The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-22
TIRE REAL ESTATE MARKET.
DEALING ~ SMALL PROPERTY
ITS LEADING FEATURE.
Large Operations Suspended on Account
Of the Mortgage Tax Bili-Hsw the
COMING Tax sale VIII Anect owners
Profits TO Speculative buyers.


COMING Tav sale viii Anect Owner
Profits 10 Speculative buyers
A sharp contraction OF trading in high
grade property was noted last week, despit
marked improvement In the genera
monetary situation. The explanation Is 4
be found In the fact that the larger specu
lative reality companies and the big lending
institutions have determined to suspend
operations until the outcome In regard tt
the agitation over the Mortgage Tax bill
Is assured. The proposed tax. though
amounting to but four mills on the dollar
will make a very apprecable difference
in the case OF loans Of the size commonly
negotiated 10 finance important sales OF
New York real estate. The machinery pro-
ylded for the enforcement Of the proposed
rot leaves TO such avenue Of escape open
rs may now be resorted to. and the bill. II
nassed will virtually impose new burden
If taxation.
That a special tax on mortgages displacing
The general property tax in so far as the
latter affects that class OF securities Is
serious menace TO real estate interests Is
evident from the practice widely intro
duced in recent years OF inserting In
mortgages clause to the affect that the
loan becomes due at the option OF the lender
in case a mortgage tax is enacted. The
passage Of the bill now before the Legis-
lsture would undoubtedly precipitate
wholesale calling in OF mortgages contain
ing this clause. There holders are in n
position to demand Of the mortgages
TO assume the tax and an extensive read
justment Of the existing debt on real es-
tate would follow. However leniently such
a readjustment might be put into execution,
il would. nevertheless. be attended with a
great deal OF forced liquidation.
The proposed tax. of course, bears most
heavily on the investment branch Of the
market and on high-priced property. Com
paratively little diminution OF trading In
tenements. fats. dwellings and lots was
noted last week. but the activity was sus-
tanned almost wholly by small profess
sional operators. In fact, the demand
for residence property in certain localities. |
on the lower East Side. Is 40 |
insistent at the present time that the pro- !
posed bill, even IL passed. IL likely to provo |
but slight and temporary check on specu-
lation there.
Among the more important items Of
news affecting realty interests published
asst week was the announcement that q
ale Of property in Manhattan and The
Bronx for non payment Of taxes and water
'ents Is to be held on Sept. next. This
will be the first auction Of the kind since
$50. According to Collector McFaddeen
u the Bureau Of Arrears and Assessments
be accumulation Of back taxes and rentals
; nearly $50 900 900 and several thousand
'ieces Of property are involved. Tho
'ook List Of these properties viii be ready
or distribution on April Is. when the notice
sale will also be advertised. A copy
{ the notice for Manhattan. obtained
reads:
Under the direction Of Edward NJ. Grout.
comptroller Of the City Of New York, the
ndersiSnsd m, hereby gives public notice.
. the Greater New York Charter: That
he respective owners Of the lands and tene- |
,ents within that part Of the city Of New
ork now known a. the Borough OF Man
attain % which ts1es have besn paid and
-. 1887. 1883, 1850. 1890. 1921. 1890, isos
~, 1895, 1893 and 1907, and are now re- |
aiming duo and unpaid, and also tho re-
pectivs owners Of al lands and tenements ,
the city OF New York situated In the
orough aforesaid on which the Croton
atsr rents have been laid according 70
~ for the years 1885. 1850. 1887, 1855, 1889,
20, l0oi, 1852, 1893. 1904. 1897 and 1893, and
~ now remaining due and unpaid, are
'quirs TO pay the amount Of the said
lxeo ana Croton water rents 90 remaining
ne and unpaid. with the interest thereon ,
tho ratio OF per centum per annum from
10 time when the same became duo to the
me- Of payment. together with tho charges
this notice and advertisement. TO the
olleotor Of Assessments)and Arrears, AZ
ID ofios In the Department Of Finance, ,
'om No. IS, Stewart Building, No. 80
In the borough Of Manhattan,
the city Of New York
And that II default shall be made In such /,
. sold at public auction In the Aldermanio
h.mber. In the City Hall, In the borough
Manhattan. In the city Of New York,
Wednesday. Sept. 2. 1905. at 10 o'clock
the forenoon OF that day. for the lowest
sm OF ysar. at which any psrSon shall B
ivsnctng the amount 81 tAx or Croton
stsr rent. ~ the osse may he. and the
ierest thereon - Aforesaid. 20 the time
ssle. together with the charge Of this :
,tios and advertisement. and ell othsr :
's,s and chArEs. accrued thereon: and
~ such sale vii be continued from time Il
time until all tho lands and tsnsm@nts
advertised for sale shall be sold
.Nctios IL hsrsby further given that q 2
sailed statement of the tara, and Croton
-" " ttf H0lEfty | q
which tals- and Cfo,oh water rents ~. 4
AN unpaid, IL published ib q pafathlet,
ID that coples ~ this said panphlst sIe
pasted in the ofsioe ~ tho Coflsotof "a
's~'-siness,s and Arrears. and ~ill 10 de- a,
cred Ca any Ters0n applying Zoe tho came | II
wIiIIAn NcfADbts. IA
- oolis-r,or of A-ss~~inrnls and Arrears. =.
IN. pfoIsrty % pii up for tbs lassi mum. =
. ~ yeafs that : blddsf y silllls "a Taxa u
40 eonsia.ssilsn " Isyins tbs charge =
.lnsi v fapp IN fsis 1ns,snass fl.s
sslnss ~ sueh salss ~. lad Ia by ,As
y Dsns's Lsss chs r.Sm 20 ssaasn >.
oisnf ~ any ilns sAiln too yssrs u
tsylis Ia chs bu,sf, n sh lnalslausl y
} Iuicl.sss Ississ sud oo~ts, I,lls ~ I.f !,
" Asisf.-i "a 10 ssnr fls "a %
" ~, ~ H. lsld slssslsf il.s Tlaisf -
isnls lssn 10 skaful~sg ai.s ss.s III tss
40 lfes tao asis a ils s-I A. ca, x
~ sFlsiA ais gssf ifyiA tls ssls AZ Y
.csl.iss nisI ls,sg hsti Gle saI sAD t-.last 4
~. assH 4, ils 80 bss ihs fsssss .
le,ll-,s,s ss.lasa ,sld . ~ psla.. ass llsi
~ tl.es ls,ssi.Asss lsisf ~ N ass- "A
! ia,slsa slsy .ss s,.ililss a. sal, 10
$50 lasfH slstl<i tl<, asflt ils e
ltip- - toe Isaff - ~ ,ss A. do "
sftsH bseff tls 80 isa = in k.s tssl,.a n
\ is.lssa' ~ l.s,.''b ~ a. ls,a.ss
4 is4 800 lffHffa
Iis l..,lats : ..s-lly sss.ss q 80 4