New-York Tribune from New York, New York • Page 34

Who Has Not Made Monev in Real Estate This Year? NfiW GOU6HT2? SINCB Aiffy WHOSE FfitTH IS STRONG 20 Putnam Mes square resold Simon at 41000000 BROWN WHO TO HMB MADE BAP. LOFT BUILDING NATANSON ONE OF NEW OF SIMON ArfS A OB MORE MONEY THIS YEAR PREVIOUS YEAR. Manhattan a "Treasure Island" for Many; Professional Men Give Up Old Occupations to Devote Time to Realty The question. "Who has made money in real estate this year?" may best be answered by tho question, "Who has KOT made money in real estate this year?" One is safely within the realm of conservatism in saying that near? ly every property sold during the lust months at private contract and not encompassed by compelling cir onmatances has brought profit to the Profit, an unfamiliar word in the realty market a few years ago, is rather commonplace these days. Even In the auction room property is often turned over at an advance hefore the terms of the sale have been signed.

There is no section in this great city, whether it be tho most congested tene? ment neighborhood, the finest dwelling the section where apartment suites rent for $1.000 a room, or the little home development in the suburbs, that has not at least a dozen instances to hold forth of profits being made by men and women who have taken fliers in the realty market. For this reason the year 1919 will hold a big place in real estate history, because it will be remembered as the period that marked the great revival of real estate interest in New York, the recovery of values lost in the panic of 1907. First in interest, therefore, is not Who has made money out of real es? tate? but Who has made the most? since every one who has entered the market for speculation has made some. There is no formula for arriving at auch a conclusion except the gossip of real estate brokers, which is not to be belittled because Mr. Broker is a farseeing and an able gentleman who learn? a little about every one active in the market as he goes his way one client to another with proposals which very often are worth a good deal more consideration than some give to them.

Mr. Broker says that he could not say who has made the most money in the market ehrring the year, because all the big fellows have made money and a lot of it. Many new men are in the market and they, too, havo made money, so much of it that they have given up their old businesses to study the possibilities of real estate. Some broker.i think that Frederick Frown has harvested more money in the real estate field than any other harvester this year. Others think that Robert E.

Simon holds first place, -virile others say Robert E. Fowling has proved the master actor in the current market. But conservativa? brokers, men who by their dealings are in a gooel position to judge the winnings of various operators in the realty field, say that it would be as easy to tell the age of Ann as to answer with any degree of accuracy the question, "Who is the biggest earner in the realty market this year?" Many Gains Unreported They say that the trading has been so extensive and the opportunities so numerous that it has been impossible for them to trace the profits which have been made by this man and that man and the next man. A number of deals, they say, have never seen the light of publicity, so it does not fol? low that the most advertised trader has mudo the most money. The opinion is thslt Robert E.

Dowling, Robert Simon, Frederick Brown, Max Natan son, Clarence VV. Eckardt, Richard R. Elliott, Sigsbee Graham, Norman S. Riesenfeld, Joseph Shenk and Elias A. Cohen have been the big profit makers of the market.

Of course, elimination would center the selection of the big money getters of tho realty field this year on about five men, wnose names uro too well known to need to be mentioned. Fred crick Brown is said to have made $2, 500,000 in real estato this year. It is a big heap of money, und some will ques? tion the correctness of the estimate. Mr. Brown has been an active man this year.

He has bought every char? acter of property ami in every section of the city. During the year he has bought and sold lofts and dwellings and near Fifth Avenue, big commer? cial structures und homes that would interest the wealthiest ot' families, lie also has held apartments through the West Sido and The Bronx and prop? erty in the big business district of the city, that is, in the downtown finan? cial zone. Mr. Brown does not know offhand how many properties he has taken under contract during tho year nor what he has made out of this or that property. He is regarded us one of the keenest traders in the city, a ipiick actor who will accept or dismiss a proposition within a day after it has been submitted.

Brokers say that he gets up at the break of day and in his automobile travels around the city in? specting the property which has been offered to him the previo.is day. On this morning ride he. decides whether he will or will not buy. Robert E. Fowling was the foremost in the personnel of the realty market etf former days.

Her still maintains that position. is stiil big trader, no deal is too large him consider. lie bought the Exchange Court Building at Broadway and Ex? change- Place several weeks ago from Captain John Jacob Astor. The terms were cash. J.

Clarence: Davies took the proposition to Mr. Howling. Studying it for a while, Mr. Dowling is report? ed to have wheeled about in his chair and said, "I will buy it." It meant that Mr. Dowling would have to pay in cash.

But what of that? It was a good buy and time probably will prove that Mr. Dowling made no mistake. Just before last Christmas he closed with the Mortimer for the pur? chase of the Mortimer Building, at the eif Wall and New streets, and 0-1 and Street. IF- had to buy both buildings. He did so, confident of the market that was jusl ahead.

The Stock Exchange bought 11he Mortimer Building fremr him, paying him a profit of $100,000. He is said to have- made on the Nassau Street realty. Made Largest Pnrfit Robert E. Simon is reporter! have made a profit of $1,000,000 on the re sale of the Putnam Building, in Times Square. When asked what was his actual profit he- answered that it was bigger than any profit he had made in any deal he ha? been irr in the last twenty years ami ventured the guess that it was the largest profit that had ever come from one piece of property.

The million, came to him in a few months. Mr. Simon has been active in the old mldtown section, the terri? tory deserted by mercantile firms when fourth Avenue was opened to them. Ho niuy tiot havo bought, as many par eels as some other operators, but the total of his profits will compare with the eurnings of any operator in the city. lillas A.

Cohen made at least $20,000 bust week. He sold to William 1'eck Co. the Downey Building, at 130 to 140 Front Street, bought the previous week, at a clenn profit of $20,000. Some say his urofit in this deal was as much as He is suid to have bought it for $225,000 and resold it for $250,000, which, exclusive of ex? penses attached to the deals, gave him $20,000. He bought the Globe property, sur? rounding the southwest corner of Broadway and Dey Street, two weeks ago for a price said to be $700,000.

He lias succeeded in getting a mortgage of $650,000, and has an opportunity of leasing the property at $60,000 a year net. He owns the Merchants' Build? ing on Stone Street, near Whitehall Street. His price is $520,000, uithough he paid only $250,000 for it and has been a profit of $100,000. Owned 11 Parcels in Front Street Block Clarence W. Eckardt's trading has not been as spcctaculur as some of the other operators who have made the downtown district their field of opera? tion.

He has confined his buying to properties on the fringe of the "Big Business District," as it is fittingly termed. He has owned eleven parcels in block of lower Front Street since the first of tho year. He has sold them all with the exception of possibly two parcels, and at prices well above what he paid for them. He sold to investors who wero willing to pay him a profit because of their confidence in his judgment of realty worth. One parcel brought him $35,000 profit.

It is not unlikely that many similar size profits and larger ones have come to Mr. Eckardt from purchases made in the old shipping district east of the financial section and on the West Side in the grocery zone. Max Natanson was a lawyer, but real has proved too profitable for him to give much time to law. He is now operating in loft buildings in the older sections of the city. The north? east corner of Fifth Avenue and Fif tcenth Street, is one of the commercial structures which have brought him profit.

He is said to have refused for the ownership of the twenty-story Ashland Building at the southwest corner of Fourth Avenue and Twenty-fourth Street. The apartment, house districts of the Heights, west of Central Park, and The Bronx have fattened the fortune of the young law? in the last year. Earned $100,000 for Putting Name to Paper Harris and Maurice Mandelbaum and Fisher and Irving Lewine have figured in a number of transactions. Needless to each speculation has brought them profit. The Guaranty Com? pany added $100 000 to their'earnings by paying $900,000 for the building at GO Pine Street, which the operator? bought the previous from the Keane-Cortlandt Realty Corporation.

No one could rcasonubiy complain of $100,000 payment for placing their name on a document for a week or ten days. Twenty-six Profits Since May Norman S. Riesenfeld is the owr.er of 152 Broadway. He bought it be? cause it controls the development of the Liberty Street half of the Broad? way frontage of the block and the Liberty Street frontage over to the im? provement being made by Joseph P. Day.

Mr. Riesenfeld lias been offered a protit but he says that it is not enough, having grasped the importance of the holding, and the fact that he controls one of the few properties on Broadway south of Fulton Street avail? able for improvement. Mr. Riesenfeld is a lawyer by pro? fession. He occasionally bought realty, but not until last May did he enter the market with the intention of re? maining in it.

Since May Mr. Riesen? feld has purchased twenty-six proper? ties, or rather has taken under con? tract that many properties, but has never taken title to any of them for the reason that he was always able to find another who would pay him his price for his contract. Mr. Riesenfeld has not much time for law these days, as brokers have come to regard him as an active oper? ator, and are bringing him promising proposals. Mr.

Riesenfeld says that real estate pays better than law. Foreign Resident Accepts Offer for New York Flats Margaret E. Hill, of Scotland, Sells Central Park West Apartment Group to I. R. and E.

Jacobs Margaret E. Hill, who lives in Scot? land, has accepted the offer of I. Ran? dolph and Everett Jacobs for her property at the sou.l.ern corner of Central Park West and 103d Street, a group of apartments the income from was satisfactory to the foreign resident owner. There are three houses of five stories each in the group, which covers a site 100x100 feet. The houses are of tho pioneer class, and of the time when the suites were large and roomy.

The Messrs. Jacobs owned the block of houses to the north of this property, which they resold to Edward W. Browning, who is altering them into small suites. Yesterday's deal was arranged by the Brown-Wheelock Com? pany. Trader Buys in Fulton Street Irving Judis has bought from the Fairfield Realty Company the nine story loft, on plot 59xS0, at 64 to 68 Fulton Street.

Edward Crosby Co. and S. Osgood Pell Co. were the brokers. Spanish Steamship Agents Buy Location Downtown J.

N. Kallcy et Son have sold 40 Stone Street and "3 Pearl Street at the corner of Coenties Alley, a modern six-story fireproof structure fronting 33.7 on Stone Street and 25 feet on Pearl Street, with a depth of 107 feet. The purchasers, Manuel Cara gol Son, agents for the Com? de Barcelona (Royal Spanish Mail Line), will occupy the building. Cammann, Voorhees Floyd represented tire seller. Speculators Get Courtwood Apartments, on Heights Charles Wynne and Louis H.

Low have purchaseel from Wilbert Garri? son, through Shaw Ebbitt, the Courtwood, the six-story elevator apartment hous-? at the southwest corner of Broadway 169th Street. It has a frontage of 90 feet on Broad? way and 150 feet on the street. The same brokers sold last Monday the northeast corner of Broadway and 101st Street, the apartment known as the Alexander Hamilton, to Philip Meyrowitz. Builders Take Staten Island Sites for Home Projects Cornelius G. KolfT has sohl to the Competent Home Building Company, of I West New Brighton, ten lots on Lud I wig Street, West New Brighton, which it will improve with five cottages.

I The Cuozzo Gagliano Company has sold for Michael Sofarelli, a builder, I the two-story dwelling on plot 40x100 at 15 Columbus Avenue, Fingerboard Terrace, Staten Island. 102 Queens Homes Sold Every Day During each day in October, in? cluding Sundays, 102 homes wero sold in Queens Borough, according to the monthly report of Queens County Clerk Edward W. Cox. This report shows that, during October, 3,102 deeds were recorded in his office. It was the heaviest month in the history of the office.

Alto? gether 11,779 instruments were tiled. Fifth Avenue Realty Bought In August Is Sohl Again The 255 Fifth Avenue Corporation, which is A. 11. Levy, Walter T. Kohn and T.

Friedenberg, has resold nt a profit the two live-story buildings, covering a plot 49.2x100, at 255 and 257 Fifth Avenue, just north of Twen? ty-eighth Street, to the Jash-Lap Realty Corporation. The new owners will convert the premises into a six story modern building. Julius Scott negotiated the transaction. The sel? lers purchased the property last August from Musher Brothers, im? porters of olive through the same brokers. Van Cortlanrit Terrace Sale Thomas S.

Burke has sold for Will iam Bianchi 240 Valentine Lane, Van Cortlandt Terrace, to Miss Clara Yale Morse, of Chicago. Miss Morse man? aged Wallace Lodge at Park Hill last summer. Merchants and Shippers 9 Insurance Co. To Build in Marine Square District The Merchants and Shippers' Insur? ance Company, now at -lit Wall Street, has purchased from the Markham Real? ty Company (Clarei.ce W. Eckhardt, president) the at 14 and 16 South William Street, on a plot 41.10x 48.3, at a figure understood to be in the neighborhood of $100,000.

Upon the e-xpiration of the present leases, in May, 1920, the buyer intends to erect a new four story building for its own 1 occupancy. The property is in the heart of the new marine insurance district. It im mediately adjoins that upon which the Kerr Steamship Company is now con? structing a twelve story building, and is just south of the old Delnionico building. It was purchased about two months ago by the Markham Realty Company from Robert W. Goelct, hav ing been in the possession of the Goelet family for about a hundred vears, and is the first piece of property sold by them.

William A. White Sons were the brokers in both transactions. I Welcome Back Men Who Quit Realty to Win War Wood, Dolson Forces Have Big Reunion for Twelve of Thir? teen Who Went Away The thirteen men who went from the office of Wood, Dolson Company when the call to arms were tendered a dinner Irrst Monday by the company at the Hotel Lafayette. All came back but one, Alvah Kennedy, who was killed in a collision in the air over France. The others who went into service for LTncle Sam and have returned to do service for the Wood, Dolson are Frank R.

Potter, Frederick-M. Mac Farland, Lyn R. Murray, Peter McEvoy John Hockstadter, Vincent Bradv, Will? iam Neely, Clinton J. Evans, Georgt Noakes John F. McKeon, Roya! L.

Moore jr. and Charles J. Quinlan. William H. Dolson was toastmaster The address of welcome was by W.

Smith, and Frederick Wyckoff deliverer! a timely and touching address witb as his subject. Doherty Tries to Extend "Wall Street" to the Battery Financier Will Establish Corporation Home on State Street in Big Building and Hopes to Take Other Large Concerns With Him; Plans New Structure When plans now in process of forma? tion in the office of Henry L. Doherty Co. have been executed, "Wall Street" will have a new meaning, but while the financial district is showing tendencies of growing northward it is the inten? tion of the Doherty concern to take a large section of it further downtown to the very edge of Battery Park and anchor it very firmly and permanently. Everybody who is interested in finan? cial or real estate affairs will recall that a few months ago the Doherty firm pur? chased the Chesebrough holdings bor? dering on Battery Bark and consisting of several large office buildings and a considerable amount of under-improved real estate.

It was thought at the time that the buying company had purchased to obtain space for their own orlices, where the affairs of something like 220 corporations are handled, hut it devel? ops now that the Chesebrough holdings were taken as an investment, and the plans of the Doherty Company include the erection of a monumental office building where some of the largest con? cerns in the financial district will be housed, as well as the Doherty inter? ests themselves. Such a building will be erected be? cause Mr. Doherty and his associates are convinced that State Street offers a better location for large financial houses than do such streets as John Street, Maiden Lane and Fulton Street, into which financial concerns must move un? der present space stringency if they are to obtain the room they require tc transact their business. It is pointed out that the location of the new Dohertj skyscraper is nearer to the heart ot the present financial district than John or Fulton Street, and the locatior fronting on Battery Park has more su? perior attractions, including light anc air, the open park adjoining and remarkable view of the upper harbor. Boon to Those in Need of Space It was these unusual attractions ol the downtown locution that caused Mr Doherty to decide to place there his owr offices, which will require not less thai 200.000 square feet, and he figured tha if the location was attractive to him i probably would be to other concerns So he is making the proposal that hi will put up a building in which he wil meet every requirement of those wh? will go with him to this new section "he district.

All his plans ar merely tentative, but he is determine? a building for his own concern which gives assurance that a good-sizei building will be erected, even though is to go alone. But that is not likely. In approaching the matter of relo eating a considerable part of the finan cial district Mr. Doherty has adupte rather a novel method'. The thing would be to put tip a grea building and then offer the space fo rent, but no such idea is thought of i this instance.

Not even an architec has been selected for the new structun so it is impossib'e to say how big th builciing will be, how high or anythin about its features, because all of thes details depend upon how many an how big concerns accept the Dohert invitation to obtain what they requit in the new structure. Just now Doherty is asking those who at pressed for space to let him know whs their requirements are, and dependin on those requirements are the detai, of the building. Location Ts Local The site which he has selected ft this big improvement fronts on Stat Street, between the South Ferry Buil? ing, on the Whitehall Street corner ar the Chesebrough Building, on the Pea Street corner. It is on a plot r.cci mulnted by the Doherty interests se' eral months ago. It extends throug to Pearl Street, where it is just a bloc south of the Custom Housa.

Just it is covered with a number of buildings, which will bo cleared away at once in preparation for the big building operation. From this point the view over Battery Park and right down to the Narrows is unobstructed. It is perhaps one of the most attractive I views to be had from any part of New York. While this improvement is under way Mr. Doherty intends to tako further steps to transfer a big part of Wall Street to the buildings nearby this site, which he either owns out? right or in which he has a large in? terest.

The Doherty personal holdings include the Chesebrough Building, the Battery Park Buileling and the Mari? time Buileling, ten and eleven story structures in a compact group just south of the Custom House. Mr. Do herty also has an interest in the South Ferry Building. It is part of his plan to make these buildings available next year for concerns now located in the financial district, which will require 10,000 square feet or more of space, but this is merely incidental to the big idea on which the new building opera? tion will be founded. Shopping District Loop I Plan Meets With Favor Many Advantages Seen in Idea to Link Centre of City hy Means of Extension to Suhway Lines Plans for a subway loop to encircle the heart of the city as proposed by the Thirty-fourth Street Board of Trade have aroused widespread inter? est.

Civic associations in all sections of the city are discussing plan, i The leading associations in Manhattan are considering the suggestion made bv Vivian Green, of the Thirty-fourth Street Board of that a central loop committee be formed with representatives of several organizations as members to further the project. Owners of real estate, whether of! the great properties or the little stores anel residences in. the section between! Twenty-third Street and Fifty-ninth' Street, are strongly in favor of the loop plan. While designed primarily to afford transit relief for the central part orf the city, which takes in the great shopping, hotel and theater dis- tricts, the loop could be expected to I add greatly to property values throughout the entire section. The plan calls for a loop through Forty-second Street, Fourth Avenue, Thirtieth Street and Seventh Avenue.

The local tracks in the Fourth and Sev? enth avenues subways would be used and one track in Forty-second Street. The plan would not interfere with the existing shuttle service in Forty-sec onel Street, but would supplement it and relievo congestion. The only new construction would be the connecting link in Thirtieth Street. Thirty-first; S'reet could be used as alternative. The estimated cost is about 31,500,000.

Among the advantages offered are those: The shopping and hotel center; would be bound together by a con? venient short haul line; the New York Central arid Pennsylvania Terminal would be joined by direct connections; the tour main line subways which run through the district would be linked together and the shuttle transfer gestion relieved. 20 Homes for Mount Vernon The American Home Builders, of i New York, announce the purchase of sixty lots at Oakley Manor, Mount Ver- nun, where they have started erection; of twenty one-family houses at costs ranging from $10,000 to These builders have erected over 135 the last year in New Jersey at I Leon ta, Nutley, Park, eme and Hackensack. How a 3 Per Cent Tax Would Affect You "A tax rate of 3 per cent would have the effect of raising the rent of every $50 a month apartment, store, loft and office from $2 to $5 a month; every $100 a month apart? ment, store, loft office from $4 to $10 a month, and so on. This would make a total to be turned over by the owner for taxes, out of every $100 a month rent, of from $18 to $30," says the Building Man? agers and Owners' Association, in a statement issued yesterday. In normal time the increase of taxes was a long time showing it? self in the rents.

But now, with the city underbuilt, rents are sen? sitive to every expense affecting the net income of real estate, and in? creased taxes will -be almost imme? diately reflected in increased rents. The sorry part of it is that not only tho increased taxes are added to the rent but $2 a month increase in taxes turns out to be, too often, a $5 increase in rent. Citizens would take more inter? est in city expenses if they paid these taxes directly to the city in? stead of through the landlord. It would if the rent bills were strikingly stamped: 'One-fifth of this rent is for city taxes. Watch your city's expenditures; you are paying them.

May Save Monroe House For Historic Purposes Fund Being Raised to Buy Old Home of Former President, in Prince Street Announcement that Bryan L. Ken? nelly will sell at public auction on Wednesday the one time home of Pros dent Monroe, of Monroe Doctrine ame, located at 63 Prince Street, nortr west corner of Lafayette Street, has created unusual interest among pa? triotic societies, which desire ta preserve this landmark of old New York. It is expected that the societies will be able to raise a furrd sufficient cover the cost of acquiring this prop? erty, which is a part of the block front on the north side of Prince Street, between Lafayette and Crosby Streets, consisting of a group of loft buildings. Of interest to investors and oper? ators in this sale is the southeast corner of Amsterdam Avenue and Sixty-fifth Street, two five-story apart? ment houses with stores, 50x100; two five-story buildings, 69.5x9Gx irregular on the southeast corner of Christopher ami Bedford streets; five live-story apartment houses on the northwest corner of Third Avenue and Ninety fifth Street, and five-story apartment houses, 40x100, at 84 and 86 Grove Street, running through to Sheridan Square. All of the foregoing prop? erties being offered for the estate of Alfred Marshall.

Mr. Kennelly will also sell for the estaco of Ruf us Smith a four-story buiieling at 47 West Thirty-ninth Street. There will also be offered three three-story old buildings at 735 to 739 Washington Street, running through to 129 Bank Street. For tho eftate of John Fleming will be sold thirty-four lots on North Broadway and Palisade Avenue, Yoiik ers, and a waterfront property on Little Bay (Robinswood), Whitestone Landing, Queens. Buying Land at Scarsdale The Scarsdale Estates.

Robert E. Far- ley president, have sold a large plot on Greenacres Avenue, in tho Green acres section of Scarsdale, to Mar? guerite D. Stephins of Scarsdale. They nave also sold to Wheeler B. Gambec, I of White Plains, a lot on Walworth I Avenue.

Greenacre-v 'Many Buyers in Market For Bronx Homes Brokers Unable to 3Ieet De? mands From Speculators and Investors B. H. Weisker has sold for Edwin C. Dusenbury the apartment house, on plot 40x100, at the northeast corner of Evelyn Place and Davidson Avenue. M.

H. Tropauer and J. Clarence Davies have sold for J. D. Fuller 2478 Tiebout Avenue, a four-story apart? ment house, on plot 31x100.

Boulevard Dwelling Buyer E. Osborne has sold for Axel Seadale the one-family frame dwelling at 2182 Grand Concourse, on lot 50x 147, to Josephine A. Casey. Boulevard House Deal? William. H.

Mehlich and George S. Runk have sold ror George Doll, 2391 Grand Concourse, and for the Rocky Crest Realty Company 2397 Grand Con? course to S. H. J. M.

Realty Company, two apartments, having 100 feet front? age, immediately south of Forciham Road. Harry L. Weil has bought the five story apartment house, with stores on plot" 40x123, at 1023 Southern Boule? vard. A. G.

Bechman was the broker Alwyii Court, 81,050,000 House, Has New Owner Report Says Fine Structure at 7th Avenue and 57th Street Has Been Sold by the Alwyn Court, at the southeast corner of Seventh Avenue and Fifty-eighth Street, assessed at $1,050,000, is re? ported to have been sold. Title is held by the Areon Company, William Miller, director, which acquired the property by auction in January, lf'lS, for This company represents a syndicate of bondholders which fore? closed a second mortgage on the prop? erty. Alwyn Court is twelve stories high on a plot 125x100. It was erected twelve years ago by a syndicate head? ed by Alwyn Ball, and for a time held the record for high apartment rentals. It is laid out in suites of twelve and fourteen the ninth and tenth floors forming duplex apart ments.

Its tenantry includes many well known persons. Front Street Building Resold at $20,000 Profit This is the Downey Building, at 136 to 140 Front Street, sold last week by Eiias A. Cohen to William Peck Co. at a net profit of $20,000. Mr.

Cohen bought the building the pre? vious week through Pease Elliman. He resold it through the Charles F. Noyes Company..