The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-19
The REAL ESTATE MARKET.
NEV LOT NOON DEVELOPS on
WASHINGTON HEIGHTS.
Tao Land Speculation Completes lis
sfc1nd Circuit - the Iptt "n
Subway Dis,ricts-Hs Course Mark d
b. LAceSSl,e Imitation tf Prices

u
sfc1nd Circuit - the uptt WI
Subway DiNricls-Its Course MARI,
b. lAeesS,e Imitation II Prices,
The speculation in uptown lots has pre-
sentei A nu nber OF interesting develop
rnents since the opening Of tho subway
Ths seat OF activity has shifted several
tinss, apparently in obedience to some
oh scure but elective influence oHginat-
ing in the psychology of realty gambling
The centre Of the buying and selling has
moved, as IL we're. in a circle. and has prdc-
tio,lly gone over the same ground twice.
In all probability II will cover the circuit
at lelst once gain.
Speculation on q large scale began ABOUT
a month before the opening Of the sub
way. There had. Of course, been impatient
movements along the line OF the road be-
fore that, b 1T these had Teen compaT-
,vey isolated, and had not been supported
by the great body of opera tors The specu-
alton OF the last six months has Teen UNI
interrupted. and has drawn ~ support
from the general body OF professional
s.e1ulators.
II began in the Dyckman tract. That is
10 say. the heaviest buying was for time
confined 10 that district The centre OF
activity was afterward successively trans.
f,1ed TO The Bronx TO the uTrer Lenox
avenue district and TO Washington Heights
whoh completed the eli cunt. The leaders
Of this movement we've the hig cPeIators,
ryndicats and ally corporation They
bought up large holdings and resoid the m III
subdivisions TO smaller spe culative interests
Scondary movement followed. The
subdivisions were in turn divided and
vere distributed among the rank and file
VI the army of professional d'aicrs. Each
parcel was now quickly sold and resold
hall dozen times at advancing prices
Tho secondary movement followed the
sane course as the first; h ginning in the
Dyckman tract. IL moved 70 The Bronx and
then TO the upper Lemon avenue district.
Last week IL shifted 10 " ashington Heights.
The logic Of these two movements seems
10 De that the professional operators ~
y IN they were supported exploited the
cheapest land first ana that the zig specula-
tCgi pref AIRED the Nay for those 81 limited
calital AS a result extensive lana hold
inp5 have Leen broken up into Lmlulng
sues and mace available for Improvement
On the other hama, prices have Leen in
aLtsd in each district successfully 70
such an extent that the actual work Of
IL. provement is likely TO be retarded.
xes it practically impossible to build
anything tut a comparatively expensive
grcoe of flats on lana within convenient
rea CD Of either branch Of the subway.
FOR instance, when lots in convenient loca-
lions IN he Bronx were selling at 81 30
some months ago, it was practlcable TO i'm
prove them wan inexpensive one and two
iarlily houses. Such lots are now quoted
~ IS 600 to $4,000, prices winch necessarily
preciuCe that c.ass Of Improvement
D.. fHl.HHW F.V=aNw -N
next spring will be a notable one IA the
history OF the city But 1t will evidently
be restricted in character. divided Chiefly
toward the production of middle grade
hats. A yet the buying OF sites oy build
er- although considerable as compared
With that OF last year, is altogether insig-
uifcant when compared with the recent
REGULATION in lots. Meanwhile il is posi-
'Ole that the resale Of lots to builders may
develop into a conspicuous movement
beiorss the beginning Of spling, and II SO
Il will be interesting TO observe whether
II will follow the course covered by the
preceding speculative campaigns.
ast weeks brokerage business was I'M
usual in point of volume Nearly 400 PM
sate sales we're reported the largest num-
Der ever made public in a single week.
IL point OF character, however, the business
vas unsatisfactory. It was made up al
most wholly Of professional trading in
lots, tenements and IA t-. Many private
90 Uses - changed ndnqS, tut IN most IN
Stances they were purchased by operators
Who intend 10 resell the sites for improve
ment with fats.
The demand for high grade residences.
A. artment housrs and business pr mis- 2,
which seemed recently 10 be developing
INTO an important influence, was hardly
&c II at all in last weeks dealing However,
a. there ha been no chang in the market
situa ton. il is hardly likely that any actual
ia Ling on has taken place In the demand
for mi llaneous investments
In the midtown district. the scene Of
ruch reoent buying, at least one deal was
put through wi ich attracted attertion.
The purchase OF the Allston apartment
property, at the north west corner of Madi-
son avenue and Thirty-eighth street, by a
sDeculative syndicate seems TO indicate
coming break in the exclusive reside initial
character Of this part Of Murray Hill. The
property is on the crest Of the elevation.
he opposite corners are ocCupCd by the
.asidence Of Edward Wilson, the old Theo-
dore Havemsyer residence and the South
Church.
Madis1n avenus in iris noigNborhood
has 50 far not been invaded by business
concerns. The syndicats ich secured
the All ston property regards the site as
suita bib for a club1ous1 or a high class
ratail store and will Offer it for resale.
The new price, II it is 10 cover a profit,
-rill presumably preclude the possibility
u the property proving paying invest
e% as II no" 5lanas,