The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-25
REAL ESTATE NEWS.

The condition of things In the iron and steel
mar kets 10 such that the building industry OF
this city is seriously disturbed. Architects
and builders generally agree that II the
present scarcity OF structural material con-
tinues as It promises to continue. the result
will he the discontinunnce OF work on many OF
the big buildings now under way and prac-
tical suspension Of building operations until
the stringency is over.
Tho trade papers recognize the gravity OF tho
situation and make important comments on It.
The current number OF Carpentry and Building
says:
Structural work on some OF the big new
buildings in New York city IL suspended by
delays in the delivery Of material. and similar
condition prevails in many other quarters. So
great is the Inconvenience thus caused that In
many cases contractors are Offering hand
1rGmp on d G9psrSt D1S'' New TFd
tho work on number OF new public
school buildings which were Intended to
he ready for occupancy at the opening
grave nconve nience and loss is likely to accrue
Ths advance OF SIS a ton made tho last week in
August in tho price of structural steel nppears
to effect IN estfstnS t rong
turning out this class Of material Is working to
its fullest capacity and many, orders have to
them within reasonable time, 1t is likely that
this condition Of affairs, Tll check good
PARTS Of the country. with the necessary
% knas o soo sS that sPs
used in tho construction and equipment OF
tLis W! il not be found altogether an unmirsd
late has outstripped the capacity OF production,
and n slackening Of the current demand will
Orders So lar as can be Judged by the existing
condition OF business. t is not likely that many
Of the building operations which are postpqned
doned altogether but merely deferred until
spring.
Still another obstacle to building operations
in this city has arisen in the recent strike OF
the carpenters. A builder who is connected
with tho construction OF some OF the biggest
buildings in the city said last week that this
demand for higher wages on the part OF the
carpenters was about the last straw that could
be laid on the backs OF the building industry.
with structural material at practically pro-
hibitve price," he said. and an increase OF
twenty per cent. In taxation. II anything else
was needed to absolutely restrain capital from
building enterprises. this strike was tho thing.
without this further burden. the cost Of con-
structon is twenty-five per cent greater than
last year. and with it the increase is difficult to
estimate.
Il can see no reason why property owners
buildings nearing com pletion or recently COM
pleted Such u step ia the inevitable conse-
o oi insten o have eome under my PERSONAL OBJ
servation where building operations begun on
small capital. so that enough material to over
ride the present high market prices was not
secured have been suspended and abandoned.
and II this does not result in throwing upon
finished buildings. It viii be surprisins' Tho
aauctioneers business viii probably be good If
The p most s s feature U in The present
real estate market is the una bated demand for
housing OF AL types. II this lasts long enough
it should relieve the pressure.
The current number OF the Real Estate
Record ana. Guide has this to say concerning the
influence OF INN migration on realty in this city:
Real estate men. at least. are waking up to
the fact that immigration and rents are not
were adding every very year to ths population
OF the country the, equivalent Of n nrst;cla
it was recognized that. com M ercialiy speaking.
thus the ability Of the United States 10 attract
tracing so many gold dollars without giving
anything for them in return, All other forms
himself with his capabilities, experience and
weHlth-rroducinG powers, we could get for
the the concus"n that this was bad thing for US;
30 they camnaigned against 1t and advertised
to the world that we were inhospitab bic to i'm mi
grnt ion. In some measure we were taken at our
S SS1a hs asepe h' 0'hf'
many n ormns Of wSs sh. Lively soun m "a:
lost BY, The los. Of immiEration. On the
as SIM ii
i'm mlgration in their buildings and in the
slower pace at which population fills ur vacan-
migration. Int the cry comes late. Tor the tide
hns hacn. III some measure. diverted TO more
hospithble shores.
Adigcnt search through. the plans for new
year reveals thai although the mum her OF apart
ment houses to he erected Is greater than last
Enn for
who carries both classes of apartments on his
lists gave partial explanation OF this state OF
II attribute the decline In the building OF
bachelor apartments in the first place to the
city at present. This supply has been effected
by overbuilding to great extent, so that the
esana G no in y 1he eonysrson OF old dW1
ings into buildings having stores on the ground
floors and suites Of annHrtments fer bachelors
Of tn" he houses " along Firth nyenme near Fortyo
second street. and In tho side streets In that
get n far greater return on property SO ar
ranged than they could on the old dwellings,
and they have been quick to take advantage Of
"Then again club life has moro aureme nts for
the hache or than n ordinary apartment house.
where he is practically solitary feinR. and the
and elegant homes provide tho com panionshlp
/
| so many college fraternities are eSta hiRhnK
| club houses in this city. Tho graduates OF the
| colleges can carry on the mountaineering
| there that begun in their university days. and
multitudes OF interests like that are common.
The owners OF bachelor apartment houses
are recognizing the necessity OF this element
OF club life and the latest typss OF apartments
are designed with this in view. Thus one OF
the larger OF the bachelor apartment houses.
near Fifth avenue In the Fortles has leased
tho greater rart Of the ground, floor, to two
college clubs and the result has been that the
big building swarms with graduates OF the
college"
Some idea Of the amount OF building project
| ed and now under way in his city can be OBJ
tanned from the building. Department stats
tics Up to tho middle OF the present month
permits were issued by the DEPARTMENT Tor
1911 buildings. estimated to cost SSS | &, 442.
In 1873 the figures tor the same period were
2.374 buildings and S49.l7SG35. The most
conspicuous Of the undertakings planned for
Manhattan arc the American Exchange Bank
building. northeast corner Of broadway and
Cedar street. the ST: Lawrence Realty building
! northwest corner % the same streets and the
building replacing tho one destroyed by fire on
the southwest corner OF Broadway and Warren
street.
In The Bronx the largest individual operation
al il that for which MIS- hla1 Ia.