New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-27
THE WEEK IN REALTY.
Labor Troubles Still Hurt Market
Big Properties Sold.


was the number Of big properties sold. unusually
| large for this season of the year. some Oh ''e
principal transactions were the purchase Oh lA4
plots for Improvement with high class apartment
or fat houses Mhether or not tEese sales indicate
that good times from brokers' point OF view are
here to stay OF at hand II is dlHiCui' 10
say II II were not for the building trades condl-
tons which. instead Of getting better, are De-
coming worse according to many builders. the eN-
ceent tone OF the sales market last week might
be considered to show that something IKE norman
times have restored in the brokerage business
IL IS safe to say. however. that better times are
here at least for some brokers. What pron'Ses OF
brighter days can be held out for the less fortu-
brokers and the scores of building operators.
Many perplexing realty situations arise some Oh
which blight the most optimistic opinions AMI leave
leaders in real estate like men cropping Slowly IN
darkness and hoping and longing for a light 10
guide them into brighter and cheerful places IL
is hard say where many persons identihed win
the real estate market are at The string from
the money bags will surely not be loosened. but
drawn tighter with general building shutdown
threatening.
Not many DAYS ago it was thought that the build
ing trades trouble was near an end Ihat IDEA
alone stimulated the sales market. and there were
sisns that larger building loans could be had on
easier terms than for some months. With the
triumph Of Sam Parks at Kansas City last
week. the outlook for excellent times in the real
estate market changed at once from good to bad
Il may be that the autumn and fa realty business,
despite this victor, may be highly profitable and
attractive. But how il be and who are the
persons who viii bring Il about only the future
viii rovaiL Forgetting for the time all the OBJ
stacles the way OF lively yet peaceful and pros
porous days in the real estate market the private
transactions of last week awaken hope and enthu-
siasm. Study them. together with general prevail
ing conditions, and little 10 cause joy viii be found
Briefly, what the conditions OF the real estate
market, and what properties would probably be in
demand this fail. and especially next spring.
If times were normal? The city is greatly under
built. There some persons who dispute this
fact, but none OF these builders II Is not
The store and Office sections that underbult,
hut il is the dwelling house districts Builders OF
fathouses and apartment houses have been trying
for years catch UP with the demands Tor
such buildings. In the mean time rents have been
soaring everywhere even in the poorest te.S ment
house districts A canvass OF each section Of the
city is not needed TO prove that these assertions
facts. The way to test them is simple ftenlS
go upward with increase of land values and the
The value Of land on Manhattan Island has in
creased considerably in the last five years and the
OF building has also Increased The day or
fimsily constructed buildings is long past
Substantial and sanitary structures at a greater
creasing. does that of this city. many thousands
a year, comes an increased demand for fathouses
apartment houses ana oWelHns houses OF an klHus
Many instances can he cited Of rentals in modern
rooms in ia biiIdings in the same district These
however are the exceptions OF building conditions
and should rot be considered all IN dealing with
larger rentals greater demands for all kinds Of
dwelling houses and the cost OF building more than
Of athouses and apartment houses are built there
have 10 nay much more for apartments or houses
All because the building trades have tied the HANDS
apartment and fat houses exists the day is at
operator Ii may also be considered the DAY for
the investor. The Spectator usually makes his
building loan operator buys TO sell with building
The majority OF properties are netting their own
ers good income from the sums invested There
should he no decrease in realty values but an up
ward trend, II anything. The activity Of the OPP
opinions they form OF the probable conditions OF the
them to bay nov and to hold until the spring
market there win be good sales from now on.
building trades has been restored there will proba-
bly, be dun GAYS Tor 2 some m month 9gifk settle
away ali obstacles TO a cheerful and prosperous
The Real Estate Record and Guide" in its last
issue SAYS in regard 70 the sale Of the plot az the
Co Tor the United states Realty and Construction
Company to the Spencer Realty Company and some
other sales OF last week:
The slxty-njnth-st and Broadway. enterprise
promises vel because the ne.ghoorhood in which
and popular sections OF the city for the erection o.
large apartment houses. indeed 1t will probably
neighborhood for II will possess the best OF rapid
transit facilities. broad streets, proximity TO the
park and interesting surroundings. On the East
by Madison and Park aves.. one-hundred- and-sec-
ond and Observation-Disclosures SITS. to an operator
who viii resel TO builders for Improvement with
six story apartment houses The building up OF
this part Of the city has been delayed hitherto by
the long walk necessary to rea n elevated sta
ton but the pressure residence space brought
about by the recent filing up Of Harlem and East
side fats and tenements has brought this whole
neEhborhood into the available class. and its
naming vacant lots viii doubtless be rapidly built
over. During the last few years the handsome
residence district which lies south o, this area
has been tending TO push the section adapted 10
fats further north. During the next few years We
should not be surprised 20 under the influence
OF conditions beginning prevail. the
beginning OF a reverse movement. or course the
| residences Will dominate wherever there is any
chance OF conflict. because the land would be worth
for private dwellings, but the demand for any
expansion OF the residence district will not be very
| inssteut during the next few years"