WOLFERMAN LEASES CORNER.
Six-Story Building to Be Erected at
Fourteenth and Walnut.
A 50 x 115 foot tract on the northeast corner of Fourteenth and Walnut streets was leased for 99 years yesterday afternoon by O. H. Dean to Fred Wolferman of the Fred Wolferman Grocery Company, 1108-10 Walnut. The terms of rental are: $2,500 for the first year, $3,000 for the second, $3,500 for the third, $4,000 for the fourth, $5,000 for the fifth, $5,500 for the next five years and $6,000 a year until the expiration of the contract.
Mr. Wolferman is allowed five years in which to erect a six-story fireproof building which he will probably occupy with his store. The Walnut street property was purchased by Mr. Dean four years ago for $27,500. He is now leasing it on a basis of $100,000.
"I am renting the property with an eye to insuring a place for my store in the future when space becomes cramped," said Mr. Wolferman yesterday. "I have plenty of time to build, but will probably begin within a year. I may build a larger building than required by the contract. It is doubtful whether I will move into the building with my store for years yet as my lease at 1108-10 has a long time to run and the location with a little economy will supply my present needs."
The deal yesterday was through Charles E. Forgy of the Junction Realty Company.
