New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-12
THE WEEK IN REALTY.
DEALERS DO NOT YET SEE ANY INDICA-
TONS OF AN INVESTMENT
MOVEMENT

There were no great expectations among real
estate for election week, and consequently any
disappointment that may be felt at its outcome
must be tempered by that thought. But leaving
the fact OF the election out Of consideration, II is
certainly true that the awakening that was looked
for has not yet come to pass There was little or
business on Monday and Tuesday and while
Wednesdays results were somewhat better the
next day showed a decided falling off The large
Ftfth-ave transaction reported Friday the
interesting feature Of the week.
For the smallness Of the investment movement
various causes are assigned, any Of which seems
reasonable and none of which are entirely satisfy
ing The high price Of building materials is OF
The causes assigned for the lack Of interest. but
investment frequently has to do with vacant prop
erty which the buyer has no intention Of either
selling building Immediately. and It would
appear that there is reason why such purchases
should not be made we'll at any other
time.
Tho Increased assessments may account In
for the absence Of heavy investment buy
ing. broker advanced an original idea yesterday
In the somewhat paradoxcal statement that the
lack Of investment in realty is due TO the general
prosperity Of the country. He said:
TOO MANY OPENINGS FOR INVESTMENT.
The trouble is that there are too many avenues
open to the capitalist at the present time The
enterprises projected. These things take money.
their support is being diverted from the real
market. Years ago the field for capital
promised safe If slow. return but this is an age
OF hurry The new generation looks around and
sees older with large fortunes. Ii fOrgets
that the money is the result of patient waiting and
ploddng. The younger men want money, and they
want II quick. They hear of big winning on
Leather or something else in Wall Street; and craze
lot Of these men are going to have their fingers
burned. and Ike others who made the same
money that comes quickest does not always stay
the longest. Then they may begin to think about
they are simply following a precedent Men who
nave been in business Ions. and who are successful
have learned the necessity for conservatism Times
are good. but they want TO feel certain that the
condition is a permanent one; II Is useless to tell
them that there never was better time than now
for investment in New-York real estate The rent
Ing a. S has been 6 T pei rs H0t
to the successful business man who says that any
fear Of the final result. The money that is being
put into other things will come 10 US eventually.
TO walt
The principal item in last weeks business
the sale OF what was reported a corner plot In
Fifth-ave north Of Seventy-second-st for a
sideration said by the brokers TO be about $500 0o
That is about all the brokers would say the sub
Jeet and therefore It is impossible to Judge OF the
selling Of this particular class Of property There
is not much OF II on the market. A number Of the
Of the year were Of speculative nature. the idea
being that the number OF Fifth-aVe. plots facing
the Park was necessarily limited and that 1t would
be wise 10 hold OF this property for the rise
in prices which the growing scarcity OF building
sites there would certainly bring about Since An
drew Carnegie bought the two blocks between
Ninetieth and Ninety-second SITS. year ago there
has been steady advance. until in May the sale
OF three and a half blocks fronting Central Park
on the east at the considerations reported proved
that land In that neighborhOod had almost doubled
In price since Mr.. Carnegie's purchases were made
Other items included IN last weeks news were
the sale 10 investors OF the five story business
building No 80 Warren-st.. the in
volving the plot at the northeast corner OF Wash
ington and Charlton sts the purchase OF the block
front on the west side OF Park-ave. between one
hundred thirteth and Onehundred "A nd thirty
first SITS for improvement with a six story mann
featuring building. and the trade whereby the five
story limestone and brick apartment house-the
last Of a row of seven-No 476 Central Park West
changed hands. The week. as n whole. by no
means encouraging
The auction business OF the week. with the ex-