The Brooklyn Daily Eagle from Brooklyn, New York • Page 44

REAL ESTATE! AND OTHER CLASSIFIED ADS IN THIS SECTION BROOKLYN DAILY EAGLE Section Real Estate News Real Estate Advertising Classified Advertising Real Estate News Real Estate Ada Classified Ads NEW YORK CITY. SUNDAY. MARCH G. 1927. BIG PROJECTS FOCUS INTEREST ON FLATBUSH AVE.

HUB BILLS WOULD ELIMINATE STATE TAPER PROFITS' TAXATION 0 I WORLD'S LARGEST OFFICE STRUCTURE NEARS COMPLETION IN MANHATTAN ALLIED OWNERS TAKE WITTE11 PLOT FOR THEATER sMkii' ifeilll tepSyt II r. Wl- mm I i 5r-f a 3 fK I A trf fp'rrc i J-Tff 1 4 'ii' if i i 'ft If a 1 v.C,iH' I'll i Sm ii i VVj sNJ Jills 7 5 jw iikJL I a I -Z3, 1 I'iV 1 VP: 1. Proposed 26-story rlubhouse nf American Women's Association, to be erected In W. 57th between 8th and 9th Manhattan, Just arro- the street from the new Metropolitan Opera House, at a cost of by the American Women's lU-alty Corporation, Itobert I-MdlltK. builder; Itciijnmln W.

Morris, architect. 2. Jfugo (irayhar Building, world's larpost oflioe structure, located jnt hack of Hotel Commodore and adjoining t.rand Central Station, on Ix-xington 43d to 44th hi. and Icpew Manhattan, to he ready April 30 stories, l.3r0.000 Miuare feet of floor area; Kastrrn Oftlccs, owners; Todd, Robertson, Todd Knglnewlng Corporation, builder; Sloan Hobcrtson. architects; to house small city of 15,000 crsons during business hours.

3. Five-story, brick, 10-famlly apartment house, at 87 Hicks recently sold to Anton a local .4. GIANT STRUCTURE TO HOUSE 15,000 READY ON APRIL 1 TO ASK CHANGES Charlock Heads Committee to Urge Amendments. Benefit to Home Buyers. By HOI.TOV.

The taxation of "paper profits" in real estate by the State is to be eliminated with resulting benefit to installment home buyers and sellers via this plan under bills now beinjj considered by the New York Legislature. The bills, one before the Senate and the other before the Assembly, are sponsored by Senator Seabury O. Maslicl, and Assemblyman Walter L. Pratt nnd are Identical. Hoth would eliminale the "paper profits' provls'ons of the State law ami, further, make the State tax provisions conform with the Federal tax law.

The tax on "paper profits" bv the Cnited States Government was eliminated from the law early last vear after a tight for the change backed by the real estate Interests of the countrN. This fight was Initiated the Brooklyn Heal Kstalo Hoard, whose members did yeoman service in enlhtttng the aid of Senators and Congressmen at Washington. Cnm-utlgu for lleform a Success. Heal estate boards throughout the State Joined with the Brooklyn Hoard and a nation-wide campaign for Ihe tax reform brought truly remarkable results. Within two monlhs the Federal "paper profits' provision was wiped from the statute books.

The change in the federal "paper profits" tax saved millions of dollars to honie buyers throughout the country, while housing development concerns, hard hit under "paper profits," werp enabled to sell real estate. Including homes 'and property, on the Installment plan with much smuller initial down payments. Brooklyn It. Hoard To Ask Clarifying Amendments. It Is believed by the Brooklyn Heal Kstute Hoard that the pending measures before the New York Legislature eliminating "paper profits" from the State law may be still farther clarified by amendments to the bills, alts, a change in the phric ing of the proposed laws lice and there.

A special committee of the Hoard which has made a study of the subject views such changes as making possible "far mure advantageous terms than at present" for the prospective home buyer with "a few thousand dollars put by toward a home." hnrlock to Head Commit toe. Miles S. Charlock, income tax expert and chairman or the Hoard's special committee, win head a small group representing the Hrooklvn real estate body at Albany on Tuesday and will argue the proposed amendments b-fore the Amcmbly Taxation and Hetronchment committee. It is possible that the Senato Committee on Taxation and He-treitehment will also consider tho Hoard's proposals at the same time. Accompanying Mr.

Charlock bp-fore the legislative comnrttec will be former State Treasurer Iwis 11, Hounds, chairman of the Statc-wido committee which carried the fight on Federal "pa jut profits" to Washington, and also a member of tho. Brooklyn Hoard; Maurice J. Moore, chairman of the legislative Committee of the Arthur VV. CJclstitn, executive nciv- nf thP Hf.firrl. Members of th rommiltpp nr confident the proposed iiniendnirnta ill ho fa bfy receh cd hy th Stale leKtslntom.

Provisions Cover Installment Sales. Hot Sena (fr Mast ick's bill that of Assemblyman Prat vide: nnJ pro- "A taxpayer who regularly or otherwise disposes of porno rial property on he Installment plan may return as income therefrom in any taxable year that proportion of the Install ment payments act ually realized in that year which the total profit realized or to he realized when the payment is oomph-ted bears hi the total contract price. Initial Pamciits. "In the case Mi of a casual sale or other casual disposition of personal property tor a price exceeding or (C of saie or other disposition of real property, if In either- case th" Initial payments do not exceed one fou rt of he purchase price, the income mav be r. tinned on the basis in the manner above prescribed in this hup-dhismn.

Ah used in this subdivision, the term "initial pavments' means the payments received in cash or property other than evi-dences of indebtedness of the purchaser during the taxable period in which the sale or other disposition is made." IleMiiit ion of Indebtedness Asked by Hrooklvn Ibaml. The Hrooklvn Heal Kstafo Tbmrd'a proposed a mend men ts would make this lina 1 sentence ead "As used In this islon, tin term 'initial payments' me ns tho payments received in cash or property other than evidences of indebtedness secured by the property sold at the tini of aje or transfe'i (tf title when the sale or other disposition is made," Now (JiicMiouiihlo. The special committee argues th substitution l(f the phrase "Seetired by property Mold would define th cidenees of indebtedness to include bonds and inort gage, via ting possible taxation based i these nee urius. Mr, charlock points out, and explains further: "The proposal to 'm th- lino, of ain or transfer of title fo" the btil's phrase 'during the period in which' is made.1' h. "in order that here may no (in-shon in the wording of the law initial which should bo Continued oil I'atfe '2.

Many NewStructures Forecast Business, Amusement Center in Section. By VINCENT R. KIRK. Tremendous interest has been aroused in the area about Flatbush ave. extension from Willoughby to Fulton and in the section of Flatbush ave.

as far south as the Irfmg iUland Depot. The locality is destined to become one of the busiest centers in the Greater City. One of the greatest building booms in the history of Brooklyn is about to take place here and it is safe to predict that the activity will continue until all available plottage has been Utilized. Many antiquated buildings of three and four stories in height will be replaced by modern structures of 10 to li stories, and they will be occupied by business firms of high standing, employing hundreds of people. Already a number of landmarks of the section have been demolished to make way for buildings either under way or in the planning stage.

S8.000,000 Fox Project. Foundations have been started for the big Fox Theater to be erected ly William Fox on the site of the old Cowperthwait Building, at Nevins Flatbush ave. and st. Three old buildings adjoining this landmark have been razed to give place to the structure, which will be a combination of theater and office building 12 stories In height. The seating capacity of the theater will be The project is estimated to involve including the cost of the site.

Another outstanding project announced for the section Is a theater and oltlce building to be erected by I he Allied Owners Corporation, in which (he Prudence Bonds Corpora-ion and the Realty Associates flg-n at DeKalb ave. and Flatbush i extension. The site for this im- improvement was assembled Amos Lamphear, Manhattan real sine, broker, who devoted about iuva years to the task of acquiring i ioi than a dozen separate parcels M.uiprising the plot. Old WltUmann Wmv Mr. Lamphear secured the land lor Harold E.

Wittemann, boro builder and operator, last July, and announcement was subsequently made that Mr. Wittemann contemplated the construction of a 35-story office and theater building for the plot. When the plans for the building were completed the theater section was leased by the Famous Players-L-asky Corporation and several pf the floors in the office section were rented to the Brooklyn-Manhattan Transit Corporation. On Feb. 24 of this year the Allied Owners Corporation purchased the proposed building from Mr.

Wittemann together with the leaseholds. The plans for the structures have since been revised and, while its exact height has not been determined, It is understood that It Is to be about 18 stories. New Office Structure. The Realty Associates, which purchased at auction the city-owned plot at Fulton st. and Flatbush ave.

extension adjoining the Werba Theater In December laat, will improve the land with an eight or ten-story office building, part of which may be occupied by the real estate firm, now located In Remsen st. Anion? the real estate transactions In the locality foreshadowing an immense improvement was the purchase by the Realty Associates several weeks ago of the old Latimer Building at Fulton st. and Flatbush ave. and several parcels adjoining on both the avenue and the street. While the ultimate purpose of this deal has not been divulged, the report Is current among real estate men in the neighborhood that one of the largo department store firms in the city has started negotiations for the purchase of the site for an imposing retail establishment.

Fugazy Arena a Dream? Whether this be true or not, the plot, for years held by many Individuals, Is now In the hands of a single corporation and the problem of gathering sufficient land for a large project at this strategic point lias been cleared. Just what 4s to become of the site of the "$5,000,000 sports stadium" at DeKalb and Hudson ave. sponsored by Humbert J. Fugazy, Hports promoter, and other interested in the enterprise is a matter of speculation. Announcement, now declared to have been premature, was made bout two months ago that the coloseum was to be erected at this jvlnt.

A large plot was assembled through options taken by a group of men and a striking architect's sketch of the proposed building was s-MH to the newspapers for publica tion. Project Halted. Klm-e that time the projpet has ben halted and nothing definite In connection with the development can be obtained from those who talked glibly about the scheme at the outset. However, a statement has been made by one' of the men Involved In the deal that readjustment of valua tions ftnd problems of financing have hulled the progress of the project lur the present. Nevertheless.

thre are other de velopments in the locality which are progressing, among them a theater which is to be built by A. K. Baum-gurten at the corner of Fulton st. and liockwell designed alter the beautiful Kmbassy Theater in Man hattan. and Intended to be part of what is known as a "neighborhood chain of moving picture theaters." each of which will have a seating capacity of less than 600.

Savings Bank. Among the other large construc tion plans announced for the neighborhood of the Long Island Depot is the office building to be built by the VVilliamsburgh Savings Bank at ilanson and Ashland and an tru ssing edifice is to be erected in this locality by the merged Hanson HEW YORK BUILDERS FACE LOSSES FROM "ENCROACHMENTS Architects Warn of Ordinance, "Most Important Question in Years," Says Corbett. Hullders face serious losses through failure to know the law concerning encroachments over city street lines, It Is declared in a report of an investigation conducted by the New York Chapter of the American Institute of Architects, co-operating with the New York State Title Association. The Investigation was made by the committee on civic Improvements of the institute's New York chapter, of whicn itarvey Wiley orbctt is i chairman, and a committee of tli5 1 title association, headed by Znr 11. I.ovell, with Cyril It.

Burdett as secretary. Of fjreat Importance. "This matter," said Mr. Corbett in submitting the report to the Instltu- 'covers the most important ques tion effpotlnK city nrrhitecture which has occurrpd In years "All projectionH of any kind whatsoever beyond thp building line lire a blot on the title ftnd mny result in making the property able. Titlp companies will nut guar- antee titli-s without making tin ex- ception to all these projections, Th city hits no legal authority to permit such projections.

Architect 8honld now this and call the owner's attention to It." t'au Force Removal. Pilasters, cornices a nd other ornaments which extend over th sidewalks are recognized by the building code, but the city nu re- qui re their removal at any time, the report points out. Such removals have cost building owners thousands of dollars, It continues, and court cases are cited to show that the use of decorative projections on buildings have tended to make their titles unmarketable. The report advocates "reasonable ornamentation" of building front n. declaring mat Its absence would give the appearance of a street of f.ictorb'H, rather than of apartments a nd othre minding.

Some muHi be found. adds, to obtain ornamentation without encroaching on tti" street. I rgos C'liPiiUi Proinrtlmt, 'it has heretofore been customary, in the City of New York at least, erect in many residential sections well as businPHf, sections the main 11 nf the building exactly on the street line, and then to attach cornices, pilasters and other projections, in some cases extending over the sidewalk and encroaching on the street," states the report, which aimed to furnish chapter menioers with all the data necessary to protect their clients' Interests when planning new building projects. "Such projections ore rerognized in the building code nnd th rules governing them ore set forth In Section 7n. Article IX.

in the Code of Ordinances of the City of New York. These encroachments consist of col- (Continued on Fajfe 4) 1- 5 I i i I I I Investor, who plans alterations for account of Dora Ilrown, tnrouKb Martin Heal Dstute Company. 4. Residence of William Itassctt tin 'ln'ent Astor proerty at Port Vahlntrton, plans for which were made by Avmar 2d. The house is of stone and slucco.

5. Shore Kond Hospital, former mansion of William I'. Kciuir. a show place on Shore nl Wist Hay Kldee. recently eonverled at cost or 8100,000 a.s hospital Institution with capacity of (10 patients.

6. Former II. K. Christy 20-rooin resilience, with gardens and four acres of lawu. Included In sale, as clubhouse, at J385.000, of llriarcllff Realty Coniiny to llriarcllff Holding Company, with 154 acres or lilch tuhle land, located on Pine, Kim Daluteny and Ixmit Hill at llriarcllff, Westchester, recently developed as 18-hole jfolf course, now operated by Briar Hills Country Club.

THEATER FOR ASTORIA TO COST $500,000 A moving picture and vaudc-ville theater with 2,500 seals and estimated to cost Is to be elected at Astoria ave. and Crescent Astoria. 1., I.v Hamuel I.efsteln of 28 Court this boro, from plans being prepared by Herllnger and Kaufman, architects of 5 6 5th Manhattan. The building will he three stories In height and contain stores on the ground floor. It promises to be one of the finest amusement places In Queens.

Th plot was assembled for the owner by William Kohn and M. If. Knlgln of this boro, as brokers in the deal. tlon will cost $1,000,000. It in said Mint the builders are planning to rct big apartment houses after work Ir fully under wav on the proposed sewer system, and several one and two-family developments-will be started.

Hay Front Development. The Freeport Hay KstateH bought 300 acres of meadow fronting the hay from the John J. Randall Company. They have dug 3(i canals through the property und have completed the two months houses on Hedeij t. or adjacent thereto, which they have sold at from $8.25 to $13,000 each.

The company has built 15 miles of concrete roads through property, curbed on both widen; laid 30 miles of concrete sidewalks and Installed water mains and gas and electricity. The investment represents from $2,000,000 to $3,000,000. John Randall fit o. have In th" past two years bold through Joseph Day, auctioneer. 3.000 to 4,000 (Continued on Page ft; Freeport, Progressive Nassau Village, Has Active Program Of Improvement, New Homes PLANS FOR WOMEN'S ASSOCIATION CLUB ARE GOING FORWARD Expect to Start 26-Story Structure in W.

57th Street, Manhattan, Shortly. Within the next few months work Is expected to start on the new 26-story clubhouse which the American Woman's Kealty Corporation will erect for the American Woman's Association In W. 57th between 8th and Manhattan. A'Thks the street from the clubhouse will be the new' Metropolitan Operu Mouse, ami the plans for the two bultdines were drawn by the same architect. Ilen-Jiimin W.

Morris. The bu.bler far the assoeiation's clubhouse is Kobert Kldlitz. The financing of the slruetine, a $7,550,000 prnjmsit ion. has been arranged through the flotation of a capital stock issue of together with first and seeond mortgages. Through a stock-selling campaign, which the Mealty Corporation has been conducting for the past three years, of stock has l.een hoM to Auto, of which I tHJtl if the preferred stork in.

sued nnd the rent common stock. Hold Dinner. With only IUSOmki of thn entire utock issue remaining to be sold, those in jifhe charge of the club- house affairs have decided hat when rnor has been disponed of, brlnKtnw the sales within $31:5.000 of the entire tot.il. It will -rt th- hcliuiI run-I stnictlon program. This point is to be readied, it is 'expected, hy the suit of a dinner which the A.

W. A. wit give March In the Waldorf-Astoria l. the Corps nt The cost of this dinner will be a plate, of which $L'00 will represent the purchase of four shares of common si nek In the clubhouse. Wit ticket sold to the cupsciiy of the Waldorf ballroom.

I he desirei a mount ill lie ru li.ed a rid work will immediately b'-m on the site. At the dinner the representatives or 13 foreign Powers will be present and will each discuss what he con- siders to he the most signiMcmf velopment In his pa rt icular try since the World War. MULTIPLE LISTING DEALS The Multiple Listing Pureau of the P.rooklyn Ileal Kstute Hoard re- corded the following sales tinouKh Multiple Listing sysi-m; Hy Prank J. Magerle, the two-story and at! ic, i -o-farni I.v detached 1170 on a plot S'-xIOO. for Ma rthtt I Mck son to a do-nt for (investment; Hy Hulkl-ey Morton the three -otory and bat-em cut ait ached stone residence at i 7 0 St.

Mark's on a plot liOxlOo, for Kathej-lne H. Halltnan to a client for im.c upancy. lirVS I IJ SUING MTS. It. Uumarest has no hi through Terry Johnson, Inc lots 41 and 41.

Inclusive, (n block II, on itho Houlevard in Flushing HelghtM. to the A. Millar Corporation, MAKE APPLICATION FOR APARTMENT ON EASTERN PARKWAY Many Matters to Come Before Standards Board on Tuesday. The Board of Standards and Appeal will hold a public hearing, under the provisions of the building zone resolution, on March 8, In Room 1018, Municipal Building. Manhattan.

The following matters will He considered: Application of Herral Building Corp. to permit In a business district the erection and maintenance of a gasoline selling station; premises 1951-1961 Flatbush southeast corner of Kings Highway, Brooklyn. Application of Lena Fuchs to permit in a residence district the erection and maintenance of an apartment house with stores on thi first story; premises 1804-131 2 Eastern Parkway, southeast corner of Portal Brooklyn. Application of Robert Tappan, on beholf of Cord Meyer Development to permit In a residence district the erection and maintenance of 26 one-car garages; premises east side of Puritan 91 feet south of Queens Forest Hills, Queens. Permit for Apartment.

Application of Thomas F. Martin to permit in a business district the erection and maintenance of a garage for the storage of more than Ave motor vehicles; premises 30tt-319 2d Brooklyn. Application of William F. Doylo, on behalf of Erllch Realty to permit in an area and residence district the erection and maintenance of an apartment house, planned and designed under the requirements of a area district, except the required set back from the street line; premises north side of Highland 206 feet Inches west of Union Jamaica, Queens. LARGE L.

I. CITY PLOT BOUGHT BY OPERATOR Hub Realty Company and Frederick P. Cody sold for Retwll Realty Company. a plot 200x100 on the north side of Gould between Madden and Van Buren Thomson Hill, Long Island City, a residential parcel, to an operator who has been active in this section. rOVKT-MONTAGCE LKAKKS.

The Court and Montague Street Realty Corporation ban leased, through F. Hiltonnmith. rspace In the Montague-Court Building. 1 Court to the following: IewtM C. (Jrovep and James W.

Hedmond. Aaron Uearman. Israel H. Perkin and Albert A. Weinstein, Dennis Uaird, Frank Oleary nnd Vincent J.

McNeill, and I. Krlich Wolfe. MIOSPKCT AE. TRANSFKK. W.

K. Parrington, a broker, sold the two-family dwelling. 538 Prospect for William Van Syckle, owner, to a client for occupancy. Craybar, World's Largest Office Building, Getting Final Touches. The Graybar Building, the world's largest office building, will be ready for occupancy April 1.

The building Is located at 43d st. to former 44th Lexington ave. to Depew north of the Commodore Hotel. Manhattan. Itn 44-foot wide concourse will be the eastern entrance to the Grand Central Station.

Two hundred feet from the Information booth and outgoing Twentieth Century Limited, it becomes the geographical center of the great group that Is the very heart of the mid-town section of this city. It Is interesting to note that Its area of 250 feet in width and 27 5 feet in depth Is the largest single plot of ground in the Grand Central area used exclusively for office purposes. This newest addition to New York's commercial structures is 30 stories in height and has 1,350,000 square feet of floor area, the greatest amount of office floor space under one roof in the world. 15.000 Population. It is estimated that the population of this building, exclusive of the visitors who will constantly stream through Us doors, will be 15,000 persons.

Thirty-two high-speed Gtis passenger elevators of the full signal control type wilt trn nsport this small city from the street level to Its offices on the floors above. The facade has been designed in bold, free strokes, depending more upon Imposing mass for its effect rather than intricate detail. For enrichment of the base, and framing each of the three entrance motives, colossal symbolic figures have been sculped, In Indiana limestone, representing Transportation, Communication, Fire, Water, Air and Karth. Among some of the foremost firms In this country who have leased space In the Graybar Building are: Graybar Klectrlc Company, Turner Construction Company, American Agricultural Chemical Company, General Baking Company, Young Men's Christian Association, 'onde Nast Publications, I'nited Ktates Chamber of Commerce, Kq nit a bin Life Assurance Society, Robert Gail Company and J. Walter Thompson Company.

The Graybar Building was de signed by Sloan Robertson, architects, and Is owned by Eastern Of-flf-es, and is being by the Todd, Robertson, Todd Engineering Corporation. 5HINNECOCK HILLS LAND SOLD TO GOLF CLUB Fiessift A. Ltames of this boro sold 60 acres of land at Highway Shlnnecock Hills, to on of the members of the Shlnnecock Hills Golf club. It Is understood that this land was bought for the Interest of the golf club as it adjoins the club property on the west. It Is part of a tract of Hi cres which was sold last year by Jere Johnson Jr.

Company. Gains in Past Five Years, as Population Jumps 1,000 Annually. Many Building Operations for Spring. By CHARI.KK K. Freeport, with a population of 17.DO0 according to the last school census and golnK ahead at the rate of 1,000 a year, is destined Vt heroine In the near future.

It Is predicted by realty experts, a city of the third class. During the five years 1921 to inclusive, 5.304 were added to the population, according to the village census. In December last there were 3,454 residences In trie district, 1,127 being built in the last five years. There are at present 75 to 80 dwellings under construction In various sections of the village. Xrw Public Works.

One of the Important factors In accelleratlng the future growth of the village, accord'ng to an olllcliil circular recently Issued, is the installation of a comprehensive sewer system. An appropriation of was recently passed for the building of the disposal plant, purnp-'ng station and the trunk mains. 'In Feb. 14 the sewer commission advertised for bids fur the work, which will be opened on Mat 'h 21, and the contract will be awarded April 1. The appropriation above named provides only for the trunk and outlet mains, but a lot of petitions ate being prepared for laterals.

It Is estimated that the complete inatalla- (Continued on Page S).