The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-22
The REAL ESTATE MARKET.
NEW BJGH PRICE RECORDS NADE
IN FIFTH AVENUE.
The Activity There and in Thirty fourth
street shows . Notable Demand Tor
sites IN the shopping Dlstrict-Mean-
Ing OF tho New Builders Fikhf.

sites IN the shopping Dlstrict-Menn-
ins OF the New Builders FiKhf.
Current dealing In real property is OF an
unusually substantial and diversified char
acter. TIE amount Of capital that is being
invested both in the way Of purchases and
loans ia very large The mort gages fled
in the Registers Office during the present
month represent twice as much money az
those OF the same period year ago. The
number of transfers has nearly trebed'
and building projects have been similarly
multiplied
These figures signify more than mere
recovery from the unfavorahle monetary
and industrial conditions which prevailed
during the early part Of last year. They
must be read in the light OF the fact that,
in spite Of tight money market, tre-
mendous activity in fats and tenement9
and in vacant lots was in progress year
ago. The movement In this class Of prop
erty continues. though It's chief seats have
been transferred 70 new localities since
the opening Of the subway.
This movement which was confined 70
low and middle grade realty In the resi-
dental districts. is now augmented by a risi-
ing tide Of activity in mercantile property
and in expensive res dence property. The
bulk OF the money currently seeking in
vestment IL going into the midtown and
downtown sections, where practically no
business was done last january. Down
town there Is a substantial amount oil buy
ing and building in the leather, insurance
and financial districts, PARTICULARLY on their
utskirts and the same Ia the Gaze in the
mercantile section between Fourteenth
and Twenty-third streets.
The principal scene Of the activity, how
ever, lie the Fifth avenue shopping district,
extending from Madison Square to Forty
re venth street. In Fifth avenue itself half
a dozen important sales were made last
week. while perhaps dozen were made
In the side streets between Fifth avenue
and Broadway or sixth avenue. The most
notable transaction affected the block just
north Of the Waldorf Astoria.
Precisely what sort OF improvement
is contemplated by the sensational buy
ing in this block is not yet apparent How
ever. from the partial information avail
uble. il ia evident that new centre OF high
The property Of The New York Club at the
southwest corner Ut FIFTH nveRue and
Thirty fifth street was cold at the rate of
Of 1907 d square foot With the single er
ception Of diminutive corner plot cutting
into the site of the Macy store, no other
piecs Of land outside Of the financial dis
trict Is known To have commanded an equal
rate. Fifth avenue corners have recently
been selling az $50 square foot and in
side lots at 500, The New York Club sale
establishes new quotation, and future
transactions will no doubt be strongly
influenced by ii.
The deal involving the old Henry Clews
residence at West Thirty fourth street
was OF similar importance 10 that thorough
fare. Mr. Clews obtained nearly S7g a square
foot for his property, which ls believed
IN be the record price for an inside plot
Z in a Crosstown street north Of Twenty
third. The site cost the late Stewart Brown
$4,000 in 1895. 1t " 5oAle7.s feet. Mr. Clew@
4 realized $4,000 on it, his profit. after oc-
E cupying the house for eighteen years,
/ amounting to more than $4,000
Inc desuing IN mercantile property in the
Z midtown and downtown ulstrlcts shows
I that owners and operators are expecting
TO take up expensive building operations
on al imports ut -cuic this dpring. "hci,t
/ they will be able % do so depends largely
on how the labor situation in the building
T industry develops IN the nesntiIle. TIE
outlook was certainly nor improved in
2 the course Of last week To the original
hght between the Unions and the an
/ plover's association mas now been ADDED
/ fight bet ween the general contractors
/ and the suh-contractors in the association.
| The ThomIson-StarrettC Company needed
] the revolt of the general contractors by
| hiring carpenters from union locked out
! hV the association. In giving notice Of IL
action % the association the company
? stated as itI reason that two Of the -ubor-
dinate associations Of employers had en-
deavored 10 prevent the company from
7 buving materials in the steam lifting and
electrical trades
In other words some Of the sub-con-
tractors are trying TO prevent general con-
tractors from doing the work IN their
special trades without sub-ietting u. Some
/ Of the sssneral contractors, On the other
: hand arc organized 10 do all Of the work
on a big building without stib-letang. The
result Is q conflict ri interests similar 70
that which existed few years ago between
department stores ana special stores.
The general contractors formed last
week an association oil their own with a
view 20 breaking down the monopoly
which the sub-contractors have hitherto
4 sought 70 maintain. The tactics Of the
s,ib-contraotors have included the policy
OF excluding. With sssls tance from the laoor
unions various kinds OF materials prepared
outside Of the city, 80 as 10 control the
supply available here.
The new association Of general con
/ tractors will pur MP strong night lot the
! admission OF outside materials which VIII
nor only antagonize powerful sub-contrac-
/ tors rsa Ociations but also the unions allied
/ with them Tint means that. unle~s the
=uo-contract WIS pr Il oily capitulate 70 the
general contractor he latter will begin
1 a crusade for the 'opou shop which must
inevitably be followed by a long and ex-
hausting conflict completely upeetting the
work 80 far done toward establishing the
present labor arbitration agreement forTnu-
lated by the Building Trades Employers.
! Association,
Private Sajet.
I 10TH STREET. C. Nicholas hos bougn' he
two ave story dwelling - AZ Nos. 3o' and ais