The sun., 1905-08-13
1HB REAL ESTATE MARKET.
~pADESMEN AND SMALL INVEST
ORS BUYING PROPERTY.


places Of Dnsiness-F1ats and Teno-
ments With stores in Good Demand
rbs amount OF capital going Into real
..,ate continues to be unusually large for
,his season Of the year. 1t is made up
.r,ncpally of small sums and is contributed
- to an important extent by investors Of
s,odsrate means. Purchases representing
cash investment OF $500 to $4,000 have
not in wears been 20 numerous a. they are
.ov Tradesmen In the tenement dis
..o,s are buying the buildings In which
chair stores are located and people Of as
s,red incomes are generally putting their
.oyines into dwellings and places Of busi-
Rents are high and the demand for hous-
,ro ia keen. Merchants, professional men
.nd bouseholders find 1t more economical
and safer to own property than to rent 1t.
premises can be obtained for rent only
nv outbiddlng present occupants. Long
torn leases are difficult to obtain, for owners
visb to be in pc sition to reap the advan-
,aue Of rising values. and tenants to whom
nernanency Of location Is a matter OF I'M
nortanoe are practically forced to become
their own landlords.
In view of the general industrial situation
throughout the country there is every
nr spect that the current activity In New
York realty will continue. There is no
aim Of any decrease in the demand for
kfts and factories and the production OF
plots and tenements is inadeq uate to take
care Of the growth Of population. The
eyransicn Of commerce and Of population
IL hi,
dealers in realty have been accustomed
to provide for and the opportunities for
speclative profits remain as good as
they we're at the beginning OF the present
year Indeed. as much construction work
is being projected now as was projected
last spring. while twice as much capital
Il being invested in new constructions as
was expended for the same purpose at
this time year ago.
An increasing proportion Of the plans
Hledfor flats and tenements affect the Wash
ington Heights district. No doubt the
building up Of the Dykman tract will also
be taken in hand as soon as the city pro-
vides final street layout. A proposition
L before the Board Of Estimate to r1ln streets
through the area bounded by Broadway,
Nagle avenue, Elwood street and Dyk-
man street public hearing on the
proposition will be held by the board on
Sept. %, when the adoption Of tho measure
will no doubt be strongly urged.
downtown rapid progress is being made
on the improvement Of tho North River
waterfront, which, when completed, is
expected to influence building and trading
on the lower West Side. Bids were re-
= a Il
for the filing In Of the final section Of the
marginal street back Of the bulkhead wall
in the Chelsea section. Ann ouncement
was made that the entire improvement
will be finished by Jan. l.. whom the new
OF the seven full and two half piers
ak are practically completed. The i'm
provement extends from the foot Of West
Twenty-third street south to Bloomfield
street, and, with the acquisition Of land.
will 'Gs, s. seaus x, m % s3 e. It II 1sudfs nss
with slips 25o feet wide. having 40
foot depth OF water. Eighty per cent.
OF the dredging is done,
Eleventh. avenue. which was abandoned
from Twenty-first street to Fourteenth
street which the Dock Department will
construct and maintain back Of the bulk
head wall. This marginal street will be
2?5 to ESQ feet wide. 1t will be paved with
granite blocks. :.
for the marginal street Is completed be-
tween Twenty y-third and Eighteenth streets,
and the rest will be finished in about three
months. The Dock Department Is COL
Letting wharfage at the four full piers
which are completed and will enter into
no lease for any Of the piers until all are
ready.
Another announcement of importance
to realty interests was to the effect that
work on the Manhattan end Of the Belmont
tunnel will be begun this week. Work
si. has already been started at Long Island
between Long Island City and the foot Of
East Forty-second street. The tunnel is
to be completed in two years.
How far across Manhattan 1t will extend
Il not known. The franchise permits 1t
to run, to Eleventh avenue. under Forty
boats the West Shore and Ontario and
Western ferries, the steamer Mary Powell
and the Albany boats land. Passengers
nom that point would he able to step from
the ferries and boats directly into the tunne!
1ralns fl and, and not change until they reached
latter place the tunnel will connect with a
trolley system. for Long Island points.
On account Of the difficulty in boring under
the subway, It is believed. however, that
1he tunnel Will be extended only 10 Cne
subway at the Grand Central Station.
Plans have been filed with the Manhattan
Building Bureau for an eight story loft
building, 4e1lxl25, Of biak. limestone and
terra Gotta to be built on the northeast
corner OF Fifth avenue and Nineteenth
street, for the City Investing Company,
OF which Robert E. Bowling IL president,
At a cost Of $500 900, and for twelve story
factory to be built at so4 to $40 East Twenty
third street, for tho E. W. Bliss Company,
o! which j. W. Lane is president, at cost
o. s225,ooo, Other Manhattan plans In
Guided five story stable, $25 900 and one
story stable, $4,000
The Bronx plans fled Yesterday COM
prised six two story dwellings to be built
Tor the Belmont Realty Company, on Hughes
avenue 45 feet south of 1Ssth street, at a
cost Of $40 900, and a Ave story school. to
cost sll5y0O0 and . three story dwelling,
5000.
Private Sales.
SFrONI lurNrYD ~ t.