The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-09-08

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lunm ~noush ~ DO rr-''v ~-il Hllri ~ u
10 mots lhfrmnls O., phtsi " rpnr~--ipus
Aluns Itsth street. tur insssne.. wh~r~
th~" ace 100 rhpid ifsn-', s'sti"n. mo
~ N" -uhw,v ant mo ~ Tho sl~vssr'i,
are s-v~rsl spsr'm"u, hour~s sh'oh have
b.ru entirely hll~i ~ the rents sctuaily
-N.l.awI A. 80. -. 49,. U...tl..sA..N
whore N. uutt,rpa IL mo-' f,votabl-. careful
investigation oil reveal Tho -rrtu,i- STRAITS
~ whieh many builders 90 vs-hing'pn
Height. nav ind themselves
en- Amsterdam avenue. occupying an
enttr. biu"k front, 10 . .tS story elevator
apartment hou.". pat ~ ny me - tho
largest bulIing firms IN the city This
apartment house should hav. been COM
ple,si w time for tho spring renting SEASON.
The builders. however, hat undertaken
more big iubs than they could handle AMI
the hig lending institutions hat refused
90 give them any further financial support.
The logical result ~ thi- was that the owners
we're unable 10 meet the Demands - their
creditors ~ no money was forthcoming
o. the mechanic. work on the building
stopped In the ordinary course ~ events
Legal steps would have heen taken to file
AfAAE 49, Isss
aud ultimately To bring ~ To . forced sale.
for soms time, however, the condition
81 the market has been such that lenders
have hesitated to resort Ia sales Of this KIND.
Outsiders in all probability could not
Ia We been induced ~ bid even u fair amount
IN the property Ia question, aud th" plain
tir would have been forced TO buy ~ IN
IN. lending institution Which had advanced
the building loan had no desire 10 be left
with an unfinished Hat on ltz hands.
Ihs. rR.fIlf ia tins tlA. IL tNnlg.ll of "A DEle-
tic, which has recently become quite gem
eral ip IN. heights The building loan
was changed into a permanent mortgage
and q foreclosure was temporarily avoided.
Ia" material men and small contractors
Tor mutual defence agreed To finish the
hulding and take in payment part equity
~ u
This delay will st back the compi-tion If
the structure until the fall. In order To
,uwletr with apartment houses which we're
uuIshrd early in the summer the owners
haN" hesn uNering "A bonus OF "A months
rent free. "A Cuncrsslon not common IN ele-
Natur apartment houses.
these flats supply the kcyuotr Of the
present situation in Washington Heights.
\ great many speculative builders, some u
whom are former Fast Side shopk ~ pcrs
Nith very little capital behind them, have
virtually fuil'Si This condition also applies
- =, me- Of the wealthy and experienced
Operators who have undertaken more work
than they could accomplish. Building loans
H.. h.,.r transgnrun..l mn, nernIanept
go, ,,,,s OH ,Lo ,nachani.s and sInnlv
49, 80, Jnin.t ,og.,h.r AMI taken mn
rLnrye ~, ,be huilIipy in order Ia s,y, al
-, an, 80 ,hsir MINES
The hnncy IRE o~utlnei accounts for the
,,c, d., nnlv a f.w mnre than The usual
nn,,h.r az sorscIns,ras have b,en not.I
,n".n,l, rnr ,hs sa,ns reas,n ,h,, nctnal
s,.,s az ,n,iys on nh" Heights has not been
viIe,v kmnwn Lrom outward aup.ur-
,nc.s no I,,iiJ,,s arc be.riny nm eas,iv
nn,I., RI, ,rn,hias lint n thorough in,
,,s,i,,,i,I' r.v,.i. ,a,h.r s.srio,,s cnnd,-
49,, Il !. r.rv d;rar,lt ~ MT imnoss,hl,,
~ IN ,n,ll, ,,o,n,,i.,.s aat ar an nn,,,,
r,,n, h',se ~ ,ha Itc,,h,s ami many spec-
',i,,i,o hn,ilI.rs haya haan forced IA h.-
cnnne ,.r,nnn,n, lanJlords a n~osition which
ssw ~ ,hcn mr.. onnncially ahIet n nssun.
n Of conrs, sornn h,Iildeys VIII have ample
Gr,ncini nacLiny rscted tn a
cnnsid"r,hIs "x,s,t nv ,hssc conditions,
,ra ali, IN cn,,, with the si,uation They
viii hn ahl, a. hold mn, until popula,ion
Catches nm Win IN. snnnly and In. danger
~ cxt.,s,y,, Inuid,tinn = r.moved
Tho g,c, thu, conditions ara An f,yorall.
to ,enants /. Already having ia effect ON
the ANIMATION. Indeed vacancies ON Nash
,n,,nn JJ.,,,ht. Lnve basn GIlinv nm M a
nhanoy,ana1 ynta wi,hi, ,be lnst Two ar
,hrsa ySceLs p,onl, havr movad there
srnm aIl nar,. az The city from the lower
n,., ana H., S;dn. md from The sub,rbs
of Long Island ana New Jersey. The great
innmx Sf Jew ish and Italian Immigrants in