The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-29
The REAL ESTATE MARKET.
AUCTIONEERS SEEK A NEW SITE,
OPPOSITE ST. PAUDS.
IL was Chosen for the Convenience Of
tho Curb Market, an Institution OF
Recent Importance-The Bronx TO
Have an Auction Salesroom OF Its Own.

tho Curb Market, an Institution OF
Recent ImpOrtance-The Bronx TO
Have an Auction Salesroom OF Its Own.
The decision Of the New York Real Estate
/ Auctioneers' Association to remove from
iei Broadway to Il Vesey street on May
has received the cordial approval OF the
operators who frequent the salesroom.
| The present auction room has nothing to
recommend it except the prestige which
is supposed to attach to a Broadway loca-
ton IL was generally believed that the
association would return to its old site on
the completion Of the Trinity Building
However this plan was found to be imprao-
ticable. both because of the high rents
charged in the new structure and because
the prospective building operation next
door will for considerable time prevent
the realty curb dealers from congregating
in Thames street.
The availability OF Thames street Tor
this purpose was regarded as one oil the
chief attractions Of the old Trinity safes
room. The realty curb market has come
to be a permanent institution OF consider
able Importance. The auctioneeT5 looked
on il for a time with disfavor. as II tended
TO discourage attendance on the part OF
conservative investors. The curb element
was composed largely of small brokers anu
spectators without recognized business
standing. They were generally tricky and
irresponsible. and the methods which they
frequently resorted to in the auction room
we're calculated to brighten away genuine
investors.
There is no doubt that the auction bust
ness was oheapened by the presence OF the
curb dealers. However it ia open to ques
ton whether the injury which 1t sustained
from this source was any greater than that
which it experienced at the hands of several
among the auctioneers themselves AZ
a matter Of fact the change which has
taken place in the character OF the sales
room attendance is probably due quite as
much to tricky auctioneers as 10 tricky
speculative bidders. SO far, the auction
GERS association has shown itself incapable
OF either excluding undesirable bidders or
Of enforcing a satisfactory system of selling
methods.
The result is that the auction room, as
a whole, is in rather bad repute with the
public Investors have come 70 know
! that membership in the association Ii no
guarantee Of good faith a. regards the con,
duct Of sale. The buyer must be gulded
/ solely by his impression of the character
of the several members of the association.
| This means that if he is to make habit
/ of bidding in the room he must first make
| himself acquainted with the regulations
/ of a score of auctioneers.
Under present conditions this obligation
! rests also on the owner who wishes TO put
! up property for sale. Obviously, the
! practice on the part Of an auctioneer OF
! employing secret agents to act as bidders
may be used both to protect the interests
/ Of his client and to defraud him. II the
J i.-a tr1tClr Hnypn af "A sacrifice the
| auctioneer may take title to 1t himself
| through his secret agent.
At any rate, the auction business is now
/ largely dependent on support from the
| curb market Its members invariably meet
in the auction room TO pick up what bar
gains they can. When the room closes
! they adjourn 20 the sidewalk TO negotiate
private sales The curb market has grown
rapidly in importance during the past few
| years OF active speculation IN tenement
| houses and uptown lots. IL IL able TO attract
well known brokers, who meet there oper-
ators capable of financing big deals: Inc
! auctioneers can no longer afford 10 lgnore
! its convenience, and from this point of view
the Vesey street location is well selected.
| This is just of Broadway, opposite st.
Paul's Church, and where traffic IL com
paratively slight
Before the Vesey street room is opened
| to the public. however, il will have what
| promises to be a vigorous competitor: The
J newly organized association of Real Estate
/ Brokers Of The Bronx announces that IL
{ has decided to have real estate auction
: room and exchange for the sale OF properties
/ in the Borough of he Bronx. IL has leased
| a hall. J0xi0O. in the Morris Building at the
/ southwest corner of Third avenue and
/ iA9th street, the junction of all the principal
Z transportation lines in The Bronx. About
twenty-five members have applied Tor
stands in the room. and sales have already
been booked. 1t is hoped TO have the room
ready for use by March
Considered apart from the methods
I employed in public sales. the outlook for
the auction business is regarded as good,
I The excellent market for property at pri-
vate sale viii no doubt have tendency
( TO restrict voluntary miscellaneous oner-
ings as we'll as foreclosure sales. On the
other hand, trustees and executors will
I find conditions favorable this spring for
putting up big estates Mt auction. Some
| large holdings of vacant lots are also eI-
/ pccted to seek the market by way OF vol
] untary sales.
Trading at private contract continues on
a scale UNPRECEDENTED at this season of
the year Property 70 the value Of about
| tl2, OoO 900 changes ownership each week.
! The activity embraces investment as well
as speculative holdings uptown lots as
well a. downtown business premises. The
demand for expensive residences IL grow
7 ing. and flats and tenements are finding
buyers IN advance Of completion. Gube
and churches in the shopping district CEN
tring on Fifth avenue are selling out at
record prices and purchasing sites else
where. The mercantile and financial sec
tons are expanding, and preparations are
being made in upper Manhattan and The
Bronx for the greatest building campaign
in the history OF tho city.
Private sales.
FIFTH AVENUE. Douglas Robinson.