The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-01-19
REAL ESTATE NEWS.


Tho preyaIllng belief that this spring y
,lely 10 develop In unprecedented eeners,
Ir,r,v In the realty market was strengthened
ao'rr' hroLerage business made public last
:, EVER since the interruption occasioned
W ~ hoIidays, dealing at private contract
hoan increasing in quantity as well as
ha' :, \ rate unusual In January. II has
~. oloo, for some time that the coming
: !" ,yIu see tho commencement OF an
w. number OF building operations
eeasoiying large capital. like onioe ana ioit
hrIIdInes. hotels and apartment hoten.
gua ,as, two weeks have made II plain that
Inc ,to, work on a considerable scale
20 10 resumed also In terfements. mats
WI ano,tments. The only class OF housing
y. rsich the prospect Is still uncertain IL
nrlya,e dwellings.
Tho principal event OF the week was. o.
- ,be announcement OF the chan ge OF
So,iye power and enlargement OF Terminal
s.oni,,es contemplated by the New YORK
ran,rol The immediate and direct enects
N real estate Of the Centrais proposeu I'M
pIoo,.,,h the indirect influences set In motion,
son they are Of sufficient conse-
..aao Of themselves TO give an appreciate
9uen". 20 sneculative building. The equiv
.ior, NJ probably not far from a dozen
TO- h, the hear, Of the city Will DC stripped
a.nst 90 make way for the improvements
o.aIeo,sd by the New York Central and tho
rannsvIyanIa railroads. Hundred OF tene-
rnert. rats and low-priced dwellings and a
number of hospitals, schools. churches ana
n"s,ness buildings will be demolished. with
~ ,.snlt that many millions OF dollars will
80 "a be rein vested elsewhere in the bor-
n"sb From the nature OF the changes con-
,omnlated II Is, indeed. apparent that property
adjacent TO the enlarged Grand Central ter
r,,nal will experience little speculative move
mont a., compared with the speculation that
has developed In the neighboThood OF the
size of the ennsylvania station. On the
otbar hand. Park avenue northwsrd from
tho mouth of the tunnel will undoubtedly
heein TO figure more frequently than hereto
fora I'm tho brokerage and building news.
particularly as there seems now to be some
reasonably near prospect OF a complete
substitution OF electricity for steam In the
tunnel.
The principal benefits. however. will be
experienced by The Bronx and Westchester
suburbs tributary To the New York Central
which, because Of the unbearable conditions
Of travel through the tunnel, have Jagged
behind In development since the admission
OF tho Brooklyn trolleys To the Bridge. In
Guiding westchester, practically the whole
OF the suburban circle around Manhattan
has within a little over two years undergone
a complete revolution of prospects, due TO
the projection OF the Rapid Transit railway
and the Pennsylvania-Long Island tunnel.
together with the proposal to substitute
electricity for steam on the New York Cen
trails local trains.
In anticipation OF these improvements
In transportation the present year seems
certain 20 witness as notable a movement
in suburban real estate as that which Is prom
ised in city property. Certainly. the out
ward pressure Of population in Manhattan.
already tremendous, IL increasing at a faster
rate than ever before.
IL IL now practically impossible 10 rent a
private house In the central borough for
less than. say. 5000 a year. and this minimum
level is rising rapidly owing 60 the prevailing
tendency In building operations toward
houses Of an increasingly costly order. The
average cost of tho 100 private dwellings
projected in Manhattan last year was SOC, 900.
apart from the land. Particularly during
the last three years an unusually large pro-
portion OF that part OF the population which
formerly occupied private houses has been
forced by a diminishing supply OF moderate
priced dwellings to move into apartments.
Improved transportation TO the suburbs
will open up the possibility OF a return 90
private houses of moderate cost on the part
OF those TO whom they naturally appeal.
Besides. the large capital that has come
20 be required for all kinds Of building oper-
atoms In Manhattan is tending 10 restrict
speculation and Investment here To real estate
corporations. and this circumstance canno
but encourage n considerable transfer Of
individual enterprise 10 the suburbs. The
ordinary investor Ia Manhattan will probably
soon have an abundance Of realty stocks
and other securities offered TO him. but IL
II certain that the great field for investment
In freehold real estate will hencrfOrth be
furnished by the suburbs