The sun., 1901-09-29
ELEVATOR APARTMENTS,
THEIR JAIEF as RFtL ESTATE
ISyESTMENTS
Tue Nrw Tenement Hcuse Law and the
Completion of the Rand Transit
subway Expected to Increase he
Income FRO ~ THIS Class Of Property.

abou' four Gears ago the principal feature
o. cunstructional activity hns been the
production on an unprecedented scale "i
elevator apartment houses THIS pro-
ductinn has been one 81 IN" most important
Of tho inf1u.D~-- that have contribWei
70 what amounts 20 revolution IN land
val,er Throughout large ?art o' MAI
haitian borough North OF fftv-ninth
,,r.,t. indee~d, elevator apartments were
80 excapLionl four years ago as 10 have
nulc tcAring on bot quotations Hut since
then they have become the scc-pt~d Twp"
20 improvements In all the mei'um and
hiah grade fat house sss'ionr, and he
substitution of this taller type Of buildings
for the Ave story elevstorle-s fats which
formerly constituted the common type
has vastly enhanced the earning power
~ the land The general Introduction
Of tho nov common type of elevator apart
,nen,s hs. probably added rs per cent. to
tho value 81 lots throughout the northerlv
part Of the borough. except IN compare
tivoly narrow localities that are t-I.c'ing
10 become restricted TO housings, either
for tho very rich or for the wase-earniig
- oppo.est Ia the salart~d clas@".
The economic evolution which led 20
Tho. substitution Of elevator fate for tho
sunday before last but no attempt has
Va, been made u show the actual pOsition
whloh the nav type has taken from the
invest msnt standpoint. Brokers and es-
t-orts generally express dramatically op-
poetic vi~ws a. 20 the renting and selling
qual,ti,- Of tho new apartments. and cnm-
ps.out opinion has not settlsd down To sny
s.ustt.d con victiun on this head All
arc agrs.i that the new spartm.nts have
damaged medium grade dwellings and
th., t.st,or cla,s 81 fve-rtory fate. but there
i- no c,n-an .,Is a. 20 the pr"seni position
nt oven the pro-pc-%- 'of III" nov apart
in.uts A. matter of practice, the "l"-
vA,ur Hat has thrown an element OF con-
fusion into real estate apprai-ements,
although " q matter Of th~ory. ~ largely
explains the marksl appreciation In land
fhfuug luut extensive localities. cOupIeSi
with AL equally marked depreciation In old
. huiiOluEs that Las beCofno subject of
common comment
T. -s~ur, precise data Illust rativs of
rental ambitions IN the new apartments
T. imppssIhl" som" assistance was Tor
rn"rly ob:dinAblc from the annual tenment
house c"'.,il- taken by th" Health BOARD.
which gave n summary nf vacant and ocN7n-
pioSi a'ltn- m Oats ~ we'll tsnements
Tho o.-nSus however. has been >usp"nded
fhr ia" current year, and opinion hs< 70
met with IN bruher~ Office Tie selling
quality Il tho new apartnnenta On the other
. hand. nay b" asccrt5dnod with Statistical
accuracy Tie nyIrrs thai follow have
leau btaiuol bv taking tho l7ni.t ah-
-trecte 4 The plans flied with ~" Ru'ldins
Dptr.r'nc-I' and making a physical in
. stsctiun q 'he sites- noted, so a. 20 deter
inlue which 4 the pruJec'ed buildings
7 have actuallV tecn errC'"d The new
house, hay.ng boea d"t~runed ny an
i,irornry ha-ed ON the building plans.
n Wa easily feasible 10 discuver which
II them have be,.n sold hy referring 20
,ls abstracts 81 CuuveyanC,~ recoried in
th. Register oflce
rh,. lnvs-tig.tion goes back 20 isea when
Tho prod.,.iuu of elevator apartments
first assumed striking proportions and
since 'hcn tho majority 81 ne houss~ of
'lns clas. have hesn erect.d For rea-
.,rs mai. "Iy,,us In ,h. article of two
,y,scsn AZ. th. invest iRation II confined
L, tho -i'sr-v north Of Fif,v-ninth street
IL coV.rs boU.Ver the whoi. OF the island
Above tha, liue
From January ispa u June 1901 in
cl,.iv. ana new elevator APARTMENTS we're
r,, u,d..r r,n.truction. a, a cost est
,r,, a An tho nlans a, more than So 90. 600
ann, ,-,rn IN. land They wer. distri-
n,,.t as fnll,ws on the West side. 100
I.i.dir,, co.tins ,7l "a 90; on the Ea~t
7 S,ie I'd costing As 10 OnO. bstwesn 10th
ard ir5,b s,r-ts o. c,,.tiny ,l? 772 90.
,,h - i9t,t, s,r.., g. c,s,I7,y a so nnO
. n,c-c tg,Ir.s r,,t,y,' ...r, IN. h,Iilliugs on
~. I.o,r,n hn, wbch have
-, a., ali ,,,st,''g... Ies,,, cornple,.d only
,I.sc L,,'cv., vhicb hav. h..r. opensd
., t.,.r,s rs,, -. ,,,,,uerIy considered a.
LIN, IL, tbs ''rcl.rnya make, Prom the
e.. 80, i,,,.i aI,,ve should therefore.
. - 5al,,,.1 o9 I,liIIiuys startsd this wear
- a. .,,r,5 80. ,lIs voar hu, still
,', o,,,.,,'i,,,.., mi, "p.neI this fail
I,.JJ- .l,n,.s, tho l,,lldifi gs started prior
=, tta c',,r,.,f ,esr ~ have b..,,n ahan-
,,.J ,,ngrtSh., a,d seyeral have he..n
.,'ic,-,.J - ,bs n tilding D.nartu.n,
~ ..r - ,,,,,,,',rt,nn II tho-. :, ,rt,.d
-. - Na. - 80, .t,rn.,d owing 10
Ss.,,,,, ,-,'',i.'Nra IN tho new T.nem.pt
HI. i. F,,,, n,,..,,,, sprearanc,--
=, -. ,',,,hatic ,bat IN ADDITION 70 tho
I,,,,.,.,- - ,,,.d,. ,,,,.n..i this ..,ason foIty
''r S,,, - vul IA. nn,.h.d b.fore Tie
,,Uo,,.,
W,t -" -,,.,,a,,,. dsi,,c.,,n thor,
,,,,,.o,,, ia LuiLji-ys that hnv. hcen In a
,,,,a.,. IA. .,,-titf,p IN, IA oren Ia
,-..',s r., a, l.as, Al. ,nnn,ha IN ~. great
.I,tt,' , t,s,U,o,.s ,L.,,gh tho rt,-,,l.,r
- 80. .,l', ,vc,, f,istad ,hia s,,ri, .
a., ,t..... i,e ,arkc,,I,le lniildi,ys tie
,,,,,.,,.r,. !. .l-,,f' =, .Luiy nf thIs wear
.l'y, "a, s,,tv..cur hu,,. t,,.n trnus.
f.rr,d -, pri,oto cNn,rac, and arr there