The evening world., 1906-06-16

ever. They include such shrowd voter
an opui1tors as MIX Marx and Jacob
!1pyg an acre. After laying out streets.
putting IN sewers, water ana gas
they sold at tie niee oc 5000 an acre
We We're satisfied 10 give the small
family investors some real bargains,
SAID Mr.. Hirsh yesterday. IT makgs
the gcleral real estate situation all tho
stronger As an instance, we built two
ILtc .+a-r.o cG..cI2 1WtltiNE5 p0 fnf.
tract. Just to start Improvement. Tho
houses and plots were knocked down
at the auction Tor exactly the money
which we spent TO build the houses, The
BUYERS got tho land for nothing
Even stronger movement % build
cottage dwellings IS shown by lot buy
ers on Long Island. While auction Of
ferinss thero have not been 80 numcr-
Gus as t1ose IN the Bronx, tho sales BY
private promoting companies nave been
enormous. Not only family Investors
in Greater New York have bought lots
but investors IN AL parts OF the com
try are pouring their savings into the
Long island boom.
Plan Homes by Hundreds.
one Of the most important transact
tons during the movement was closed
this week. whom tho Nov York and
'-ttshurg Real Estate Company sold so
lots at Hollis Terrace 10 tho Penusy-
Vania CpnBtruction Company, NJ Phiia-
mo Philadelphia compnny intends
20 develop thu holdings along broader
lines than has been attempted 10 that
section OF Long Island. Prospect Park
South. the fashionable residential se,-
ton O.. FYa,ouah, win be u model for
laying out streets, arrangement OF
dwellings and landscape gardening.
ference In tho cost OF dwellings and
plots IN the two sections Tho Hollis
Terrace DEVELOPMENT win appeal 70 tho
investor OF smaller means.
Tho purchasers will begin work TN
mediate!y on their holdings to meet
the demand for housings. Plans nre IN
preparation for ATTY o-fam;ly houses
arii one hundred Queen Anuo cottages
OF modern construction, containing al
improvements Iney viii be ready 1oT
occupancy late IN the simmer.
Sure Land Prices VIII Rise.
similar projects are under consdera-
ton at othor new Long Island centres.
All are based on the rapidly growing
mOvoment among families 10 discount
the new subwnys by owning Il home
, ~ thc suEuvhs whirh will be drlwn
INTO short transit umo OF Manhattan.
The Impression IS becoming general
among veteran real estate men. as well
as among small outside !aves; OTIS. that
the new eubways Will cqualize land
values IN tho ariotls outlying sections.
They hel!evo that the future measure
OF land value VIII bo distance IN time
from Manhattan business csntres.
Investors outside OF New York are
pouring money into Long Island.
Staten Island, New Jersey and tho
outlying Bronx on n purely invest
mc-t theory They dre not New York
ers and they DO not zee any reason
"a the old New York senriment that
land on tho nor'hward limo OF oNpan-
sion is worth moro than Land OF equal
timr.distsnee either past, soeith or
west. They act on the theory that tho
income which csn DO derived from
land ought 70 fix tlro value OF shs lot
How to Figure Real Value.
w1u!am Z. Harmon. who hss tho
T laiBreSt following among out-os-town
I Investors. SayB that with elual trans
portation facilities bringing equal
nearness IN point OF time 10 mo CEN
I t-es OF businsas activity, there can 30
no Crcat ultimate difference between
land values IN tho Bronx, Brooklyn.
/ Queens or Staten Island.
/ "A lot Is worth just 1B much es Il
4 VIA pay interest on. capitalized mt the
usual rate, when improved with q SUIT
ablo bulMlna" said Mr.. HuS aon yes
terdAy. ~ you buAd = houst Tor .l.eoo