The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-07-22
THE REAL ESTATE MARKET.
RECORD LEASE IN THE MURRAY
HILL SHOPPING DISTRICT. "

neyf,ion Freres Pay $4,000 . Year fcf
" T,vo small Houses NJ no and rs West
40 Thirty.afth g., on Q 40 Foot ste'
o. Near the Aitmen and AIOCreery stores.
Tho Manhattan realty market was ex-
tremely quiet last week. Sofnpersop WIN
the conditions that prevailed syear ago,a
-pronounced contraction OF actiNiSy wan
nbtsd IN all tie branches. FeWer Pr1va.e
aalea were made, the auction business was
emsller, new building projects were ICES
NUMEROUS, and less money was invested
IN mortgages. ,
The decline Of activity was especially
Noticeable In tho building industry. Last
week plans were filed for only twenty ne"
constructions, as against f0t IN tne ootFes-
pending week Of 1905, while the cosb ~"
VOWED fell from sS, 1000 900 to S,eoe.ooe, d, :
9hsprfnotpal factor in the realty situation
tust now 10 searQity OF money, oupiea
with high interest rates. ibis iactor 10
OF course, more important as regasdsBpeou-
lative enterprises than y Is with respect 70
Investment buying: Building naas are
practically not to be had and even per
manent.. loans on new houses are not easily
obthinable.
me leading institutions are In a position
"a. act-oonservatively In putting out money
Loans on commercial paper are y1elaing u
hiRher rate Of interest thar can Do neo
on ordinary real estate mortgages Inc
latter are consequently turned down. OK
c~epewherethe margin OF security s ampie,
+ nrate attractive and the period covered
by the mortgage sufficiently long to De an
inducsment. ,
The repeal Of the mortgag &c tax has had
m ~amehorating influence as yet on none
tary conditions. These are now thought
Nfslv Ia remain unchanged during the
summer, They do not preclude a far
amount Of ira ding In property netting
rood investment returns, but they un-
observation-disclosures &c speculation. Mort
IA ees are forthcoming on5 for instance
ola Law flats and tenements In estabilsheo
n~eaahborhoods, but not on fats and tene-
ments Just completed. in new iocahtee
where the future schedule OF rents s un-
os5 TSe bulk Of, tho trading in Manhattan
a therefore concerned at present wlth
Investment realty In the congested tene-
msnt districts. There Is sls1 q seasGn
abe noc,,o ae%sn for on private dwellings and foT
I%n.lneas premises. This was illustrated
UsatsrSay In a record breaking lease re-
bSrted from the Murray Hill shopping dis
" The property involved Is 20 and % West
Thirty-Hfth street, two small houses on "a q
fortv foot plot near the new Altman ano
WWaTraerv AZORES. Il was leased for twenty
ono year,, wtth1 gs on va TRsE Pisssk e sst ma,' e
Revillon Freres, owners of the ADJOINING
ksyilion, e. Building sad Ling .n Tss net Sh GsR'a at y ' ps1
cent would make the property worth
ssoo 200. Last year n Of the houses sole
.oHtside Of Manhattan the trading y
confined almost wholly to = a a9ss s 30 on On s snt
two family dwellings,. In The Bronx 70,
instance, builders are readily d dai1oa fgs Q,
two family. houses, frequently seinne tnen
M houses are for the most part OF fame
.s,stina from $4,000 TO 5000. The buye!
,isually paws $500 in cash. the rest o. ene
purchase price being represented by .nrsS,
and aseconds mortgages Most q the oasn
h drawn from savings bank deposits. mahy
Oh, the first mortgages are suPphed py
savings banks, which as a RUE Y aP-
njications for loans on small dwellings, IL
growing neighborhoods.