The sun., 1902-03-02
REAL ESTATE NEWS.


The buoyanoy Of tone and the heavy trad
ing that have recently characterized the
brokerage branch Of the realty market were
present in undlminished prominence last
week. Activity Ia perhaps losing some
what Of intensity In particular speculative
localities. But, on the other hand. IL is clearly
extending over a wider field In such manner
as TO embrace an increasing proportion OF
investment property. A considerable va
riety OF improved real estate. especially
private houses. fats. tenements, and busi-
ness premises. changed ownerships In widely
separated localities. and brokers are unani-
nous In the statement that capital u going
into improved realty In larger volume than
was the case at this time last year.
This statement 10 supported By of1cfs
records. for which the number Of new build
ings for which plans have boon filed this
year have fallen OF - per cent. the number
OF conveyancos show an increase OF per
cent. In other words. the volume OF con-
veyancing Ii larger this year than last. de-
spite . heavy decline OF dealings In vacant
lots designed for immediate improvement.
The contraction OF dealing In building
sites has been experienced. perhaps wholly.
in lots affected by the Tenement House law.
and Is likely to disappear II the amendments
to the law under consideration at Albany
shall be adopted. a. now appears probable.
Apart from apartments and tenements.
both OF which come under the Tenement
House law, the trading In lots to be used
as sites for apartment hotels. ofice buildings.
fashionable dwellings. lofts and mscellane-
Gus operations continues on a large scale.
The brokerage preparation making for the
construction OF lofts and warehouses s at
the moment especially marked.
During the past two months plans have
been filed for eighteen lofts. warehouses and
factories which, for this class OF operations
il an exceptionally large proportion OF the
total filings. and this number Is supplemented
by operations for which sites have been Sc
cured. but for which plans have not yet been
submitted to the Building Department.
The increase In activity In loft construo-
ton Is at onoe a result and q proof Of the
prosperous conditions that obtain In the
Wholesale trade. Whenever rents have besn
at all adequate lofts have always proved
a favorites form OF investment. The cost
Of maintenance connected with their owner
ship 10 less than In the case Of most other
investment property. Their tenantry is
limited In number and comparatively little
subject to change. The loss OF rent Ia small
by comparison with that OF. cay. elevator
apartment houses or offices. For a time II
was feared that the investment value Of
lofts would be seriously deprecated. at least
for long period by the tendency OF whole
sale trade to concentrate into large business
units. IL has apparently now been demon
strated, however, that this tendency is ac-
oompanied by oounteracting movement
In the direction OF a more minute specializa-
ton OF industry and the creation of new
Industries together with an immigration Of
out-of-town concerns. At any rate, the
total demand for loft space In New York
is greater to-day than ever before. despite
such consolidation OF business concerns
as has occurred. On the other hand. the
tendency toward consolidation has had
the important result Of creating a demand
for larger lofts than we're In reQuisitlon be-
fore. Some years ago loft containing 10000
square feet was exceptional. To-day build
ers are directing their attention especially
to the production OF buildings with a ground
area OF 10000 square feet.
To secure sites OF these dimensions at
advantageous prices in the old Wholesale
district. say south OF Eighth street. IS a DIM
cult matter. Last year. consequently, the
bulk Of activity in the construction Of lofts
was transferred 10 the new Wholesale district
centring In Fifth avenue. between Fourteenth
and Twenty-third streets. Meantime. lot
prices have risen rapidly there and builders
are again returning In numbers to the old
district. which last year was comparatively
neglected During the week three purchases
Of sites In the wholesale section OF Broadway.
aggregating a couple OF million dollars. were
reported by one building company. Current
developments are disposing Of the opinion
widely entertained last year that the rise OF
the new wholesale district, with its proximity
to the retail trade centre. would cause a decline
OF the old II is now apparently accepted
that instead OF one the city is to have two
important wholesale districts.