New-York tribune., 1903-03-01
THE WEEK IN REALTY.
Important Transactions in WdH-sf.
Prices Not High.

ma feature Of the real estate market last week
was the wai-st. transactions. What the ous ers IN
tend 10 do with the properties has not YET pee"
mate ruesic but it would appear that one or more
new banking houses rnd several skyscrapers are
TO be built An interesting detail of these deaIs Is
that no new record prices we're obtained an" Il"
one case the price paid is considered low.
Many banking and other financial organiHstionS
an this section found 1t not only adTantase
10 their business interests. hut also prontao'e lu
q real estate point Of view. 40 own their own ouIl
iaSs and thus obtain for themselves perlneie'iN
homes suitable for large and growing cohceii
The buying by these concerns was eVfoenuS a u ="
.entive for many others 70 do hReWiSe' anu iOl
s,orths narv large and small buildings Ior 'i7
Ise Of financial and big business houses nav rs
n the Wallis. section The greater uhe NeA i,
'or real estate the greater becomes u 's
the value OF property. and IL the area OF OisioI
Is xmsU in con1narfson to the demand the more
prohs bic values likely TO soar to recoIu hes'
at an amazing rate. Judging from the naH-s~ re-
ports of some months the day is not far ols'aht
when the purchasable properties there VIII nurnoer
,rIr = fez- nsrcels In the opinion of many real
estate men any property can be purchased at d
PRICE. This saying would be nearer the trutn' Is
thought. with few qualifying WORDS II Is d
we'll known fact that many properties IN the hIaI-
dial section could not he bcurht st price Wh'cn
g nerson could afford TO pay for them. Even II
person or a syndicate decided to pay many times
the oE the properties to obtain the 1t Is not
q certainty that they could be bought On the
ing financial institutions in this city. 1t would
take 4 number of years to build new homes for
these houses. The inconvenience attending such
removal would be considerable, and the liability OF
, a severe business loss. owing to a change, Wouid
Be a grave possibility Under such conditions the
sttractiyeness of offers would be probably eclipsed
by the displeasing obstacles which would have to
be overcome Thus It will readily be seen that
there are many sites IN the Wall-st section which
and have been for some years outside OF the
market.
This Wsll-st movement has resulted in q
greater demand for properties the lower end
OF Broad-st There plans now being perfected
for the Improvement OF many parcels in and near
the south end Of Broad-st, and some of these pro-
posed improvements will involve the expenditure
Of several millions OF dollars.
AS reported in The Tribune yesterday. one real
estate firm alone, that OF Holdridge. Dennis q
Preston were the brokers last week In the sale
Of WaII-st. property valued at more than $l2SOVVO
This firm sold early in the week for the City Real
Property Investing Company to the International
Banking Company Nos. SIS and 81 Wall-st ex-
tending through to Nos. 63 and IS Ptne-st The
firm also sold the same buyer No. 81 NaII-st-
II Is said that home for the purchaser will be
erected on the premises but this report has not
been confirmed. Another interesting Wall-st. DEAL
in which the firm OF Holdrige, Dennis & Preston
figured as brokers' in conjunction with John F.
DOYLE & Sons WIS the sale Of No. 20 Wan-st and
No ISL Pearl-st This plot contains $500 square
feet and adjoins the Seanens Bank for Savings.
..Fhe Real Estate Record and Guide in its issue
Of Yesterday, says in part regarding the real es-
tate situation:
The most interesting transactions of the week
have been the sales of property in or near vail
ST 40 very definite news has been given out as
10 whether these sales foreshadow improvements
durInx the coming spring. but from the policy OF
the purchasers and the character OF the properly
II Is very pr0ba bic that buildings will soon be
erected. There will probably be nc less tnan I'VE
buildings under construction in Wall-st 1hls
SUMMER and il is apparent that the street Will IN
= few wears be lined with tall buildings from
T2roadvsy 10 the river During the last two years
s1 ayeraxe of some s100Oo.Oo0 has been invested
each year In ofi1ce buildings without at ali eX--
haustinR the demand for new acconmooatons, ana
from the extent of this current demand II Is ap-
nsrsnt that the new oflce buildings which are com
rse4eS fhfs sprirg viii be rapidly dleo up 1t looks
as n q larger amount OF oulloing Will De
S,erI1r during 1861 but the buildings Will average
smaller They Will be situated more on the outer
edge of financial district than in its centre and
they will be twelve and fifteen rather than eighteen
and twenty story buildings It IS obvious that the
whole existing tendency in respect TO this gilt edged
real estate is TO bring about relatively perma-
neut condition OF things Banking houses inSur-
s0ce companies and other moneyed institutions
are seeking more and more to md quarters an
which they can settle down with the assurance
that they will have further cause for removal,
and they seeking also to secure whatever ad-
vantage these Offices have in the way OF light and
air. II iE probable that within fve years under
the Influence of these demands all the real estate
in the heart OF the financial district VIII have
uassed into hands OF people or institutions
prove. Transa ctions in real estate situated within
a Quarter Of 4 mile Of the Stock Exchange will
become SIS rare as they ir the corresponding
section of London. Gilt edged real estate. like
locked up In the strong boxes of the big financial
institutions,