New-York tribune., 1921-06-29
Auction Market
Has Greatest
Day i'm Years
Big Crowd Turns Out TO
Bid for Union Square
Landmarks and Other
Realty of Old Estates
$2,Il7,5OO Total Obtained
Prices Above Estimates of
Experts; Old Churchill
Hotel Brings S 1900

1t is long time since the auction
market has had such day as that
of yesterday. When Joseph P. Day
mounted the auction stand to offer the
long held holdings of the Cortlandt
Palmer and Mary A. Draper estates,
among which were the Hotel Churchill
and the Union Square Hotel, landmarks
of Union Square, there was hardly an
operator of any consequence in the
realty field that was not on hand. Many
others were interested in the sale for
the sales room was crowded, even
though the temperature registered a
weather condition that made folks seek
cool spots instead of superheated places
such as the auction room was yester-
day. The sale reminded one of the old
times, times before conditions war
ranted the selling of suburban land.
The competition for the properties was
so keen that prices above what the local
experts estimated were received.
Interest in Hotel Churchill
Chief interest centered in the sale
of the Hotel Churchill, at the south
east corner of Broadway and Four
teenth Street, and the theater adjoin-
ing on Fourteenth Street. A. NJ. Silber-
man, president OF the Marvel Holding
Company, subsidiary of the American
Sumatra Company, which controls the
United Cigar Stores, purchased the
property at $1,42o,000, which was the
151st bid offered for the we'll known
corner. The bidding started at $S00,OO0.
This was Samuel Stones offer. The
price was quickly run up to 1881 900,
where Felix 1sman took hand in the
bidding. Mr.. Isman carried the price
to $1,415,o00, then Mr.. Silberman de-
cided he wanted the corner.
AS the same interests own the Fourth
Avenue and Fourteenth Street corner
the entire Union Square frontage OF
the block is now in their control.
William P. Goldman was the sue
cessful bidder for the Union Square
Hotel property, on the southeast corner
OF Fourth Avenue and Fifteenth Street,
paying S225,O0O. Thirty-one bids were
recorded. and there was keen competl-
tion before the property was sold.
No. 271 Madison Avenue, four-story
brownstone dwelling, occupied by the
"Carry-On Club No. g." and "a East
Fortieth Street, a three-story garage
forming an l. around the southeast
corner of these thoroughfares, was pur-
chased by NJ. Blosveren, fur manu-
facturer, for S165,000.
Tenants Buy Eighth Avenue Realty
The northeast corner Of Eighth Ave
nue. and Thirty fifth Street, with a
frontage on Thirty sixth Street, was
bought by Sidney X, Baumann, presi-
dent of Ludwig Baumann & Co., pres
ent tenants, for $307,500
A total of SPLIT 800 was obtained
for the properties, most of which was
acquired seventy-fve years ago. Mr..
Palmer was an old New York merchant,
who thought we'll of real estate as an
investment. 1t is understood that the
difference between the prices he paid
for the property and what the estates
sold them for proves the merits Of real
estate as an investment.
Union Square will be tapped soon by
another subway route leading into Will
liamsburg and sections in that direc-
ton.
Among those who faced Mr.. Day were
Frederick Brown, Charles F. Noyes, j..
e. Gilbert, Sigmund Wcchsler, Samuel
Augenblick, Stuard Hirschman, Max
Natanson, Meyer S. Amos, Isaac Lowen-
field, Robert E. Simon and also repre-
sentatives of the Loew, Fox and Keith
motion picture concerns.