The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-05-14
REAL ESTATE NEWS.

NOlum0 OF realty transactions during tno pas
. week. and the external signs seem to prove
that the end OF q long and satisfactory season
has como. Still there are many brokers who
insist that there will be no abrupt termination
OF the activity. since there are q number Of
important sales which will be closed from time
10 time within the next month. and because
the causes OF the fine condition Of the market
for some time past will still remain and tempt
many to stick 70 the market throughout the
summer
Whether the end be sudden or long drawn
out, II is probably true that the activity 10 over.
The natural tendency is to regret the cessation
Of active business. and yet there are some
reasons why 1t can be- looked upon philosophi-
cally Just at the present time. One Of the most
potent OF these reasons is the tendency
on the part OF owners to hold their prop
erty far beyond It's actual present value.
This. OF course. ia not a new failing OF
property holders. but the thing becomes
aggravated under the conditions which
have prevailed for several months. There has
been a good demand for property OF every
class. Owners have counted too much on this
demand. and have been anxious to make
present sales on future values. The lower
east aide Is a good example OF this ton
dency. That section OF the city WAS the
only ono to maintain even the semblanoe
OF hCtlNlIy Wnbu INC "dTktt was ulleo
and property there has been constantly
dealt In for months past. Prices have ad-
vanced beyond the natural limits. Owners ad-
init that the figures are at times absurd. but
they always cap tho confession with the state
ment, I'VE can sell for that. though" They
were right for q long time. and they made
money. but there has come a change. The best
evidence that this Ia 80 Is the fact that several
well-known operators who we're so well identl-
fed with the lower east side that brokers with
property in that section Invariably went to
them first. have practically dropped the east
side and are dealing In uptown properties.
This state OF affairs is true In other sections
which have felt the impulse OF prosperity. and
20 It is not altogether a bad thing that q tim
OF at least partial quiet should succeed. 80 that
Exaggerated ideas OF values both present
and future may readjust themselves. There
10 every indication that the reasons which
make realty a good investment now will be a.
coGent next fall as at present.
The practical passing OF the Real Estate Ex-
change. through the sale Of It's building on
Liberty street. was the most interesting tom
OF the weeks news. The company which has
secured the Exchange building promises 10
have an influence In realty second only to that
Of the Exchange itself In It's palmiest days. In
many ways the Exchange will find a worthy
SUCCESSOR III U06 ltSdl EStht6 DOdTu OF DTOK0Tb,
whose influence and membership ought to in
crease many fold.
There have been several interesting sales at
private contract during the past week. The
old Racquet and Tennis Club building at
Twenty-sixth street and Sixth avenue was
sold for S195. 900: a large corner plot at Fifth
avenue ana Thirty-ninth street and q smaller
lot near Nlnety-sixth street were sold: the last
OF the old Columbia College property.
six lots. at Madison avenue and Fiftieth
street. were disposed Of: the announce
ment was made Of the sale OF seven
teen parcels or First avenue. near Forty
second street: . lumber Of Broadway lots,
near Sherman square,. were sold. and an
option. which will be taken up. was secured on
the old Hotel Brunswick and adjoining prop
erty. Not an uninseresting list. but the smaller
sales. which make the tone OF the market. were
missing or were unimportant.
The only sale at auction which deserves any
comment was that OF the old Tilden mansion
In Gramercy Park. The property practically
went back into the Tilden family and at Q
price which was certainly below It's true value.
The sales which are scheduled for the near
future in the auction room are uniformly
interesting. William NJ. Ryan has $50 lots on
University Heights which will be sold on Juno
8. R. v. Harnett will sell sixty EIGHT lots stu
atod In Jamaica. Peter r. Meyer has 100 lote
to sell on Sedgwick. Lind and Lawrence
avenues and Bryan L. Kennedy will offer thirty
acres Of Pelham Park land on Monday. May "a.
These sales are all reported to be absolute and
there ought to be opportunities to secure bar
gains even for the layman in real estate.
The following are tho comparative tables for
Manhattan and the Bronx OF the conveyancea,
mortgages and projected buildings for the COR
responding weeks OF 1899 and 1893 as COM
piled BY the Record and Guide: