The New York herald., 1921-12-17
S8,47O,OOO GROUND
RENTAL FOR MACY'S
Merchants Will Pay Fortune to
Operator for Use of Land
Under Their Store.

1t has become automatic in the real
estate field that wherever there is an
opportunity for substantial profit Fred
erick Brown may be found In the fore
ground. It was taken for granted,
therefore. when he acquired ownership Of
the bulk OF the ground under the R II.
Macy department store last spring after
many months of quiet negotiation that
future developments would prove the
deal a lucrative coup. The assumption
was justified. 1t was announced yester-
day by the Charles f. Noyes Company.
which figured as brokers IN the series
of transactions arising out of the pur-
chase Of the department store site, that
the Macy company has consented to pay
an aggregate rental of sS.47O,00o for a
period of twenty-one years for the
ground area largely controlled by Mr.
| Brown.
Mr.. Brown paid all cash for the prop
critics. When the question Of fixing the
| future ground rent came up Mr.. Brown
| selected Frank d. Ames as his appraiser
and William L. de Bost of the Cruik-
shank company represented the other
owners in a like capacity. Lawson
| Purdy. former Tax Commissioner, act
for r. II. Macy & Co. The consensus
of the findings of these experts with
regard to the rental value of the site is
embodied In the statement issued b. the
Noyes company.
According to the statement, the Macy
company has agreed to pay Mr.. Brown
a net rental of $1,470.000 In the aggre-
gate for twenty-one years for the land
under the buildings at 1917 Broadway,
| 100 West Thrty-fourth street and 115
to 121 West Thirty-fourth street, pur-
chased by the operator from Laurence
Mcclure.
For the properties at 141 to 151 West
Thirty fourth street and 136 to lao
West Thirty-flfth street, In which Mr.
Brown also acquired substantial inter-
ests, the owners of the department store
will pay an additional aggregate net
rental of s7,000,000.
The two properties owned entirely by
| Mr.. Brown are valued at $1,50O,0OO and
the brokers have secured loan OF
| $500, 900 on them from the Title Guar
antee and Trust Company.
The Noyes company and Mr.. Mcclure
acted as Mr.. Browns advisers through
| out the negotiations and have been ap-
| pointed exclusive agents for the prop
| critics. Marks & Marks were Mr.
Browns attorneys in the series of deals,
which are the largest closed In the
| Pennsylvania Terminal zone for many
| years.
As Mr. Browns holdings merely
cover the ground area Of the Macy
block. the rental is secured not alone by
lease. but by the buildings as well.
Takes over Mncy Holdings.
The newly formed 1872 West Thirty
| sixth Street Corporation, s. Morrill, Ban
ner president. has purchased from r.
II. Macy & Co. 1872 to 1873 West Thirty
sixth street, through to 139 to 145 West
! Thirty-fifth street. The property has a
! frontage Of 10 feet on each street, which
| is to be improved with twelve story
office and showroom building. rms
property has been accumulated by the
! Macy interests during the last twenty
years.
ranged with William H. Barnum & Co.
for the loan of $1,000.000 to finance the
new operation.
A feature OF the proposed structure
win be an arcade, with stores. running
through the block. 1t is expected that
Il will be ready for occupancy IN the
fall of 1922. The entire operation Will
involve about $2,000,0o0.
DeaIs Revealed in Transfers.
Bonz,on Chaat sold TO John ]. Rey-
nolds four story warehouse, 25xsS.9.
at 243 East Thirty-ffth street.
julius Kiln sold to William F. Roman
five story store tenement: 25xloS. at
1910 Lexington avenue. north OF Ninety
seventh street
Julius Nemiro sold 10 Samuel Silver
berg and Jacob <arp a five story store
tenement. 25x10o11, at So East 114th
street.
THE Excelsior Savings Bank sold to
Joseuhine Rossi and Amelia Coggiano
six story store tenement S9.3x125, at
800 East 10Sth street
Toe wadleigh Realty Corporation sold
10 Charles CARTEL five story flat. 26x
65, at 2127 Third avenue, north or lloth
street.
Louis Smith sold to Annie Lifshitz
five story fiat, 25x100, at GIG West 204th
street.
The Donald Holding Company sold to
Richard F. Turner five story fiat 25x
9o.11. at 26S West 141st street
Helen u. Shortmeier and Grace ID.
briggs sold to Joseph +. Terriberry a
| four story dwelling, 20x1o2.2. at 1O8
West seventy-third street
Alice T. Eager sold to Herbert AID
| nOu9 n tnTee SAOiy NWNiAhe' N"ENN"'@N' NN~
PSI West 134th street.
The Columbia Trust Company sold to
Otto Rutishauser n four story dwelling,
1G.Sx65, at 1919 Lexington avenue.
| Emil Goodman sold 10 Bettle Ellis
three story dwelling. 16.Sx99.11, at 226
West 130th street
In the Dwelling Market.
James II. CruIkshank resold through
Louis George TO Gustav Goldberger 36
F-drecombe avenue, a three story DWELL
ing, 17.6x90, held at S17.50O.
Plan Hospital Alterations.
Plans have been fled with tho Man
haitian Bureau OF Buildings for making
over the four story and basement Deten-
ton Home for Girls at the northeast cor
ner of Dyckman street and Bolton ave-
nue. into a hospital for tho Jewish Me-
mortal Hospital, at an estimated cost OF
100000. Joannes & Hyde are the
| architects.