The sun., 1901-05-05
REAL ESTATE NEWS.

Speculation In vacant land along the line OF
tho Rapid Transit road and dealing In the
Fifth avenue and Murray Hill residence
sections were the most prominent features OF
the past weeks brokerage business. On
washington Heights i40 lots changed owner
ship. and in The Bronx tract Of 4Ao lots was
bought by a syndicate OF spectators. Daniel
| u. Reid OF the United States Steel Corpora
uon bought house In Fifth avenue. between
sixty-eighth and Sixty ninth streets, when
mas been quoted in the market NJ $500 ana
iuly dozen other high grade dwellings
were disposed of TO intending occupants
hrm Of builders paid about slOO0O for o
Murray Hill residence with a view to recon-
structing 1t on speculation; the vacant block
IN Fifth avenue. between Ninety-iourth ana
Nlnety-fifth streets. which has been quoted
at 100000. was bought by Al Hayman, AIeh-
Ander and Emanuel Blumonstel and others
who. II Ia saiu, will build for their own occu-
! pdncy and three lots changed hands In Eighby-
eighth street. between Fifth and Madison
avenues
In addition to the dealing along the RAPID
Transit road and in the Fifth avenue ana
/ Murray Hill sections. the week deVsiCpeu
considerable amount OF misccNah eous
. activity throughout the city The Central
Realty. Bond and lrist Company bought
the northwest corner Of Thames aud Temple
streets, incuding Old Toms chop house
h. VI r Bernheimer. the brewers, ac-
qursd the seven story ST James Court apart
ment house on the southeast corner oi Broad
way and Ninety second street for sS,S 900;
the similar apartment hou'> at the north
corner Of Central rark West and slNty-si1th
street was bought by one Of the steel mag
, mates for sGO0. 900. and James &. Parrish
bought Nos and West Thirty-Vurth
street. together with the abutting property
In ThIrty-nith street. comprising plot
fronting fifty feet on each street Prog
ress was also made in negotiations looking
10 a removal Of the Hotel Martin TO the old
Delmonico ilding In Twenty-sixth street.
extending from Broadway to Fifth avenue;
To the construction of a hotel on the site Of
the old Stewart mansion in Ihrty-fourth
street. az Fifth avenue, for William Taylor
< Son, proprietor Of the st Denis Hotel.
and to the erection of a new Hotel Bruins
wick in Fifth avenue. between Twenty
sixth and Twcnty-sevcnth streets
However the news Of the week which
attracted the most attention was tho an
nouncement Of the Incorporation Of a new
company. with notably ample resources TO
deal in real estate The New York Realty
Corporation begins business with a capital
Of s3 oooOOO II IS evident that dealing in
city realty will become. to a very considerable
extent Il business conducted by corporations,
as IS the cl,a with business In othar staple
markets The current movement toward
Industrial and railway consolidation into
large business uuitI with vast capital began.
roughly speaking. in lso9 In that year
the first company with conepicuously strong
financial backing was formed TO conduct
general speculative business IN real estate.
Tho Central Realty. Bond md Trust Com
pauy was incorporated with capital of
$1,000. 900 aud n surplus Of $500. opo But
until recently il did not appear positively
whether the Organization Of thi, company
was an isolated. independent event, or the
product Of general tendency in New York
roil estate. although several strong COM
pluics were meantime founded 20 improve
aud operate specified properties However,.
within few weeks past tho Lawyers Title
Insurance Company has been reorganiloI
with a capital Of 81 900 600 and a surplus of
si,4OO. 900: the Century Realty Company
formed with a capital oi 81 900 600 and tho
Geo Fuller Company recognized with a
capital Of 500 600 900
What effect tho development OF corporate
activity in real estate trading will have on
the market il is not easy to ioresee However.
corporations will probably be- satisfied with
smaller returns on the capital employed.
and in SO far tend 10 limit tho field for iudi-
vilual speculation on the other hand,
the influence ~ strong corporations will
hc in the direction OF stability OF iec values
Il So IN. of