New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-30
THE WEEK IN REALTY
THE SMALL INVESTORS IN THE MARKET
ARE HAVING THE BEST OF 1T.

New investors in the real estate market this
season are yet few In numbers, and they are
likely To be conspicuous by their absence unth
the plans Of the leading real estate companies
operators and other persons prominent IN realty
affairs are made public. and the day OF cheaper
building materials has returned some weeks oe-
fore the last election the remark was irequehly
heard: Wait until after election, az YOU will
unusually active times in the real estate neu-
After the election the stirring days did not ap-
near and then those who ventured to prophesy
said that while they knew many great realty
projects were being perfected which would I'M
doubleday have a good effect upon the market
they did not expect to see many big transactions
reported until after Thanksgiving.
Now most of these persons saying that the
real estate business Will not be good as IT was
last year until after the Christmas holidays Ihese
are indeed poor and sorrowfuI prophecies. and at
this rate it would be another realty season mere
and gone without any movements Of brilliancy,
which generally mean much for the ouildlhS Oh
certain sections Of the city the best lines
Though there appears at present to be no extern
sive movement OF a new type. these are not bad
times the real estate market. A review OF the
transactions reported in the last four weeks shows
his to be fact. IN properties of ordinary value
and by this is meant those parcels which
bought and sold by persons who considered to
be In moderate circumstances-the volume OF bust
is good
Reasons are advanced by many realty students
show that the dealings in this type Of properties
should be better. and that one OF these reasons
which seems to be most popular and most feasible
that little investor generally follows the big
investor. Last year the big investor was most
talked about, and his operations should have
tracted to the field a large number Of the little
fellows. Then, again. the number OF little in
vestors increases each year at greater rate than
that of the big investor, and so does the number
of properties within the reach of the former than
the parcels that are especially attractive the
latter.
SO far. the little people in the market are really
enjoying themselves. They having things al
most their way. and their share of joy is only
TO be measured with the size Of their pocketbooks
This Is. to date, year OF the little people and
when the season is ended and real estate brokers
leave the city for stay In the country it is likely
II present conditions continue to exist that some
real estate experts may refer to the season as
the harvest for little investors. In the transac-
tons of each week for some time there have been
here and there signs that the big investor was
still in existence. Last week two large deals were
reported. one Of them was the sale of the build
inss Nos lS and 65 Broadway. for the Harmony
estate 10 the American Express Company. which
buildings. as announced in The Tribune some DAYS
ago. are likely to be torn down, when the new
home for the Wells-Fargo Company is ready for
occupancy, and replaced by tall building for the
purposes OF the business of the buyer.
The other was the sale of the POwelIton apart
ment house. at the northeast corner Of Ninetv-sev
eHth-st and broadway. by Barnard Wilson to
James W. Cunningham. who is not a new investor
In the realty field. Mr.. Cunningham bought not
long ago two whole block fronts in the upper sec
tion of the city The value Of the properties which
Inquired In these two transactions was nearly & ON
coo But few big deals of this kind each wask
does not make a brisk market. They are opera lions
which tend to enhance the value of properties in a
large area of the section which they affect and
which open up aluring avenues for Improvement
IN that district. The building Of the new posto1ice
on the old barn block bounded by ThIrtv-second
anu anu, ihirty-third SITS Lexington and Fourth aves
NOT ONLY
Provement OF the block chosen for the postorice
building but many other parcels in that section OF
the city which have long been ready for the hand
Oh the lmprovei Most real estate are of the
opinion that this is the ideal site for the postoice
and some of them are firmly of the opinion that
property be bought by the government that tb bv
are already looking over properties in the district
In some instances purchases have resulted Every
suGh Improvement made means greater and a
1t is just such undertakings which arouse the
operators and the big and small investors to take
f fadI out Of the profcI Until the North River
tunnel project was revived and land bought for
the building OF tunnel terminal station this
side of the river by the persons who intend to
holdings did not find ready market On every
hand in that section of the city there We're signs
rentals and of small value The North River
certain properties there which under old condi
lions would have been hard sell for the proverb-
tal song. With the purchase of a number of entire
blocks by the PENNSYLVANIA Railroad for the pur-
estate future OF the section Of the city west Of
Broadway and north of Twenty-third-st. was
gree that old tenement houses which could have
been bought for $4,000 before the plans were made
public could not have been purchased for many
thousand dollars in advance OF that sum after
the plans made public. Up went the prices OF
properties. too in the Fort Washington Heights
section of the city when the decision to build the
underground rapid transit road was reached.
Apart from the stimulating effect given to the
real estate market by the opinion that the new
postoffice will be built the old car barn and the
demand for large properties in certain districts OF
the city there is little TO be active about except
in the walks of the little investors The reason
these good times for the small investors 70
probably known TO the majority of the students OF
the realty field If they at all interested in the
doings of the people with small sums 10 invest So
far as known no one has yet been found who
thinks syndicate OF big investors could buy ar
control all the desirable large and little proper
ties from the Battery to the suburban limits OF the