#4054. Rockaway Beach Improvement Company (New York) 1880. $1000. First Mortgage with Sinking Fund. SPECIMEN. No.0000. Blue 1000 underprint. A steam locomotive passes cow and trees along the shore. Coupons attached to the left side. American Bank Note Co. 15” x 10.5”. VF details. Moderate fold splits.
Located on a ten-mile long peninsula south of Kennedy airport, the Rockaways have always attracted developers who wished to own real estate near some of the finest beaches in the world. In the late 1870s, one such developer built the largest hotel in the world, a 1,200-foot-long wooden monstrosity, which was completed, but never opened. The contractors and their helpers were left holding the bag and threatened to burn the hotel to the ground. J. P. Morgan stepped in and bought the property. The hotel was sold for scrap, and the land was eventually conveyed to the Rockaway Beach Improvement Company who divided the land up into streets, and added the necessary municipal infrastructure. Unlikely you will ever see another example.