New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-09
THE WEEK IN REALTY
Future Conditions Rather Than
Present Business Interesting.

Three we'll known real estate brokers stood chat
ting in lower Broadway yesterdaS' One hAu
Eatchel and the other had a NUMBER Oh ufn0relias
and several canes. which were tied together Just
-, eo-, ,be co,ntrv?' said elderly man to
then, lust hack and going 10 the country again,
said one OF the brokers. Tine market Is ouiI ana
tho number Of inquiries about properties which are
ga 90, cole Is not increasing 1t does not pay to
sit t5le IN an Office. we are returning TO the
-. -, tbere is likely 10 be a good volume of
1.,ess transacted daily The broker truly ex-
,,.ssas the condition Of the market, for only
- nsactions If little interest were reported
last week Though the duiness was marked ailu
90 many brokers TO hasten out of the city to
- r,,-aI place there was much to attract the
lee attention of all persons who are interested
IN realty affairs -.
II has been known for long time that the city
&c ,nSerbuilt When d number of brokers called
attention 10 this startling fact large number OF
e~sous said the assertion was false. They were
concentrated with realty affairs. They had seen
s, the last few years vast tracts of land Improved
With tail apartment houses or apartment hoteis'
- ofter row of fathouses built and hundreds OF
iyste dwelling houses erected. 1t seemed to them
MT in that time the number Of such buildings
would be more than ample to meet the future de-
ynands and when several builders were not aoIe
10 finish their building plans without Joss they
x-are Dositive that the owners of buildings IN
course of erection would have hard time IN iino-
ing tenants or in selling their holdings TO invest
ors or TO spectators.
Judging from what has recently been said about
building conditions in this city, there are seem
ingIy only few persons who doubt that the Guy
IS underbuiIt Lucky is thought TO be the person
who OWLS a large small plot of ground IN uie
West Side section In fact fortunate indeed is SAID
10 be the person who owns plot which Is sul'aoie
for Improvement with modern tenement mousse
high class hathouse in any section OF the CITY
for one and all apparently agree that the Duiiong
boom that is coming viii eclipse all similar poons'
And because of the narrowness of Manhattan Isl
and it is to be particularly boom that will result
in the erection hundreds of the best type of fiat
houses.
CITY TO GROW Up RATHER THAN OUT.
Thus il will be seen that New-York is to grow
inward At a faster rate than northward. BY this
= meant that The number % buildings to be erected
IN what are called the old section of the city will
he more marked and many times greater than the
buildings TO be built ground which has never
been improved. This opinion, which is held by a
large number of persons. may he disputed by as
equally large number. for the simple reason that
scores Of builders have been looking with kindly
eyes for many months at The Bronx the most
attractive site, and the probable site of their fall
operations. To such builders unimproved tracts
likely be the alluring, and there are
large numbers Of such tracts in The Bronx. In the
older sections of the city the builder has only
limited number OF unimproved tracts 10 select
from in case he prefers to improve vacant prop
erty.
II Is said that there has been no decrease, but
q marked increase in the demand the West
Side for private dwelling houses This is an i'm
portant fact TO be considered in preparing future
BUILDING plans Il must also not he forgotten that
the value Of land in the West Side section of the
city has increased considerably in the last few
years. and the cost OF owning and living in pri-
Vate dwelling house there has prOportionately in
creased. and the cost for the coming year IS likely
70 be considerably greater on account of the lin
iteG number Of apartment houses.
Rentals usually based the demand and
the money invested in the buildings. The greater
the demand and the higher the value Of the prop
erty the higher the rentals. II Is said that the
fall rentals may be about from 10 to 20 per cent
highr than for the similar period last year. No
one is apparently laying plans to take care OF the
vast number of persons who. If they cannot lease
or private dwelling houses for their own
cupsncy. viii go TO live in the country. There have
been several spasmodic movements to erect a large
number of modern dwelling houses in the section
from Forty-seven th-st 10 Fiftyninth-st., east OF
Park-aVe. and west of Third-aVe. and while they
have been highly prohta BILE general movement
20 build up the section such lines has been I'M
dertaken. All signs indicate that within the next
twelve months rows and rows OF hne dwelling
houses and apartment houses will be built in the
Fort Washington Heights section But Will SUCH
dwelling houses as will be erected there meet the
demands for high class dwelling houses? II not
and It would appear that they will not-what dis
Jrict Is 10 DC selected as suitable for improving
with dwelling houses meet the demands OF 1908?
This important subject should receive Immediate