The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-26
THE REAL ESTATE MARKET.
NC PRODJCE MARKET PLANNED
For THE BRONX.
II VIII Cover Three Full blocks ut Port
Morris. Where II VIII Have Railway
and water TransportatiOn-A Large
Dependent Population " Expected.

Z "
Norris Where II VIII Have Railway
and water Transportati0n--A Large
Dependent Population " Expected
A big purchase Of land IA a site for a
public market In The Bronx has been made
by the recently organized Port Morris
Market Company. The deal is the most
important announced 80 far this year and
will unquestlonably result in the opening
of new area of building activity in the
borough across the Harlem. The market
will contain hundreds OF stores and stalls
will give employment TO an army OF working
people and will attract buyers and sellers
from all over the city.
Because Of its location It cannot fail to
become an important centre OF trade and
must inevitably concentrate around itself
a numerous dependent population The
neighborhood is now largely undeveloped.
II has always been thought however, that
the Port Morris section Of The Bronx would
in time be a great industrial district, with
n teeming tenement population. The es-
adjustment of a huge public market for
foodstuffs and other staple articles will
undoubtedly attract allied industries and
give n strong impulse toward the building
up of the section in the manner anticipated
by public opinion,
The site bought by the Port Morris Market
Company comprises two blocks bounded by
the New York New Haven ard Hartford
Railroad tracks, Walnut avenue and i3ith
and l36th streets; third block bounded by
Walnut and Locust avenues and l3ith
and l95th streets. and the block front on
the north side of i35th street between
Walnut and Locust avenues. The property
contains ninety-four lots and was purchased
from the Port Morris Land and Improve
ment Company through Paten, Tully &
Hoppock Of ll5 Broadway. Negotiations
are pending for additional lots. These
were not contemplated in the original plan,
which. without them, calls for an expend-
ture OF about $4,000 The blocks already
secured will he under roof in the course Of
the summer.
1t is claimed that the new market will be
the best appointed wholesale market in
Greater New York. The ferry between
College Point and East bath street will
enable market gardeners from Long Island
TO reach it conveniently, while the
Pennsylvania and New York Central. the
Harlem and the New Haven railroads
will enable shippers OF beef, produce and
unload without transshipment There is
probably no other location in he Bronx that
has equal facilities in the way Of railroad
and water transportation or that is easier
of access to trades people of Harlem, The
Bronx and Washington Heights.
IL should surprise no ore, therefore, II
some part of the speculative attention now
given TO Washington Heights were pres
entity to be diverted 10 the Port Morris
section. This was practically untouched
by the vacant lot movement in The Bronx
last fall. and, consequently, offers the
temptation of lower prices than most other
districts available for professional ex-
ploitation.
The lot speculation on Washington
Heights continued last week TO be the
leading and IN fact the only important
feature Of the market for realty. The num-
Der Of lots that changed hands on the
Heights was unprecedented Few Of them
were bought by builders. In the majority
of instances both buyers and sellers were
professions! operators.
The theory on which the boom is hased
seems to be that the Washington Heights
plateau is 70 be another West Side and that
land values in the former district will
eventually approximate those in the latter
In some quarters. however it is believed
that while the theory may be true in prin-
ciple, the present speculative boom VIII
tend TO check the building up of the Heights
prices already reached
SO far builders have shown little dis
position 10 erect houses on Washington
Heights corresponding in character TO those
which prevail on the West Side and which
justify the high land values there. Few
elevator apartment houses and dwellings, |
are being projected uptow The building /
plans fled since the beginning Of the year
for Washington Heights sites deal with |
fats almost exclusively The fiat houses /
are of about the same quality as those going /
up in the IAnox avenue district and in /
some parts OF The Bronx.
Land values are however, being pushed /
Ip TO a level where builders on Washington |
Heights must choose between putting |
heir capital into elevator apartments |
Or transferring their enterprises TO other |
localities. There can be little doubt as to |
he result. The great demand at present |
5 for flats and tenements, and land suitable |
or such houses il offered in abundance I
outside OF Washington Heights.
Meantime. it seems as If the boom there ,
has for the moment diverted speculative /
attention from other sections. Ii has also /
apparently checked dealing in investment
property. few weeks ago a considerable
iemand was developing for mercantile
premises, apartment houses and high |
Grade dwellings in the older parts of the
borough. This demand has since ceased /
o figure as an influence Of any consequences /
/ is beloved, however, that as soon as the
Heights boom subsidies a
,etter distributed and more normal ao-
ivity will follow. The boom began about
| fortnight ago, and few brokers believe