The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-02

while the construction Of such dwellings
was Insignificant in Manhattan.
During the first quarter Of the present
year building activity in The Bronx has
made still more remarkable showing
Plans have been fled for new buildings
calling for an expenditure Of more than
5000 600, or about three times as much as
in the corresponding quarter Of 1901. The
great bulk OF the capital currently invested
So, 500, 900 out of 5000, OOO-is going into
chiefly into frame dwellings. l he Bronx,
in fact, Is developing into a great extension
Of the Manhattan tenement house region.
WHAT has been said in the foregoing
will throw some light on the causes Of the
great real estate boom in the borough
across the Harlem. The speculation in
duced by the subway Is very different
from that which followed the completion
OF the elevated lines. Then building ac-
tivity developed comparatively slowly.
IL was at first directed chiefly toward the
production Of private dwellings, and the
rise Of land values was moderate.
The character Of the subway boom is
determined by the tremendous foreign
immigration, coupled with a scarcity Of
tenements to house the new arrivals. The
subway opened up cheap land, the future
value OF which would be fixed not by its
availability for improvement with small
dwellings, but by its usefulness as sites
for five and six story 4O-foot tenement
nOVSeb glFlhluR large Tenl0l incomes.
The principal centres Of speculation in
The Bronx since the opening Of the subway
have been az Hunts Point where big tracts
Of land like the Christopher Meyer and
Failo estates have passed into the hands
Of operators; az West Farms, the terminus
Of the rapid transit road, and at Third
avenue and i4eth street, where the rapid
transit road joins the Manhattan elevated
line II il at these points that the rise
OF prices has boon most marked. How
ever, the new road has benefited the en-
tire easterly part Of the borough between
Third avenue and the Bronx River.
The theory on which the speculation
has proceeded Is that all OF the land con-
venient TO the rapid transit stations will
be needed for tenement houses. On this
theory prices have been advanced to
point which makes choice lots practically
unavailable for small dwellings. The new
tenements oher the inducement Of larger
accomm odations than can be obtained
at the same rent in Manhattan, a Elk room
suite In The BronI being let at the price
paid for four room suite below the Har-
lem. As a result Bronx tenements are
filled a. soon as completed and are fire.
quently sold TO investors from the plans
While these conditions prevail the specu-
lation in lots IL, OF course, certain to
continue.
In the last few weeks the lot ejaculation
has extended into the westerly part OF this
borough. II has reached notable proper
tons In the Jerome avenue section and In
the neighborhood Of Washington Bridge.
The general plan for subway extensions
announced by the Rapid Transit Commits
sion cannot fail 20 stimulate and widen
still further the existing realty movement.
The plan includes a three track extension
Of the present West Side elevated road
from 23Oth street and Broadway 10 Van
Cortlandt Park; 2 three track route from
the elevated station at i55th street and
EEhth avenue over the Harlem River,