New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-08
THE WEEK IN REALTY.
Demand Noe for FLathOuSeS North
of Fifty-Rinth-St.

How Quickly the scenes OF real estate activity
changed! The volume of business transacted last
week brings this fact clearly home. Not long ago
there was good demand for the best type of i'm
proved properties in the upper and central Fifth
ave sections. So good was this demand that some
Of the leading builders of this city erected many
high class dwelling houses. These were pure spec
ulative risks a large number Of the houses cost
more than 500 900 each The market for such prop
critics continued for some months. and then quickly
vanished Why Il vanished is difficult TO say. Many
reasons for its disappearance have been advanced.
but the principal is the unsettled state OF
the stock market. which has existed for many
months. Whether not that is the true reason
does not make less displeaSing the fact that the
market Tor high class speculative dwelling houses
is practically gone. One of the best builders this
type of dwelling houses has even divided one of
these dwelling houses in two. in hope that he
will be able to find quicker market for his divided
house than il he kept intact the present plan Of
the house The person who usually buys 4 high
class dwelling house built speculation might be
called permanent investor. He buys to occupy the
house and thereby takes It permanently out of the
market until he decides to his death places
his property the market again An inactivity
so far as this type of property is concerned does
not mean a sluggishness in regard 10 most other
kinds Of parcels. The speculative building of high
class dwelling houses IS only field of the realty
market 1t is almost distinct field for it does
appeal in alluring way to the people who mostly
invest in fathouses, business buildings and tene-
ment houses
While the lack of demand for dwelling houses in
the upper and central Fifth-ave sections is dis
pleasing. there are number of delightfully."- active
fields il the real estate market and an examina-
ton Of this realty activity leads to study of an
interesting and important realty problem. The
greater part of the business transacted last week
not in properties in the East Side. nor in
ce's south of Fifty-ninth-st but in fathouses and
tenement houses north of Fifty-ninth-st
What is the meaning and. especially. the cause OF
this inactivity? Up a few months ago the large
number of sales of East Side properties be-
low Eighth-st. a feature Of the market.
Month after month, for many years, such sales
have been many. and have attracted widespread
attention. Scenes in the real estate market. how
ever. change in a day. and to discover the causes
of such changes is often like trying 70 walk in a
straight line through of the marshes in
Florida. The things which said TO have made
the East Side section south of Eighth-st and north
Of the Brooklyn Bridge so much more attractive
and safe as an investment field than the Greenwich
section Of the city. have been written about at
great length in the columns of this paper Sun
there is more to be said and even after many more
columns on the subject are printed many facts will
have been left unsaid The East Side has long
been noted for ite large population Of Jewish peo
rla-its tenement houses crowded with Jewish fam
flies its factories and sweatshops employing thou
sands OF Jewish men. women and children and its
vast number OF small stores, mostly owned by Jew
isb men and women. Signs wanting Of the
sprit Of speculation among the Jews there Most
81 them took n chance with Dame Fortune after
thoy had saved few hundred dollars. With
few hundred dollars thousand bloss0med out as
small storeeepers. and IN little while these small
storekeepers became the owners OF tenement houses
or store buildings in the East Side some OF them
however epurned the real estate field
nue. TO wealth. and became Identified with manu-
featuring or other concerns
Tcw The Hebrew who has come from the dark
ness If the East Side tenement house Of the old
typo take prominent place IN the world OF
business has suddenly forgotten his old Ove-the
purchase OF East Side tenement and business build
ngF h, the district sometimes called the Ghetto
and has taken up with a new love-the purchase
Of teueuent houses and fathouses in the West and
East Side sections north az Tifty-nlnth-st- He
does NOT stand alone N this new order Of things
Ths desirs to own tsneuent houses and Ma shcuses