New-York tribune., 1919-06-11

syndicate of public spiSited men, who
Will hold the property until one of the
historical societies sees fit to take over
the land FOR permanent museum site.
|. includes the southern end OF the
block bounded by Fort Washington and
Pinehurst avenues and 183d and 18TH
streets.
This announcement, made by Mr.. Day,
and the purchase of three lots on
Broadway and eleven on Bennett Ave-
nue. south from 18TH Street by Felix
isman as site for big theatre, were
TWO of the important events of this
eventful sale.
Ihcre was some fear in the minds of
those who had the sale in charge that
1T might not 20 at this time because OF
the financial pressure on people Just
now and because of the poor outlook
for big building market. But if the
prices obtained are any indication of
the feeling of the public toward real
estate there need be no fear any
longer for the success of any offering
OF we'll located, speculative properties.
The spectacle, rarely seen in recent
years, was Witnessed again yesterday
OF bids being increased for lots after
they had been struck down, and on
more than one occasion when a lot was
put up second time because of some
misunderstanding it brought a higher
price than on the first sale. BUYERS
took lots by twos, threes, fves and
tens, seeming eager to get all they
could even at prices which far outdis-
tanced the values placed on the prop
critics by men who consider them
selves good judges of values.
Buy for Later Gains
But builders must have the land if
they intend to provide more housings
for Manhattan's population, and it is
on this premise that the stationer, law
yer, butcher, doctor, clerk and clothing
dealer bid up prices yesterday, with
the intention later on of banking a
profit which every one expects when
the attempt is made to reduce the
shortage in homes.
Paterno Largest Buyer
Dr.. Charles V. Palermo was easily
the largest individual buyer of lots
at the sale. 1t was estimated that he
procured close to seventy-fve parcels
about his castle on Northern Avenue,
which borders the Bennett property to
the south. DR.. Palermo, who is an
apartment house builder, has no par
ticular plans for the future of the
property. He took advantage Of the
sale to protect his home, on which he
spent considerable money in building.
He purchased more than half of the
block on the west side of Pinehurst
Avenue, and opposite the thirty-six
lots, the site Of Fort Washington,
which is to be dedicated to posterity.
DR.. Paterno bought the entire block on
the west side of Northern Avenue ex-
tending north to Chittenden Avenue,
and nearly Is many lots on the cast
side of the avenue.
Miss Theresa Cassazza came in for
a lot Of attention from the crowd be-
cause of her extensive purchases. Miss
Cassazza was one of the heaviest buy
ers at the sale, and the auctioneer was
somewhat disturbed about the ability
Of the buyer to carry through all of
the contracts she signed until he
learned that she was acting for Frank
D. Cross G. Co., paper bag manufact-
urers, who bought through Miss Cas-
sazza more than $4,000 worth of
property.
Buys City's Peak
A well-known Fifth Avenue jeweller,
said to be Frederics, bought the four
lots on the west side of Fort Wash
ington Avenue, just north Of the lots
to be turned into a memorial park.
The site is 265 feet above sea level,
and is said to be the highest point on
Manhattan Island Mr.. Jeweller plans
the improvement of the site with
fine dwelling. He bid $28,40O for the
site, and the check deposited with the
auctioneer was from Thomas ].
O'Reilly, real estate broker, who acted
for Mr.. Jeweller, or Mr.. Frederics, in
the deal.
An old man with heavy growth of
beard and In clothes which did not
indicate that he had much of the
worlds goods, came into the auction