New-York tribune., 1906-09-23
BUSINESS CENTRES GROWING.
TENANTS BEING QUICKLY FOUND FOR MANY n
OFFICE STRUCTURES.
Greater Building Hci5iy Erpeced DOcnton Secions-Fc I'm
portant Sales Reported Last Week.

Building are few Of the big structures planned
FOR the purpose Of finding fine Office space for
az least some Of the large number OF new bust
ness concerns which have lately Joined the com
uercial centres Of the metropolis and also for
many old business houses which have OutgrOwn
their old homes. These realty signs seem 10
indicate that the greatest building activity on
Manhattan Island for a year or more will be in
the business centres In the mean time/the
demand for apartment houses in the newer Sec
tions WILL Il Is thought. become equal 70 the
supply. And then will likely follow another ac-
tive period for builders in the northery districts
The Real Estate Record and Guide" says Ia
its lest issue in an article about the realty sit
uation. IN part. as follows:
The fling OF mechanics liens against newly
built tenement houses IN the upper part Of Man
haitian still continues 10 be the most prominent
feature Of the real estate and building market
Many conditions are beginning 10 work against
The builder with only small capital He can
not I'll his building W1th tenants as readily as
be could last year. and il has been much more
difficult 70 obtain permanent loans. The title
companies are appraislng new hve and six story
tonements in the upper part OF the city a. much
lower figures than they did year ago. and the
difference is sufficient 10 wipe out small builders
" no cannot afford TO wait. OF course, the effect
has already been very much 10 diminish the
number Of new tenement houses projected, and
II may be surmised that many years will elapss
before much money Will again be spent on
tenement houses II Manhattan a6 was spent la
lSl3. Before tho existing Oversupply has been
filed up, Manhattan will begin 70 feel even more
keenly the competition OF the other borOughS
Within couple OF years trains will be running
under the East River 10 Long Island City and
Brooklyn. and under the North River 10 the
suburbs IN New Jersey. while during the same
period the local services OF the Central New
Haven and Harlem roads viii be very much Inn
proved. This competition will not hurt the lower
part or the city. nor the areas 10 the east and
west or Central Park. but II Will divert large
numbers OF residents who would otherwise have
occupied apartments on WASHINGTON Heights
and al Inwooc. Washington Heights will of
course continue 10 grow. because practically all
the increase in population which prefers To live
In Manhattan must settle there; but n looks a
II q larger proportion than heretofore or the in
creased residents Of New York CITY would seel,
the larger amount OF living room which they can
obtain IN the outlying districts. Just how Ear
this diversion VIII go II is impossible 20 saw
The fact remains, however. that New York "a on
the ere of a transformation in transit and Co..
sequently IN residential conditions siTnilar 20
that which took pace early In the '9Os This
transformation can only help centrally situated
business and residential property: but N NAV
play some unexpected tricks on the owners ~
real estate which Is less centrally situated
Few important real estate transactions we're re-
ported last week. one Of the more prominent was