJ. J.. Hess recently having leased
floors in this building to 'hc Dodge
Publishing Company and Lupton Pub
fishing Company, for Offices and sales
rooms. The lease to Tho National Shirt
Shops is for term Of years at a rental
aggregating $4,000.
Hirsch & Friedman have leased the
fourth floor at 1913 and 200 Sixth Aye
nuc 70 The Tip Top Waist and Dress
-olupdnSf una tnc illtN NOOT at 30 TO
Al West Twenty fonrth Street to the
:. w. Waist Company
j. H. English has leased The upper
part Of 22a West tifty-sccond Street
to Adolph Cousins. This completes the
renting Of The building, which was re-
Gently altered by Mr.. Dreyer.
The Cross & Brown Company has
leased loft at I05-1l Wooster Street
to the Asher s, Arzt Leather Goods
Company for a term OF years; a loft at
103-1l Wooster Street to the European
+ Doll Company, and loft, at rs Greene
/ Street to David Richter and Irving
Spanncr.
d, Takes Large Fifth Avenue Suite
Mrs. Robert A. Bruce Brown has
( leased through Douglas l.. Gilman &
90. and the Douglas Robinson, Charles
:. Brown Company large apartment
OF seventeen rooms and six baths at
a9S Fifth Avenue corner Eighty-first
Street, for a number of years.
Service Relief Quarters
Douglas l.. Gilman e. Co. have leased
/ ~ Madison Avenue, corner Of Thirty
eighth Street, a fve-story house, for
( the estate of Mary G. Wallace to the
! Blind and Crippled Fund for the Relief
OF American Soldiers and Sailors. The
lease is for a short term.
New Fraternity Home
William A. White g. Sons, with the
Houghton CoApany, have leased to Phi
: Sigma Delta Fraternity of Columbia