New-York tribune., 1920-05-16
lnterborougln's Sale Terms
Encourage Home Building
Will Subordinate Its Interest i'm Property Bought for
Improvement to Building Loan; Folks May Also
Buy Companys Land ON E1staInent Basis

The !nterborough's announcement
that its realty in Forty-second Street.
its seven blocks on upper Broadway
and large plots along it's line in Queens
was hypothecatcd for loan to meet
the January interest on Interborough
bonds left the impression that the
terms OF the coming auction would be
severe.
In the months since the company
announced its decision to disposc Of
this realty the terms of the sale have
been discussed by many of the large
buyers in the market, the men VINO
viii attend this sale. The belief had
become general that the company
would demand much cash because of
its financial condition.
Apparently the feeling III the market
has been brought TO the attention Of
The lntcrholough officers because an
nouncement was made yesterday by
Joseph P. Day, who will sell the prop
cfty, on May 20, of terms that should
appeal to most every one who will at
tend the auction.
Since the statement speaks of an
arrangement being made by the com
pany that will permit Of these easy
terms there seems to have been ground
for the belief that the company would
have had to demand large cash pay
ment had these arrangements not been
successful Mr.. Day said yesterday:
Arrangements have been perfected
which will enable the company leaving
70 per cent of the purchase price of
each vacant lot on mortgage, and to
subordinate this mortgage to a build
ing loan, provided the purchaser builds
in one year from the date Of sale.
"On the other hand, to meet the re-
quirements of those who will buy lots
'for profit" without the present in
tention of building, the Interborough
Company also has agreed to accept 80
equal monthly payments. or at the
rate of per cent a month. This
means that the Interborough will ac-
cept as little as 20 per cent cash on
the purchase of its vacant lots, many
of which are located in the seven
Broadway blocks, 21Sth to 220th Strets,
and 238th Street to Spuyten Duyvil
Parkway. at 242d Street; alsos in Long
Island City at the Jackson Avenue
station on the greensboro subway. All
Of these lots are located on INTERIOR
ough Rapid Transit Company subway
lines, in the 5-cent fare zone, and at
or adjacent to Interborough Rapid
Transit Company subway stations.
"This unusual offering of real estate
b on such extremely easy and favorable
terms is the Interborough's contribu-
tion to safe and sane solution of the
city's housing problem. which, at the
moment, is the most distressing and
acute condition that has ever confront
ed the New York public.
"The decision Of the 1nterborough
company to aid materially in giving
impetus to the impending building
boom follows closely upon survey
completed recently by Frank Mann,
Tenement House Commissioner, which
revealed the startling fact that not
more than 1000 vacancies exist in the
tenements of the entire city, the num-
ber including any and every thing in
the way Of shelter; also that there is
a total of only SAT unoccupied apart
ments in modern buildings, At for
human habitation.
"The Interborough Rapid Transit
Company has made a move in the right
direction and has set an example that
we'll might be followed by other big in
terests having unused, vacant real es-
tate at their disposal. There is moth
ing that can be done that will so en-
courage the construction Of new build
ings as to follow the example Of the
Interborough Rapid Transit Company
in offering to subordinate it's mort
cages to building loans.