The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-30
THE REAL ESTATE MARKET.
LITTLE BUSINESS DOME JUST
NOW IN MANHATTAN.

However. the vots e ths Rapad Tranat
Cemmassspn last week 90 Begin tho
Csnstrpetaeo q the L~&xAngtsn Ayenne
subway Promises % Starts New Boom.
paaIing in suburban property continued
last week 20 be the chiee feature Of the
raaltv market. Ths Manhattan brokerage
r.oorts were few In number and Of the
commonplace order. Tho trading in the
CENTRAL borough wan cou1ined TO middle
Grade dwellings, principally on the West
side; to old law fats and tenements, and
TO the cheaper class of business premises.
There was no well defined BEAT Of activity.
The buying was OF the n-iscelIaneous. des-
ultory character that u naturally looked
for after a long period Of speculation and
rising rricas. Thsrs are few, II any, neigh
borhoods In Manhattan that have not been
more or less thoroughly exploited In the
last few years, with thu result that such
property as is offered for sale 10 generally
held at figures which look 30 future rather
than TO present earning capacity.
Professional operators are therefore
Obliged TO confine their attention, as q rule,
20 the purchase Of an occasional antiQuated
building in which expert Judgment sees q
chance Of raising rents by introducing
minor structural improvements. A num-
Der Of busine premises and private dwell
ings are also being bought by intending
occupants. The number, however. Is small,
for In the present condition Of the money
market and Of general industry merchants
and manufacturers avoid tying up capital
in real estate II the option OF leasing ID
offered.
It is quite likely, how ever, that a new
and extensive speculative field will be
thrown open by the decision OF the Rapid
Transit Commission last week to build the
proposed Lexington avenue subway with
out further delay. The commission in
structed its counsel, George L. Rives, to
draw up two sets Of contracts, one for the
JOINT construction M operation OF the
road and one for separate construction and
operation. Both sets will be submitted to
the Board Of Estimate, with a request that
the board advise the commission which to
adopt.
This procedure will enable the commits
sion to award the construction contract
even il the Board Of Estimate should de-
eide that the city's present debt margin
is insufficient to cover both construction
and equipment. The expressed intention
OF the Rapid Transit Commission 10 pro-
coed Immediately with the building Of the
Lexington avenue line will no doubt give
rise to a considerable speculative move
ment in Manhattan this fall.
A similar movement may also be started
In the Jerome avenue section Of The Bronx.
The commissioners appointed by the Ap-
pellate Division. Of the Supreme Court TO
report upon the proposed Jerome avenue
subway filed their report with the clerk
Of the court last week. The commissioners
advise that the railway be constructed.
This route consists Of a four track sub
le4th street to Woodlawn road, opposite
Woodlawn Cemetery. At the southerly
end Of the line W. connections are pro-
vided with railways in Manhattan. The
frst is a three track connection Leading
70 the bridge over the Harlem River, be-
longing to the PutnAm division of the New
York Central. The other IL q two track
subway, passing under the East River to a
point in Eighth Q near 154th street,
80 as TO connect With q subway to be here
after constructed under that avenue A
third spur is planned TO onneo with l5Sd
street, near Cromwell avenue, ~ as to afford
a means Of junction with the proposed
Lexington avenue subway.
The report Affords no assurance that the
construction Of the road will be begun a
once. However, as the main object Of the
Lexington avenue subway is to furnish
a new outlet to the westerly part Of The
Bronx, the Rapid Transit Commission will
no doubt see to it that the Jerome avenue
line will be we'll under way by the time
the Lexington avenue line is opened, for
the one will be Of little use in relieving
trafic without the other.
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