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The Dunbar project might nevertheless have developed into a high-toned, white-collar colony of black tenant-owners. Leases were at first taken for three years, during which rental payments covered purchases of stock in the Dunbar corporation. At the end of 22 years—the period set for amortization of the Rockefeller mortgage— the amount of stock owned by each tenant was to be equivalent to the value of his apartment, and the whole block of buildings would be cooperatively owned. Depression, however, ruined that scheme. Unemployed tenants were allowed to pay rent out of their stock accumulations, but otherwise the financial set-up was as inflexible as the usual real-estate capitalization. No matter what shift was adopted, fixed charges could not be met. Only 16 tenants are still purchasing their apartments on the original co-operative plan. These will be paid off by Mr. Rockefeller. The rest of the tenants are now on a straight rental basis.
In the absence of any statement of Mr. Rockefeller's intentions, Harlem optimists were predicting last week that he planned to buy the property at foreclosure sale, reorganize it, install better management, set lower rentals. Although Mr. Rockefeller once turned down an offer to sell out to the New York Housing Authority, it was reported last week that he might yet turn the venture over to the public as part of the new $4,700,000 Harlem River housing development, now being built at the end of 7th Avenue on ground which Mr. Rockefeller originally planned to include in his own housing project, later sold to the Government.
Among Dunbar tenants who awaited the disposition of these matters were Tap Dancer Bill ("Bojangles") Robinson, Sociologist William Edward Burghardt Du Bois, Esquire Cartoonist E. Simms Campbell, Admiral Peary's North Pole Companion Matthew Henson, Chief James Williams of Grand Central Station redcaps.