New-York tribune., 1921-12-17

Involved i'm
Two Leases
Il. I'll. Macy & Co. Arrange
New Ground Leases and
Sell 36th ST. Properties:
knickerbocker i'm Deal

Thc Charles r. Noycs COMPANY re-
ports that Frederick Brown hns Sc
cured through arbitration from r. II.
Macy & Co. net rental Of S1,4To 900
IN the aggregate for twenty-cne years,
covering the buildings 1917 Broadway.
1os West Thirty-fourth Street and lis
to 121 West Thirty-fourth Street, re-
Gently sold to Mr. Brown hy the
Charles +; Noyes Company and Lau-
renee NJ 4. Mcclure. Mr. Brown also
mas substantial interests in l4l to l51
West Thirty-fourth Street and 1875 to
lao West Thlrty-iifth Street. These
interests have been rented to Il. II.
Macy & Co. at an additional aggregate
net rental of about s7,000,000. The
same brokers have placed for Mr..
6rown with the Title Guarantee and
trust Company loan of 100000 COW
erlng the two 100-per-cent-ow par
ce4s. SUBJECT TO the aggregate rental
ot Si,43o,000, the two properties owned
100 per cent by Mr. Brown are valued
1t 81 500 600.
Mr. Brown also purchased recently
the North River Savings Bank build
ing, 25xI0o st 81 West Thirtv-fourth
Street. for about $500 900, all cash. Mr..
Brown acquired title to the Macy PROV
ereles last spring, paying all cash at the
time. The Charles +. Moves COMPANY
and Mr.. Mcclure acted as Mr.. Brown :
adVlsers throughout these negotia-
tions, and have been appointed agents
by MIR. Brown for these uropert;es.
! Frank D. Ames was Mr.. Browns an
pralser in the matter OF determininr q
tae new rental 10 be paid by r. n.
Macy & Co., and William L. de Bost.
OF the Cruikshank Company, repre-
Purdy. former Tax Commissioner, rem
resented the Macy interests in these
lease matters. Mr.. Browns purchases
in the Macy block included the ground
only, SO his lease is secured not only
by the r. H. Macy lease but also by
the valuable store property standing on
the ground.
Sale of 36th Street Buildings
Another deal in which R. II. Macy &
Co. interests are involved has to do
with the sale by them TO the newly
formed 1872 West Thirty-sixth Stree
Corporation, s. Morrill, Banner presi-
dent of the tte at 1928 West Thir~
ty-sixth Street, running through to 159-
145 West Thirtv-ffth Street, which is
TO be improved with & twelve-story
/ Office and showroom building. The
property, which fronts rs feet on each
street, has total depth of 1879 feet.
The entire operation will call for an
expenditure of about $4,000 600.
a feature of the proposed building
will be the installation Of an arcade.
with stores running through from
street to street. The building will be
/ designed especially for insurance in
terests and others in that section.
Lawrence, Blake & Jewell have placed
a loan OF $1,o0o,000 on the property
with William II. Barnum g. Co. for the
new owners, who expect the building
20 be completed by fall. The property
was accumulated by R. Fl. Macy & Co.
during the last twenty years. Herbert
| E. Mittler is the treasurer of the buy
| ing company.
Il knickerbocker in Big Lease
The seventocn-story Knickerbocker
Building at the southeast corner Of
Fifth Avenue and Sixteenth Street. sold
! last month by William s. Sussman. Inc,
( for Max n. Natanson, TO Josephs e.
Zeamans. in cash deal, has now been
J leased by the Sussman organization for
the new owners, who hold the property
under the title C the Bellefcnte Hold
! ing Corporation, to the Wynora Oper-
atng Corporation. Emanuel Joseph
{ Stern president. The lease is fora long
term Of years and calls for an aggre-
gate rental Of more than s5.000,oG0.
The Knickerbocker Building has e
frontage of 1865 feet on Fifth Avenue
and 159 feet or Sixteenth Street. 1t
was erected several years ago by the
! late David Rothschild, whose heirs
sold it two years ago to Mr.. Natanson.