The sun., 1919-06-12
PUTNAM BUILDING
SALE TERMS FIXED
Robert E. Simon Will Pur-
chase the Property From
Vincent AstOr.
s5,OO0,OOO GIVEN AS PRICE
Structure Is One Of, Largest
Single Holdings Of the
Kind in the City.

With the completion OF negotiations
for the sale of the Putnam Building
and Westover Court yesterday the busy
area about Longacre Square usurped the
leading place in the days real estate
news. The Putnam Building-or the
Stanley Building as It is also referred
TO by reason OF the fact that 1t houses
Shanley's acknowledgements the entire
block front on Broadway. between Forty
third and Forty-fourth streets West
over Court adjoins II in the rear, running
through from Forty-third to Forty
fourth streets
Under the terms of the selling agree
ment these properties. among the largest
single holdings of the kind in the city,
are TO be purchased by Robert E. Simon
from Vincent Astor. whose family has
owned the realty for three generations.
Mr. Simon, who is acting in the deal as
the head OF n new syndicate formed to
take the property over. announced yes
terday that eventually big moving pic
ture house will probably be erected on
the site OF MISSIONER Court. The Putnam
Building, which is a substantial struc-
ture built within the past ten years, will
be left standing
Although Mr.. SIMON refused to d.
vulge the amount Of money that Is to
change hands in the deal, the brokers, L.
j. Phillips d Co. were authority for the
statement that the asking price was S.
100000. Elkus, Vogel, Gleason & Pros
kauer represented the purchaser.
As an operator Mr.. Simon has had
much to do with the upbuilding OF the
Longacre and Times Square section.
Years ago he forevisioned the high state
of development which the district now
enjoys, and he had the courage to act
on his own prophecy. Before entering
into the present deal he made an in
teresting research into the traffic con-
d!tions in the neighborhood and found
that the B. r. T. and Interborough SUBJ
way stations at this point sell on an
average of about 100000 tickets a
year.
The Putnam Building. which Is four
story structure with q terra Gotta ia
csde, fronts 200.10 feet on Broadway
and 100 feet on each street Shanleys
occupies practically all of the ground
floor with the exception of the space
given over TO stores. Westover Court
has frontage of 107 feet on each street
and comprises ten old four story dwell
for store purposes and the upper floors
remodelled for bachelor apartments.
Rental values are extremely high in this
section of the city, and the income drawn
by the property from this source
amounts to about 100000 a year. MIR.
Simon, however, figures that the rapid
growth of the district will make pos
sible the realization Of per cent
income on a 100000 investment by
1874. The moving picture theatre. he
says, will cost about $1,ooo,000 to build
and will be operated by Mr.. Simon and
his associates. The Stanley lease and
the store leases in the Putnam Building
have until 1924 to run.
The Putnam Building was named in
commemoration of the fact that Gen.
Washington and Gen. Isaac Putnam met
on the spot on September Is. 1853. to
discuss the movement Of the American
army the day before the Battle Of
Harlem.