New-York tribune., 1920-05-26
Company Keeps Promise to
Dispose of Holdings
Pledged Last January
for f Financi ial Aid
Broadway Lots at $1,000
Mauv Take Them at This
Price: Si30.OOO Buys
Terminal Of Greensboro

land and buildings Of the INterbor-
onsb Rapid Transit Company in Man
,.ttan. the Bronx and Queens not used
:, the actual operation Of the company's
.vstem we're sold yesterday at public
..c.jon for SS29,175 by Joseph P. Day.
The auction is the result of a financial
8esl made last January. The company
needed money to meet the interest pay
ment on bond issue. 1t did not have
:, according TO the statements of the
company. and had to so into the mar
tet to get it. Certain conditions were
eyacted of the company, and one of
hen, called for the liquidation of its
rnsl estate which was pledged for the
money.
Seven blocks along Upper Broadway
from, the Dyckman Street station north
70 the end OF the elevated subway route
81 the Interborough, building in East
Forty ,econd Street, East River water
fror and block in the lower Jackson
Avenue business section of Long Island
we're included in the property pledged
and sold yesterday TO perhaps 100 in
diviGual buyers, spectators and in
yestors. some Of whom will erect homes
on the lots, and business concerns.
From the standpoint of neighborhood
interest the sale means much because
there is greater likelihood of develop
ment with the property in the hands
Of so many than if continued in the con-
troll Of the marlborough.
lnterborough Pleased with Sale
The statement was made that the
Interborough planned to hold this real
estate for exploitation later, but the
financial difficulties which it claimed
confronted IL on January l forced the
oecision of immediate disposal. Judg-
.ng from the statement made by Mr..
Day, the lnterborough has no reason
Tor complaint, because the prices OBJ
ained for the realty show substantial
return on the investment. In fact. Mr.
Day said, II was very successful auc-
ton. which would mean that the Inter
borough is well pleased with the money
it received for its idle land
With the exception of the building at
1855 and l58 East Forty second Street
under which is the terminal of the
Greensboro subway, few of tho 1oG
Manhattan and Bronx parcels offered d
hold buildings. They are small build-
ngs dwellings, chiefly in the uDner
reaches Of Broadway.
Sergeant Payne, of the 50th Precinct
secured one of them, the DWELLING a,
the corner of Broadway and 2I9th
street. Which he has occupied as q
tenant 'or the last fourteen wears.
tie paid S6,8OO for the house. TIE
displayed ms confidence in real est .+e
IN that part of the city and good judg,
Il mem, too, by protecting his house
.ntough the purchase of fifty feet ad.
RrO
ieet on 2l9th Street. The house an(
seven lots adjoining it cost hin
$4,000 ''''i
Broadway Lots at $1,000
Broadway lots sold for as low a,
>l,VV0 and lots just off Broadway wen
as low as $500. Felix Isman boueh,
even lots al the southwest corner o,
broadway and Squyten Dyvil Parkwa,
lof $zo900. The property is under the
AoTth terminal of the Interboro sys.
TEN on Broadway and directly across
rom some Of the Van Cortlandt es.
tate property sold several months age
at auction
The Bradley, Mahoney Company, Goa
dealers, bought $4,000 worth of prop
erty fronting on the Harlem ship canal
Subway Terminal Brings $4,000
The Forty second Street building
which was the feature Offering of the
2aIe, brought S130O0O. Ownership OF
me parcel developed lively competition
oetween Matthews Bernheim, Fell,
i'man and Thomas Murphy. Mr Bern.
nelm finally got the property.
interest in the Long island Offering
conferred in the Fourth Street block
on which is the jackson Avenue station
OF the greensboro subway. The Corr
Exchange Bank, which occupies the
tore IN the building at the corner Of
dackSan Avenue and Fourth Street
paid $4,000 for the property. The
our adjoining lots on Fourth Street
'Qld Tor $4,000 each and the four fats
,,ddJolnlng these brought S14,500 each
A'chael A Rofrano, former Commits
.cner Of Street Cleaning bought one of
these houses.
Frederick ". Hurd, president of the
nanona! Narnish Company, paid S79,-
VV0 for the waterfront plot and four
teen lots on the south side of Eighth
n'feet, west of West Avenue Mr.
hutd was forced to bid many times for
The property before he drowned out
sspirants for the site.