The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-12
BANK BUYS PART OF
GRAND UNION SITE
Plans Home on Portion Of Plot
Which Victory Hall Associa-
ton May Condemn.


Hotel site at the southeast corner Of
Park avenue and Forty-second street
was sold yesterday by Harry Mandel.
head of the Pershing Square Building
Corporation. TO the Bowery Savings
Bank as site for fine new uptown
home for that institution. Mr.. Mandel
purchased the entire Grand Union plot
from the city last July for S2.9Oo.000
He resold the easterly portion. fronting
1915 feet on Forty second and Forty
first streets to the savings bank at
reported price of 81 100000.
News of the deal caused considerable
surprise at the headquarters of the
Victory Hall Association. which Is en-
gagged in a campaign to raise FUNDS LOT
the purchase of the entire city block at
this point as the site for a huge war
memorial to cost about SIS, 100000. AL
though nothing official was Forthcoming
from the promoters of tho Victory Han
idea. 1t was pointed out that Mr.. Nah
del at the time of his purchase Of the
property from the city expressed his
Willingness to facilitate rather than I'M
pede the plan. The operator declared
at that time that he was willing to sell
at any time to the Victory Hall Asso-
citation and at price a little higher than
that which he paid.
If the Victory Hall Association main
tains its present attitude battle royal
will ensue over the possession OF this
Dit of ground, now held to be the most
valuable piece of unimproved realty In
New York city. 1t was stated I'M
eQuivocally that the association intends
to pursue its plans as though the plot
had not been sold and will fall back
on the authority given it by tine Legis-
lative bill permitting the condemnation
of any city block for a Victory Hall war
memorial.
The Bowery Savings Bank has been
situated at the Bowery and Grand
street since 1884. Its plan to move up
town is only another evidence or the
growing Importance Of the Grand Cen
trail zone financial centre. Alongside OF
the home which the bank will erect Mr..
Mandel may put up twenty-five story
building If he does not sell or lease the
remainder of the plot In the mean
time.
The Brown, Wheelock Company ne
gotiated the deal and Feiner IL Mass.
attorneys, represented the sellers. Cad
walader, Wickersham & Taft were at
torneys for the buyers.
$I,OOO.OOO Clothing store Lease.
Cross Brown leased for the S. &
A. ]. Cooper Realty Company to Nathan
Trivers & Brothers. clothlers. a store
on the Broadway side of the Mecca
Building. at Forty -eighth street. The
store contains 2.730 square feet and tre
lease is Tor twenty-one years at an ag-
gregate rental of 81 100000. The lessees
conduct twenty-six stores for the dis
tribution of mems and women's clothing
direct from the manufacturer to the
consumer. Their main offices are al
broadway and Eleventh street.
Astor Estate Sells Harlem Houses.
Another former Aston estate holding
in Han lem. the row of ten three story
dwellings at Al to 60 West 130th street
adjoining the southeast corner of Lenox
avenue. has changed hands. Sold by the
Astors about ten years ago,<the houses
passed through various hands, finally
becoming the properly of the New York
Savings Bank, the present sellers. Ac-
cordnS to reports. the new owner Is an
operator who plans TO sci of the houses
sep rat Is. Zach stands on a lot 25N100,
of frame ard brick construction
The Astors at one time owned several
large properties in the vicin. ty, and last
week sold ten houses in the same row
They are at 5 to 20 West 130th street,
at the easterly end of the block and
adjoining the Fifth avenue corner They
were purchased by James II. Cru.kshank,
who Is said TO have negotiations well
advanced for the resale of several Of
them some to tenants.
Hotel Gotham Transferred.
The Hotel Gotham, at the southwest
corner of Fifth avenue and Fifty-flfth
: rect, purchased. few weeks ago by
~ & ]. Manger. was conveyed yesterday
b. the Hotel Holding Company to the
+. West Flfty-flfth Street Corporation.
= ne new owners took the property SUBJ
jet to a first mortgage for s1,950,000
d gave back to the sellers a purchase
~ Jney mortgage for S650,000 for ten
. lars at Q per cent. The Gotham is
j neteen stories and stands on a plot
1aO.5xI25.
Dwelling Sales Reported.
Rutland G. whitlng-Ben jamin Corpora
ton sold for Mrs. NJ. V. r. White 21s
Iast Sixty-Srst street. three story
dwelling 16.6x100.
Pease & Gilman sold for DR.. Fred
erick Kammcrer TO Mrs. A. Carter the
four story. twenty foot dwelling Mt 81
East Sivty-slxth street, between Madison
and Park avenues
Haggstrom-Callen Co sold for Will
lam II. Whitehouse the Ave story dwell
ing. with electric elevator, at IL West
Seventy-siyth street. 25~102.
Harry Levy sold for Peter Pinto 52s
West 18th street, two family dwell ing.
fe.3x75.
The five story dwelling at 35s West
End avenue. southeast corner of Sew
enty-seventh street oi.2x55 is TO be
taken over by the 3ss West End Avenue
CORPORATION, formed at Albany yes.cr-
day, with VI. c. Better J. w. Newman
and o. Levine as brokers. Title to the
house s held by Bendet Isaacs.
Porter 6 ca sold for tho Merit Realty
Corporation (Marcus l.. Osl,. pre- ide-t)
TO Anna j. Lee the three story dwelling
253 West 131st street
James i. Van SAINT bought from the
estate Of Abraham Urderhiil, through
Daniel Burke. trustee. 5S and 81 Eighth
avenue. two three story buildings with
stores. frontage on Eighth avenue 3s
feet and depth OF CO feet, irregular.
Alexander Schaie was the broker.
James L. Van SAINT also purchased
from Lydia o. and Anna y. Holt, 1l9
West i3oth street three story DWELL
ing, 1ox99.1f. Porter & Co. were the
brokers.
Tenement Market Active.
d. Kempner & Son sold for District
no. OF the Independent Order OF the
B'nai Birth 40 Fast I'D street, a four