New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-14
THE MARKET FOR RENTS.
SOME DISAPPOINTMENT FELT.


THE SEASON POOR FOR Low-rRicEp FLATS AND
HIGII-pRiCyD DwELLNGs-How BUSINESS PRO-
PERRY RENTS.
A month ago real estate dealers were looking
forward to a good demand IN the renting market Inere
is pretty general confession however, To-Day th't INC
market has not the hOpe OF the trada moro OFFICES
anil h,nc, are now vacant than had expected and
the probabilities are that In many directions there
will he more vacancies when the season co'oS
than at the same time iaSt year business
propcry il better than carly last then landords
held of on concessions till tho last moment aEd great
deal OF business done after May l. There mas Dceh
steady absorption Of Office accommodations In the last
three years removals expected place
ON May next Of this disposition OF hhdofdst 10
meet demands where necessary early In the sea
son The demand Ia excellent Tor loW-prced
dwellings, and moderateprfced spartmenthouses
The dwellings and flats which rented at high
aores are however In OF the demand and there
ia also a surplus Of tho higher class OF
tcncments and lowpriced flats, commanding rents IRON
$500 $500 year. This IA aserbed TO the excessive
building of this class property within recent In
spite of the large and steady growth In the eiys popula
The situation IN its different phases Is fully set out
In the talks with brokers and dealers gven below.
Ala. H. Muller e. sons Office the opinion expressed
that the course Of tho bad been disappointing
the general expectations expressed earlier IN the sea
sou dwellings md fats bringing $1,000 year and
upward the demand far behind that OF last year
The only good demand 1t said, wastha which always
is felt lowprced hOuses In Office property there was
giut concessions from last years figures were nee
essary retain tenants in many instances. This was
particularly the downtown.
Ferdinand Fish. whose routing business is confined
principally offices. said The stormy weather that
prevailed during height OF the nterfered con-
serably with the renting offices and hence the
Il behind thai OF year Although have still a mum
Der OF offices unrentod even at onoS or
generally lower prices, there are many tenants
not yet settled and / expect that large business
will be done between and May l. The best leases
were made carly season. and the demand now Is for
lowprioed offices; largely, too, from the occupants
OF the modern buildings not directly in the office
centre 49,.
dwellings, and modern apartment houses renting above
81 500 and 81 600 car demand largely behind
that Oh the same season year ago IL was tbought ina
the cxrava gau statements published early ID OF the
papers had eXertei an unfavOraDe ilfluence on the
tOnatey the east side. but The general con
iugs. a cstllss of much complaint
The OF the besknogn brokers in Pine-st,
nea5 tho Stock Exchange eNcellenty SUMMARIZED the
of larger number Of real estate men He said:
Taking the OCr buildings in tho vicinity OF tho StoCL
Exchange Won will fnd that as a RUE. all the lover
floors are rented figures the last years The
upper floors of tue high buildings and particularly
those or the ldngs which have yet been altered
adapei to Tern neels-1snan Is for good eeya-
tor service, etG.-are many OF them vacant,
corresponding to last years About the
ir0duce Xcange nj tho lower end OF NcW-st, BrOadsl
and Broadway there will probably be surpliS OF 0mces
the Teat increase IN the supply. In the last
years the Office accommodations have certainly been
increased 100 VITA the changing customs OF
doing business end the steady Increase In tho demand all
the enlarged facilities Will eventually be taken up but
the there 70 he OF supply over
the demand. Uptown Offices have generally been taken
years prices. Iii true that Ia parts O Broadway
take Tor Instance that between Maden Lane and
FultOn-st.. which the insurance companies no longer
make their centrethere may be some exceptions, but
here guess before the season closes tho vacancies
win be filed.
How about store property Generally the have
been taken up all the city. In Broadway, from
Blocker Fourteenth st., the grldua Withdraw or
retail trade has not been followed by the wholesale
men. and here there will be many necs left
of the dings in t1i section not adapted Co
heavy trade and until they have been altered rents here
will probably he depressed. There Is nothing
Ike the number OF rented places that there was
three years But elsewhere Including Third, Slkth
and Eighth ard GraBdst-~toTes are scarce ana
vacancy does not long 20 b, gging.
'Regaplmg dwellm - and apartment houses, con-
nucd the broker there has been large movement OF
tenants the high priced properties to those com
manding lower The depression OF business las
caused this movement while the building OF hlghprced
houses and fats has been ovcr-dOne. For dwellings rent
200 and for rtlnrnts renting nom
ri coo hedemand Is good and tue IN rket Is up
to the basis Of last yea But there Il an excess
OF houses formerly commanded $500 to $1,000
and OF apartments that rented ~ $1,000 Ia $4,000.
There IS great dulness, too, I'D OWpriced apal nent
and the better class OF tenements simply be-
too many OF them have been erected IN the last
that builders seeing TINS ann Will
not supply kind OF property in advance OF
natural growth OF population. lAnd rds are trying
hold up. or reductions by one OF them
would simply dcpreeiats tEer property as a whole |
vacancies here than a. THE time IN 1883
ami will carried the season. DWELLINGS IN
YOrkve and Harlem in about the same condition as
city Many houses that were put up ast suIumer
and hell in hopes Of sale in the rent market at
prices that low compared with tho cost OF the
properly"