Notwithstanding the development of New York on the East River side, there were two miles of travel between Woodhull's ferry and the business part of the city. Woodhull bought and "boomed" property in the vicinity of the ferry road on the Long Island side, then known as Bushwick Street, and to the settlement in this region he gave the name of Williamsburgh, "in compliment to his friend, Colonel Williams, U. S. engineer, by whom it was surveyed." A ferry-house, a tavern, a hay-press, appeared on the scene. "An auction was held," writes John M. Stearns,[16] "at which a few building lots were disposed of. But the amount realized came far short of restoring to Woodhull the money he had thus prematurely invested. His project was fully a quarter of a century too soon. It required half a million of people in the city of New York, before settlers could be induced to move across the East River away from the attractions of a commercial city. Woodhull found that notes matured long before he could realize from the property; and barely six years had passed before he was a bankrupt, and the site of his new city became subject to sale by the sheriff. By divers shifts the calamity was deferred until September 11, 1811, when the right, title, and interest of Richard M. Woodhull in the original purchase, and in five acres of the Francis J. Titus estate, purchased by him in 1805, near Fifth Street, was sold by the sheriff in favor of one Roosevelt. James H. Maxwell, the son-in-law of Woodhull, became the purchaser of Williamsburgh; but not having the means to continue his title thereto, it again passed under the sheriff's hammer, although a sufficient number of lots had by this time been sold to prevent its re-appropriation to farm and garden purposes." Then came Thomas Morrell, of Newtown, who bought the Titus homestead farm of twenty-eight acres, prepared a map, and set down Grand Street as a dividing line. In 1812, Morrell obtained from New York city a grant for a ferry from Grand Street, Bushwick, to Grand Street, New York.