The New York herald., 1921-06-26
RAIDERS WILT BUT BUILDERS CARRY ON IN SPITE OF F4EA
Encouraging Conditions in Construction Field Atone for
Seasonal Lasstude in Real Estate Market---Cooper-
ative House for Bachelors on East 5lst Street
Will Sell Leases to Cubmen Onlv

There may have been some physio-
ical connection between the slump in
estate trading last week and the
ted collars Of the traders. Certainly
list of those who succumbed tempo
lily to the ferocity of the heat wave
st have contained at least few realty
rators. brokers and investors. At any
some malign influence, either me-
biological or economical, caused the
,ers and their money to melt into very
list and depressing atmosphere and II
had not been for the few refreshing
ezes from the direction Of the auction
ok and the construction field the
rket would undoubtedly have sagged
a state of complete prostration.
rhere Is no reason to suppose that the
rket will suffer any permanent Ill
ects from its heat attack and in the
antime the activity in the auction and
lding departments Is a healthy sign.
sre are symptoms on every hand of
wing demand for building sites. This
nowhere more evident than in the
ttioneer's realm, where big tracts are
ng split up into lots and offered to
public at advantageous prices.
Within the city limits the few deals of
bortance closed during the seven day
iod Just passed also paved the way
building projects. One of the most
eresting of these transactions was the
Fchase by Colonel Michael Friedsam,
Id of B. Altman & Co., Of site for a
new home and art gallery In the
rk avenue section. Colonel Friedsam
light the dwellings at A and 46 East
Fty-eighth street, 140 feet west Of
rk avenue. from Rose II. Newman
Fough George r. Read & Co. and
liam B. May & Co. The home will
constructed by Marc Eidlitz & Co.
m plans by Frederick G. Frost.
Within the last few days sites have
bn acquired for new apartments In
nhattan. the Bronx, Brooklyn and in
suburbs. On Friday final arrange
nts were made for the sale of the
ire block bounded by Broa dway. St
tholas avenue. 171st and 172d streets,
the Clark estate through George
bwagen of the Brown, Wheelock Com
ny to Gustavus L. Lawrence. a pio-
pr builder in the Heights section. On
site, comprising fourteen city lots,
new owner will build an apartment
pup.
Through a cooperative project on the
per East Side Charles W. Letter plans
give to lonely bachelors all the ma
ial comforts of home with a few
re than are to be found in the average
ne. Mr.. Letter Is determined, how
IT, to keep his house exclusive, so he
decreed that the admission of a
ant to the house must be safeguarded
a process as rigorous as that govern
the transferring of seat on the
,ck Exchange. Leases will be avail
@ only to members Of some of the
ding clubs. The house will be known
Embassy Chambers, and will be sit
led on East Fifty-first street. opposite
new Hotel Ambassador and adjoin-
the rear of st. Bartholomew
urch. It will be twelve stories high,
b will be so situated that all the apart
nts will have an exceptionally good
bply of light and air. and most of
m will have a view of Park avenue.
majority of the suites will consist
living room, chamber, foyer and
II. Some will have roof gardens.
Each member In the cooperative |
pup will receive a perpetual lease to |
apartment for life and he will |
+eive chambermaid service free of |
krge. He will ALSO receive a proper
hate number of shares in a New York |
poration which will hold the title fee |
the property. The price of the per-
ual leases will range from s7.15o |
s17.S75 and will be payable In in
lments to the Title Guarantee and
ist Company. These prices are equiv
nt to six years ordinary rent, but are.
Fertheless. based upon such liberal
Innate of cost that Mr.. Letter Is sure
re will be a surplus in the treasury
en- the house Is completed. A suffi-
|ht number of apartments will be re-
we'd to rent out on ordinary term
pes to defray all operating expenscs,
rentals ranging from 5000 to $500.
those who would shun restaurant |
e. meals will be provided from the
inary department In the basement.
'nes W. Gamble, who designed the