The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-11-03
paryArE HOUSES.

GlH1Ittn HNt-btoty
dwellings In Seventy-fourth street. between
Central Park West and Columbus avenue.
from plans by Percy Grinin The special
signi1cance OF the announcement lies In
the fact that the houses are not 70 be placed
upon the market for sale but are TO be let
out to tenants and operated by the estate
as a permanent investment, IL IL
thought that II no longer pays In Manhattan
70 hold private houses for the sake OF the
rental income. This opinion Ia undoubt-
eddy true with respect to low and medium
priced dwellings. The net incomes formerly
obtained from such dwellings have been
reduced 70 the vanishing point by rising
land values and correspondinsly high taxes.
as we'll M by competition from elevator apart
ment houses But this opinion does not
hold good with regard TO residences OF the
highest type OF construction In uniquely
advanta geous locations. Residences OF tins
kind enjoy a monopoly character when
excepts them from the full force OF the COM
petition felt by dwellings OF the lower gr des.
The line Of demarcation between profitable
and improbable dwellin Is. whether con-
sidered from the renting or selling stand
point. may be said TO he determined by the
cost OF the land Private houses are be-
coming Increasingly restricted TO lots that
are too expensive TO stand improvement
with apartments On the West Side. where
the common type of apartments Is the semi
freproof housekeeping fiat. II Is thought
that the maximum price at which lots can
proftably be improved under the new Tene-
ment House law with semi-hreproof house
keeping fats will be about t20.O"0 The
Clark estate site. on the other hand, Is prob
ably worth about SIS. 900 a lot. NO doubt
the estate has been Influenced in It's deter
mination to build private houses by the con-
side ration that this kind Of Improvement
will react more favorably than any other on
it' existing Investment oldina In the I'M
mediate vicinity. which include the Dakota
In Central Park West. between Seventy
second and Seventy-third streets. and nearby
groups OF high grade residences. Never
theless, the present undertaking would not
have been justified II the level Of land values
IN the neighborhood had not been sufficiently
high 70 exclude semi-hreDroof fiat-house
&C Instruction.
The new Clark estate houses will CON
stitute the largest group OF the most ad-
vanced type Of modern dwellings In the CITY
that will be available for hire. They VIII
be equal IN character and location TO the
bulk of those that are successfully offered
for sale in the market at upwards OF q hum
dred and Atty thousand dollars each. Thai
they will find q ready tenaDtry may he argued
no less from the experience Of tho brokerage
market than from the growing frequency
Of reports OF leases OF private houses at
prices rising as high as sio.O oo q year. Given
a renting demand for houses equal TO the best
shat find a ready sale. the COST OF operating
private dwellings IL less thsh 'hat ior MY
other class OF investment real estate anu
the example OF the Clark estate IN us present
undertaking will. therefore, be OF the greatest
value to tho market. because II serves to
direct attention 10 q class of property that
has 30 far received little attention from
investors.
The new Clark estate houses VIII o' o
hreproof construction, COVERING 'he i"'
width OF a 2S-foot lot ana containing eVrr'
modern convenience inciudIhs eiect''or'V
vators In these respects. however thty
will not be exceptional ihey WIN n''ei'
follow the standard toward whlch privstr-
house construction 10 oeho'hs 70 hio."
on both the West and last SIDES ana IN the
Murray Hin section. or in every exclusive
private residence locality south OF iio'n
street This tendency has not. pernsPs.
been as yet so strongly marked on the "es'
as In the other dlstricN mehuoheo'
But here also those builders who have reoos-
nized the current tendency ana sc,eo on
have been uniformly snooessrui' WINE uhrr'
are stilI a considerabie numoer OF ineoiuin.
grade houses unsoid on the west n'oe thss
remained on the Market TOT up~aro
-. $4,000
have passed throusn iorecio-ure p'ooeeu-
ings The tendency OF priNhoe mousse On,
70 recede 70 h~ish-p''ceo Janus snu
TO take the form nj hiRh-etaoe "orkniAnship
Is Illustrated by the sta'suoS OF 'he puiiuins
Department In is" plans were heu W
Tor %l d"eihhss an ave'"Eo
cost apart from wv 'ahu' :" $3.50 ~
1899 the number OF dwellings projected hao
fallen 70 sS2. while she average cost TOSS
10 s2a.S2s
Since then the tendency has been stih more
pronounced During the nrs' nan OF tne cur.
rent year only eishty-siN houses were iannso
and started The hsures TOT lsso ana ivy
include q small proportion OF houses nov
exceeding 10 per cent that were pro'ec.eo
but not actually ouit me pri'a'e hous
planned ana started IN the nit' hSi, OF 'he
year we're distributed "a ioio"s
On the Fast slde' 81 uNeI"hss aNeiakihs'
apart from the Iahd. s'o'S'l' sou'n o! rh,s
ninth street. 10 evenings tne'asins sso'sss
on tho West s'de ~ dwellhs- aVefaslhs
norm OF i|o.h e''ee' "usennnss
sl|"S IN" pHho'ps' ae'''As
~ priNAt"-house constitution has peeh norm
Of NON street, beyond "hloh only I'hou-rS
we're undertaken from thls year plans
none whatever peihf uhoc''sAeh p''~''n
ION aud ilSth streets Nhefe a'ohe over
-aN - 80 - a. 4 nInNHIlEu M AHNA AHd