The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-05
THE REAL ESTATE MARKET.
~ BUiI LOT NOON REACHES
I1S FINAL STAGE.
The Leaders or the Washington Heights
Movement Think Prices Have About
Touched the Danger Point and
Are Unloading liquidation L Xnected.


Are Unloading liquidation L Npect ed
Speculation in vacant lots on Washington
Heights continued last week to be the pTin
cipal feature Of cctivity. The boom there
however teens now 10 have exhausted is
powers Of expansion. The number oil
transactions made public during the week
was, indeed. lnrger than that OF the pre-
ceding week The increase. however. was
merely In the matter of statistics. II is 10
be accounted for by the fact that many
brokers defer the publication Of sales until
just before the deeds are placed on record
at tho close Of the month. Last week
brokerage reports. therefore, included many
sales made during the early part Of Febru-
airy.
That the SPECULATION has ceased to e1-
pand is nevertheless, apparent. The
operators 81 experience and standing who
led in the buying a couple Of weeks ago now
figure principally as sellers. 'fhe present
buyers are chiefly small spectators un-
known to the general body Of brokers,
The leaders Of the Washington Heights
boom were also the leaders Of the booms
in the Dyckman tract. The Bronx and the
upper LenoN avenue district. In these
earlier movements their change OF position
from that Of buyers to that Of sellers was
quickly followed 10y decline OF tho specu-
lation. When prices had reached the dan
ger point they promptly unload ID.
In a few weeks a large part Of the vacant
land on Washington Heights. as in the
other districts mentioned. will probably
be found in the hands of specuators with
out substantial backing. They will have
acquired it at prices which will compel them
TO carry it for a considerable period before
they can possibly realize profit The
speculation in all Of the more important
uptown districts including The Bronx
has been conducted on the theory that the
land will be in demand for improvement
with fats renting at an average of So to
$3.50 room month according TO location
However. it is quite certain that. big as
the building industry Of New York is, it
cannot absorb within a year more than a
fractional part Of the land now in the hands
Of spectators. Furthermore IL all this
lana could be improve q at once with the
kind Of houses contemplated the rents al
present anticipated could not be main
tanned IL Is evident therefore, that
good deal OF liquidation may he expected
before the close Of the current year. and
most brokers look for oonsiderab le recess
sion from the lot prices which now prevail.
Aside from the speculation on Washington
Heights last weeks trading was very
considerable in volume, 1t embraced about
two hundred sales Of Manhattan property
as against so in the corresponding week
Of last year The bulk Of il was concerned
with fats, tenements and dwellings There
was little activity in high priced property
On the other hand. there was a good deal
Of buying, evidently speculative, in the
side streets between Twenty-third and
Forty seventh streets. Several Anticipated
premises in and near Fourth avenue south
OF Thlrty-fourth and north Of Twenty-thiri
street changed hands, the buyers acting
presumably. on the belief that the ne ghbor-
hood will presently be rebuilt with modern
lofts
An Improvement was noted in the demand
for middle grade private dwellings. This
was espe cia1y the case on the West Side.
The inquiry for dwellings thore has in
creased materially, and 10 expected to be-
come an important factor before May !.
Many families will be unhoused this spring
as a result OF the conversion Of numerous
private residences into stores in the new
shopping district between Madison and
Sixth avenues. south Of Forty seventh
street Most OF them are seeking houses
on the West Side, prices there being more
reasona Die than east Of the park and tho
facilities far superior
The purchase OF site for new building
in Vesey street, opposite ST. Paul's church,
yard was typical Of a kind of activity down
town which. while not conspicuous. never
theless amounts to "A well defined move
rnent Hardly a week has passed this
winter without one or more purchases on
the outskirts Of the downtown Office build
ing district Most Of them are made hy
business concerns which buy 10 provide
larger quarters for their own Use. All have
substantial financial backing Taken as a
group. they tend to advance realty values
in a wholesome and normal ma inner