New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-03
DOWNTOWN APARTMENTS.

Real estate agents are complaining tnat rents
are falling and that the supply OF new houses
and flats in the upper wards OF the city so far
exceeds the demand that the tenant Is able IN
great measure to fix his own rates This Is
partly owing to financial depression, which
has finally reached the landlord and compelled
him TO make some concession to the diminished
incomes of his tenants. But in the case OF the
better class of dwellings 1t Is due still more 10
the direction which real estate development on
the island has taken. The uptown growth has
been marvellous, and popular favor has Kept
pace with 1t to a remarkable degree but every
advance has taken people further from the busl-
ness centre and entailed upon them greater dis
comfort in travelling. Transit facilities have
not kept pace with the popular movement. Al
the same time as the new regions became thicK-
" settled rents ceased to be so alluringly low
until now, so the agents complain. the point mas
been reached where the disadvantages OF up
town and downtown residence are balanced for
many people.
This condition should suggest It's own remedy
advantageous at once to the real estate man and
TO the home-seeker. Whether 1t be prejudice
or conditions of work, or difficulty Of transporta
ton which causes the feeling. the fact remains
that large class in the community looks long
lngly for residence below Fifty-ninthst, and
only under compulson will go beyond IT. Yet
the field for desirable homes for persons of mod
crate means south Of that line Is steadily mar
rowing. What Is known as the tenement re-
glon" is constantly encroachng on that OF the
better class OF dwellings for the reason that the
tenement-house Is more profitable than the pri-
vate dwelling or the old-fashoned nat building
such as Is most frequently found downtown.
Downtown fats are generally old, badly planned
and poorly kept up. and with all the advantage
of location command neither the rents nor the
class OF tenants which newer buildings much
less accessible do Consequently, they and the
nelghborhood about them tend to degenerate.
When new apartment-house IL constructed n
a desirable place downtown 1t Is filled immedi-
ately and so great Is the desire to get down
town homes that many families content them
selves with lnconvenlent fats rather than travel
far for better ones.
In the rush uptown much desirable property
has been passed over, and old and comparatively
Improbable buildings have been left standing.
One OF the great business chances in New-York
to-day IS in the redemption Of such lands. II Is
true they are not to be picked up at low rates,
but they are, In view Of their downtown situa-
ton. comparatively inexpensive and the higher
rents which good downtown apartments would
command would more than compensate FOR the
excess of cost over similar property in Harlem.
In Greenwich and In the quiet cross streets a
little Off from the fashionable thoroughfares,
which have not yet lost their pleasant character
but soon will II left to decay. are many places
admirably adapted for the location Of good
class OF modern apartments. Their construction
would furnish muchneeded homes where they
are greatly In demand offer good investments
to real estate men and preserve the character
Of their neghborhoods. Philanthropists are
planning model tencment-houses downtown and
doing away with slums. Capitalists are build
ing great hotels and apartment palaces for peo
pie Of wealth But the middle section Of the city
offers little in the way Of homes for persons OF
moderate means. Yet were such homes to be
constructed equal In character to the apartment
houses which abound above the lower end OF
Central Park they would find ready occupants
at good rentals. There are places enough avail
able for their erection II investors will only
seek them