New-York tribune., 1901-07-21
rHE WEEK IN REALTY.
,,ospWAY BLOCK SOLD FOR A MILL
,oN-ACTIvITY IN THE NEIGHBoR-
,,ooD OF THE GRAND CIRCLE.

ere few weeks in which some important
tn ..+e transaction is not reported. The excep-
resi ~,allv occur in the hot weeks of summer
uons lust ended was not one of these excep-
Fhe s,r one Of the most important and most in
tohs .g transactions that have been reported
pobert Smith paid $4,000 for a plot at the
sihos corner of Thirty-fourth-st. and Broad
no- ,ss made public yesterday. 1t was a trans
won involving property valued at 100000, and
a.,n one OF the syndicates in the deal was the
as-Syork Realty Corporation, which only a few
New ago sold the Kemp Building The property
500 ensarceD bounded by Broadway Eighth-ave
srssyssseTenth and Fffty-eighth SITS. The seller
was t9s me New-York Realty Corporation. Hoidridge
were the ft brokers' }se The The parcel pa which is
~ 1asich is owned by John C. Hart This parcel is
sASs pot sold has frontage of 2l feet In Fifty
ss1entkst.. 12L24 feet in Fifty -eighth-st 2co.65
sss n Eghth-ave and 164.24 feet In Broadway 1t
we ss TWO story brick buildings. fourteen four story
llsck buildings: one three story brick building and
0ss Some big parcels in this district have changed
tnds in the last year. and the probable future de-
hIoanent Of the district is considered to be ex-
sileut Many large improvements TO parcels in
,s I'm are being carried out 1t is thought that
lsree lIT number Of big hathouses and apartment
a9otber year has elapsed.
The sales announced in the course of last week
xsre pleasant news TO real estate operators. big
snd small. While they did not show an active
-fsrested in realty transactions who have de-
erred their vacation trips TO the country TO study
~ market and to close some deals. According
- many Of the best known operators in the city.
ne number Of new realty owners will grow greatly
ssch month for some time. These operators say
stability of the real estate market has
s,fracted widespread attention, that the natural
Increase Of valuations has driven fear from the
minds OF the timld investors. and that conditions
fsye arisen TO draw TO the realty market more men
Nth small and large sums 10 invest than in any
rsar ir the last decade.
The number Of persons who think that the new
tenement house law will cause the poor man to
nav higher rent, and to get poorer accomrnoda-
lions for his money than now. disappearing
nv The score daily. There is no longer any doubt
n the minds of the majority of students of the
realty market that this law will prove beneficial
10 the greatest number of persons who live and
hest OF these Students, ii will practically result in
changing in a sweeping manner the appearance of
fhe districts known the tenement house dis
frts. II was not long ago that operator pur-
chased number of old tenement houses. He got
these houses at what generally said be bar
model tenement houses Under the old law he
could have built rear houses the plot on which
these houses stood, and he might have done so IL
this old law still in force. He has had many
years experience in dealing in tenement house
property. When he bought the property he took
Il for immediate Improvement He has said that
he is positive he can make a fair profit his
investment by building tenement houses according
10 the new law. and q far greater profit than he
could by renting the old buildings. He does not
intend TO increase the rents that he is now re-
cering from the property. When his houses are
up he knows they will not only be built on i'm
proved lines pleasing to the eye, attractive TO the
parcel that he dispose Of quickly when he de-
sires.