New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-27
REAL ESTATE.
BUSINESS IN THE FIELD.

BUSINESS IN THE FIELD
There 10 no doubt that real-estate believe
there is excellent ground for faith in profits that
will grow out OF the results OF the final closing OF
the Government Joan. Brokers and agents In realty
are reporting more inquiry for frst-class prop
erty on the part than any other time
in dull period that has prevailed since the open
ing of the year. In fact. said large opera
tor Saturday a representative of The Tribune.
"there I great many new inquiries by large
corporations for plots OF land for the erection OF
first-cass office buildings. The prices however for
first-class real in the lower part or the city
have never been marked up high as at present.
and disposed TO increase their asking
price every inquiry. The cause of this Is the linz
ited amount of space that is open for Improvement
Some Of the life and fire insurance companies are OF
the opinion that 1t is to their advantage to erect
large office buildings, bearing their official corporate
names. as 1t tends to give them worldwide repu-
taton. Furthermore" he said. they derive fur
ther benefit by securing sufficient office space at
minimum low rate. resulting from the profit derived
from rents received from tenants occupying the
other parts of the building. For instance. the
Fidelity and Casualty Company were paying $4,000
a year rent before they built their new building IN
Cedar-st Now their Offices them nothing. for
the space unoccuped by them Is rented to numerous
tenants and the revenue thus obtained pays the
interest the investment and cost OF running the
building
The bill against skyscrapers in New-York City,
George b. Post. the we-known architect and which
shortly will be presented 10 the Legislature Is meet
ing with small opposition among downtown realty
owners and many others interested In city real
estate. Among those most emphatic In their OPP
position to the new measure and who declare that
Il can never become law, is we.l-known rea!t!
and corporation lawyer and capitalist. who. to
Tribune reporter. recently said:
..In no case has there been any failure OF man.
agement of these vast Office buildings. To the city
oeot,l In b
increasing the taxable value Of realty and secondly
have proved protection against fire, as each build
ing has a separate and Independent fire department
OF It's own. To the projectors they have proved
profitable investment In many ways
THE architectural construction Of high buildings
has IN the last few years made great strides in
New-York In fact, they have now become a source
of great interest sighseers who visit the merop
oils One Of the splendid sights In New-fork is
view from the City Hall Park, taking IN The Trib-
une Building 1.-The Times and American Tract So
ciety buildings on the east and the Postal Tele-
graph the Home Life Insurance Company and the
Shoe and Leather Bank buildings on the west
Further south be seen the Fidelity ana Casu-
atty the American Surety. the Manhattan Life and
the Union Trust Company buildings. as wei as
other large buildings equally imposing. These
great buildings make very distinctive feature In
the architectural developments OF New-York In no
case have there been any accidents fire or serious
effects resulting from the erection OF these build
property in Nassau Liberty and Cedar sts the real
estate and insurance district of the city. Formerly
these streets were occupied by old shambng four
story warehouse and other diiapidated buildings
making the streets gloomy. unhealthy and disgrace
however has made real estate valuable and in
way improved the interests OF the CITY ,
AGAINST the construction Of high buildings comes
from three four sources One Is the Socialist ele
envious Of every who owns realty. Another
class consists of those who are Interested IN h!gh
hn
architects who are behind the age. and VINO w"nd
fRe use Of steel in the construction of these high
buildings has made hem SAFE sat Of a iSe
Savings Institution that was recently destroyed by
Chicago restricted the height OF buildings 1t has
affected the city 10 such great extent in the way OF
there is now great agitation for resembling the
a we The aSa % Of
biz restricting the height OF ouiidngs ara ,he
sGound ihat no one could be deprived Of the reh
the use of property 70 build as high as they peasea
was freproof and did not endanser the pupHc by
OF the realty market for the week just ended +; g
TO be said that there has been nothing 10 disturb
class. or what may be called poor. unremunerat.vc
property. there has been no market for this class of
buildings. Private sales during the last week IN
volved an aggregate investment Of abou, &,eovo.
OF the previous week This has been due 10 fact
that some parcels below Mon Square nave been
sold at prices represented by six figures the total OF
which amounts to near.y one-haif OF the amount
realized for all sales.
The auction sales during the last week aggre-
gated only $685. $50. With the exception OF the dis
posal OF the Westfa estate on Thursday, there has
been nothing especially remarkable In the sales at
either of the auction rooms In many cases the par
ces announced Withdrawn because the prices
offered did up TO the expectations OF the
holders. The sale Of some OF them was postponed
10 a future occasion in he hope that better mar
ket might then be found. ,
The auction sales Of Brooklyn property. including
that sold by y. A. Smyth in this city. have realized
sl&57O compared With $4,000 for the correspond
ing week OF 1885
The conveyances reported in NewYork the last
week were 22f OF which 1913 nominal the re-
mainder being represented by total OF N,9193S.
In the Twenty third and Twentyfourth wards.
emitting the Annexed District. there were
twenty -eight transfers. OF which eleven were NOM
tral the consideration for the others amounting 10
sl35 80 In the Twenty-thlrd and Twenty fourth
wards, including the new Annexed District. there
were thirty-eight transfers. amounting to $3s'VO.
There were filed In the Building Department
thrty-nine plans for new buildings, at an esti-
mated cost Of 81 27 SIS. There were 200 mortgages
last week. involving the sum OF A052@i. The usual
rate of interest continued at about ~ 10 per cent
w. T. Baldwin has sold a three-story basement
brownstone dwelling, No $50 West Seventy -hrst-st
for about $50 900. s. Baumann has purchased the
four-story and basement brownstone dwelling Xix
60xl0OS No 43 West Eighty-ninth-st. from Francis
Crawford for about $4,000.
a. IS >oI THtdtr