New-York tribune., 1907-11-06
BROOKLYN DEALS
N4RKET FOB HOUSES.
Ouer $5I,OOO,OOO Inrested in Ne7o
Buildings in the Borough.

Since January 20 date plans have been nlCd for
7,GT buildings be built in Brooklyn To cost S5S.-
7S6 353 against 1881 structures. which cost about
Sd S4.120, which projected in that borough
IN the corresponding period last year. This in
crease in the sum invested in Brooklyn build
ings has not only surprised many leading Man
haitian operators and builders. but has 50 inter
ested them that they are once again carefully
considering the many splendid opportunities for
investing in Brooklyn property with the purpose
Of grasp!ng what they think are the best ones.
Within the last three years many large Brooklyn
districts have been transformed from nourishng
frame dwelling house sections into weu built up
tenement house In every one OF these
tenement house centres the investor Is unusually
prominent. and In some Of them operators
busy buying and reselling at substantial pToht
About ten years ago operators, spectators and
investors who figured frequently In Manhattan or
Bronx trading occasionally looked at the Brooklyn
real estate market. but seldom entered IT, In those
days the Manhattan and Bronx market offered
to them scores Of opportunities FOR quick and
profitable deals, whereas tho Brooklyn market was
generally uuiuviting 10 them In the last ton
years realty conditions nave changed. owing
to the vast improvement in transit facilities tho
greater cost OF building the enlargement OF tho
old leading business centres the creation of new
business hotel and apartment house districts and.
above all. the tremendous rise n land values that
the man with a capital OF from N,p9 TO $4,000
who wants to get safe and nrm foothod in tho
realty markets Of greater New York viii find more
attractive investment parcels i'm Brooklyn which
his money will buy than in Manhattan and In
many sections OF The Bronx.
William r. Finn, a well known Manhattan op-
orator. was asked recently what De considered
the best kind Of property for the wage Garner 70
buy He quickly replied, Improved property
Nr Finn further said: Vacant property is a risky
speculative holding for the majority of wage earn
ers or the large army OF small investors. because
Il Is only by selling or leasing the parcel that they
can make a profit from their investment and in
most cases they have 10 wait about five years be
fore they can find a ready market for their prop
erty While waiting for buyer who Will take
over their property at a sum considerably larger
than what they paid for 1t they are continually
using a part OF their wages TO carry the property
and should they be out OF work for any great
length Of time they would either DO forced 20
sacrifice their property at a big loss or through
failure TO meet the sum due TO hold the property
lose every cent they had invested in the parcel
If a wage Garner Is thrifty he viii be protecting
his own interests better If ne buys improved prop
erty and not vacant lots Should wage Garner
find it a hard task for him TO stop spending his
money foolishly he will be forced TO save II he
buys a lot plot on the easy payment pIan' and
It is only through such a purchase that such wage
earners can become identified enter tho local
real estate market"
MIR Finn had in mind at the time "a number OF
thrifty young who had bought plot OF lots
in a district contiguous to tho most northerly Sec
tion OF The Bronx The original that these
young men invested in the vacant land was small
1t was such small amount that it would not
Bronx. But in less than eighteen months-it was
about a year and half ago when they purchased
the property-the total sum that they have paid on
their contract for the land is nearly 5000, which
represents about 70 per cent of the value OF the
average Brooklyn dwelling, constructed OF wood
and built for one family.
These young have pooled their inter-
ests" that is they have agreed TO hold their prop
erty at the same price a lot and to seek market
for the parcels at time. Had they formed a
operating in real estate by buying frame dwell
ing house I'm Brooklyn and every dollar that they
invested in real estate since then would have
increased the earning power Of the syndicate
There is little doubt that these young will
get a profit in about two years from their invest
ment in vacant land At the time they bought
the land it formed part OF a small number of
tracts near the northerly boundaries of The Bronx
for sale 10 per cent of the purchase price
signing the contract and small payment each
month II IS seldom that little buyers in or near
the upper sections Of The Bronx are able to buy
on such easy terms. In about five years there will
be no opportunities of this kind. according 10 many
realty leaders. In Brooklyn. however, fine dwell
ing houses be bought on very easy terms and
that is one of the principal reasons why BROOKLYN
dwelling houses a more attractive realty IN
vestment for the majority OF small buyers than
any other properties in greater New York In
Clermont ave. Brooklyn, there some dwelling
houses each a lot 20Xl00 feet. for sale at from
50 900 10 Sll 600. Houses the West Side north OF
5qtb ST similar in design and construction cannot
he bought for much less than $4,000 TO purchase
ana of the West Side houses about 5000 is re-
ouired and aboHt $1,000 for the ClermoDt
ave houses. view of these facts. it is not sur
prising that the small investor is more active In
brooklyn than in Manhattan.
Henry is a brave man. The other night his
wife thought she heard burglar"
No He had the courage to tell her he was