New-York tribune., 1900-05-27
| THE WEEK IN REALTY.
FOR BETTER CLASS OF PROPERTY
MARKET ENCOURAGING.

MARKET ENCOURAGING.
A resume of the weeks transactions in the real
estate market both in the auction rooms and as
reported the brokers' offices. presents, In the
varied character of the dealings and In the eVl-
dences of healthy. though conservative, demand
for the better class of property condition which
while not in any sense bordering on pronounced
activity, should be highly encouraging to owners
and investors.
Throughout the spring months there has been an
excellent demand for the better class of modern
private dwelling houses and few If any of the
many residential properties equipped with
up to date improvements have gone begging. far-
ticularly has this been the case on the East Slde
between Fftieth and Seventy fifth SITS and f1fth
and Park Another of the five story Amerl-
can basement dwelling houses built by Charles
Buck on the old Columbia College site YVES re-
ported sold last week, while several others IN the
group of fourteen being erected by this oullder
have been sold from the plans. OF the four houses
on the same plot fronting in Madison-ave and
Fiftieth-st.. under construction by the Farleys,
three have been sold at favorable figures SeVerai
houses recently completed In the fl1tles ana
Sixties have found ready SALE while many more
are undergoing extensive alterations or entire re-
construction for their owners. An unusually sue
cessfu operation by two builders. Notwithstanding
the fact that there has been considerable delay IN
the completion of the houses that at the south
east corner Park-ave. and Sixty -hfth-st.. where
two builders have erected eleven five story Ameri-
can basement dwelling houses. Only one OF the
group now remains unsod and excellent prices
were obtained from the purchasers of the others.
Constantly increasing values have been estab-
lished during the last two years for the narrow
strip of desirable residential property bordering on
Fifth-ave. in the Seventies and Eighties. The most
recent purchase in this section is that of Joseph
Pulitzer on the north side of Seventy third-st Mr.
Pulitzer has secured a plot for his new house
the dwelling houses running from No 10 10 East
Seventy third-st covering plot 9S by 100 feet. 1t
was learned this week that for the smallest house
in this row, it having a frontage OF only 10 feet
and 6 inches. s500OO than $1,000 front
foot, paid this being practically the inquire Tor
the lot all the present structures will be torn
down. The large and rapid increase in values in
neighborhood readily be realized when it Is
recalled that less than two years ago a subStantlal
25-foot house in Seventy-fourth-st almost directly
in the of the Seventy -third-st. house men
toned was sold for about S45 600, less than 5000
a front foot.
Another encouraging feature of the realty market
well worthy of consideration by the conservative
is the apparently unlimited success which
the bachelor apartment houses and family
hotels in the section below Fifty -nnth-st are meet
ing These houses are now to be found in the most
desirable places in almost every street from Twen-
ty-seventh-st Forty y-ffth-st. either filled with
tenants in the course of construction. So great
is the demand for this class of apartments on the
part of bachelors and small families who desire to
avoid the of housekeeping. that far the de-
mand is much in excess of the supply, despite the
many buildings now IN course OF conSlructlou- AS
example of the ease with which tenants are
found for these apartments the experience of the
owner of family hotel in Forty-fourth-st, to be
completed about September l. may be given While
the staircases not yet all in and persons de-
string to inspect the rooms the upper noors are
compelled 70 mount to the topyof the house part art
way by ladders great has been the Inquiry for
apartments in this building that renting office
has been opened the first floor, and several or
the most desirable suites have been rented
on two and three year leases from October l.
This experience has been duplicated in many IN
stances the real estate agents having charge
of this class of property, and vacancies are rare
In any OF the modern buildings. The confidence
with which Arthur w. Eager for two years the
manager OF the Schuyler apartment hotel at Nos
50 and 81 West Forty-hfth-st., regards this class
of Investment property is shown in his purchase. as
announced last week. of this property from the
Imperial Realty Company: The house covers a
nine stories high, Mr. Eager has also leased for Tor
twenty-one years, from october l, 1901, at $1,000
a year net. from Oh G. and G; ]. Webber; the new
Schuyler, which will be nine and one-half stories
high of freproof construction and will conform in
exterior design that of The Schuyler.
Even the much magned West Side residential
section has had its share of general activity in
accounted by the incessant rapid transit talk.
while The Bronx has shown unmistakabe signs
teriais is now considerably lower than it has been
for the last year, and the builders are looking
forward with little concern to the operations Tor
In fact the entire aspect of the realty market.
with few exceptions, is most encouraging. one or
the exceptions which seems to be responsible for
much of the uncertainty with which some inVes-
tors regard the market is the question OF taxation
Furthermore it may be noted in this connection
that the pessimistic utterances Of a prominent Of
fetal in the city'S Tax Department regarding the
probable increase in the rate as attributed TO
denied the report subsequently, do not tend TO
help matters any At the present values prevalllng
tan Island owners and investors have little cause
for anxiety on account of the tax rate