The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-06
TbB REAL ESTATE MARKET.
PROSPERITY IN C0MMERCE AND
FACTORY INDUSTRIES

FACTORY INDUSTRIES
4, Giving General Employment 20 Botf
Residence and business Propert!
Owing 20 Our Immigration, However
tho chief Demand ID for Tenements
Tho prosperity enjoyed by realty in.
terests at the present time IL unusually
extensive. II leaves no important section
Of the city untouched. The big Office build.
i,as In tho financial district are fully ten.
anted. The huge loft buildings In the
wholesale mercantile district are occupied
to their full capacity. Stores in the
retail shopping district are In 20 great
demand that when a Arm like Park d
Tilford wishes to move to a new location
in middle Broadway II Is obliged to lease
seven story building for ten years at an
aggregate rental Of $4,000 in order to
obtain possession OF the street floor
building which cost It's owners not more
than S4s7, 200 three years ago. The rent
roll Of tho financial and wholesale and
retail districts Is steadily rising, and the
districts themselves are expanding I'M
interruptedly into areas formerly devoted
to residence uses.
The enlargement Of commerce and in
d,istry is reflected in the growth Of popula-
lion. Every office or loft or factory build
ing that is erected implies the erection Of
many tenements. modern business build
ing freque ntly means employment for
several thousand Office clerks and factory
hands. The building enterprise noted
in the central parts Of the city Is conse-
ruently repeated on a manifold scale
in he outlying regions. The capital in
weted In new business buildings during
tie fret half OF the current twelvemonth
is as per cent. in excess Of that expended
for tho same purpose in the first six months
Of last year. The new constructions are
widely distributed. They include office
buildings and banking houses on the mar
gin Of the financial district, loft buildings
on and adjacent to Fifth avenue, factories
in the tenement districts Of the middle
East and West Sides, and retail stores like
Ola fins and Altmans.
ne bulk OF the new construction, how
ever. consists Of factories In the tenement
dis riots. This circumstance helps to ex-
s the sPPosh hs oSss 81 ns s 81
business Just now is In tho half dozen manu-
featuring industries that are the principal
employers Of sweatshop labor. Tho great
demand is for cheap factory hands. Hence
fHS uupI0C0O0HUou IOI0lSu uulIukT6tlOut
coupled with exceptional real estate ao-
tivity In the tenement house districts.
The situation as regards residence prop
erty Is an accurate reflection OF the condi-
tions which obtain in the business sections.
ruand for high grade private houses and
apartments. Middle grade, mutifamily
and Individual dwellings are yielding hand
some returns and figure in the brokerage
news with q frequency, unusual several
est grades Of housing, especially tenements,
Is probably larger than that in all other
claeses Of property combined.
The incoming foreigners. who are obliged
to accept the least Eemun nt work,
walking distance Of their places Of employ
ment. They displace older immigrants,
whose better wages, moro regular employ
ments and shorter hours OF work per-
NIT them 70 seek homes at q distance.
ment OF population outward from the
great central tenement house section.
Evetywhsre In the low and middle grade
Issidsnoe. districts, that =, the d.. districts
vestment activity in real estate Is in prog
ress which In extent and intensity has
never before been equaled.
Nsx hop''. are being 60 erected S IN un.
found for them before they are completed:
Rents and freehold values arc rising and
although tho active building season should
now b over as much new construction
work b being protected as Is ordinarily
Meantime the city is confronted with q
problem which Is beginning to take on q
serious aspect. There is no sign Of any
decline In the volume Of immigration.
despite the utmost efforts Of the building
trades to catch up with the demand. On
the other hand, the cost Of construction IL
rising rapidly. 1t has reached q level
which gives ample cause for uneasiness.
ons the output q suburban houses. one
and two family dwellings, in the erection
Of which the builders margin Of profit II
comparatively small. Apparently 1t can
not 60 much higher without affecting tene-
ment house construction also.
It would be serious matter II the rising
cost Of materials. coupled with the new
mortgage tax, should presently put check
1ns the building Of multi-family houses.
Rents are already excessive. II they
should be still further inflated much suf-
feIing among the poor would necessarily
follow, while the purchasing power Of the
wage. earning Population would be re-
dlced creating q tendency toward reac-
ton from the eity's present seemingly un-
Private Sales.
I'D for Nj. Hess No. ss o %est i nstS
on lot sxssll feet. to client for occupancy.
EiGHTY-EiGHTH STREET. - Slawson d
X Richards No. sal West Eiehty-eiehtH
street, four story limestone front dwelling
on lot 20xl008.
iUST STREET .-Gustayus L. Lawrence has
sold to Mrs. Clara 9. Fonsmey No. 472 West
l4lst street. a four-story dwelling on lot
iSxi0O.