The New York herald., 1921-11-16
SELL LIEN ON RENT
OF PARK AVE. FLAT
T. It. Ley & Co. Dispose Of Five
Year Leasing Assignment on
Big Cooperative House.

One OF LILO IIloSt HlIel eeLihS 1To COLI
plicated deals ever negotiated in the
costly apartment house section OF Park
avenue came to light yesterday with
the announcement than an investor from
Connecticut has purchased from, Fred T.
Ley & Co.. Inc, a five year assignment
OF the ground rent from the site on
which the seventeen story cooperative
apartment house at eco Park avenue
was built by the Ley company. The
cooperative owners Of the apartment
house pay this rental which amounts
10 $4,000 O year. There Is no mort
gage on the structure.
At the time the deal 20 erect the
apartment house was put through the
New York Central ana New York. New
Haven and Hartford railroads. which
jointly own the land, were restrained
by the United States Railroad Adminis-
tration from advancing the half million
dollars or so which was necessary to
build the superstructure OF the building
over the railroad tracks
In order TO put the operation through,
the Ley company agreed to advance the
money to build tho superstructure and
agreed TO take an assignment OF the
rent from 1920 TO 1926 as security. The
first year. during construction, the CO.
operative owners we're not required to
pay the full ground rental. On October
Of this year the full ground rental
began. The last five years OF The assign
nent. from 1921 to 1926. amounting
to s450,0o0, 10 the lien which the Ley
company has sold. The deal was nego-
tlated by Buuer & Bslwira- The buyer
Ia q client of Francis B. Robert, broker.
In the Apartment House Field.
Nehrlns Brothers and Byrne 8 Bow
man sold for the Baldan Realty Com
pany to the II. w. G. Realty Company.
Henry W. Gennerich. president. No. 605-
600 West 1870 street, s'.-story.
sorty-two family, elevator anaytplent
house, l00x99.ll, between broadway
and Riverside Drive. The house rents
for $4,000 and was held at $215,000.
Slawson & Hobbs sold for the Orinoco
Realty Company the seven story apart
rnent house, 50x100. at 2s4 Central Park
West to the Ell Jay Realities. Inc.. Sid.
ney Loeb, Jr.. president 1t was held
at 100000.
Plan S20O.00O Fiat for Heights.
Plans are being prepared for six
story elevator apartment house to be
erected on the north side Of 171st street.
100 feet east Of Fort Washington ave-
nue., on plot 125xsJ. by Gronennerg
,2 Leuchtag, architects. for the Klein I'm
proyen7ent Company. The structure VIII
house fiftv-four families and will cost
about $250,0o0. The plot was recently
purchased by Schloss. Klein & Jackson
from John Cabot through the Wood,
Dolson Company.
In the Dwelling Market.
J. 2. English sold for the 317 West
Forty-eighth Street Corporation to
Ellen V. SnowdAn the two three story
dwellings, at 3W and 3l7 West Forty
eighth street. Mrs. Snowden owns the
adjoining property at 313. and now con-
trolls frontage OF fifty.four feet. Ne
ssotiations are now under way for the
resale OF tho property to builder
for Improvement.
Ward Eelknap & Son sold for the
Dornaond Realty Company. simon
three story dwelling. 2o.6x1o0.11, at II
East 124th street.
Ex-Am bassador Leases Field Home
Harris. vought g. Co. leased for
Marshall Field the Eve story American
basement dwelling at 9 East Sixty
ninth street to former Ambassador
Joseph e. willard. who recently pur.
chased through tho same brokers 0
sutton place. Mr.. willard will occupy
the Sixty.ninth street house until the
completion Of alterations to his new
purchase
MANHATTAN TRANSFERS.
isaac J. snberstein sold to Louis e.
Nosenbaum for $4,000 a four story
tenement with stores. 2o.11x103.3x ir-
regular, at 241 Bleecker street.
Lena Fensterhein sold to Yetta
Schmu'owits a three story bathhouse
and three story tenement with stores,
each 227xios, at SOC and 3os East
Third street.
Louisa ". r. EayIies sold to deneroso
Eistiano q three and q half story tene-
ment with stores. 24.7x51.1ox irregular,
at 1913 Grand street.
George Ebert bought from william
u. Scnaefer the five story fiat with
stores, 25xs0. at the northeast corner
Of Amsterdam avenue and Eighty
ninth street
Belle Moses sold to the Christian
Nonsectrian Rescue Church OF tho Liv-
ing three story dwelling, 20xea.11, at
SO East 133d street