New-York tribune., 1900-08-26
REAL ESTATE.
THE INCREASING VALUE OF PROP
ERTY SHOWS ITS EFFECT.

There was a slight improvement in the real estate
market toward the close of last week shown by
scattering sales of uptown dwelling houses and
lots but in general 1t was the same OLD srory
Of stagnation which has already become wearl-
some through weeks Of repetition. the whole con-
ditIon of the market now and for last six weeks
Is summed up in the word dull, and the mar
ket is just dull. If not more So this summer
than It has been in any other summer for years
The conditions governing this period OF dulness
are vastly different, however: for while brokers
are despairing OF present conditions and looking
ahead with forlorn hope Of earning any large
commissions in the near future. real estate IN
Manhattan was never on hrmer basis never IN
stronger hands and never held at such high valu-
ations with owners seemingly fearful that they
may be beguiled into parting with their hololngs
at their own price So while brokers are struggling
to pay office expenses owners OF improved real
estate are refusing offers which, II persistenty
declined upset all calculations as to present
appraised valuations and cause readtustment or
rent schedules in which the lessee VIII De the
sufferer,
The writer has recently learned of several ridicu
lously high offers for desirable property supposed
to be in the market which have been fatty refused
by the owners. In one instance in the gilt edged
Murray Hill section an owner refused 70 accept
a hona dde offer Of $780, 900 for parcel which was
appraised by two disinterested brokers at nearly
100000 less than the price named. Again, an I'M
provement in the F1fth-ave- section involving
purchase price of nearly $1.000,0O0 has been held
up for several weeks by a comparatively small
difference between the owner and the intending
purchasers and there is little prospect OF the owner
making any concession whatever.
Both OF the parcels referred to are corners which
are wanted for extensive Improvement, but figuring
on the best rentals obtainable after the completion
Of the projected improvements the prospective pur-
chasers could not reasonably expect net return on
their investment which would warrant paying the
figures asked In the time the present
owners, while demanding prohibitive prices are
fortunate II their holdings show even small re-
turn after taxes and running expenses are paid
For the better class OF property, especially in the
residential sections in Murray Hill and in the Fifth
belt all the up to the Eighties, readJust-
ment of values is apparently in process, and If
owners continue to maintain their present firm posi-
ton the tenants will have to pay the difference
This the Halter seem to be willing to do.
N conneotion with what has already been said 1t
is interesting note the progress already made by
the brokers the fall renting season. which has
been more than satisfactory, although August is
not get ended The houses which are being rented
with little Quibbling about price those which
have been put IN thorough repair, while those which
have been altered into American basement dwelling
houses or equipped with every modern improvement
have been snapped up before the completion OF the
Improvements Tenants are constantly demanding
more In the way OF modern improvements. and the
owners wao are tac sighted enough to this de-
mand can, &. rule additional expenditure
OF from SAOj to $1,000 get at least per cent re-
turn on the additional investment
A canvass Of the residential section along Fifth
ave. from ThIrtyfourth-st. up shows ITO let" signs
on several old style dwelling houses whereas not
one OF the modern houses still remains in the
ket- Rents are higher than last season. and with
the demand good 1t is reasonably certain that there
will be fewer vacancies than usual
Among the modern and recently altered dwelling
houses which have been rented this month are Mrs
o. H. r Belmonts ffty foot house at No. 67 Fifth
her son. William K. Vanderbilt, jr; No 26 East
to H H Henshaw at $3.50 Year " No IA LEAST Gast
Seventy-second-st. four story dwelling house to
Seventy ffth-st. five story american baseme5f 55e9
eSweiIlng house; to w C. Morrill, at $4,000 a year
ing house, TO J. H Prentiss; No / West Forty
The builders stn hliEg plans and every dav
aads plans for extensive alterations or new apart
the Building Department.
seven story brick and estone Ps9y gIs9syto Will build
Reuse on the plot eo1OO feet. the north side of
esFSide sd a Priye & at an an &e5sted cost Of $4,000 Plans
gory aS9 h Reen ned by Samuel Green for four
l25xlOo feet at No 36 to S22 East one-hundred-and
gan has fled plans for altering the old + Revere we're
House at the southeast corner Of Broadway and
cost Of M Go6gan ana bong6t oS Pfng be at
the property had been Fesod at an aGVa6es
0[ eL ebout 10000 The transaction. however.
E. In addition to the operations referred to there
lem and The Bronx, and plans have been Ned
%ithln the last lew days for numerous small
large blocks Of lots for Improvement and Whefber
as possible between completing one operation and
beginning another. Loan operators are fairly
conservative however, and there have been fewer
builders being compelled abandon their opera
tons before their completion;
The crusade against the free rent system re-
ferred to in this column last week. is being taken
Up by the owners of apartment-house property in
stamp this
Harlem Properly Owners recently organized by
as Officers William H Barnes president; ] M
Horton ice-president; Paul Mayer secretary and
counsel. The association has secured offices in
One-hundred- and twenty -ffth-st.
The Bronx met last Monday night and joined forces
with the Harlem organization to fight the free rent
Of the property IN the secton bounded by Bos-
ton and Webster aves.. One-hundred -and-sixty-
give no free rent when leasing dwelling houses
vides for black list OF delinquent tenants which
members required to report Members who
violate either of these rules are TO be fined for the
hrst two Offences and expelled from the organlza-
ton for the third.
purposes for which they have been framed. the re-
suit will be one OF far reaching beneft to real es-
tate owners in the sections named For several years
prey OF speculative builders who, in order 10 All
up their apartments for sale. have granted long
conditions others The system has extended
all over the uptown sections. and has become Ibe
houses both new and old 1t is expected thai 9b
union will become strong that the practice will
expect to receive free rent The only difScrItI nI
anticipated in shutting down absolutely on tbs
builders It is to be hoped that the Crusade
sst ns srant2g az Of free rent viii extend @ to the
nounced as It is anywhere in the city
RECORD OF PRIVATE SALES