The New York herald., 1921-07-26
POSTAL LIFE'S HOME
MAY SOON BE SOLD
Reported Negotiations Involve
Sixteen Story Building at
511 Fifth Avenue.

On the crest of the heat wave. which
has so far acted as a soporific on real
estate trading in general came word
yesterday of the drawing up of contracts
in one Of the biggest impending deals
the city has seen in some time. The
negotiations. according to a report from
a reliable source, have to do with the
sixteen story Postal Life Insurance
Company Building. at 511 Fifth avenue.
southeast corner of Forty-th street.
According to the information received
by THE NEW York HERALD, there is little
doubt that the sale will be put through.
but the transaction has not as yet
reached a point justifying the revelation
of the name of the prospective pur-
chasers.
The Postal Life Building fronts 62.11
feet on Fifth avenue and 108 feet on
East Forty-third street It occupies
the site of the old Richard #. Wilson
homestead. which for many years bore
the proud distinction of being the only
house on Fifth avenue with q corner
lawn. The construction of the building
was begun in 1915 by a syndicate of
builders headed by Harry Fishel and In
which Harris and Maurice Mandelbaum
were interested. 1t was purchased from
plans by Clarence Payne. Californian
who invested heavily in New York real
estate.
On its completion the building was
named the Guaranty Trust Company
Building in consideration Of the fact
that the latter institution had contracted
from the start to lease the banking
floor flrst floor and basement. Shortly
after Mr.. Payne resold the property to
the Postal Life Insurance Company. the
deal involving a total valuation Of
$500, 900, according to the estimates
made at the time. The Postal Life gave
in part payment its old home at 35
Nassau street. southeast corner of Lib
erty street. a six story apartment house,
two commercial buildings and a build
ing at Savannah Ga. Subsequently the
Postal Life took the Nassau street build
ing back in foreclosure proceedings and
resold it to the National Bank Of Com
merce.
Jewellers in 100000 Lease.
The Duross Company and f. 6 G..
Pflomm leased for Caroline NJ. Taylor
for twenty-one years. at an approximate
rental OF $500, 900, the four story build
ing at 1741 Broadway. between Fifty
fifth and Fifty-sixth streets. 25x6S. The
lessees are l.. & c. Mayors. jewelers..
OF Cortandt street. who get possession
February 1. 1928.
BronxdaIe A. c. Buys Building Site
The Bronxdale Holding Company, act
ing for the Bronxdale A. c., has ar
ranged for the purchase of two lots on
Bronxdale avenue. at Van Nest avenue,
on which three story clubhouse will
be erected for occupancy about Decem-
Der l. A drive Is now under way to
raise $1,000 by August Is. This amount
will be used to augment the building
fund
Deals Revealed in Transfers.
Edward e. Dessar sold to Julia c.
Huntley 394 Canal street, a six story
elevator building with stores, S6x21. TX
irregular.
Mary j. Ryan sold to Dora Kessler
the two five story store flats. 50.4xS2.2.
at the southeast corner of Park avenue
and Eighty eighth street.
Pombalho Realty Company sold to the
Wilevin Holding Corporation II and 10
flats, -60x100.11.
Mary E. Lockyer sold to Robert B.
Knowles 104 East Eighty-eighth street.
q four story flat. 60x100.11.
Edward J. MCGUIRE sold to Samuel
Eisnitz a five story dwelling, 90.f0,
at 493 Amsterdam avenue.
Leslie G. and Mabel T. Ferguson sold
70 Lujon Corporation four story dwell
ing with stores. 25x100. at S73 Eighth
avenue.
Smalweck Realty Corporation sold to
Martha Washington Hotel Corporation
a three story dwelling. 21.4x9S.9, at 35
East Twenty ninth street.