The New York herald., 1922-08-06
CITY SALE OFFERS
| RARE OPPORTUNITY
Many Valuable Parcels Among
i 1876 Properties to Be Sold
at Auction.
LIBERAL TERMS ALLOWED
Idle Holdings Situated In Busy
Sections of Five Boroughs-
Sales Begin Wednesday.

a n auction of city properties is nat
| ~ urally or exceptional public con-
Germ. An event of the kind is
rare and to such an unusual affair is
{, attached the additional interest or
everybody whose financial matters are
| in any way affected by the city's busi-
\ ness. As is known generally the city
1 OF New York proposes to dispose at
| auction of 1876 of its properties, which
have been idle for many years.
The first sale OF the session will be
1 held In the Sixty ninth Regiment
/ Armory, at Lexington avenue and
/ Twenty-fifth street, at noon on August
by Joseph p. Day. Inc. auctioneers.
/ AS Comptroller Craig has pointsA out.
: the city is not in the real estate NDS
I ness and the offering of the properties
4 to its citizens for their own free and
open bids is not necessarily with the
I purpose of making big profit for the
city. Rather is it the Comptroller's de-
sire to have the citizens buy the proper
ties for prices that will assure them
profits on their investments.
That New York regards this sale as
! 4 most unusual opportunity to obtain
I city real estate for the lowest price at
which It is ever likely to sell Is in
dicated in the inquiries for catalogues or
the property. People in the neighbor-
hoods of the properties and who know
their values best seem to be particu-
larly keen about the sale.
Those people have noted the proper
ties, many OF them Idle for years.
Thriving sections have grown around
them and they have figured on splendid
possibilities which the parcels have held.
There Is hardly a property among the
whole 1876 which would not have been
sold by the city long ago had the Comp
troller been in position to dispose of
city real estate by private sales. Now
1t is likely that the properties will be
improved and those already improved
revamped and all of them put on new
basis by those who buy them
The liberal terms on which the prop
critics can be purchased call for payment
of only 25 per cent Of the purchace prices
in cash and the city will take back mort
cages for the remaining 75 per cent. at
per cent. year for five years. Such terms
never have been made before at an auc-
ton sale of property of this character
They were made with the intention of
giving every investor. business man and
homo seeker an opportunity to bid sue
cessfully. The result Is that the sale
has been taken out OF the hands OF the
real estate speculator and made a popu-
lar sale In every respect.
Three days. August 9. 10 and II.
have been set aside for the sale Of
the Manhattan, Bronx and Queens prop
critics in the Sixty-ninth Regiment
Armory. and IL afterward any OF the
properties have not been sold they will
be offered on August 2s.
The sale of ninety-one Brooklyn prop
critics will start on August IA and con-
tinue on August Is and 16Sin the Twen-
ty-third Regiment Armory in Brooklyn.
The Richmond properties will be sold
I'm the Richmond County Court House,
st. George Staten Island, on August II.
All the sales will start promptly at
noon and those interested in bidding are
urged to be present at that time. lest
the properties In which they are inter- |
ested be offered in their absence.
Augustus J. Rim, appraiser OF real
estate, room 733. Municipal Building, has
for distribution catalogues OF the city
properties containing photographs. maps
and full descriptions Of every property
to be offered. They can be had without
cost by any one desiring them.
Edward p. Doyle. secretary of the
Real Estate Board OF New York. said
yesterday: THE city sale of unused real
estate is so highly regarded by the Real
Estate Board of New York that its
president, Charles G. Edwards, has sent
the catalogues to each of the 400 active
members of the board. 1t Is the desire
of the board that its members do every
fning In their power to make this sale
Z success and call the attention OF their
clients to the desirable properties in the
list"
Tho Brooklyn Board or Real Estate
Brokers has indorsed the Comptroller's
plan most heartily.
Joseph p. Day said: "As a large tax
payer in the city regard the disposal
of this property to tho people as one of
the best moves made by any city gov
ernment In many years. I shall be glad
Indeed, to do all in my power to make
this sale great, notable success In
ordering the sale Comptroller Craig has
taken action for which every citizen
should thank him" -a