New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-16
THE WEEK IN REALTY.
Plan for SeUenth-dUe. Egtension Nth
Ne1c SubocGy Urged.

e. and West Broadway straight and wide
me from the Battery 10 Central Park, and to have
% sdditional subway built III the avenue. II this
-,e,sjon is built and the proposed subway laid in
4. chose who are opposed to building a subway in
au-sv from Forty-second-st TO Fourteenth-st
--r5er the open ditch system will. it is thought
80 much cause rejoice. unless they would Tath-
- have ? subway in Broadway, no matter how
much inconvenience or business loss they suffer-
man 70 have it in Seventh-aVe-
T,-,,s,ter or not subway is built In Seventh-ave,
- real estate men think that the municipal
---,s-t VIII build a Seventh-ave- extension be-
- 7o,r The efforts made TO interest the public in
-, ,-enoent which still lacks definite form, are
LIS -, g majority Of property owners in the
C..,r,icb Village section, for the building of the
ia Rorton-st tunnel has not yet caused better
dsnan6 for property there. 1t would appear from
-, .rsrefers of titles reported almost daily that
- ,rbe- AZ sales in the section is no greater to-
ss, ,ra- II was several years ago, when there was
1,ttle likelihood Of the old Morton-st tunnel oelng
-sh,It 1t is not necessary 10 seek far for one or
- ,-i-ciraI reasons that the village still 10
srain uninviting the spectators, operators and
.,.s.ors II is the uncertainty to how much
the village viii be benefited by the building OF the
,urnei from real estate point Of view and the
.oc that the realty future Of many other districts
looks particularly bright.
Many who have written about the home life OF the
-,eo,le in the big downtown tenement houses have
drawn much Of their material from the lower East
SIDE and little from the lower West Side tenement
17ouse district. The public is now well acquainted
nth many characters Of the lower East Side, and
-be misery Of many of the tenement house dweners
n the section has been portrayed so frequently
and so yyidly that the only conclusion that read
- n the articles can reach regards the value Of
the properties in which such misery exists is that
they are not worth the having. Yet the realty
,sIues Of the properties are considerable and foot
M many thousands Of dollars Almost any kind
n tenement house property there finds ready
market Realty life and progress are visible. and the
person who owns several unencumbered large tene-
nent houses in almost street in the lower East
side is considered fortunate by many real estate
man.
Compare the lower East Side Of ten years ago
with the lower East Side of to-day Has IL not vastly
improved in that time and are not the comparisons
pleasing? Turn now 10 comparison for the same
years in similar sections on the lower West Side.
The architectural lines here are no better to-day
than they were ten years ago. Why has the section
not improved? Wen. the reasons form an old, old
story.
STORY OF GREENWICH VILLAGE.
Once upon a time. in the long ago. the village
was one Of the choicest residential sections of the
city but when the majority Of owners Of houses
moved northWard the business of the painter in the
section decreased the demand for the builder and
the carpenter there became noticeably less leaky
roofs soon became leakier, cracks in walls grew
wider and most Of the houses in the village soon
looked grim and forsaken. 1t is easier to get the
come identified with q district where on every hand
there are signs Of a want of care in the preserva-
ZION Of buildings, and for this reason the investor
has kept away from the Greenwich Village section
After movement northward of the former resi-
dents Of the village why did not the persons to
whom they sold the property or to whom the care
OF the property was given improve the houses or
at least keep them inviting? That is a question
which viii probably remain unanswered TO the sat
sfactiou Of many persons for the real spirit Whlch
actuates a person 10 an action is hard TO find out
Some say the village was never suited 10 Dc an
investment field that the crookedness OF us strees
Is sufficient make the investor shun the oistrIcl'
that the ma jorty Of property lhere ua'e
long held TO this opinion and that this is one OF the
principal reasons that no Improvement on large
scale has been made there in years.
Realty statistics show that the total number OF
couveyances Of titles 10 properties in Manhattan
and The Bronx from January l to August 15 was
-2g6. as against u,6S2 for a similar period last
year An approximate value Of the property con-
veyed from January TO August Is last was ST.
G9307. and for last year. from January to August
a Slo4 s74.3S5. The loaned on bonds and
mortgages from January / to August 13 last was
Sl9s 1914 against &l22l7,S31 for the CORE
spending period last year. The total number
OF projected buildings IN Manhattan and The Bronx
from January to August Is last 1,15s and for
the similar period last year 1.l5L The estimated
Of the lbs buildings S54a5.36O and for the
ll5l buildings sos ls4.8l2.
REALTY PAPERS OPINION.
The Real Estate Record and Guide says. in
part in article in its last issue on the real
estate situation:
The usual midsummer dulness has prevailed
throughout the last week and the few sales report
ed show no new tendencies. On the whole a larger
proportion than usual Of small residences appear
IN the transactions and for the rest the business
amounts 70 little more than the ordinary specula-
tive trading Whatever else happens the small
speculator is always with Yet dun as the mar
ket appears. il must be remembered that there is
fealF Very much more activity than is customary
al TINS season Of the year. The filings at the Reg
lsleI once make this very plain. During the first
week " August. for instance. a very considerable
2LopoTu9a OF me papers representing transactions
RECORDS We're exceptionally large last week Some
recorded against 255 for the corresDondine VeeF
of EE ana only -6i for the corresponding week of
doubled ana his {acf sffor6 a9e9 more than
that however much the big SPECTATOR NAV have
been Obliged TO withdraw. the small buver is pres-
ent in force. Indeed. looks as if he iather Yhan
the Spectator. you'd make the market for the
coming year 10 matter how hard the big men
still very prosperous. and he is likely to wa6I Lotb
teIehlents IoI lASeslment ana dwellings TO live in.
falling of in the demand for labor Manbsttan viii
commodations during the spring 81 % 'lhg ac
analysis of the situation published last spring The
were maintained al the large ae, construction
vailed that time such a shortage was stiIi - he
u te Of construction has rather 5ioinesi mace the
creased. So far during the present wear rlans 80
been filed at the Buildings Department To- e "a
al an estimated cost Of 70 Tbd Pc erected
are little more than double the figures for the
corresponding period Of 1902 They represent a nor
nal increase in the amount Of tenement house a.
SSoIhInqqsuon bHt they VIII not provide sufficient
que 10 immigration, and for the demand Tor living
room caused by displacement
These statements are true, moreover. both of high
and low grade accommodation. The number Of
new hathouses and apartment houses for T1bicp
indeed n can TeI crII one resI,IIy disappointing
q u Iftaa