The sun., 1905-09-03
THE REAL ESTATE MARKET.
Continued from Eighth Page.

quated private residences, either because
the character Of their localities has changed
or because they no longer represent the best
economic method OF utilizing the land, are
eagerly bought by purchasers who viii re-
improve the sites with modern tenements
and fats.
Harlem is now the active center OF trading.
More than half the business reported Last
week was done east and north OF Central
Park. On Washington Heights l builders ;r are are
recent lot buying movement there. Nor
are the older sections neglected. York
vile, the middle West Side and the lower
East Side are again being touched in the
cycle Of CONSTITUTIONAL progress.
In The Bronx the month just closed was
the busiest in the planning OF buildings.
The figures given out last Thursday from
the Bureau Of Buildings show. very clearly
the unprecedented CONSTITUTIONAL activity
now in progress in the northern borough
over last year. For the month just closed
a. 4OO. $50 was involved in new buildings,
as against 81 ,22s, 600 employed in similar
manner in August. 1904 The total cost @
first nine months of this year has been
$50 OH, ATS. For the corresponding period last
year it was little more than $l4 900 600
In other words, constructional activity mas
increased approximately 100 Per cent.
Some proportion of this new construction
has been undertaken to meet the growing
business needs Of The Bronx. But the
bulk OF it is designed to furnish accom-
modations for the fiat and apartment house
tenantry that Is moving into the borough,
partly as the result of the congested con.
dition OF Manhattan and partly because OF
the recent Improvement in transit facilities,
It might also be shown that in Brooklyn.
in Queens and in the nearby suburbs un-
based primarily on the current shortage IN
housing accommodations.
The speculative element in the market is,
Of course largely responsible for all this
A great deal Of current business Is still OF
the purely professional kind. But there is
scarcely anywhere an indication that either
speculative buying or building has been
carried beyond the bounds of safety. The
market, restricted as 1t is to practically
the one place here referred to, has abundant
support from the investment public. Indeed, (,
the most optimistic critics OF the market
last fall and spring are themselves surprised
that the speculative carnival which inn
mediately preceded and followed the open
results. Natural increase in population.
the influx OF new residents from the interior
and the arrival OF great hordes Of immigrants
from southern and middle Europe have
justified nearly all Of what appeared to be
the recklessness Of the spectators. Demo-
ltion OF private dwellings and tenements
to make way for bridge approaches, ter
minals and public improvements has,
happily further contributed to the same
result. And the new buildings, numerous
as they are, have been made accessible by
transit develo pment. Many Of them, how
ever, were needed to supply shortage
brought over from last year and the
year before. The high price OF labor and
material must, it seems, act as a salutary
oheck to overproduction, though it will
probably also tend to keep rents at high
level That the present activity, abnormal
as 1t is, is justified by conditions seems
plain enough.
The exceptional dulness witnessed in
the Vesey street auction room last week is
not without its bearing on the present situa-
ton.
Sales aggregated less than half dozen
and were listed for only three days. This
emphasizes the extremely satisfactory con-
dition of the market for in spite Of the great
activity of the current year. OF which 80
large proportie Il was speculative, lenders
have rarely found 1t necessary to reso TT to
legal measures In order to protect their
own interests.