New-York tribune., 1907-10-20

threatened with foreclosure II was learned from
trustworthy source that some Bronx owners vita
unimproved property were "overburdcned' and
wero not able TO pay interest due on MORTGAGES on
their parcels. In every big purchasing movement
there are usually large numbers OF operators who
carry out their plans On small margin. and II
they cannot quickly resell their property they meet
with financial reverscs- It Is n small number or
such operators who are now financially en-
harrassed. Their involuntary departure from tho
real estate field will have effect ON trading In
The Bronx or in any other section Of this city.
The vieor of the auction market despite unfavor-
able money conditions is principally due 20 the
stability OF values throughout the entire real estate
field In fact. the tendency OF values Is everywhere
upward According 10 many real estate brokers
there few improved parcels ON Manhattan ISL
and which not attractive to investors. Realty
leaders say that property never better
paving basis. or in other words. the return from
money invested in Manhattan and Bronx real es-
tate IS much greater now than at any other period
in tho history OF the city. For some months after
the opening Of tho subway IN 1904 it looked II
the big purchasing movement I'm which spectators
were most prominent had exceeded all reasonable
bounds and that it would be followed by large
slump In values. which would end the career OF
scores of operators In of debts and
which would check realty progress for years.
Builders. however followed the spectators To the
newer speculative land OF the city, and in Il
little while vast acres of vacant land were covered
with modern hathouses. and then realty
brokers readily took the work OF getting tenants
for the hundreds of houses. While brokers
searching for tenants for the houses many
builders who wished 10 continue the erection such
structures in the speculative sections were
not able to get satisfactory loans quickly and in
the last ten months there has been a marked de-
crease in the number of such nathouse projects.
Last year there were many vacancies in the now
fiathouses, the supply Of these In the up
town districts was mucn greater than the de-
mand. At that time there were not many attrac-
conditions in the districts have greatly improved in
the last ten months from investors point OF
view The majority of fathouses erected In the last
three years filled. and In several uptown
sections in which spectators and builders became
unusually active owing TO tho opening of the sub
ways the supply of hathouses Is considerably
less than the demand. Thus the yearly return
from the invested in the houses has put the
property renting basis attractive to the ma
iority OF investors Because of these things there
is a steadily increasing demand for vacant land in
the districts and much higher prices have been
paid uninproved parcels than the sums at which
the parcels changed hands in the days of the
phenomenal purchasing movement resulting from
the opening of the SubWayS. IL Is thought that
more iathouses Will be built in The Bronx next
spring than the total number projected for that
borough this year.
More money spent last year IN building on
Manhattan Island than in any other year in the
history of the city. The activity in the downtown
sections last year due to a greater demand for
office and loft space In the last few months many
floors renting for about $4,000 year have been
leased from the plans Brokers who make a spe-
calty OF managing downtown property report that
the demand for offices in the new skyscrapers con-
tinues vigorous and that office rentals are likely
to be much higher next spring than now. Within
the last three years the midtown loft section has
been considerably enlarged. the Fifth ave. retail
shopping district has become one of the greatest
shopping centres in this country. the Sixth ave re-
tail shopping zone has been extended, and many
other business centres haye been improved. In
view of these facts IT would indeed be surprising il
there was weak market for auction offerings