The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-15
The REAL ESTATE MARKET.
GROWING A(TIVfTY APPARENT
IN THE SALL'S BRANCH.
Trs<iing More General and Less Csuf,ned
20 Rich Men and FSo, 'essionais Than
Heretofore-ProEress OF fffth Ave
nue. ss Q shopping Tborevghfsre'

The sudden access OF &C uv1ty' winch wa
noted In the records Of Lar week. has been
continued during the CURE pt week some
$50 conveyances were re corded' against
only 23I for the correspor ding period OF
leO2-an increase of ~ ler cent 100
much Importance should nN be attached
to the records OF any one week; Out wheh
such extraordinary increases as these
are noted for two consecutv We weeks ana
are not the result of some obvious cause
such az the purchases of an important
railroad company, it begins TO look as II
the market we're being stirred, by new ana
powerful influences. II begins TO look.
that is, as If the buying was more general
and consequently more wholesome tnah
IL has been al any time dueing the last
two years,
There can be no doubt that hitherto the
increased buying Of real prope rty has been
due chiefly 10 the active operations OF
speculators, sman and big, and The equally
active demand on the part OF business
houses and enterprises of all KINDS Tor
additional space. On the whole, u has been
a market for rich men and prtdt ssionais
Still remains q market, in which rich men
and professionals play most Important
part, az may be seen from the purchases OF
a number Of important business plots ana
expensive residences during the last week,
but it is also becoming market for smah
buyers.
The proportion OF new names in the con-
veyances has been much larger during
the past two, weeks than has been ordl-
narily the case There are more sales than
usual Of smstt and less centrally situated
properties. 1t really seems a. II the
I. ,x-tth xN.hi <sIl rxaaI
estate has been regarded by the small
capitalist might be passing away and that
the very one-sided activity and growth
Of the past few years would be rounded out
by the effects Of a varied and tenacious
popular demand. or course, 1t IL too early
to state unreservediy that such IN the case;
but the present Figures undoubtedly point
that way, and there are good TeasonAs for
believing that such should he the oasesS. y
The investment value ofsresiden6e and
tenement property, not only in exception
ally favored districts, but all over the city.
has undoubtedly improved OF late. These
houses are ON the whole better rented than
they have been at any time since Harlem
and the West Side began TO be covered
with seven-story apartment houses In
1899 and 1900 The balance has been re-
9tOTeu, tfit Utfndud NuueiiN uP W WV
supply, new construction is again being
planned on large scale In the last two
wears rents have been increased; taxes
have not. There even PROMISES 70 be
reduction ia taxation. There can be no
doubt that cheerful feeling ~ more gen.
orally prevalent among real estate men
that at any time since the effects III con-
solidation first became apparent;
The two threats of the immediate future
are mortgage taxation and tabOr troubles.
Both of these are tending 10 discourage
big operations. The threat OF mort gage
taxation il particularly ominous. and was
undoubtedly the efficient agent which has
provoked the larger read estate men to
organize for self protection. tax OF one
half Of one per cent on all mort Cages, ea-
cept those held by charitable institutions
would utterly disorganize real estate opera
tons for some time. because the majority
of mortgages given during the past few
years contain a clause making the money
due in the event Of a mortgage tax-all
this, Of course, quite apart from the ELECTS
u the tax upon rates OF interest Until
this threat IL removed, the larger specu-
lative operat ions will be in some measure
suspended - 49,. ,o., ..,..,,o,,,
kind hss dealt particularly with real estate
Of any particular class, that class is real
estate IN the business part OF Fifth avenue.
During the pact week alone, for instance.
u has been announced that No. 322 Fifth
avenue had been sold at "A price consider
ably more than 500 square foot. tina, the
Gorham Man acturng Company proposes
" improve this spring the propsrty on the
southwest corner Of Thirty-sixth street
and the avenue with ten-story building,
from plans by McKim, Mead A White. and
that the Lotos Club had refused for itr
properly q figure twice As large as the price
which Il paid only little more than ten
years ago. And these anIlo un o.fnrnts fol-
low upon long list Of similar pieces OF
news Of which the most recent were the
proposed improvement OF the southeast
corner Of Fifth avenue and Thiry-fourth
street with a business building, and the
probable .sls Of the Reform Club site ~
speculative operator or buihtsr. \ walk
No the avenue from Txent y-sixth street 10
rovy-siKth sips't. shows that ~ the pre-
sent tims mors than ella old brownstons
Residences ara being oy.rhaulrd and
sdsp,sd To business .purpos.'s
Ia u not too much 20 say. consequently,
thai whrn this movement nos running
" eour-e ooInes 10 I,su's' u viii assur~dly
b. found that on nO avenue of the city
hAs u had dsrper uaa.s VI its innusnc.
than ulr,n nth avenue. during the pAsi
too year, that a,enu. hss h.n subJ.sFed
20 gfsai.r change and hA. faii,.d mor'
IN bsi~,Iss-s atmospheric and busine-. I'M
esssiSs,. Is. si,- ssals fv.i .anss h.san Co
10 . b'i.ir,-~s s'r.st y has oacr-d o-rtaiH
l.roullAS advantage. fof ia. rla-s al retail
shoJ- which --ll tl,- must sEI-as-is. sa--is.
isui Tor many war tis r-tiis, shich prop
suy osLrfs ls-'isd 10 SGT ssp' = strain
upon any bsn tho is.sa s-sssi.i'ssi .ai
mus Is,p,ilaf lsIslisuss
ttsshfly, bos"vef, tiir insfs.ss q ~"slth,
lssh ~ tia tnisiatah,s al s.s tork AID
lle Nl.ilofs iiirntu, siI ilso dtfliiiis s-tab'
shasii ~ iiss fashionable s.hsslsrAss dlr
49, sal.ornl 90 usass ftsh Ase1u have
sllans,-f all tl.i iis bls.isss ad,sn
iAsss ~ isssiLin tl,ssass have sps-AiI
81 snsfts.i aiid u liAs l-sn dfasitf nAng
iHisilsss l.uua-'r ii,ia 40 tsaiais ~ fssitfs
tlAfd sifsst asJ hiuslassy Aa.a.k slieii
aaag H. u.'sinisd liasbd hs,lrl A
lsis sslsln hsis, fss k<,,lAh lk,ssl~,y
Jss.,s . 49, sss.Iss' ~ is.sla !. Sssss....,
1T lLs s.shns hai,sss sss -s,sssi as.
A. tsia iaIiiitl,ls base iasdAd oeifss si.d
rlssls ssl aihfRta $500 ~ 80 sssiltH
n aIFsil'sh itiil ~ = 10 btsfF sish
slice, ~ ai "a l.aiJ.iHst su go Asst
tsafsi 49, sffn ltafb sal aiia talrtssnlh
s,i,.'ls Y''i -s-'' iss-' -s,s. .ssss. s.sss.
apH ~ liatf srniiis ttt a tlf sslssi $50
llHi lsflasiH HifaHaif iiiiaet,s liisifs II
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