davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
50, 100000 Loan on New
Garment Makers Home
Money Advanced on Two Large
Corner Structures i'm
Seventh Avenue

A loan of sl,250,0 900 was closed yes
terday by the Mutual Life Insurance
Company on the northerly Garment
Center Building, northwest corner OF
Thirty-seventh Street and Seventh Ave
nue.. simultaneously with it the Title
Guarantee and Trust Company ad-
vanced TO the same owners a loan of
$1.500,000 on the southerly Garment
Center Building, southwest corner of
Seventh Avenue and Thirty-seventh
Street. These loans were negotiated
by William A. White & Sons.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Newark Residential Realty
In Different Locations Sold

The two-famiiv dwelling, 25xl00, 84s
South Fourteenth Street, Newark, n. J..
has been sold by Mrs. Rose BRAINS to
Max Gelb, through Louis Schlesinger
Inc.
The vacant plot. sox1oo at 1885
Porter Avenue, northeast corner OF
Porter Place, Newark, has been sold by
John Giesinger to Meyer E. Ruback
through Louis Schlesinger. Mr.. Ruback
plans to erect residence
he northeast corner of Central Ave
nue. and South Clinton Street, East
Orange, known as 472 Central Avenue,
o0xl15, has been sold by Mr.. Schle-
singer for Mrs. Mary F. Smith to FL
wood }. Wright, who owns the property
adjoining and plans to connect the
present stores.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
225-Year-Old Estate
About to Change Hands
Orange Mountain Site Includes
the Homestead Built by
Cyrus Freeman in 1912

One of the oldest Colonial estates in
the Orange Mountain section of New
Jersey will be sold at trustees sale
ny Joseph P. Day on Saturday next, on
the premises at Valley Road, near
Orange Heights Avenue, West Orange,
y, j.. for the George C. Freeman es-
tate.
The realty, which has been owned by
the Freeman family since about 1890,
or for more than 225 years, consists Of
500 lots in choice residential sec
ton. The lots front on Valley Road
and Orange Heights Avenue. and in
freeman Place, Walker Road. Lowell
Avenue. Sheffield Terrace and ada
cent streets and avenues. One section
of the property lies on the summit of
the Orange Mountains, adjoining the
South Mountain Reservation and Essex
County Park. A few of the lots are
located on North Brighton Avenue and
Fair Street, East Orange.
Included in the sale is the old
Colonial homestead erected about 1912
by Cyrus Freeman, great-grandfathe
the present owners.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Nations Building Managers
Honor Neau York Men
National Association Selects Clarence T. Coley for
Its President and Lee I. Smith for Treas
urer: Gilman Back i'm France

which he plans to visit-will be new
to him.
He timed mis- vacation to come at
a dull period in the real estate bust
ness. When he left for France If
looked as if he had timed things accu-
rately, but during the week inquiries
from prospective buyers of private
dwellings or multi-family dwellings
have picked up perceivably
Hoffman OF to South
Stoddard Hoffman. vice president of
Spear & Co., has gone South on bust
ness trip. He will be away for several
weeks. Since his mission is business
he may have another Fifth Avenue deal
to report when he returns. Just before
leaving he concluded negotiations for
the sale of the ten-story loft building
at 1872 and 124 Fifth Avenue.
Aisenbrey Joins Gibbons Forces
Edward j. Aisenbrey, who has served
sixteen years in the real estate field of
New York. the last FIVE with Douglas
L. Gilman 4 Co. has moved to the
Offices of Douglas Gibbons & CO.,
East 45th Street. Mr.. Aisenbrey
knows we'll the dwelling and apartment
his years in real estate have been with
proprietors in that section.
w. Malcolm Gray Changes His Place
w Malcolm Gray has Joined the
forces of the Bulkley & Horton Com
pany as manager of its industrial de-
partment. He comes from the Burling
Realty Company, where he held SINH
lar position. Mr.. Gray was an archi-
tect before entering the real estate
field He has been associated with the
construction of number of modern
buildings in this part of the country.
While the war was on Mr.. Gray was a
lieutenant in the air service
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Builders Sell Large
Bronx Corner Apartment
Property Sold at Burnside and
Davidson AYES; Other Sales
of Flats

The apartment completed about A
year ago at the northeast corner Of
Burnside and Davidson avenues hsA
been sold by the Regulus Realty Com.
pany John R. Hopkins and Alexander
Allen, which built it, to the Neho
Realty Company Cohen & Klionsky).
1t covers a plot 112xl19, having FIVE
stories on Davidson Avenue and being
six and seven stories on Burnside Ave.
nue.. The sellers have been asking
s250,o0O for the sproperty.
Jacob Kaplan and Joseph Blackner
were the brokers. Edgar A Landausr.
attorney, represented the sellers and
Morrison Schiff acted for the buyerst
The building is one of several new
apartments erected upon the large tract
owned by Charles NJ. Rosenthal.
Herman Menaker. who recently pur-
chased the four four-story fats and
stores at the southeast corner of 156th
Street. has resold 5000 and 1882 Third
Avenue to John NJ Carter and George
D. Kellerman, respectively.
Thomas Carroll sold to Frank VogeIs
381 East 135th Street, a fve-story
apartment. 316x100.
David Cohen sold TO Rose Greenberg
474 East 1S1st Street, five-story
apartment, 50x110.
Philip Bank sold to Bessie Brand.
vein 1883 Crotona Avenue, five-stery
apartment, 3Sx10S9.
The Utility Realty Company sold TO
G. & L. Holding Corporation vhe prop
erty, 149.1x143.1, at the northwest
corner of 172d Street and Seabury
Place
Mary F. Mccarthy sold to Marga-
retha Fahrenburg PTS Bainbridge
Street, two-and- half story dwelling,
25X115
Morris Herr sold to Samuel Backet
the house at 1913 Teller Avenue,
332x100.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Old Firm to Have
New Home and
Name ON Same Day
Rutland & Whiting Benjamin
Corp. to Become Rutland
BENJAMIN; Fine Quarters
Taken at IA East 18th St.
August / 1921 will be notable ds

August / 1921 will be a notable date
in the affairs of the Rutland e. Whit
ing Corporation, for on that day this
historic firm of real estate brokers
will change its name at the same time
it starts new business era in its
own individual home.
Rutland & Benjamin, Inc, will be
the name from that time on and the
building at Ia East Forty-eighth Street
will be its headquarters. Irving Ru-
land will be presidents; William NJ.
Benjamin president; William M
Streeton second president; George
Dromeshauser secretary, and William
Peterson, treasurer. The present Of
man Street and at SO East Fifty-eighth
address, but an office for management
of downtown properties will be main
tanned in the Temple Court Building.
1t was on the site of S Beekman
Street that NJ A. Rutland established
the present firm hfty-five years ago.
The National Park Bank then stood ct
the corner Of Beekman Street and
Theater Alley and the Nassau Bank oc-
cupied the Nassau Street corner In
the late '7os Mr.. Rutland Assem- b ed
the block front for the late Eugene
Kelley, who erected the Temple. Bar
Building, the Woolworth Building of
its day, so far as public interest was
concerned. From the top Of the build
ing at that time it was possible to see
Central Park
Mr.. Rutland eventually joined forces
with William H. Whiting, and the fl rm
became Rutland & Whiting. 1t con-
tinued as such until 1890, when it was
incorporated. Some few years ago the
Writings withdrew from the corpora
ton and established the firm of Will
liam H. Whiting & Co. About 1917
Mr.. Benjamin Joined the organization
and its name was changed again to it's
present style.
The building at IA East Forty eighth
Street which the firm has taken under
long lease, is hve-story structure, on
lot 25x100, completely made over into
one of the finest real estate Offices in
the city. One of the special features
it boasts is fireproof vault for the
storage of real estate records
Rutland E. Benjamin, Inc. will occupy
the basement, first floor and part of the
second floor
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17

Now, suppose that we suggest to our
architect the thought that so long as
this proposed building works out we'll,
with fixed charge or ground rental
OF $4,000 (including interest and
taxes) we may as we'll take advantage
OF the opportunity to add some capital
and build an additional twelve stories
without any further land investment.
Height Increase Costly
In the first place, he will tell us that
we cannot build twelve stories on top
of this building, because it is designed
to carry only it's own weight. If we
wish to add, what we must do in eff
feet is to raise this building $50 feet
into the air and insert under it new
twelve-story building designed to sup
port not only its own weight but also
that of the first building, which will
mean much heavier steel construction.
Further, that the foundations which,
for twelve stories wore designed to rest
on hard pan, must now be carried down
to rock, that all the plumbing pipes,
steam risers, electric wiring, elevator
shafts and other fittings for the frst
building will have to be heightened
by $50 feet or largely increased in size.
That whereas four elevators have been
originally provided, eight will now be
required, occupying space of at least
200 additional square feet, and that
additional space will also be required
on the ground floor to accommo date
the double traffic; that all these items
will not only add to the cost of con-
struction, but will materially reduce
the rentable area per floor of the en-
tire building, so that the statement
will look about as follows:
Building covering 5000 So IT,
315 fl. height over ALL so con-
tanning $3.50, 900 Gu. tt. to cost.
including all charges, soc per
cubic foot ................... Isle, 900
ANTTCIPATED RENTALS
Ground floor, 5000 so IT., at So $4,000
% upper floors, $500 so. IT. each,
or ia, 900 So. It., at 50 50 -, ss2,25e
Total NEUTRALITY-SUSPICIOUS.. 1892, $50
ESTIMATED EXPENSES
Interes, on land 81 ooo, 900, at SO $50, 900
Interest building, 81 ,512, 900,
at Observation-Disclosures. so,72e
Amortization of building, s1,5l2,
600 at 90 .......... 90 $40
Taxes. at 90 of total value 49,. 5o,24o
reputable space ....-'.......-.. s5.45o
come Observation-Disclosures. 1925
Total Observation-Disclosures. s345.s75
leaving margin of s4sa75 equal to sos
additional return on building investment.
This undoubtedly shows gain, but
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17

Rate of Income Decreases
Here the rate of increase in profit
fails to keep pace with the previous
experiment, and while we still have q
we find reduced rate of return on cap
ital invested. In other words we dis
cover that instead of the sky being the
limit, as we go higher, increased cost
of building combined with reduced rem
tai area, eventually develops a point Of
diminishing returns. This will, OF
course, vary with each particular plot
but in any plot it will sooner or later
appear-sooner in buildings of low rem
tai value and proportionately later as
the rate of rental increases.
Generally speaking, tests that have
made of numerous buildings show a
tendency to conservatism in the mat
ter of height; that is, most are we'll
within the economic limit as outlined
When | asked Clarence T. Coley how
the height of the Equitable Building
was determined he explained that If
was done by taking the plan of the plot,
ascertaining the maximum amount OF
useable rentabe area, then compact
ing within the remaining space the nee
essary utilities, stairs, toilets, eleva-
tors, etc., and then building as high
as permitted by the capacity of the
elevators so provided, which accounts
for the forty stories.
This appears to have given excellent
results in every way, but obviously the
method does not answer the question
as to whether that is exactly the best
height from on economic standpoint or
Al, J oh ~,
all cases All we can say is that in
the case of the Equitable, it has pro-
duced a notable and profitable build
ing. That it could have been carried
very much higher before reaching its
point of diminishing returns becomes
apparent when tested by figures similar
to those used above.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17

becomes apparent, and the banks and
business institutions of wholesale
or general character form a center or
centers OF their own separate from the
local retail thoroughfare, and this tend
ency becomes more marked as the city
grows.
Then the character of the traffic be-
comes q factor in land values, and has
a distinct bearing upon the character
and height of adjacent buildings.
To illustrates: Announcement has
Just been made that the Bank of Amer
lea proposes to erect a twenty three
story building at the corner of Wall
and William streets, New York. The
plot measures about 70 by 200 feet. Its
present value is more than S3,000,000
Situated in the very heart Of the coun-
try's financial center, on the most i'm
portant street of its length in New
York, at a point where permanence of
value is. as nearly as can be, guar
anteed by the close proximity of the
Stock. Exchange, Sub Treasury, the
largest banks and most prominent pri-
vate bankers, this site possesses all the
qualities which make the consideration
of extreme height permissible. A ten
antry of Stock Exchange and bond
houses, leading law firms and other
users of the best class of Office space
at highest rentals is assured
Not for Fifth Avenue
On the other hand, similar treatmen mt
of plot of nearly equal value in the
heart of New York's best retail sec
ton on Fifth Avenue, say at Thirty
sixth Street or Fifty-fourth Street,
would certainly be of doubtful wisdom.
Here is an equal if not greater volume
Of traffic, but of entirely different char
acter, which rather repels than attracts
Office occupancy.
Obviously, therefore, it is not value
that regulates height so much as loca-
ton and character
A building of somewhat unwarranted
height at the time of construction may
safely be erected upon land of lower
value if the site is so located as to be
in the line of reasonably assured bust
ness developme nt-that is, on the out
skirts of a growing Office using center.
But it is dangerous to pioneer in iso-
lated districts where the character of
the neighborhood has not been estab-
lished. An illustration of this is the
disaster which overlook the early build
ings of even moderate height on lower
Fifth Avenue when multitude of
manufacturing buildings of cheap class
subsequently took possession of the adj
jacent side streets.
That the size and shape of each plot
will have a considerable influence in
determining the height of any proposed
building seems too obvious to require
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17

OF our existing buildings. IL now we
seek to develop some theory that will
be useful in answering our original
question we may proceed somewhat as
follows:
Planning Building
Let us assume for the purpose Of
illustration that our million dollar cor
ner plot contains 10000 square feet;
that it is in clearly defined and we'll
established Office building section, that
story building upon it and that the fol-
lowing figures are submitted for our
consideration. (Here, to prevent con-
fusion, ! shall use figures which are
applicable to conditions existing prior
to 1919 rather than those familiar to-
day, because l think we will all agree
that present conditions as to costs of
land, building, rentals and operating
expenses are not yet stabilized, or as
properly related to each other as form
erly, and it seems to me misleading
to base any calculations upon them.
When conditions again become settled
| think it will be found that even
though costs of these items have not
returned to the former levels they will
at least bear some relative proportion
to each other. Also it should be I'M
derstood that the figures used for the
various items of cost, rental and ex-
pense are for the purpose Of COMPARE
son only and not as indicating any
exact relation. Any Of them may be
changed to suit the readers own ideas
without changing the relative result
Building covering 5000 square
e feet, 166 feet high over all so
containing 320 O00 cuhic foot
To cost Including all charges
oo cents per cubic foot. $50. 900
Making total investment re-
quired ..,.................. 81, $50, 900
ANTICIPATED RENTALS
at IS. .-................... 1913. 900
Eleven upper floors. $500 square
feet each, or 726oo square
feet' at $3.50 observation-disclosures. 1871, 500
Iotal ACKNOWLEDGEMENT. s2l4, 800
ESTIMATED EXPENSES
Interest on land, 81 ooO, 900 at
per cent. ......,.......... $50, 900
Interest on building, 100000 at
per cent .:..;....,.. ........ 80 500
at per cent ............. 1920
Taxes at per cent of total
value ................ 80 200
loot Of net rentable space. 80 500
Allow for vacancies 10 per cent
Of income ACKNOWLEDGEMENTS. 21,45o
Total Observation-Disclosures. S2o7,O5o
Leaving margin of....,...... T450
Equal to liz per cent additional return
on building investment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Buy Homesites i'm BROOKLYN

William f. Harmon & Co. sold on
their South Marlboro property plots to
Joseph Schacher, S. Russo. A. Librett
5, Tortora, Edward Howarth. Iohn
Schaffer, S. Persico, F. Perullo. F. An
ton, C. Piccol, L. Picon Robert Per
done, Louis Ferrar, P. Laura, James
Majoran, Nils Monsoon, Edward Barba
John Sylvester, I. K Shelin, Frank
Sheps. D. Volpe. Robert Boheden. vii
liam II. Perman, Joseph Smith. NJ. Fac
CARA, l.. Comito, P. j. Rosa. jeremiah
Corcoran, G. W Cramer, f. j. Monroe,
S. A. Olsen. John Connors, Frank
Chiriano. l. NJ Rosenblatt, L. Hammar,
Louis Greenwald, S. B. Jacobson, x. A.
Hover. Solomon Hoffer, Blemz Vogel
and Thomas Sasso.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Another Large Structure
Added to Motor District
Owners TO Occupy Big Space
in Bosch Building, Recently
COMPLETED

The Bosch Building is one of the
latest large new buildings in the heart
of the motor district to throw open IT'S
doors. 1t has been erected by the
American Bosch Magnetic Corporation
at II 70 % West Sixtieth Street. IN
which the concern occupies three floors
for its New York distribution station,
sales, service and shop departments. !,
concrete Office floors in tie structure
are linoleum covered, with concrete
baseboards, and the halls are of mosaic.
The building is attractiveiy finished
and equipped with up-to-date conven-
fences.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Takes Up Advertising
Newspaper Man Becomes Man
ager of Bryan L. kennelly's

George w Seymour has resigned his
position as real estate editor of The
New York Evening Post to become man
ager of the advertising department of
Bryan L. Kennedy, Inc. Mr.. Seymour
is member of the Real Estate Board
Of New York, Long Island Real Estate
Board, Westchester County Realty
BOARD Westchester County Realty
Board, Newark Real Estate Board
Real Estate League of New Jersey and
the National Association of Real Estate
Boards.
Mr.. Seymour has had long expert
ence in the newspaper line, having
been connected with The Evening Sun
for thirteen years, besides being a
member of the repertorial staff Of
The Evening World, American, Press,
Telegraph and Daily News prior to his
position on The Evening Post,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
By Harry Hall
Vice-Prestdent WiI,ian, A. White
C Sons

~, y
& Sons
In considering the question of the
| height of office buildings it may
very naturally at first be thought by
the uninitiated that there is no height
limit short of the sky. Having cor
ner plot worth, say. 100000 in a
prosperous and growing city upon
which it has been ascertained that a
building of eight stories can be erected
and prctitably rented, why not build a
second building of eight stories upon
the top Of the first? The original
building has to carry ali the cost of
the land. whereas there will be no
land cost for the second one. Or, TO
put it another way: If the desired re-
turn on the land is s per cent, or $780,
GOO, and taxes are 2 per cent. or $40
600, each story of the first eight must
contribute a land charge or ground
rent of 0000-whereas in a sixteen
story building this charge will be only
$4,000 per story.
Then why not add eight more
stories. reducing the charge per story
to $500? Every story above the first
eight earns $4,000 annually more than
the lower ones, so why stop as long as
capital for building is available, and
it is reasonable to expect that tenants
can be found? That is the problem.
How can we ascertain where it is wise
to STOP
Curiously, after searching carefully
through my own experience with the
promotion of many buildings, and then
asking several prominent architects and
building owners the direct question:
"On what basis do you determine the
height of q proposed building?" have
failed to find one case in which the
economic limit" was the determining
consideration. Decision is based some
times upon one and sometimes upon
another, but more often upon COM
binstion of factors, which may be
broadly classified as follows
Local, financial, personal, archi-
tectural.
Height and Value Related
The location, value. size and char
acter of the site are of first Importance
in determining the height of the pro-
posed building. Generally speaking,
the greater the value of the plot the
higher the building that may wisely be
erected upon it, and vet this is not
by any means always true. In business
streets values vary in proportion to the
tracted to them Property values on
Main Street" are always relatively
high because there the population Of
the town assemblies daily to do it's
shopping, and the merchant who wishes
to sell successfully must be as con-
veniently located as possible
At first the Banks, insurance Offices,
lawyers Offices, wholesale supply houses
and retail stores locate themselves in
discriminatory along or close to the
leading thoroughfare, because here is
the greatest volume of traffic.
As the town grows in business i'm
por5ance tendency to concentrate
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Adds 10 Staten Island Homesite

Cornelius G. Kolff sold for the Hem
derson Estate Company to Frank J..
Connolly, an additional plot on Bard
Avenue, Livingston, adjoining the resi-
dence Mr.. Connolly is now building.
Mr.. Kolff also sold for Chester E.
Clark, plot 1o0xl00 on Zebra Avenue
near Ward Avenue, Tompkinsville, to
Francis Cashel Brown of Stapleton,
for investment.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Former Ryan Home in 54th
Street Will Be Improved

The 24-2s East Fifty-fourth Street
Corporation. formed at Albany Friday
with capital of 100000, is to take
control of the former home of Mrs.
Thomas F. Ryan and the dwelling be-
longing TO the estate of Henry F. Shoe
maker at "a and IS East Fifty-fourth
street Both properties will he used
for business Improvement. Donald
Carr. broker, recently sold the Ryan
house.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Fox Buys Larchmont Home

Miss A. L. Stafford has sold her
stucco house and garage on large
corner plot in Larchmont Park to
David Fox, of New York. The house
was designed and built by Judge Shafer
for his home. he brokers in the
transaction were Mrs. C. NJ. Murdoch
and Arthur S. Hawley.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-17
Bank Sells Vacant Plot
In Old Greenwich Village

The Vacant plot, 313 8S,5 x75.1ox
l7a. at 1o8-110 Bank Street, running
through to 100 Greenwich Street, has
been sold by the Metropolitan Savings
Bank to the Hudson Wet Wash Laun-
dry.