The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-07-08
TIE REAL ESTATE MARKET.
TRADING rs BELOW THE NORMAL
FOR MIDSUMMER.


----
sinoe the First Of January Builders In
Manhattan Have Planned Tenements
Enough TO House 10000 New Popu.
Iation "A Largo Surplus Hs Now in sight.
Practically every branch Of the real
estate market i experiencing a greater
degree Of dulness than Is normal to even
this time Of year. The single exception Is
the dealing In suburban property; but this,
too, 10 on q less extensive scale than was
promised by the remarkable activity Of the
cary spring. The market Is evidently
feeling the effects Of a long period Of specu-
lative buying, TO which are now added q
tight money market and high interest rates
The ultimate results Of the protracted
speculative activity through which tho
market has passed annot now be precisely
indicated. Tho situation hinges largely on
the money market and the attitude OF he
lending institutions. This for weeks past
has been one Of oonservativism. What 1t
will be in the fall remains to be seen. But
unless by that time money IL available on
considerably easier terms and In largo
quantities trading viii not be resumed on
anything like the scale Of the last season or
two.
The demand made on the loan institu-
lions for the last two or three years, and
notably for the last eighteen months, for
funds to support the exploitation OF vacant
land and for the erection OF tenements Is
we'll understood. Vacant and improved
properly in the tenement districts Is now
encountered to an unusual extent n the
49, rutn- ~ 49, ~a-f haa hnnn NJ
rates which make readjustment highly
desirable. Many mortgages 90 made will
have to be renewed In the near future.
A plentiful supply Of loan money In the fall
would ease the situation, but that money
will by that time be sufficiently plentiful
to insure lower rates L. by no means certain.
It Is also doubtful whether the many weak
holders among whom vacant land and
tenements are so widely distributed oan
stand much additional pressure.
The market is likely to develop no new
phases for the next six or eight weeks.
The dealing in vacant and unimproved
property In tenement districts Is now at the
lowest possible point. Professional dealers
have retired from the market and most Of
the buying is being done BY newcomers.
In the meantime the excessive speculative
dealing In vacant land In tenement districts
Is being reflected In new construction on a
lavish scale, while new tenement districts
capable Of competing successfully with
veloped in other boroughs, and prepara-
ton for housing Of various soi e 70 accom-
modate families OF small means Is being
made to q degree hit herto unknown.
With the realty market phenomenally dull,
the loan market not in a particularly re-
ing high. 1t is worth noting the amount Of
capital which builders have figured on lay
ing out on new construction in Manhattan
for the first half Of 1905. The total esti-
mated cost for all construction from Jan
uary to june, inclusive, exceeds that for
Nearly 1850 buildings were planned, to
cost SIS, 100000. This is s14, 900 900 in ex-
cess Of the amount for the same period in
1905, and ST 900 900 more than that for the
tfrst, bali Of 1901; The average amount
a month. At this rate the years building
600, 900. Last year it was $l23, OOO, 900.
Nearly 1850 900 Of this SIS, OOO,O 900 is
represented in the estimated cost Of sixteen
structures below Chambers street. OF
lofts and two banks. The more important
were the new Boreel building, the Trinity
building annex, a structure at the north
east corner Of William street and Maiden
lane. the Office building at 20 to 81 yesey
SCTe6C, one az ~ 10 10 wall StTeet, VTe SSIlR-
man Bank building at William and South
William streets, the stone Office structure at
the northwest corner of Broadway and
Warren street, the Liberty street annex
to the Singer building, end ths loft structure
at al to IS Cliff street.
While tenement planning for June fell
below that for March, April or May. it ex-
ceeded that for January and February.
Builders Of tenements AVE been just as
active for the last six months as II there
were a serious shortage OF housing accom-
modations. They have figured on putting
more than S33 ,00O, 900 into new mnlti-family
houses. In the area between Fifty ninth
and 10th streets, east of Central Park, 2l1
tenements have been planned this year;
in Harlem (l10th to l59th street, Harlem
River and Eighth ayenue) 1T have beer
planned, and on Washington Heights (125th
to 181st street, west Of Eighth avenue),
172. Between lSlst street and the ship canal
tenements were planned last month,
the total SO far seventeen. On the
entire 10 wer West Side, from the Battery
to Fifty-ninth street, only six tenements
ave been planned thisy year. In the oorre-
spending East Side district seventy-five
have been planned. The following is a
summary of the tenements projected from
january to June, inclusive, his Q "a
AAHHATTAS