The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-09
THE REAL ESTATE MARKET.
rR4DING QUIET EXCEPT IN THE
TENEMENT DISTRICTS.
.,u1t, I. Kept Up There by the Great
Foreign Immisration-The Middle
EAT side Is Now Being Exploited
shops Invade New West End streets.

shops Invade new West Eho S'oe'''
The Fourth Of July ordinarily marks the
Tanning Of the midsummer period OF e1-
go nu,e in the real estate market. How
s,or II no week just closed was by no means
quiet. At the same time 1t followed pre-
oadent. except in one particular dlrectioh'
Tbere was no dealing OF any consequence
!, private dwellings,, in elevator apart
- ".or, houses, in mercantile premises, or IN
49,. class of property outside the fiat and
..or,e,, districts. The trading in flats
- ,ensm"ut- and in building sites adapted
-. ir,,,royrment with houses Of that grace
w. ,,,n',eI 10 he on a notably large scale
=, 10 The only branch Of activity which has
.,ored Itself capable of resisting the usual
s,d annually recurring influences which
Ito for a contracted market during the
midsummer months
yo DON'T tins activity also will fall on
certain extent in the course OF the
summer However, any diminution that
INV IA Ike place will te chiefly in the nature
Of a reaction from the recent excessive
ejaculation which had for its o. ject to
forestall the new mortgage tax. The
reaction. il Is quite certain. VIII leave the
dealing in the fat and tenement districts
with sufficient volume to arrest attention.
Thu. dealing has its origin in the great
c-,rront growth of population through
to,eicn immigration. The immigration
dur,n, the fiscal year ended June 80 has
neyer before been equaled 1t was induced
nv the EXPANSION which is taking place In
the nations manufacturing and CONNER
cia industries There is no sign that that
EXPANSION ia coming to stop. The de-
nand for labor will tie, in all probability.
As insistent in the new fiscal year as 1t was
In the twelvemonth just closed Mean
while the political and economic distur-
bances in Russia, the eastern provinces Of
Austria and southern Italy, whence most
OF our immigrants now come In search Of
political and economic independence. will
be even more accumulated than they have
been.
The immigration is mainly to the big in
dustrial centers the cities Of the first rank
and is likely to retain its present volume
In the immediate future. 1t is just now
the principal source OF activity in the New
York real estate market. 1t is producing
q wholesale redistribution OF popula ton
in the older residence sections here, and is
causing huge tracts of vacant land to be
exploited for the purpose of settlement.
It is pushing the tenement neighborhoods
into what vera formerly private house
neighborhoods, and a piece OF ground
made TO house ninety. The result Ia a ire
mendou- and widespread rise in land values.
coupled with all the varied forms Of specu-
hhon and investment which that implies.
The growth in the volume of immigration
has been practically continuous since 1893.
ouig oh II ioc ho
lower East Side were the first to feel the
elects Of the new influx. To make room
for the incoming horde the existing houses
we're pulled down and tall tenement bar
ncks erected in their stead. Even before
this process e, .i be completed ted the over
did not go to the Immediately adjacent
neighborhood to the north, but followed
the Third and Second avenue elevated
lines to points which most advantageous
combined cheapness of rents with access
sibility; 1t went to Harlem and. The Bronx,
grew up In anticipat ton of the opening
oi the Williamsburg Bridge Jewish colony
also sprang up in the Brownsville section
Of Brooklyn
For some time Harlem has been going
through the process Of reconstruction.
modern tenements, and most Of the avail
able sites there have been exploited The
speculation and rebuilding on the lower
East Side and in Harlem have left an inter-
vening region practically untouched. This
region seems now to be coming in for its
share Of attention. Speculative trading
was very heavy last week in the section
from Eightieth street to 10th street, whence
until recently few sales we're reported,
The changes which have taken place in
the easterly side Of Manhattan have, Of
course, reacted on housing conditions west
OF Central Park. Many families driven out
OF private houses in the East Side have
moved into apartments on the West. The
consequent increase of population here has
created a local demand for high grade
shops and stores and business is invading
streets which were formerly exclusively
residential The transformation is espe-
caily noticeable in certain blocks in lO4th
and Seventv-second streets.
IL mas never been thought likely that the
broad streets on the West Side between
futy-ninth and lOoth would become i'm
Gortant business streets, like Fourteenth,
Iventy-thrd or Thirty-fourth, because
central Park stands in the way of cross
towh traffic. However. recent develop
ments show that this view will have to be
modlfied Many Of the private houses in
exclusive Seventy-second street between
broedway and Columbus avenue have al
ready been bought up for conversion into
s'oIes and Offices The square at Broadway
ana seventy street has been cha nged
oy the subway into an important business
.enter II is surrounded by popular apart
lneht houses and apartment hotels, and it
sseeHis now only question Of time when
eeVehty-sccond street will he given over
afgely to business