New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-30
BUYING Up REAL ESTATE.
BIG CORPORATIONS GETTING CONTROL OF
VALUABLE PARCELS.
CONDITION OF TIE REALTY MARKET LAST
wEEK-IXcREAsE ~ BU1rplNG
OPERATION:

The large purchase Of New-York real estate b'
BIZ corroraions - one II the interesting topics cs-
cussel b. rea-cstotc men nj present The confidence
which these large concerns pace IN me s'aD'S VI
New York really has strengthening cn~ct upon
the market In general and small operators are more
wiling 20 enter actively INTO the business !, seer"
now AZ though the big corporations were endeavor-
Ing 10 get control OF ali the property N the imHne-
dia.e vicinity OF their building. and hardly a " et
goes by withou. reports ~ negotiations by M'-n-
suranc, companies and other concerns Tor FaIu"be
marcos Of real cstaic The Investing some OF their
surplus IN real estate appears 10 be one oil the I'M
por,ant operations Of lfeinsurance companies nova
DAYS and the urchase las, week by ;he Metropolitan
Life Insurance Company OF the Academy OF Desgh.
AZ Fourth-aye and Tw MY -thiri-si. was an IN
stance That company now owns nearly the entire
hook % land and buildings between Madison anu
Fourth ayes and Twenty third ana Twenty fourth
ste II is Interesting to know. in considerns the
am punt Of negotiating for property which Is being
lndnigeI IN By large corporations that the Metro
no.ltan Life Insurance Company began to pan
twenty years ago - secure the size on ""'ch ~
present building stands.
Big corporations realize that the enhancement In
va.uc OF New-York realty l. due not only TO rs In
creased earning capacity. resulting from the natural
growth OF the city. but also 10 It's greater aNAia-
bl,ty as collateral security Tor borrowed money. Inc
holding of big parcels OF rei! estate gives concern
the contro, Of a large supply OF money
CONDITION OF THE MARKET.
There was a ia.r attendance at the auction rooms
g., n,e Course Of the week. and IN many cases
property sold at ia full value. At The liroid"ay
Auction Room Wednesday the ATTENDANCE was
mo Iargas, OF the prcsen; fall season. There were
many new faces In the market. and disposition
IN h,1 vvas noticeable ON 7hursday at the Real
Estate EXCHANGE the sale % property In toe Tweltth
V,arl owned by VI. H. Casa'nln attracted large
number Of people. bat few Of them dd any pilu'hS'
There were ;wenty-nlnc lots disposed or ana TWO
houses The prices ri thls sale were low In every
case and the auctoneers were forced to Withdraw
acme Of the properly. The sale Hetted Sf.i5 In
the auction market the sales for the week agSre-
gated SSJG.S53 against ;i5C53 In the previous week
ana sl9s7G7 In the week before that. In the cor
responding week last year the sales amouhtei III
value to s2s5.02l. In Brooklyn the auction sales
accounted I'm value TO SO 49, against !l2)GI in the
preceding week and sSs,Os9 In the same week last
v.ar Building operations on the increase
There is n great activity In all parts OF the city
and the prospects for the fall and winter season
are extremely encouraging. In the week the BUM
Ing Department received plans for for:y-three now
buildings at an estimated cost Of So6,36. In the
same week last year. the number Of plans fled
was thirteen and the estimated cost spi5o For the
ve.k ending September 81. 1894 the number OF
plans flied hfty-three, al an estimated cost OF
s73s So while IN the corresponding week In 1885 the
number was seventeen at an estimated cost OF
1890.
Private sales last wec, were not so numerous as
in a few preceding weeks. but In the value OF tho
pro,erties involved they were as large. The sale OF
West SIDE houses continued to be the principal
feature OF the market. Brokers are having their
hands full In attending to the wants OF "ouih-oe
tenants Last week OF the !vcl!est In the
history OF HOUSEKEEPING on account Of the large
number OF people who held or until almost the
last minute in the hopes Of q reduction In rentals
In some cases they succeeded in securing reduc-
tiora Owners and brokers find that the renting
season has been successful, and that the obsti-
nate refusal TO lower VIII leave many vacant
houses in the market this fall and winter In
Brooklyn reductions In rents this year have been