The Central New Jersey Home News from New Brunswick, New Jersey • 23

gfhej Real Estate News Gardening Information NEW BRUNSWICK, N. SUNDAY, NOVEMBER 1, 1953. 23 Plenty of Mortgage Money Available, Bankers State Princeton Shopping Center Under Construction Garfield Park to Be Readv Foi Occupancy in January First Tenants lor the lGO-Aparlment Development on Route 1, IHtan Township, to Move In Early in '54; Plan Five Buildings l-v 'U1 U. S. Bankers Will Discuss Loan Situation Mortgage Bankers Unit Reports Market Has Eased Recently RARITAN TOWNSHIP, Oct.

31 -Occupancy of thevfirst unit of $92 and $105 per month, respectively. Rental Restricted The apartments are being constructed under F.H.A. allocations Local Bankers Report Money Being Loaned Individual Home Loans Are Preferred to Developments Money is available for mortgages in the Raritan Valley but the risk has to be a good one, declared local bankers in reply to a charge made last week that a "tight money situation is holding up about 1,000 home starts in the Raritan Valley." Jack Gushin, president of tha Raritan Valley Home Builders Association, made the statement. He said contractors are in a position to obtain the needed land area but that their customer, the average home buyer is out of range for the present because of the dollar shortage. CHICAGO, Oct.

31. The market has eased during the Garfield Park Homes, being built 'on Route 1, near Roosevelt Park, last two months, after more scheduled for earlv January, for defense housing. At present two years of tightening, partieu-1 according to Michael Shapiro of, occupancy is restricted to era I pi i 1 11 1 1 larlv for F.H.A and G.I. loans 1V1, ana sons L-onsirucuuii jpiuyes ai xne iouowing govern- according to Mortgage Bankers The garden apartment Camp Kilmer, Raritan Association of America, announc- ment, which will have 100 apart- Arsenal, Studebaker Corporation, lng that the present and prospec- ments, is being built for operation jWestinghouse, and Brunswick mn0 by Presidential Management, na- Ordnance Corporation, tive market 'or mortgage fuxjtn-wlde operators of about The apartments can serve the will be the principal topic at apartments. (following municipalities: Piscata- M.B.A.'s 40th annual The development is situated on Sway, Raritan, Woodbridge, East to be held in Miami Beach, tract of about five and one-half Brunswick and North Brunswick on acres on Route 1 and north of townships: Dunellen, South Plain- November 8-13.

Amboy avenue. It will consist of: field, Middlesex Borough, Me- More than 2,500 leading bank- five two-story apartment build- tuchen, Highland Park, Carteret, ers builders, t'tle and trust com- ings, with laundry rooms, drying South River, Milltown, Sayre- nanv and life insurance execu- yards- play area6' and a row ofiville. Perth Amboy, New Bruns-pany and lire insurance execu along Route wiok and Soutn Amboyi where tives, and top federal officials There will be 24 one-bedroom other defense industries may concerned with mortgage lending apartments, 66 two bedroom make application for eligibility re scheduled to attend. i apartments, and 10 three-bedroom so their employes may rent apart- A11 apartments, with rentals of $80, 'ments in the Garfield Park project. Speakers will include Albert I TS-; "1 C.

Lester Mott, president of! New Brunswick Trust Company, said, "There is plenty of mortgage money available for certain types of loans. However, the development idea is not the kind local banks look upon favorably. We prefer mortgages on individual homes. Our bank takes mortgages on existing homes or homes people are building but not in developments. "I will admit appraisals are not too liberal at this time.

Existing property is over its peak and new property is not. It costs a great deal to build a new house. Existing property does not bring today what it did a year ago." Loans Are Continued Martin N. Wyckotf, a vica president of New Brunswick Sav About Real Estate "By Thomas McMorrow M. Cole, administrator of Housing end Home Finance Agency; Guy T.

O. Hollyday, commissioner of Federal Housing Administration; T. B. King, director of loan guaranty service, Veterans Administration; E. M.

Spiegel, president of National Association of Home Builders; Brown L. Whatley, M.B.A. president for 1953-1954. Presidents of several of the country's largest banks also will speak. There will be ample entertainment, including golf and.

fishing tournaments, a fashion show and aquatic pageant for the women, and sightseeing tours, and post-convention tours to Central and South America and the Caribbean. Running concurrently will be the 14th annual Exhibit of Building. Industry and Services, dis Several items of interest to real estate owners came to this desk last week. Most important to owners hereabouts was last Thursday's announcement by the M'ddlesex County Sewerage Authority that the Raritan Valley trunk sewer system is in the works at last, due to get going, after long years of talk. itions 'roundabout.

Good housing, ings Institution, does not see a tight money situation here. Ha Actual digging for sewer andbullt ln a poor neighborhood, is I tributaries will not start for to deteriorate, and deca-j siatea, we nave mortgage money and are making mortgages right along. We feel our bank is here to serve the area and its mortgage We favor individual loans. Most of our mortgages are for buying or building individual homes and we are making them while yet; the next 10 months dent housing in a good neighbor-and $831,900 will be spent in hood is going to be revived or drawing plans, blow, ana ex- rebuilt. playing latest improvements in, An aerial view of Princeton's $5,500,000 shopping center, now under construction.

Is shown above. The letters identify the which will make up the center, designed to serve 200,000 pe rsons within a 30 minute driving radius of 1'rincfton. construction and home appliances. pensive, but it means a more; saw that demonstrated years thorough job finally. Time and ago in New York.

My father, a m. at ci (money, the constant of builder, was putting up a 10-story all the time. "With the increase ln deposits, funds continue to be available for mortgages in our area. We are glad to help residents of the Raritan .1 i I A I-kOIKtl'l I fl 1 1 lllllllllllll Iprivate enterprise, don't mean a-'" UlSUIclIlCU 1 Plan to Build 200 Dwellings Sommcr Firm Obtains Tract llllllg IU JUVCI.IMICI1L. walk-up flats on the site.

The Is 80 Per Cent Under Lease Cost what it may, It's a job owner of an old cold-water, six Valley own their own homes. William H. Franke, president of the First National Bank of Company Buys worth doing. A clean river, like story walk-up adjacent to the site; a Dark, is an attractive neighbor, tried tn blaokiack mv dad into: Completely Air-Conditioned Shopping Center Is "I A Ef A tfC raises real estate values all buying his rookery. VI XrtJ t-5 along its banks, draws the high those days, the colored folks On A A ni.nc Highland Park, agreed that mort-II rttJ riLI LS gage money is available but pre-jferably for individual home Friel Meltzer Obtains building.

He pointed out, "it is 24-Acre Tract Warehouse to Be Built On Land in Raritan income class, as the millionaires were first moving up in numbers Being Built in Princeton at Total Cost Of to Serve 200,000 Ahsig Corporation Has true money nas ubiiiciicu anu I r.irt in Klintrm rate mav an im. Thpr i nnt in Jiew orK from the deep boutn. They were were drawn in farm labor mostly, unskilled in the old days to city jobs, and they had to take mired Land ear Acq PRINCETON. Oct. 31 The Nasta Furniture ana Decorating money available for specul- new rrinceion anop-iumpany in new uhj, vt ii-iuii, lative type building.

Banks are Riverside Drive! what work and wages they could1 and Fifth ave- get. We used to hire them as; Stephenville Township RARITAN TOWNSHIP, Oct. 31 Dine Center is rapidly taking cializing in custom made furniture, hprA tor Duroose of helDina it xt Tnirvciim 1 1 nue. It creates elevator operators at 520 per shape in terms of steel ana con-ana compieie areuMiiiig the community by giving mort- fine residential month. And they had to take the; Natinal Life Insurance Com-; Thj cornpieteiy air-condi-occupies the largest unit.

In addi-j Friel Meltzer Inc. has bought foslerjn2 home owrler. i i iL.i namr has hnitirht frnm Mannr Rpfll i i 1 tit- TlT ft i 1 areas, wnicn, cneapesx living quarters, so mai j. nnprf business section. Diannea lion, space nas ueeii icuscu wrmiiu 'iui chin wa arp pnmp nnnnrarinns or line siums, xena a wegro neignoornooa was always Tininito serve a population of 200,000 a proiessionai ornce, pei snop, ami owutS "aLl i individual home builders." to snread back, a slum and Deode who couldn't:" 2491 acres on the Lincoln HHvmi rariius.ito Maison Farkouh for the sale approximately 45 acres, with) That's how think straight developed the no-highway, with frontages also on 80 Der cent leased fine imported and domestic1 frontages on Whitman street and Allen, nresident of the Raritan tion soon that it was the on lanao wesung-i SkiiJman and Skillman linens and imported rugs.

Space; Vineyard road and running back Matinna, Bjnk of New Jersev. t- i. ii i River function-. who created the slum this building has been rerervea in the aw does not al. RARITAN TOWNSHIP.

Oct. 31 Absig Corporation, a subsidiary of Sommer Brothers Construction Company of Iselin, has bought from Mr. and Mrs. Frank P. Tuf-aro a tract of 145 acres, across the Oak Tree to Metuchen road from Stephenville, the large housing development built by Terra-Nova Construction Company, whose president is Mr.

Tufaro. The purchase was made for investment, with no immediate nlans for development. Sommer the right of way of United in ed in the years- Evicted Tenants mavi.vu m. a iurnuure siuic, umui, r- commerc al banks to lend -i i aL Lilt? tuu ui i iui before the val-j So this owner of the old -uiu-u shOWS the foundation and salon or.lst- riJv more than $200,000 at one ti me McMorrow ley oecame in- ery next door evictea au nis wnne flonr 5iah of Bambereer's uiidmg nas Deen more inan; ito one borrower, so they ca nnot i i ii i i i in Tno in nf inivpr riiv austrianzea, in tne aays wnen xne tenants, tinea nis nquse wi sauare foot department ou per ce.n ictaeu ieet nto the business of hnancing finan shad came up the river in vast schools every spring, and were a mortgages all ft rr -J eAiirtn rt rat rt- it a WTY an Negroes at the rents tney eouia fd ng" on the within'store, the only two-story struc- Pennington developments, pay, and then put the gun on eJT turp to be erected Princeton Crawford Clothes cnaser nas compieien nornes. makin2 mo Rv this hnnsp-lat a roh- tw0 years of taking title.

Failing ture to pe ereuea. ehnp, Tnc and all of which are sold or under! 5 are maKing mo her', nriee "or nm s0' the seller sha11 have one-story r.ll.. sce is still of sale- A total of 2(10the time and hope to bers price- or yours will never. repurchase the tract at jng. with complete basement, will fnrVorttn SSoIf and split-level dwellings, to sell in make them," he Stat rent.

It," eQ7 in hp ha f-occiiDied bv S. S. Kresae available for a sporting gooas ana leases are eiven to he stated. given to lable for a sporting goods and fP-'vH dwellings to sell in continue to i i SJ IU 11V- 11 A Mort- buyers ot Brothers, unaer several corporal wag a boy New yorki names, were the builders ot seasonal deli- Chain O'Hills and Westbury In Iselin. Then industry moved in, and gar snop, ana Xt houses in d.iveloDments depend at any time during the following most completely self-service van- hobby shop, a ci six months.

el store, mere is aiso ruum ,.6.. The dede was recorded in the this building for a women's dress; -1 i rr tit i 1 1 nUn AViiliJvnn's r-ltnil It didn't work out that way. Having Negroes next door didn't bother prospective tenants at all. My dad's house promptly rented up in full at fair market prices. And my dad bought the slum ine nroker xne m.c th once beautiful river was made Jacobson Goldfarb Company 0f factories.

draina2e ditch. The Perth Amboy, ffrented by better Norman Tanzman. H. Frank Pe tit county uierK omce on weones- snuy, nai inuuiuis day by Commonwealth Title Com-imen's and women's shoes, a res-l IpVPlrililllPll I pany of Philadelphia. The seller taurant, men's store and family-'V 1 JAjaiaai.c tion of the first section is under on the risk and length of way.

Mortgage financing, some mortgages, he added. V.A.-guaranteed and some con-! Another area banker declared, ventional, will be provided by you saw the propositions some Ninth Federal" Savings Loan builders bring in to us, no one Association of New York City. i would lend them money. Apphca-The sellers' attorneys were tion for a mortgage must be Wight Jorgensen of Perth Am- properly set up. There has to be dwelling next door, but not from the unsightly and malodorous 4 the knavish owner, nor at any JrlC 13UI11UI1" is a suosiaiary or tne fennsyi- snoe siore.

vania Railroad. Building a one-story build- Ung, with partial basement, has WTl.irtnn CnlLhllPV ibeen m0re tnan 50 Per Cent leaS" MuriOIl ailSDUry jed tQ Sun Ray Drug Company for Named to Committee newest and most lavish drug ooy. xne ouyer was represented sumuieni rquuj, cm mug yuwc thing like his 'asking price. The owner's tenants couldn't pay enough in rent to meet his interest and taxes, the bank holding the mortgage on the house fore I 010 I PI IT PI by Dughi Johnstone of West-: and a decent property, There is money for good field. 'backable' property but why should we lend out our deposi- W.

Burton Salisbury of the store, ieaiunng a lowuiaui scoi- ing 300 persons. In addition, space rive Mores tO Ue first firm of O'Connell and Salisbury, Green Acres ewar sive slum, with diving real estate i values. nIVT TT I Slums Are Produced ilCW JLl011leS, Slums, like good residential districts, are produced by neigh-i si 1 borhood conditions, and rehabili- Al'G j011VC VCtl tation or rebuilding is not the final answer. I Location is the basic factor in 15 LiOinnaillCS real estate value. Neither slums! I 'nor good residential sections; tors' money unless the mortgage for four small shops, such as sta-j has been named to membership in In Shopping Center l'" and book store, photo- closed it; and then my dad bought.

General conditions in the area control the kind, degree and quality of occupancy, and fix real estate values. That the Raritan is to be made once again a decent tuiuillllicc Ul Hie no utiocj: Jc ctnrp; seeker deserves it? Money is available for conservative loans but not on speculative In Woodbridge Association of Insurance floor store has Estates Units and covering been For the 1953-54 year of the as- and agreeable neighbor is good sociationrMr Salisbury will has been divided! WOODBRIDGE. Oct. 31-The as a member of the committee on building has been divided shopping centPr being constfuct-; intrt ina cinroc hnuP hppn news for all property owners in oQcoe Reported Sold ir ITTJK-ilfro spread of themselves; they are Houses in oodbrulge rimulated t0 growth by condi. workmen's compensation.

the valley. eorae Nicas Obtains 1 signed with Princeton Bank and ed to serve Woodbridge Oaks and Oaks North Bought From Developer WOODBRIDGE, Oct. 31 Titles to 11 dwellings in Woodbridge Oaks North, each of four and one-half rooms and each located on a Consolidated Business Systems Inc. Starts Construction of New Building Dwelling in Metuchen METUCHEN, Oct. 31 Edward S.

Leitner of the Perth Amboy office of Margaretten Company Inc. was the broker in the sale of the six-room stucco dwelling at 77 Amboy avenue, corner of James place, by Mr. and Mrs. John B. Jones to Mr.

and Mrs. George Nicas. The dwelling is located on a Trust Company and the Hardware: Woodbridge Oaks North, the twin nr TTollaPa Jn FIflli nul Store: space is provided for "on'communities of about 750 homes premises" bakery, confectionery, built here in Iselin by Robbins: final Seetion Placed delicatessen and fine groceries, a Construction Company, is well: Post Office sub-station, music underway. Completion of thej Ulluer l-OIllract store, luggage shop, and electri- first section of five stores is sched-j EAST BRUNSWICK, Oct. 31 cal appliances, including radio uled for November 15, it has been jn the last two weeks 76 homes and television.

announced by Lester the fifth and final section of Building one of the largest president of the building firm. Orchard Heights have been put units, is almost completely rent-l Four stores of the first five are under contracts of sale, Gerston ed. It will house American Stores rented, Mr. Robbins disclosed. Rocker has reported.

Mr. Rocker Company's newest and most mod-They will De a drugstore, station-! js sales manager for Jacobson ern super market, a liquor store, ery and confectionery store, hard-iGoldfarb Company of Perth Am-cleaning establishment, shoe re- ware store and a dry cleaning boy, sales agent for the develop-nair shon. barber shoD. and auto establishment. Construction of ment of four-room dwellings lot 60 by 100 feet or larger, havei been transferrea Dy corpora subsidiaries of Robbing Construc tion Corporation of Union, tne lot 62 by 114 feet.

The buyers are taking possession on or about December 1. The sellers are moving accessories snop. the second section, which will being built on the Milltown road; to Florida. Mr. Nicas is proprietor Building is 30 per cent leased, (comprise a supermarket and two by Green Acres Estates, a Michael's Restaurant, Perth pmollnr ctnrflc haa honn hotJlin I AmhrtV iiJMJI'LHWi" ipaff Two New Brunswick attorneys, INew 3Iarket IJwelllllg land the supermarket is already Mr.

Rocker sttributed the rapid 11 f7l 'rented. The shopping center is atlling to quality of construction, SOKl lO It. l-i. Wener.oak Tree road and Plymouth. The grantors were Adam Homes Warren Woodbridge Rita Homes Iselin Oaks New Route Four Homs Inc.

Five sales were of homes on George, place. The buyers were Mr. andi Mrs. Anton J. Hofmann, Mr.

and Mrs. Stanley John Soltys, Mr. and Mrs. John Herman Schall, Mr. and Mrs.

John Paul Sawczak and Mr. and Mrs. Angelo Michele Val-vano. Homes on Francis street werej bought bv Mr. and Mrs.

Robert D. Danipl and Mr. and Mrs. William; DuBois S. Thompson of Hicks, Kuhlthua, Thompson Molineux, and C.

John Stroumtsos, represented sellers and buyers, 3 f1 1 PISCATAWAY TO WN drive, off the Garden State park-! Mr Rocker predicted "a sell-Oct. 31 Mr. and Mrs. Ralph out within a few weeks." Weber have bought from Mr. and: When completed, the shopping! At present 206 families are liv-Mrs.

Nicholas Lanei the five-room center will have its own play- jng in Orchard Heights, which dwelling at 17 Beech avenue. New ground and parking area for have approximately 300 Market, located on a lot 150 by proximately 300 cars. (homes when completed. 100 feet. I 1 Georee Molta.

A home on Louis The buyers have been in posses- I I 0 .1 ni tt sion under the contract. The sellers Magyar Reformed SOUth I lailli ielil JlOUSe have moved to another dwelling I cftl.l tft rlpcion pntrinppr for West nff- I MIU1II IXA1.V 1 UCl. Jl hnnfp Flpptrip rnrnoration. Rari- lU-liOOm Dwelling Mr. and Mrs.

Edward T. Krue tan township. Magyar Reformed Church of ger have bought from Mr. and Mark rinrin nf Tr hhv's Rpa tv Npw Rrunsw rk has houeht Mrs. cnaries iomas.ews.i uie Aeencv.

Plainfield. was the sales- from Mrs. Mary L. Esler the four-room, ranch-type bungalow Milltown Business Has Been Conveyed By John Krawchuck MILLTOWN, Oct. 31 Bron-islaw Matejczak has bought from John Krawchuck the confectionery and luncheonette business in the store at 60 North Main street, corner of West Church street.

The buyer, a World War II veteran, took possession on Tuesday and is operating the business, with a three-year lease of the store. James V. Selover of this borough was the broker in the sale. William De Hart was attorney for the seller and Gabriel Kirzenbaum of New Brunswick for the buyer. man in thp iransfpr Two Dnnpllpn m.rnnm Hwpllin? at 179 Som- at 3329 Banta road, located on a attorneys, Henry Handelman and erset street, located on a lot lot approximately 75 by 100 feet Waitor Rnmpp rpnrpspntprf spll- annmvimatPlv 37 hv 140 fppt.

The buyers are taking posses- place was bought by Mr. and Mrs. William Remolino and one on Edward street by Mr. and Mrs. Thomas H.

Lynch. Homes on Arthur place and on Semel avenue were bought by Mr. and Mrs. Joseph Hagan and Mr. and Mrs.

Warren A. Weick, respectively. All purchasers have taken possession. All sales were made through the Cornell Agency of Union, sales department of the Robbins company. The titles were closed and mortgage financing provided by Underwood Mortgage Title Company of Irvington.

The Robbins company, functioning through corporate subsidiaries, has completed 367 dwellings of this type and lot size in Woodbridge Oaks North. All are old or under contract of sale. prs and hnvprs. resDectivelv. I The hurch.

at Somerset and sion this weekend. The sellers arc Woerner Woerner, local architects, designed this new $300,000 building being erected on the north side of Jersey avenue. Work is under way on the new.offices and a general office business forms. $300,000 plant being built in Jer-l It is located on a two-acre tract The new plant will enable the sey avenue for Consolidated Busi-' and will be served by a Pennsyl-merging of some of the opera-ness Systems of Highland vania Railroad siding in the rear, tions of the firm's other plants in Park. 'as well as two truck loading plat- New York, Highland Park and The new, modern one-story forms.

Sprinkler systems will be Elizabeth. J. W. Pierce, president building will be 120 by 320 feet installed throughout. A lunch-: of the firm; J.

C. Fallon of Lake and will be located on the north room will be provided for the ap- Nelson, treasurer; George Simon, side of Jersey avenue, beyond the proximately 200 persons who will plant manager, and George Mora, Van Dyke avenue intersection, jbe employed upon completion of sales manager, will make their Construction will be of cinder'the building by the end of De-: headquarters there, block and steel, with red brick cember. The building was designed by facing on back and sides and Principal equipment of thej Woerner Woerner, New Bruns-white brick on the facade. The plant will be high speed architects, and is being building will include about 36,000 presses and other equipment for built by David R. Michelson.

with square feet of manufacturing the production of printed and P. Giacomo Sons as general space in addition to three private; lithographed carbon interleaved contractors. moving to Bridgeton, to which Mr Division streets, is two houses removed from the purchased property. The use to which the property will be put has not yet been disclosed. William D.

Danberry was attorney for both parties to the transfer. Tomaszewski has been transferred by his employer, Hires Root Beer Company. Carko Realty Company of Plainfield was the broker in the sale. Augustus S. Dreier, Plain-field attorney, represented the buyers.

PRECAUTION FOR FLOORING Laying the finish hardwood floor should always be the last operation in building construction. Hardwood floors should not be laid until plastering and cement are dry, and woodwork and trim are installed..