New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-06-04
Close TO S2,lOO,OOO Is
Paid by a Mr.. Weber
for Fifth Avenue and
ODD Street Corner Flats
Sl,lOO,OOO Cash Given
Suites There Rent for 800.
900; Black Walnut Used
in Flooring of Rooms

New FORKS most expensive flats,
those in the apartment structure at
the north corner of Fifth Avenue and
SlXtythird Street, were sold yesterday.
man named Weber, who is under
stood to have amassed a fortune in
war Brides is the buyer He paid
the seventeen stockholders of the
Fifth Avenue and SiXty-third Street
Company, owner of the property,
a abo out o$$I.1oo,o0o in cash above the
$l,000,000 mortgage held by the Farm
crs' Loan and Trust Company, the
price agreed upon for the transfer of
the building being about $2.l00,000.
Robert Goelet, c. X. G. Billings, Mrs.
Edward S. Hardness, Alexander Smith
Cochran and H. Mortimer Brooks are
among the twelve tenants Of the build
ing. Each family occupies floor of
twenty-five rooms and ten baths, which
cost IN many cases as much as 100000 a
year. under leases made four years ago.
If leased to day the rental would be very
81 600 year was paid for each room,
which was, and perhaps is, the hlghe st
price paid for apartment space in this
city.
Mr.. Meyer is understood to have
spent S250,O00 in fitting up his apart
ment, which he has on lease for ten
years. Mr.. Cochran is also said to
have spent small fortune in prepar-
ing his suite.
Black Walnut Floors
Floors in the living rooms in most
Of the suites are of black walnut Ger
many owned the wood 1t had been
bought in this country and was ready
Tor shipment when the war with France,
England and Russia broke out. The
timber could not be shipped, so the
German government placed it in the
market for sale. Fred T. Lew & Co.,
who were building the structure
the first apartment house to be erected
by the big contractors in this city,
heard about the Germans walnut, and
as 1t was the aim TO make their first
apartment structure that would cX-
eel others, the timber was purchased
for flooring purposes.
Starrett & Van Week designed the
building. Like the Ley firm, the arch-
tects set themselves to the task of
planning house that would be re
garded a model in design, arrange
ment, construction and artistic beauty
The building covers the site of the
old Progress Club house, which was
erected soon after the association was
formed in 1865. James B. Haggin
bought the property when the club
moved to its new club building on Cen
trail Park West and planned to erect
on the site a fine home. He later
bought the Croker house and lived
there, abandoning his plan for the
Improvement Of the Sixty third Street
corner.
Highest Rents for Suites
The Fifth Avenue and Sixty-third
Street Realty Company was organized
in 1915 for the purpose of buying the
property. which deal was arranged by
the Charles r. Noycs Company. Fred
T. Ley and members of his company
control the greater amount of the
stock Of the company. The old club
was removed and on the site of l0,04-
square feet was erected the twelve
story building, which was rented be
fore completion at prices which es-
tablished new high rent levels for
apartments in New York.
Joseph P. Day and the Charles +
Noyes Company arranged yesterday 5
deal Douglas Eskel, of the Day or
ganizatiOn, started the deal, having in
terested Mr. " ebber in the inve stment
value of the property. The Noyes com
pany represented the apartment owners
in the real estate dickering.
Alexander e. Green attended to the
legal side of the deal for the seller OF
the apartment and Lcventritt, Cook
Nathan E. Lehman, acted in lega
capacity for Mr.. Weber.