The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-05-02
RENTS TUMBLING DOWN.
zENA NTs, o LANDLORDS, MAS
TERS or nj SITUJTION.

THIS Turn In Affairs the Result OF the
Recent Extensive Building Operations
In some Neighborhoods-The movement
60 Abolish the TImc.honored Msy Day.
The season for the renewal Of office leases and
also Of rental agreements both In Offices and
residential property has just closed. This FOL
lows out the historic precedent OF closing bar
gains Of this sort TO date from the first OF May
Of each year. Many OF the agents in New York
city, however, are trying to inauRurate a change
In this particular OF dates for Al specific reason.
Iney are trying as best they can to have the
GATE OF the years beginning for Agreements OF
this Kind thrown back to sept. ], making tile
annual rentals date from that time. Agents
say that this Is expedient in order that they
may remain on terms of equity with a certain
class OF tenants who make n practice of renting
a house In the fall and OF deserving IL on the first
OF May, going to the country for the summer.
Thus they save the additional rent for the heat
ed term, and the agent has all empty property
on his hands. by making all leases aud terms
OF agreement date from the first OF September,
the agents declare such course on the part of the
class OF tenants In question will be rendered inn
possible. In the dry goods district. for n long
time, leases have been dated from February /.
and the plan has been found to DO very sue.
~cessful.
There has never been a period in this city
" iNh NNhaNtth3 nAfh " IA law btNi
so much masters OF the situation rs at present.
There Is an oversupply OF desirable offices for
business purposes in nearly all parts OF the city.
Two or three OF the largest buildings on Fifth
avenue. recently completed, are only about one
third filled with tenants, and many of the new
buildings in the lower part of the city are com
peting with each other sharply for tenants.
The universal complaint is that for the last
three years rents have been declining: but the
year just beginning marks the lowest ebb in
ranfal rayRnnpg for thnrn ia a lnnprAl decline OF
nearly 10 per cent. In some OF the large build
inGs tenants have received offers Of Offices rent
FREQ for the first three months, dating
rtS% M ssessiyed so HG %ucS for F'1 insir m oass
In the way of convenienCes. elegance OF
appointment, and in absolute comfort as in
many OF the recently completed structures.
provement. the supply has been made to exceed
the demand so far that tenants are virtually
getting the bestthat is TO be offered at their own
terms.
In the district lying east OF Broadway and
below Twenty-trst street, contiguous to Third
avenue and the Bowery, there has never been
any material advance In rents, aud the decline
there is less noticeable. The hard times have
told severely upon people living in that quarter
OF the city during the past three years. Many
OF them are hard working Germans whose
wages have been materially decreased. Land
lords have, with great difficulty, been able to Sc
cure their rents and have found 1t to their iu-
terest to exercise far-seeing forbearance ana In
many cases to make concessions rather than to
lose their tenants. Thus aided by the landlords,
the east-side tenantry have been holding on,
pty ilk 40 biiNJ Jul aho AoltAis ASA " SLA''h
for the better.
Real estate brokers in the vicinity OF Thirty
fourth street give q little more hopeful view for
that section OF the city, and say that rents have
been preserved at about the normal figure.
Good properties are also in very ready demand.
as the location is central. In the northwestern
part of the city the building OF large apartment
houses has been overdone. and in many in
stances entire buildings are idle. One reason
given FOR this is the distance and the attendant
expense to tenants engaged in business down
town.
Speaking on this point q leading real estate
broker said that II builders would coEiine them
selves to localities. say in the Ninth. sixteenth.
and Twentieth wards. where plots can be Sc
cured for building purposes for very much less
money. well Reconstructed flats could be built
there that could be made instantly profitable to
their owners. because they would be in instant
and large demand.
On the west side of the city. above Fifty ninth
street. houses renting at from 81 200 to s. 800
= year are in good demand. More could be
rented il they were available. In localities like
Murray Hill ana from there north. between
Lexington and sixth avenues. there has been
no perCeptible decline In rents, "a there seems
to be II demand on the part OF investors to Sc
cure homes for themselves.