New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-15
Harvard to Get
$5O,976 From
Property Sale
Lawrence E. Sections Inter-
est in S356,843 Obtained
for 1 1872 Eastchester
Lots to Go to University

Harvard University will receive
about $5o.976 in cash and mortgages
from the sale Of the 1892 lots in the
Bronx concluded last night by Joseph
F. Day for the Easichester Company,
which had owned the property since
1905. Harvard gets the interest of The
late Lawrence e. Sexton, a member Of
the syndicate which bought the prop
erty On the speculation that the opera
ton Of the Boston & Westchester road
would greatly increase its value. Mr..
Sections interest amounted to q one
seventh part, which he left TO Harvard
when ne died.
Mr.. Day announced last night that he
had obtained s35s.843 for the property,
20 per cent of which will be turned
over to the selling interests in cash in
the next thirty days.
AS the property offered yesterday
was better located than that offered on
the first day of the auction, prices nat
urally were higher. The lowest price
paid yesterday was $500. which was
given for inside lots on Wilson Avenue,
between Adee and Burke avenues, and
on the east side of Fenton Avenue, be-
tween Burke and Hammersley avenues.
Other lots in this block brought $500
each, and on the opposite side of the
street, between Burke and Deyo ave.
nues, $275 was paid
Gun Hill Road Prices Highest
Gun Hill Road corners and inside
lots brought the best prices of the day.
Regular size corner parcels seem to
have been uniformly valued by the bid
ders at $500 and $3.50 each, and inside
lots On this thoroughfare at about $50
less. Irregular shaped properties of
large area were popular, as there were
number of local tradesmen in attend
ance who displayed a desire for these
parcels.
The small, irregular shaped block
bounded by Gun Hill Road, Sexton
the triangle at the junction of Gun
Hill Road and Seymour Avenue sold
for 1925, and $1,000 was paid for the
northeast corner of Gun Hill Road and
Fish Avenue
The triangular block-"a watch
charm" Mr.. Day called it--formed by
Young Avenue, Adee Avenue and Sex
ton Place, went for $3.50. It measures
51x5S .9xe91x15.
The two-story and attic house cover
ing the two lots at the northwest cor
ner of Eastchester Road and Hammers
ley Avenue and the adjoining six lots
on Eastchester Road and one on Ham
mersley Avenue were bought for $685.
by Abraham Schwartz, who occupies
the house. Others wanted the house
and the land, particularly the house,
but Mr.. Schwartz outbid them.
Discloses Markets Strength
The sale was remarkable demon
stration of the absorbing power of the
current market. Offered in the dullest
period and on two of the hottest days
so far this season the keen interest dis
played in the property during the two
sessions may be accepted as evidence
of great buying strength. Prices were
low because the property, while it ad-
joins the Burke Foundation lots, is
twice the distance from the White
Plains route subway station, is virgin
land containing no physical improve
ments and partly under the overflow
of old streams running through the
tract.
Emery L. Ferris, secretary Of the
Eastchester Company and member
of the firm of Anderson & Anderson,
with the results of the sale. + and
his associates, he said, feared that
there would not be a sufficient buying
power to absorb this number Of lots.
Langdon G. Marvin, Of Emmett,
Marvin & Roosevelt, attorneys for
Harvard University, also agreed the
result was surprising.