The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-13
REAL ESTATE NEWS

forecast OF the probable course Of the markc,
this fall The on" unmistakahle conclusion
20 b" drawn from the bushes, currently 70
I ported II that the new Tenement House ag
has broken the continuity Of several ~ 's
principal lines Of speculation followed u.'
spring The new Law h. recognized even ty
impartial critics ~ undoubtedly b'usfH.I
iu il main features. and not the least 80 no..
cause Il raises the standard OF ooustrS .t.ur
| Neverth.le-~. ~ remains true that for the tlms
being and probably Tor a yrar to cou- 10 has.
= by raising the cost Of construction. put az emf
' g. speculation Ia al" suitably located fuf
Improvement with elevator apartments oor
] tanning Housekeeping facilities. with I've.
story Nat. and t"n"msut- I'M, leaves
. th" field Of speculation. a. constituted Mst
4 spring, nartoued duNu - iut- along the h4.i
! ] Transit route. chiefly on gtuu H.i.U'-.
and - sites adapted for private HOUSE,. ls..-
'int apartments. apartment hotels. i"it- trI
o0iC~ buildings
Competent judge. however. do not profess
% see much room for expansion m opiioft4r.
titles for profitable speculation a. regards to
various classes 81 sites not Affected ny 40
| Tenement Hou-" i,v. The demand for -Iud.-,
private houses is a constant factor Rut u I'D,
q I"iAtiV~lN unimpurtlut on. a. uHou' -
: r-r cent Of N" population IL normally hu.-aI
IN apartments, fiat anil t"ueu"u'- Ilr'i..
more. the l~ocalitla- vhsr" new private h.I--,
may count on finding q ready sale lI,. %.
p"risncrl a sharp contraction owing 20 ,
general INTRODUCTION uptown ~ elevator
apartment. aud are hos chiefly couHna.
/ 60 the lifth avenue section AID small neigh
| both1o-is On the West sd" that have been
PLACED under legal restrictions Spc,llau.n
In lsrd along To-" RAPID Transit route. pore
| trularly on Mashiugton Heights. will probably
b" limited thi. fan f,r several reasons Most
| 81 tho avHllAtI" plots are already IN tho hAuD,
| ~ strnuE speculative indicate held fr
ultimate resale 20 builders Resides. tha
= majority - OPERATOR do NOT care 20 tis 10
| their Norkif = capital fog a year or 'Ho. t'I
iu lrs~ tina" the subway will not b. F1r enough
I advanced o. induce builders 90 tlkH 1907 t.@
| work ~ iuproyeu"ui Then land values h4,a
be"u raised - a level which mH..@ 10 Iaa.
easy than last srr.us to obtain liberal I.1Hs
! With which to carry speculative" Trnfsf..
And, Finally. present prices have h".. .a,ar
mined b. tho eypestltInn thai a l.-g~ pr.
portion 81 tho sits will be improved v..
elevator apartment - that lH's nr ,aa
main thoroughfare- az least have ra.r.-
| subject 20 the uncertainty which prevails ~
| 20 the permanent influence on Vtl.ss o. to-
new Tenement House Law
sites suitable fur improvement u.'. Hr. be-
elof EpAttu eut- and apartment . ''.- arc
| chiefly confined e. n comparative. fu.l
territory below Flftv-rluts street IN 81,
territory renting condition, apparently o..
Nit- - continuance Of speculative huiiulrs
On the other hand. rising land valu"- have
rendered practicable site, th'r" scarce I"-
sides increasing the caution Of l"uliu. irst-
tu'iou- iu accepting current arptti-"u. -
~ n ha~i- for loans e. support projected -
I~roveWcuts SomN operators WI hove
Deen lofi by the new T'r"u "ft Ii.us- l.t
with Chotc, uptown lot 900 thH.r hands -
fguriug on 49," possibility OF iuurof. e
them with apartment cod the hotel g..
but 40 far CXprri-uce ha, furnished a. |
couraglng precedent. and huliar- ao-r'a
- H. IA. &C. I'D. .Nn.- AH .HFnT.H..FH.HFf .n
in the lower territory. where what rrr ..
called the Bohemian life - This 60. D.. con.
tired. During tho past week rn' D. .Iu..a
apartment house it, was sold north ~ iIf.-
ninth street. whereas two sitr. for apart
mruts ~ the hotel type figured 10 ~" deal
ms below the Park
That the building movement IN tho hus'.
n"-s district between Fourteenth ana TW"n's-
third streets and Fourth Aut sixth avenue,
viii continue IL logically certain. r. o. ts u..
reasoned primarily by a northward nIsr'-
ton OF downtown wholesal" houses depend.
ert for custom on the retail stores IN TIE
shopping district IL IS "a be noted. how
ever. that the t.nantry - composed only
IN very small part Of new houses aud Co."
number Of established downtown concerns
remaining after several years ~ migra'Iuu
that are desirous OF moving must now Tee
greatlv reduced A. regards once con
strgcuon tue great working capital tat 'a-
come to be required practically exclude,
opportunities OF enterprise on tho part OF
individual builders
T. Il generally bell eyed that tho operirs
| Of the fan season will see a revival ~ ACTIVITY
ia very expensive sites. sites which h", aus~
| of unique location will stand impruvemert
With costly rreproof structures. preferably
| rky-srrlpluG pNlce buildi.g- and huge hotels
! This activity. however. wa be ss a matter =
course wholly sustained hy the speculative
realty corporations. tine majority ~ Vti.n
have come int, eNistnnce IN u . last c"I,.'
| ~ years aud many OF which have not got
had opportunity 70 exploit their caut.
But. In any event. this activity will MT 20
shared bv thu bulk q the speculative irt"'.
csts identified with the realty market More
| over. corporate speculative enterprise cannot
proceed indefinitely without some AdequI ts
attempt being made - enlist the financial
cooperation 81 the investing public hy placing
on the market stocks and bonds representing
tho product ~ recent and current build'ng
operations, IL IL under TODD that C. least
one Of tue biggest ~ the realty corporst.r~.
will make sucN an attempt this fall. offering
securities written by a bank 81 W
questioned strength with v hitch IL II ariIiRtcl
hut uu'l the result Of this venture appears
he corporations generally will probably
hesits;. about entering upon new building
! operations on the scale which prevailed last
spring
After making these obvious allowance
~ Ia easily -cen that the neld Of sp""u.a-
ton a. constituted last spring has b""a
greatly cuttllled That speculation Vs'
based on an unprecedented demand ''r lots
suitable for immediate Improvement ont
was created by speculation builder lie
building movement Of THIS sprng. hoF"v"t.
has never been rqualled In the history ~
tho uty, and would undoubtedly be- followed
hv a reaction next year. even q the ct I'."-
mcut House law were mcauLm" restored
On tho other hand. there has not h", down
~ tho present any w-A defined of o.
apprcC.ahlc Investment demand 81.
proved property. and the prof N
ment J. holding aloof FROM n" I.fs. %
" becomes clear whether any -a.l i'
l. 10 develop THIS fail and. n 80. VII. . -
Of property Will be affected
On mother ~ these questions 80 's' H..'
transactions throw convincing us'
a" budget. though restricted g sIHf."
meas such as might be expected . 70 H
matter u routine, Possessed tvH rri-..
features Gu" ~ these was W." fH
large number ~ sales 81 loN-pri.'. .|.
fate and - the utu"- ".
cut Investment pur,aa~" ~ g."