The sun., 1903-03-08
The REAL ESTATE MARKET.
BUSINESS INCREASING WITH THE
COMING or SPRING.
Nearly Twice ~ Many Transfers Put On
Record Last week ss I'm the Openins
Week OF March Three Years Aso
Tendencies IN the Building Industry

| Record Last week as I'm the OPENING
Week OF March Three Years Ago
-Tendcnctes IN the Building Industry.
The sustained activity In the real estate
| market continues to be unprecedented
| and gains rather than loses In volume with
| the coming Of spring. During the past
week some l57 conveyances Of Manhattan
property werc recorded. against 400 for
the corresponding week In 1907, Ss3 for
the corresponding week In 1901 and only
s37 for the corresponding week IN i9oo'
Thus, since the present movement began
three years ago, the number OF transfers
Of Manhattan real estate for the important
first week in March have almost doubled.
The increase from Jan. TO date Ia not.
Of course. by any means 10 remarkable;
but the figures for the present year for
Manhattan and The Bronx together are
larger by some 500 than those OF three
years ago, and by almost 200 than those
Of last year. II should be added that the
Brooklyn statistics indicate an even larger
proportionate increase, in that S.225 have
been recorded during the present year.
against only 3,O37 for the corresponding
period Of 1902. The amount Of money
involved by these conveyances shows a
considerable decrease. but that Is because
it Ia becoming less and less the practice
to express the consideration In the deed
a disinclination that has been much In
,ensifed by the policy OF full assessed
valuat ion.
II should be noticed, on the other hand,
that the Manhattan building statistics for
1908 are showing decreases rather than
increases. Plans have, indeed. been filed
for iss buildings to be erected in Man
haitian, against 1870 for the corresponding
period OF last year; but these ies buildings
call for an expenditure Of only 50 ,s42 800,
against Si3 ISL 050 for the iS0 buildings OF
the year before. As against this. however,
1t may be noted that the building figures
for The Bronx and Brooklyn show en-
couraging increases. The fact that In
Manhattan the number Of buildings for
which plans were filed has inc eased, while
their estimated cost has decreased, IL sur
prising, because 1t reverses the tendency
which has been prevailing throughout the
last few years In favor OF the enlarge
ment in the average cost OF new Manhattan
buildings. Yet. at the same time, 1t sup
plies clue to the explanation Of the falling
OF in the amount Of money which the new
buildings will require for their erection.
There has been decrease In the number
OF plans fled OF several important classes
Of buildings. The most noticeable Of
these is the diminishing announcements
of new apartment hotels. Only four OF
them, TO cost less than a million dollars
appear so far In the records this year against
about three times that number and five
times that cost for the corresponding
period OF 1907 The number Of plans for
business buildings filed Is about the same
for the two years; but they are averaging
smaller In size. 1t is improbable. how
ever, that Il : lower average for business
buildings WA continue. because q very
considerable number Of loft buildings are
Sens pannssd e, the newer
The number OF plans for private resi-
dencea and their estimated cost also show
a significant diminution. Only fourteen
buildings of this class have appeared In
the building records, and they are to be
erected ct an average cost OF less than
a half of the average Of the past two years.
This fact deserves careful explanation.
1t does not mean that there is any lessening
in the demand for very expensive dwell
ings or that a period Of cheaper dwellings
has begun; but it does foreshadow a de-
creased number Of expensive private DWELL
ings 10 be erected by speculative builders.
While these gentlemen have disposed
OF a fair proportion of their recent veI.tdres.
they are still carrying tolerably heavy
Dad. and il must be Encouraging TO them
that milionaires ars tending TO ignore
their offerings and TO erect specially de-
-igned HOUSES Thus, during the past
fall and winter, Morton Pant, james
A. Burden. W X. Vanderbilt, Jr.. James
Slillman and one or two Others have all
bocn arranging for new houses designed
particularly for themselves, and during
the past week II has been divulged that
James Henry Smith will build on part OF
the Hotel langham site and that the
two houses that sre being erected on Fifth
avenue, next to the new Union Club. are
intended for two members Of the Wander
bit family. Hence u appears that while
there will he fewer number OF dwellings
erected by speculative builders during
1903. the new dweliings that will he con-
sructed will In larger and costlicr even
than the average 81 recsn' year-,
II 10 IN the n II of apartm 'nt and tene-
m-nt housr building that the year ivD show.
indicaiions of Differing most decidedly from
the prev us year Ever since the passage IL
III. new r ,nenient House Law, this class ~
Improvement has lsen erected In compsra-
lively small oumt,.rs. Nov, however,
here b. every sisn 'ha, conditions have
wear 1903 viii witness the projection oi
twic- as many buildinxs of that class a.
acre started Ia 1907 Tho ien-In.nls will
- buil, Tor the most part upon the kas,
Fouft-cbth s'r,ei', and the apart in-nt
houses in HAflsm and on the West Sidr
pToI-uy on Nsshins,on Heights shows
| f.x indicstlons ~ en- early huild,nS move
nsni Tia. pfosls-cts for TIE Br0nh 81"
is.lteT In spite 20 the u,isfly ih.dsyus,s
tHans ~ communication the ss'ilool 81
tendance lndinstss an isoseass ~ Iopu'
l.tion I the, toso,Gh, ssnoun,ins "a over
~ Irf srni sinor ttis nAtionAi Uns,i- aud
hsi. oan ls no doubi thai the IsrTe-nlas-
all To- l.ss-ls lhsf.ss-a after ~. sui,s ~
snd tho y Ta.sisf Q ilssy trsia ot,-fa.
! ia.sa oil b. i,aas.d ,n tsisn.-st. asl-ri.ds
.,ssils uIssh tls s4y la shleh the nss lac
sin i- ana.na.d 4 toe assin,,aIsiissls
.,nai ,aisHs.s sufA - NJ " foHsi
',i'ss-h "a pls-', ssuii lSsslr lnos.a~a