The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-23
Az REAL ESTATE MARKET.
.rIIIyG ACTIVE IN SPITE OF
' MIDSI MINER TRADITIONS.
..,,m,,cd, Howe yer, to Low and Middle
Grade Residence Property and IL
Due to tho Heavy Immisration-New
subsa,s to Employ 10000 Laborers.

y" Grade residence Property and 10
mo 10 tho Heavy ImmiSration--New
subua,s to Employ 10000 LabOrers.
r,ough devoid OF sensational elements,
4. Jealine in real estate which prevails
W., now ia notable In point OF volume, ex-
w., and character. Transactions involv-
ss' s,ms OF six and seven figures are few
%rumber. Big investors and operators
". Generally absent from the city and
-n.,goge loans in large amounts are DIM
.,,t to negotiate at time when capital
s,,,vine New York to assist In harvesting
- moving the Western grain and the cot
~ n the South. There is consequently
U,s trading in high priced realty. But
me activity in the ordinary run OF property
extraordinary measured by oil the stand
.,ds which apply at this season OF the year.
Once again as many sales are being re-
.,,ted as at the corresponding period OF
=, veor The bulk Of the dealing Is in
49,. tenements and dwellings and In
'u.I loft buildings and factories. It Is
.idelv distributed, affecting the congested
-,.;dcnce districts as we'll as the new Sec
Mons opened up by the subway.
In the older neigh orhoo Is operat rs are
,uyng up private houses and reselling them
n builders for displacement with multi
,,mily dwellings. The easterly part OF
uorlem is being reconstructed on q large
.,ole The middle East Side Is undergoing
similar process, being inv de1 by bu lders
10th from the south and from the north
sfore long the ole OF the easterly part
a anhattan alon the Third and Second
I'll ha,, h
sct,l speculative exploita ion. Its
nIvs.e dwelling, will Rave disappeared
md there will be solid tenement district
.Iten ing from Brooklyn Bridge TO the
Hair m River broke only J. roups Of
factories and commercial buildings.
In the newer di .tricts Of upper Harlem,
Washington Heights an The Bronx the
dsmand for vacant lots continues unaba ed,
,hhou h accor ing to precedent the active
building seaso should low be owe In a
dn,le da las week plans were fled for
anne sixty new fats and tenem snts in Man
haitian and The Bronx. calling for an ex-
renditure OF Upward OF 100000 The con-
rtrctions OF all kinds projected during the
week in olye cost Of $1,000 900, as against
rHOOOO in the sa wee ear 60.
nch as that implied by these figures would
b impossible unless supported by an ex'
tsordinary inves tment movement. New
houses are selling in advance Of compile
don. Frequently they are sold from the
clans before the foun dations have been laid
The demand for fats and tenements and fol
heYpensive private dwellings Is so extern
i've and insistent on the part OF the in
vsting public that it has brought into
e1istence a special class of middlemen deal
Ing only or chiefly in new buildings, The
traders Of this class buy up houses before
hey are completed, thereby liberating thu
builders capital and enabling him to take
% a new operation without delay. Thei
presence helps to explain the great amour
d construction work for which plans are
being filed now during the midsummer
period,
md the great activity in building con
Itucton are, OF course, based on RISING
Last year it was thong 1T that rents had beer
pushed up to a level beyond which they
vas looked for owing to the prospective
influence OF the subway in stimulating
he erection Of new buildings. In thu
Meantime, however, the growth of the city
population through immigration has beer
Unprecedented. Despite the great building
campaign inaugurated in the spring tn,
scarcity of unoccupied housing continue,
and the upward movement OF rents remains
unchecked.
There seems now no prospect that tn,
scarcity Of housing will disappear in the nea
future. immigration will probably be a.
Arge in the new fiscal year as 1t was in the
twelvemonth that ended June 80. There
no sign Of any slowing down in the city,
Industrial progress, the chief cause Of thu
influx OF foreign labor. Meanwhile, the
recent action of the Board Of Estimate
and Apportionment in granting the city'i
consent TO the building Of four new .rapit
transit routes in Manhattan and the adop
ton Of tunnel plan, by means OF which
the residents of Queens and upper King
are to be landed in the heart of the dry
goods and amusement district, will still
further enlarge the opportunities FOR EN-
Payment Probably no more important
tep was ever taken by great municipaht,
concerning the transit facilities Of it's .citi
lens. 1t means the construction of abou
1000 OoO worth of work in Manhattan
slone and the employment of about 1000
men.
The Rapid Transit Board is now pro
ceeding to obtain consents Of AUDITING
Property owners along the proposed route
on Third, Lexington, Seventh and Eight
avenues 1t is understood that undel
certain conditions the board is assured
q at least two competitive bidders To-
the construction contract, and It is sale
taat there isno reason why at least two
o. the lines should not be in full operation
within four years after the contract il