The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-21
HHE REAL ESTATE MARKET,
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Tho activity NJ No laas fsv drts has resN
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abd has h-an supported eiiofv w hrh
professional htivrft ThstS hns brrh rfto
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eahllla bfefntaru AMI In 'hr frsi,irnrr ia
tficta fnw pufch a ses have lHUr mad" ~
professional w rttinta fhf freiliaf dsR lrfA
arc iist now apparently intent upon frlrr
Inc ttrif holdings ~ much NJ r%oa'inl" Nth
= Wow Nv nsaNihn n ,rluf iurnta IN tho
market dutiha 'hr a'itufrrt
fh~ nutlrNh ia htid v regarded ~ threat
sniha, Int mortgage hans ttn dinlrult 10
oh'ain and ptir~s NJ high IN MI reiehlt't
hpcds whrrr trading has ro.'1'lv l~rn
active. hraidrs, ne regards moot NJ ihnso
aishhothnuis tho %nrtiyitv hss hrcn uiA"t
way for auinc time. and ihetr Ia consider
abb doubt whelint llpry viii rnd 'h"m
snlvea ~ further exploitation
The dealing In Old law trnrmen's hns hrcn
In progress Tor sevcral year,, and there ia
TtNNflN " lFNfNf lilN' N'l'N l'''lNfN NV w
the near future have 10 mrr, n strong con.
petition from tho great nHinhrr ~ now law
tsnamenta that have boon built or are near.
ing completion in the various ~hornughA,
Similarly. the dealing In lots adapted for
Improvement with tenements has Tor years
beef conducted on a largo scale OBJ
vtously these two movements cannot he
continued indefinitely. and the probability
IL that both will he checked before long
However. professional operators ara un-
willing to carry either improved or rnim-
proved property in the tenement distrcts
through the summer.
The non-professional public, however,
eeems to be little influenced M yet by this
hesitatipg attitude. Investors are still
buying freely and Unfortunately lots as
we'll as tenements. They are mostly people
Of moderate means, who buy az a rule on the
instalment plan, II their purchase Ia a
tenement they pay down a few thousand
dollars, giving mortgages to cover the bulk
Of the purchase price. In the case OF lots
the cash payment need be only a few dollars.
The sellers are for the most part professional
operators, and they are just now Offering
unusually liberal terms.
There has probably been no time when
property in the tenement sections and in
tho outlying districts Of the city has been
90 heavily encountered with debt and 80
widely distributed among weak holders as
1t is at present. For this reason the mort
gage loan situation Is not altogether reas-
suring. Unless mortgage money becomes
more plentiful before long a tendency
toward liquidation must inevitably set in,
for II the present high interest rates con-
ttnue borrowers will find it impossible to
renew expiring mortgages on favorable
terms.
A report was around yesterday to the
effect that the trustees Of the New York
Library had sold for s $1,000, 900 part of the
Lenox Library block to a realty company.
The property said to have been disposed Of
includes the twenty-four lots bounded by
Madison avenue on the east, Seventeen
street on the south, Seventy-frst street on
the north, and the library building, occu-
plying the Fifth avenue frontage, on the
west.
The rumor, however, WAS authoritati vely
denied, The property is restricted In such
q manner that il cannot be advantageously
sold in bulk. The deed Of gift by which the
New York Library holds title provides that
a plot, i0Ox20O feet. running through the
centre Of the block from Seventeen to Sew
enty-first street, oanno be used for other
than library purposes. II put to any other
use the entire block reverts TO the IAno1
estate.
The restriction may, however, be removed
or rendered imperative by procuring a
release Of the claims of all the Lenox heirs.
Steps have been taken to secure such a
release, as 1t is the intention eventually to
dispose of the property. But as yet no
definite offer Of purchase has been con-
sidered, although several have been re-
oeived.