New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-04
A CHANCE FOR INVESTORS.

A contributor whose letter We printed rev
days ago asked, evidently after trying per-
sonal experience, whether apartment-houses OF
q different type from any low existing IN THIS
city could not be built with reasonable pros
pect Of q fair return upon the capital invested.
Our correspondent called attention TO the fact
that there are virtually no flats in New-fork
consisting Of good sized rooms. and containing
all or most of the modern convenlences, Tor rent
at prices which persons in moderate circum-
stances can afford to pay. There are man!
apartments of this description to be had NJ
rental nearly or quite eQua! to that OF coiil-
Portable house in a respectable nelghborhood,
and there Is perhaps an oversupply OF apart
ments renting for thousand 10 nlteen hun-
dred dollars But the latter are seldom OF never
satisfactory to persons who require spacious
airy sleeping-rOOms. good closets ana coiniorr
able accommodations for servants, IN audi'ion
TO the necessary rooms for the common use Oh
q family. Our correspondent thinks mat such
n homo as he has In mind might be Obtalnable
if builders would apportion their outlay in
more intelligent and sensible manner, and the
pont which he makes is certainly well worth
their consideration.
1t must be assumed that investors in prop
erty of this class, who doubtless study the re-
quirements Of prospective tenants, are con-
WINGED that there is larger demand Tor sho"
than for substance, and probably their conVlc-
ton is well founded. Doubtless many ana pre-
sumably a majority, Of those who are Wiling
TO pay from 1000 to $1,000 for n nat insist
on profuse decorations, so called, in those parts
of the establishment which are open to the OBJ
servaton of visitors. They rejoice in onyx
Railways, stencilled ceilings in elaborate pat
terms and half a dozen cOlors, big mirrors, eN-
pcnsive chimney pieces and highly polished
hardwood trimmings, even though they may De
of vulgar style and inferior finish Builders
presumably have concluded that. In the long
run. It Is safer and more profitable TO spend
money freely on such details than it would De
TO put a larger proportion of their investment
into space and light and air. But even II they
are right in n general way. 1t does not TOTO"
that an occasional departure from the rule
would be ill-rewarded. 1t Is a significant fact
that whereas observation-disclosures Of the kind I'M
der consideration are constantly seeking zen
ants a great many persons are constantly seek
ing kind Of apartments which they never hlu'
There is much evidence TO indicate that
builder who should put up welEconstruc'eu'
fully equipped apartment-house OF large rooms
simply finished in inexpensive Materials anu
in striking contrast throughout 10 what Is com
monty advertised as elegant would have no
trouble In filing It with tenants who would APP
precate their advantages, take good care or his
property and pay their rent promptly, ana
would find that he had made flrst-rate invest
ment. There are many such fats In foreign
cities. and many Of them are occupied by we'll
contented Americans. SO far as we can sec.
there is no reason why similar accommodations
should not give similar satisfaction to owners
and tenants here. 1t is certain that multitude
Of persons who know how to enjoy home
are dreadfully tired Of the aggressive orna-
mentatlon and the finish at once heavy and
glaring, of the typical New-York apartment
renting at prize which is called medium for
purposes of comparison but which Is actually
exorbitant according to any fair estimate of the
real comfort which it provides.