New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-24
HOME, OFFICE AND SHOP.
RENTALS NEw-YoRKERs PAY.
LITTLE CHANGE EXPECTED BY REAL EsTAT

factory. canvass among prominent real estate
brokers Of this city shows almost unanimous opn-
ion that rents, as rlH will be practically about the
same as last year. This applies leaselold property
I'm all its branches One Of the features developed IN
tho tails given below is that the buildings down
town do not seem to exhaust the demand for business
Offices and are crowdng the old ones to the wall
An important indication OF the way rentals going
IS the statement OF John Jacob Aston to Tribune re
porter that he had made changes in his and that
they win remain the same as last year.
s. Sweet, of S. Sweet Son a Co., No. 81 Park Row.
who has been forty years In the real estate business,
was confident that rents would GO up ON account Oh
the increase In population and business IN NeW-fosA
and Brooklyn, especially in the latter city. The IN
crease would not he thought, be over 10 10 10 per
cent on tenements fats and private dwellings In
some desirable business ncigborhoods, prices might
advance from 90 10 25 per cent, and possibly more
In Broadway and Futon-st, Brooklyn, office rents
had been advancing and rents In stores and shops IN
Broadway New-York. had been increasing for five o.
six years. In large buildings like the Potter ana
Morse rents had been about the for tho last two
or three years They had Increased, however. IN the
lower part Of the city. There was a lively demand
for Office room from almost every part Of the world
and every large business firm and establishment from
every part Of the continent and many from Europs
sought 10 have their business represented in this city
Mr. Sweet declared that the demand for private houses
for renting uptown, especially the West SIDE
and for rstclass fats and apartmenthouses, was less
thus far than II last year. owing probably TO the
large supply OF such places at lower prices in Brooklyn
Rents arc firm said Ferdinand Fish. OF No. 149
Broadway "and renting is easy at last years figures.
/ am about half through with my season, and am
satisfied with last years prices. have kept all de-
sirabe tenants In many getting increased rents,
and in only two making reductions. What
say applies particularly 10 store and Office property
downtown. The new buildings being put up Just
about meet the natural increased demand for office
accommodations Tho Office market is not bclng
overstocled. ] haven't lost any tenants that can
soc by tho buildings and yet they all filling
up. / have made study Of oalce-rentlng for many
years, and the demand and the supply keep pace
with each other. They say there arc no vacancies in
tho Equitable Building, and that is true also Of the
Mutual
BROOKLYN NO WHIT BEHIND.
At the Office of Jere. Johnson, r., No. 60 Liberty
ST. IL was stated that the real estate outlook for the
season good in Ncw-Yogk and Brooklyn. In
the latter city rents remained about the same this
year they last. both IN the business sections
and In the Twenty third Twenty fourth and Twenty
hfth Wards II was not known when the outlook had
been better, and work was being done firm, fair
basis
n. Atkins, in charge Of the rental department Of
f. II. Ludlow q Company, No. IL Pne-st., said the
prospect favorable for good renting season In ell
parts Of the city, especially for houses below -Four
teenth-st and those In the Murray H section Rents
were very firm, and owing TO so many leases beine
removed there somewhat Of scarcity OF desirable
houses In the neghborhoods particularly mentioned
There great demand for houses renting for about
al 200 or 81 400. and where the houses valuable
they could be rented two or three times There
was no prospect Of any material decrease in rents
The firm had a great demand for Offices I'm tho neigh
borhoOd Of $1,000 in downtown sections. They
really had moro applications than they could IN. as
there was a great scarcity Of Offices at that ngure.
prominent real estate broker, who did not wish 10
have his name mentioned declared that the increase
in the number OF buildings down town would moi
affect rents Moro buildings bad been sold this year
In New-York since January tlan in any other year
during the same period.
Leonard J. Carpenter, Of No. IL Hberty-st, stated
that last years rates were taken the ruling rates
for this year. The Jones sale strengthening 70
al real estate holders and tho rental market favor
abls TO the landlord Slight increases wero made
on three and five year leases that were renewed
There were only few suites left In the new Com
mefoai Union Fire Insurance Building, az Pine and
william SITS. The erection Of new buildings and
materially lessoned the demand for the old building
on account Of the modern Improvements introduced In
the former In the old Offices, man had 70 bother
himself about details connected with their care "a
cleaning. lighting and heating, but the absence Of
these annOyancH3 u inc now bhtIulhbo ItW~a 81
irresistible attraction.
THE BIGGER BUILDINGS HIGHLY ATTRACTIVE
A. w. Culkshank, of +. A. Cruihshank & Co., No.
IT6 broadway, declared that rents held their own
well. There was good inquiry for all kinds OF
property. All kinds OF business were now going into
Offices and general business being transacted by
persons who Kept samples Of their goods on hand
there instead Of stock. Many new large Offices wcrs
going downtown in the brokers' dlstrct' The Bank
Of America Building az Wall and William sts., the
Tower Building In Broadway, near Exchange Place,
and the United States Trust Companys building would
10 ready FOR occupancy after May l. and large mum
Der OF the Offices had already been rented Mr.. Crlk
shank remarked that buildings nowadays must have
elevators order 10 do any renting above the third
floor, a. people viii not walk high upstairs. Prices
were fully good a. last year and may DO shade
better.
Mr. Libby, of Libby Scott, in tho Equitable Build
ing was Of the opinion that private houses renting
from 5000 to $1,000 going 10 be advanced gem
orally throughout the city. Rents above those figures
would hold their own. In apartment houses, rents
would DO weaker. az they could not command the
figures that they did last year Mr. Libby attributed
this 10 the fact that people firing OF apartments
and because Of the building Of small houses IN the
upper part of the island. People desired 10 have
hOmes OF their own. Think continued Mr.. Libby,
that the future OF real estate in NowYork depends
largely on the AMINO IDhnf NhiNH WIZ hOuoip tA~
value Of the lots. Rapid transit will have the same
effect on the northern psr Of the island that tho
elevated road had upon the West Side Tho means
for carrying people at present arc not sufficient.
People who own downtown property viii get lower
interest for their money than II they purchased
property on the upper part Of the island. Down
town, 100000 might yield three per cent, while In
tho upper part IT would ylold douoie.' Mr.. Libby
also referred 10 the new Offices which had every I'M
provcment and which were taking tenants away
from the old properties. Tenants were cen
trng In largo buildings. The larger the building, the
better the rentals in proportion. The Equitable,
Astor and schcrmerhon buildings, for instance, were
draining tenants away from their old quarters 20 whore
they could enjoy the convenicnccs OF electric lights,
steam heating elevators and good attendance.
Mr. Myers, CT Scott & Myers, Liberty-st. and Broad
way, did not think there any necessity for rents to
advance Prices for real estate might advance and
rents might not Money was plentiful In this