Vanderbilt to Brown

Some 30 years ago, the late Cornelius Vanderbilt conceived the idea of building himself a $1,000,000 home. He did. Its red brick facade with white stone facing, its handsome wrought iron fence, rise in all their French majesty on the south of Plaza Square, Manhattan, a magnificent pile. "But who," you ask, "would want to make it his private home?" Just so. The shutters are up.

The taxes on the building in 1899 were $38,446. Last year they were $129,120. Naturally Mrs. Vanderbilt wanted to get rid of it. Last year she secured a court order permitting her to sell it for $7,100,000. A syndicate had offered to purchase it at that price. They put down $500,000 as earnest money. In the syndicate were G. Maurice Heckscher, Cornelius Vanderbilt Whitney, grandson of Mrs. Vanderbilt, Leonard Replogle of the steel company of that name, Colonel Henry F. Lindsley, banker and former Mayor of Dallas, Thomas Hitchcock, Jr., member of the U. S. polo team in the last international matches.

They formed the "57th St. and 5th Ave." Corporation and had plans drawn for a magnificent 55 story hotel. Then they went to bankers to negotiate a loan. The bankers promised to furnish $16,000,000 but wished certain changes made in the plans. They thought that 13 stories should be lopped off the design and some of the splendor eliminated. So plans for a 42 story hotel were prepared. Then for an unpublished reason the members of the syndicate fell out with one another.

Last week there was a sudden announcement. Mrs. Vanderbilt had sold the house to Frederick Brown, realtor. He is to pay in full with cash and take title next February. The price was not named. Apparently the syndicate had forfeited its $500,000. Mr. Brown is a big operator. He has dealt in $35,000,000 worth of real estate in the past few years, although it is said that he came to this country as an immigrant boy with no money and little knowledge of English.