New-York tribune., 1906-10-14

Last week IN the real estate market than in the
previous week. Many more deals in choice parcels
,ha, Gov long ;.rne and consequently tie general
tone Of the market improved. Still. the market is
laboring under overproduction in hathouses IN
the Upper sections OF the city, especially in Inc
Bronx and the Dyckman and Fort Washington
Heights sections This fact has had such oepress-
ing effect or many realty operators and investors
few plans being perfected for erecting nat
houses northeTly districts OF the city, ana the
inactivity Of these operators and investors mas mas
made many other persons tiuid about buying heaV-
fly So the market for this OF the year 10
unusually sluggish. and scores Of persons are not
only expecting but hoping for decline In values
IN almost every section OF the city.
Their expectations are not likely 10 De real]eo'
because the present listlessness Of the market 10
mainly due a hundred more speculative build
ers committing a serious realty mistake In trans
forming too quickly vast tracts OF vacant Ano IN
the upper sections into fRthouse districts Such a
eiunder is likely 20 prove a costly experience to
many OF these speculative builders and result IN
a dull realty market for some months. But II
ought have more effect on values In the choice
investment sections Of Manhattan Island than the
weather.
II Is true that uncertainty about probable nut
ure realty conditions is widely prevalent The ma
3ority OF persons identified with the real estate
market simply looking at the gloomy side or
realty affairs and trying TO whether there
IS any cause 10 worry about the present state OF
the market. When there is a wholesale decrease IN
rentals and when times are bad for all kinds OF
business, then The realty leaders Will have Just
cause TO worry. At the present time hundreds of
business firms and many old out-of-town mer~
camille concerns seeking home here The
population OF the city IS growing rapidly, too. so
that q lun IN hathouse building for about a year
or more viii probably bring the demand for such
houses Up 10 the supply. Then the modern fat
house IN the newer sections OF the city Will be n
attractive investment again. and the real estate
market VIII likely be pleasing to the majority Of
hTT1l .-T,~r,
The Real Estate Record and Guide" says IN its
last issue in article the real estate situation
IN part as follows; While the money situation has
become less obtrusvely insistent the modified feel
ing is not based on any radical change or on any
substantial alteration Of underlying conditions In
spite Of everything the real estate market has
given further evidence during the week OF deter
Izsnation TO Improve. Brokers continue TO report
the failure Of some negotiations. account of In
ability 10 procure the loans necessary 10 consum-
mate the deals. but at the time they consider
that the outlook for the immediate future is
aging. Transactions meanwhile admittedly
somewhat in the position OF being held UP, but
greater extent in Brooklyn than in Manhattan:
for IN that borough. II not in Manhattan also mat
ters complicated by the fact that mani
fest no inclination 70 make concessions from the
very high prices which they held their property
during the summer and the public are less eager
20 buy when any speculative hope for the imme-
diate future enters into their calculations. Not
WlLtlsNdb0lIS Ilat more buildings were planned in
Brooklyn than in The Bronx Queens and Richmond
combined during the last quarter there is a scarcity
OF houses OF the kinds that families seem most to
desire in that borough. and a surplus OF other
kinds the matter OF location. TO be sure having
great deal TO DO with st. In Manhattan the dealing
under the head Of simple speculative transactions
IS being confined 70 particularly choice locations
bCt buying for permanent investment, for family
residence purposes and for high-class improve
ments has been exceedingly well represented in
business Of the week While building operations re-
main quite active. not so many projected improve
nents are being arranged for, and architects are
able 20 take q breathing spell In the department
or building materials, cement has retreated from
the high altitude Of quotations TO which il asoended
in September. but still commands q higher price
than In the month Of August Brick prices are
frInly maintained little better than the level
or last month. indicating that notwithstanding the
'essening or building projects, the amount of old
Work IN hand Is stln very large; and II must be
remembered that the natural end OF the building
season Is now not very far away. with the indica-
Mons strong that the winter will not be an open
one; and builders must begin TO shana their ~
rangenents acoordingly.'
One OF the leading transactions of the veel, was
the sale by Albert B. Ashforth and Parish Fisher
Il Co. for Ralph L. Spots Of the northeast corner
OF 7th ave. and 35d st. three four story brick
oa!longs, on plot S95xS0 feet, with an I, 2ox2o
rect ior about 100000. The property is directly
opposite the plaza entrance 10 the Pennsvlvar,s
Railroad tunnel station now building. and diago-
nsily opposite the northeast corner OF the station
n itself.
This is the third time this year that this mon
erty has been sold by AIr. Ashforth once bv him
self and twice in association with Parish Fisher a
Co. and each time at a substantial advance ,n
price Leases on the property have still a little
more than year 10 run. when the plot VIII be i'm
proved with modern building proba bly, a hotel
IIanalo 4 macdonald & Co. IS the buyer The
company sold on Tuesday the Hotel Walton at
10th 81 and Columbus ave, AIr SPOTS for about
100000. II is said that 3Ir. SPOTS gave the $50
81 parcel IN part payment for the hotel property
Jones No ~ Madison ave ibree G STOW 20 LouS & a;
on a lot 2ooxSaX Irregular. adjoining the Church
Of cath st Madison ave Mr. Jones also owns
tle church property The size OF the combined
twelve story apartment house on the premises No
~ Madison ave. was occupied by the Chaplin
The , shirt waist house q John Forsythe bought
pied by {. H. Ditson & Co. music puIlisbers 4
new home for Ditson & Co is being built in s4th
ss oooITos he DeanIane Ieasbo ~ EesS @ 9tth st
Manufacturing Company. The total frontage Of
the parcel is 94s feet in Broadway and lOllI feet
Douglas Robinson. Charles s Brown & Co. sold
Floyd the fve story dwelling house No. As West
John r. and oscar L. Foley sold for Charles
Lane 10 the Mead estate. Of London. England No.
FEET oooud by swse5 2 Roe Rfo he R sae i2t 25sz S50
ers sold the property n August last for the scher-
Schermerhorn families arc related. The buyer
Payson Mol. Merrill sold for Mandelbaum &
Levine 70 the Cooperative Building Construction
and 9th St. a vacant plot eoxlOo5 feet. Also
70 The s sane sgF s 94r ne Le9gge Really Com
fnonweslth Real Estate Company the next fftv
teet IN tie Street These parcels Form naI py ~ Io
old Mount Sinai Hospital site
feF9I s 9S1Id1 Key M 95y @ and o. Others TO 70 client Of
building 3