 | Board of Visitors minutes June 9, 1943 |  |
DR. WILLIAM E. HOPKINS PROPERTY—REPORT OF ATTORNEY OF THE UNIVERSITY THEREON:
REPORT OF W. ALLAN PERKINS, ATTORNEY, UPON STATUS OF PREMISES #132
WEST 28th STREET, NEW YORK CITY, WHICH PASSED TO THE UNIVERSITY OF VIRGINIA
UNDER THE WILL OF DR. WILLIAM E. HOPKINS, DECEASED.
Dr. William E. Hopkins died a resident of the City of Los Angeles February 5, 1940, leaving
a will which was admitted to probate on March 11, 1940, in the Superior Court for Los Angeles
County.
Said will contains a residuary clause by which all of Dr. Hopkin's property not otherwise
disposed of was viven to Wells Fargo Bank and Union Trust Company of San Francisco, as Trustees,
for certain uses and purposes set out in the will, the principal purpose being to pay the income
derived from said property to the decedent's wife, Mrs. Clara Rodes Hopkins, as long as she shall
live. The premises above referred to, consisting of a lot approximately 25 feet by 98 feet 9
inches, improved with a 5 story and basement brick store and apartment building, and situated at
132 West 28th Street, New York City, being part of the residuum of said estate, was held by said
Trustees from the date of probate of Dr. Hopkins' will, above set out, down to January 13, 1943,
on which later date the said Mrs. Clara Rodes Hopkins died. And upon the death of the said Mrs.
Hopkins this property passed under Article XIV of Dr. Hopkins' will to the Rector and Visitors of
the University of Virginia.
I have been in co respondence with Guaranty Trust Company of New York, which Company handled
the rental and management of this property for the Trustees above-named. This Company is continuing
to handle the property for the University. The store room and four apartments in are all
rented at the present time and I am advised by Guaranty Trust Company that the net income for the
year 1943 will be about $1240.00. In 1939 the property was operated at an actual loss of $264.00,
and return for each of the years 1940, 1941, and 1942 has been considerably less than the estimated
net income for 1943. I do not think it would be wise for the University to continue to
hold this property as an investment.
I am further advised by Guaranty Trust Company that the property was appraised in 1940
by Brown, Wheelock, Harris & Stevens, Inc., Real Estate Brokers, and Appraisers, of New York, as
having a total value of $22,500.00. In the opinion of this appraisal firm said property now has
a market value of approximately $20,000.00 although it is assessed for real estate taxes for the
year 1942-43 at $33,000.00. Guaranty Trust Company seems to think that it might be possible to
sell the property for as much as $20,000.00 upon payment of a small amount of the purchase price
in cash and the balance secured to be paid in small installments over a long period of years.
They advise me if we wish to sell for cash the place would probably bring not over $15,000.00.
I think all of the questions arising with reference to the management or sale of this
property should be turned over to a Committee, with full power to act. May I suggest, therefore,
that a Committee Composed of the Rector, the President, and Mr. Hollis Rinehart, be appointed to
make further investigation with reference to advisability of holding or of selling this property,
and that if this Committee should reach the conclusion that the property should be sold, then the
Committee should have full power to accept any offer deemed adequate by them, and fix any terms
that they may think wise. The resolution, appointing this Committee, should also contain a clause
giving full authority to the Rector, or to the President, to execute and deliver a deed conveying
said property and the Secretary should be authorized to affix the corporate seal thereto and attest
the same.
Attorney for the University of Virginia
After consideration of the foregoing report, it was ordered spread on the minutes of this meeting,
and the following resolution, offered by Go lrick and seconded by Lewis Williams, was unanimously
adopted -
RESOLVED, that a Committee composed of the Rector, the President, and Mr. Hollis Rinehart,
be and is hereby appointed, whose duty it shall be to familiarize themselves with the
possible value and potentialities of the premises situated at 132 West 28th Street, New York
City, which passed to the University under the will of the late Dr. William E. Hopkins, and
said Committee is hereby given full and complete authority to continue the rental of said premises
in the hands of the present rental agent, Guaranty Trust Company of New York, or of such other
agent as they may select.
And said Committee is further given absolute authority to offer said premises for sale, listing
the property with any real estate agent or agents, broker or brokers they may desire, and at such
price as, in their opinion, may be adequate, with full power to accept or reject any and all
offers that may be made for said property.
And in the event said Committee or any two of its members shall be of the opinion that said
property shall be sold they may fix the terms and conditions of sale as to them may seem best
and in the event a sale is made and it becomes necessary to deliver a deed to said premises, J.
L. Newcomb, President, is hereby fully authorized to execute such deed in the name and on behalf
of The Rector and Visitors of the University of Virginia, and the Secretary, E. I. Carruthers,
is hereby empowered to affix the corporate seal thereto, attest the same, and to deliver said
deed to the purchaser upon compliance by such purchaser with the terms of sale.
Mr. Perkins then stated that he had recently received a letter from Messrs. David, Polk, Wardwell,
Sunderland & Kiendl, of 15 Broad Street, New York, Attorneys, who have been representing the Hopkins
Estate in New York, with which the enclosed two copies of a proposed agreement between the University
as owner of the premises on West 28th Street, and Guaranty Trust Company of New York as rental and sales
agent thereof, asking that we would have both copies executed and returned to them for execution by
Guaranty Trust Company, one copy in funal executed form to be returned to us.
Mr. Perkins further stated that he had gone over this contract with the President and that upon
the whole its provisions were satisfactory and that the Rector and President recommend the execution
and delivery of the contract on behalf of the University. The following resolution offered by Mr.
Corbett and seconded by Mr. Goolrick, was thereupon unanimously adopted:
RESOLVED, that the contract dated May 29, 1943, whereby the Rector and Visitors of the
University of Virginia constitute Guaranty Trust Company of New York rental and sales agent for
the purpose of managing and selling the premises situated at 132 West 28th Street in the
Borough of Manhattan, City of New York, which passes to the University under the last will and
testament of William E. Hopkins, deceased, in the form presented to this meeting, be and is
hereby approved and the President is hereby authorized to execute said contract in the name and
on behalf of The Rector and Visitors of the University of Virginia, the Secretary being authorized
and directed to affix the corporate seal to said contract, to attest the same, and to
deliver said contract to Guaranty Trust Company of New York.
| Board of Visitors minutes June 9, 1943 | |