The sun., 1905-08-20
The REAL ESTATE MARKET.
SPECULATION AND BUILDING
NOTABLE IN VOLUME.

hut Confined 70 the F1at ana Tenement
Districts Pr OCCASIONAL Operators Find
the Old Field Too Profitable
10 Wish TO Experiment Elsewhere.
Current trading In realty is Of the com-
monpace order which invariably prevails
during the midsummer months. 1t Ia
concerned almost wholly with tenements,
flats and private dwellings. and with lots
suitable for improvement with middle
grade mulu-family houses. However, the
volume Of dealing 10 unusually large OF III
kind. More property Is being transferred
and more new buildings are being erected
than was the case at this time year ago.
The general character Of the activity which
now obtains was, Of course, established
last spring. New houses then projected
are being marketed, lots still In the hands
of building loan operators are being resold
to builders, and uptown neighborhoods
that proved attractive to investment buyers
during the first half Of the year continue
to be preferred for exploitation by pro-
fessional operators.
The professional element Is maxim 6
few experiments In new directions. For
the reduced amount OF speculative capital
which is seeking employment just now,
during the vacation period, the fields Of
activity cultivated last spring continue
TO furnish sufficient opportunities for enter
prise. The only development Of any con-
sequence that seems to be taking place Ia
A relative increase of building activity
on Washington Heights.
Meanwhile, all indications point to an
extremely diversified and extensive realty
movement In the fall. The opportunities
for profitable speculation and investment
opened up by the subway and by the dis
placement Of housing on the sites Of the
New York Central and Pennsylvania ter
nnal improvements are by no means ex-
hausted. To these will presently b added
others tending to distribute trading over
a wider area.
The clearing Of the ground for the now
Chelsea Park and Of the approaches for the
Rackwells Island and Manhattan bridges
vii! result in the demolition OF several
hundred houses containing tenantry Of
many thousand people, for whom quarters
will have to be provided elsewhere, chiefly
In adjacent neighborhoods. Tho new
piers on the North River between Bloom
field and Twenty-third streets will be
finished by Jan. 1, a fact which no doubt
will stimulate private building enterprise
in that section. Proceedings for the con-
demnation Of land for the new Manhattan
terminal Of the Brooklyn Bridge have also
been resumed. and on Aug. rs the Corpora
ton CounsS viii apply to the Supreme
Court for the appointment of commissioners
Of estimate and appraisal.
The terminal will cover several blocks.
1t will consist of UD basement below the
street level, into which the loops for trolley
lines in the present station may be trans
ferred for tho safer and more convenient
disposition Of passengers to and from oars.
az A first floor on the ground level, whic.,
will provide waiting and assembly places
for tho use Of passengers going to and from
the cars over the bridge. 1t will be arranged
other crossings may permit FREQ passage
Of street travel through and under the
building. G) A second or gallery. floor,
which will provide for the distribution Of
passengers coming from the street, or from
the elevated railroads in Park row, as we'll
or track door, providins for ths distrbuti on
Of tracks and platforms = for the trains
crossing The bridge on what are known
as the bridge and elevated railroad tracks.
This floor will be the main station floor
and ad have great height ,sto in order to aHrd Sa
new station will contain the same number
Of loops as are used in the present
terminal. and eight new landing points for
bridge railway trains. 1t will permit the
handling OF about twice as many trains
as Is now possible.
The improvements mentioned will give
en- immediate impetus to realty dealing
either by causing old houses to bo torn
down or by being actually taken into use.
Speculation will also be stimulated more
or ICES by the announcement last week X
hallway Company has awarded the general
contract for the grading and masonry
on rs much OF its line al lies within the
city limits: The contract is for 81 200 ,ooo
The work is to be completcd within twenty
months when the roadbed will be ready
The road will be opened for travel In
three years. It will run from q point near
the Harlem River to Mount Vernon. From
there one line branches along the Sound, !,
through or near Pelham. New Rochelle,
Rye to Port Chester. The northern branch
reaches Bronxville, Tuckahoe and Scars
westchester and the Interborough lines
are understood to be closely allied. 1t is
said that a Joint terminal will be erected
other. and that ultimately through trafio
will exist from Bronx and Westchester
stations, by way OF subway and elevated,
TO the Battery.
The new road will extend twenty-seyen
miles. During the rush hours its schedule
will provide for trains at five minutes head
way. During the middle Of the day. trains
will run at a hesdway Of fifteen minutes.
All trains will be run by electricity. Tho
entire right Of way will be fenced In. Much
will be no g1ade crossings. The road will
open up for settlement . big tract OF un-
developed country and will greatly enlarge
the field OF lot speculation and building IN
The Bronx.
DpfvAtA RalAa