New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-21
REAL ESTATE.
BUSINESS IN THE FIELD

One or the directors or one OF the pest Known "oe
sale drygoods houses In the city asserted that the
Maine election settled II" TO the sound-money
issue in the National campaign. and he added that
| the same opinion prevailed throughout the trade.
What is OF the drygoods interest Is equally
true OF the real estate market The latter reflects the
| former. since prosperity In the wholesale drygoods
business indicates that last seasons winter clothes
not to be made 10 do service for the coming one and
this points to the conclusion that the feeling OF conf
dence In mems minds at large is strong and assertve
rumor set afoat last week that conference
OF representatives Of the heaviest lenders OF money
on real estate had been held with view to making
X easier for borrowers. This meant. of course that
the leading insurance companies real estate and title
guarantee corporations and allied interests had found
II necessary take combined and concurrent action
TO meet depressed conditions.
Dnigent inquiry among these corporations showed
not only that such conference had been held but
| that all of the leading companies considered such
action not only needless. but that 1t would be impos
sible, In view OF the competition existing among
them. The head OF the mortgage department OF one
Of the largest insurance corporations declared that Its
policy had been all along make 1t easy possible
for borrowers and that this policy prevailed generally
in interests allied to the real estate market The
talk Of interest at rates lower than per cent had
foundation only In few specific Instances In conse-
quence OF peculiarly favorable conditions. The feel
| ing general that all that wanting now to
make the loan market real estate securities active
was tho returns confidently looked for from the
November elections
| One sign OF confidence In the immediate future is
shown by the recent opening OF Ave real estate offices
| on the upper West Side between One-hundred-and-
ffeenhst. and One hundred nd elghteenth-s alone;
There is heavy demand for flats this fail This Is due
| largely the general tendency toward economy.
The search for fats comes from those who have lived
in hotels or large who have been
renting dwellings at from 81, 800 81 800 year The
new observation-disclosures being rented especially to
this class OF desirable tenants The demand from
these former housedwellers is exacng in the way OF
| requirements for all modern Improvements. Small
families especially find such housing accommodations
a boon well means OF economy compared
| with house renting.
Prices In the district bounded by Broadway. Sixth
ave. and Forty-second-st. have been advancing
since the Of the proposed erection OF
two big hotels at the Broadway and Thiry-sixth-st
and the Thirty-seventh-st. Some farseeing
| real estate predict that this triangular area
will within few years be the great centre OF the
city. In this district II Is the bulk OF the
amusement houses OF the city Convenience OF access
all parts OF the city is TO be had with reference TO
this district and the uptown tendency OF big office
buildings shown in the proposed erection OF the
| Townsend and Ct. James buildings at Twenty-ffth
| and Twenty-sixth SITS and Broadway. respectively,
points the way confirm the prophecies OF these real
estate seers.
Property values have stffened also in the neighbor-
hood Of Fifth-ave and Forty-fourth-st. The spring
ing up of clubhouses IN Fory-thrd and Forty-fourth
sts nearby. the opening and the enlargement OF
| the Hotel Renaissance, the mammoth new Manhat-
tan Hotel the sale of the site of the Church of the
Divine Paternity at Forty-fifh-st.. the erection OF
the store office and studio building by Joseph Mil
bank on the site Of Holy Trinity Church building
all factors in stimulating the rise in values. When
considers that the erection Of the marble house
of the Association of the Bar of the City Of New
York enhanced the value of the Sixth Avenue Rail-
|
and Forty fourth SITS. and Sixth-ave. the combined
| influence on values Of all these structures and
enterprises centring In small area may readily be
| imagined
And yet there many who. comparing real estate
values now and those Of fifteen years ago with the
| prices and fifteen years ago Of clothing. food,
building material and especially cheaper processes OF
construction insist that real estate values and
| ais altogether too high. Many real estate men
complain that owners too exacting In rentals
In prices. and yet in easy times there seems TO he
abundant capital whose possessors only will
ing but eager invest in real estate in this city upon
the theory that 1t is the safest investment In the
| word
Ye Ode London Street. with 5000 put into It to
| transform II into At show house for athletic
hibitions and incidental entertainment. Is TO present
It's homogeneous front OF stone to the public eye for
year more at least. Some day It's site will afford
| foundation for a fine business building.
The Cheever- Martin litigation over commissions on
the sale of the St James Hotel property has developed
a new feature OF special interest real men
| Mr. Cheever alleges that Mr. Martin owes him a
slice OF a s.. 900 commission secured by Mr. Martin
the sale. The latter denies It, saying he did al the
talking and all the promotion Of the sale irrespective
Of Cheever The latter has applied for receiver
for the ST. James Hotel property. Good lawyers say
such application is ridiculous. since a partnership
mus; first be shown. a thing which Mr.. Cheever has
not yet done. H. II. Cammann Co.. who handled
the deal between the Spofford estate and the st.
James Company. say that they do not know Martin
in the business. SO says likewise Edward w. Mill
gan the agent Of the Spofford estate.
| The grading OF Em-st with view TO filing up the
| depressions between Reade and Canal sts is sug-
gested by William b. Parsons the engineer Of the
Rapid Transit Commission. In view OF the prospective
widening of Elm-st. and the possible construction of
the proposed underground road in that street. 1t
seems a pertinent suggestion. especially who
has looked over the situation. The change could be
made more cheaply than in the future especially
| should the improvements be carried out
The number of auction sales announced for this
week is larger than for time. This indicates
that would-be sellers have an increased confidence
that bids will nearly approach their hopes and
| desires than has been the case for months There
have been many adjournments of sales announced in
the last four months Among the sales be held al
| the New-fork Real Estate Salesroom this week
| the following
To-day August Kleinau will offer at sherns sale
No 1888 East Sxeth-st near Lexington-ave.. a four
Of Jacob NJ Schuylers right. title, and interest held
| by him May H. 1855 also the two-story frame
stores lot 50xoO Nos 29ls and 1921 Eighth-ave near
| One hundred and fifty ffth-st. William VI RYAN
will sell at public auction No. SAC East One hundred
and-seventieth-st between Franklin and Third AYES
two-story brick basement. high stoop frame dwell.
ing. with one-story rear shop lot 1Sllxl9x1S Skis
| feet.
Tomorrow Philip A. smyth will sell in partition
| No 1H Crosby-st. a three-story high stoop brick
building lot 2lllxs49xl94xs46 feet: also No "a Mui
| berry-st. four-story and cellar brick tenement
house and store in front and four-sory brick fene
house in rear lot 19lx914x20 2x90 Sfeet also No
900 East Fifty-third-st.. Thrd-ave a three
story high stoop. basement and cellar brick and
brownstone dwelling. lot 20 lx9Ox20x9O: also No ok
East One-hundred- and twelfth-st. near Tbird-ave
| a two-story brick basement and cellar high sioon
frame dwelling. lot Vl0xl61lxi0l9: also 40
2195 Seventh-ave. One hund nd hirtie h.
ST. hvestory brick fathouse, with store lot ISsx75