New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-14
OPERATOR IN REALTY
HIS BUSINESS METHODS.
Vest Side Course Opened 7cith r. f..
Simon as Speaker.

The fifth year of the real estate course Of the
West Side Young Mems Christian Association was
auspciously opened last night in the spacious auu-
forum OF tie association. at No a8 west o'In
street. Henry Harmon Neill. real estate edltor Oh
The Evening Mall presided, and Robert Z.
Simon, vice-president of the Henry MorgehIh'tu
Company, was the speaker. Nearly every seat IN
the auditorium occupied, among those pleSenN
being Il large number of persons prominent III
the various spheres of the real estate heId. Olto
Kempner. president OF the New Jersey-NeW YORK
Real Estate Exchange, was there 80 We're "0"
ter Stahler of the Metropolitan Life insurance
Company; Edward Hess Pierre NJ Clear. preSI-
OF the Acme Real Estate Club; Mlchsel
Sweeney. G. Richard Davis. A. \. Gitterfhah'
Judge Edgar Lauer, and many well KNOWN iN
Vestors, operator and builders.
Before introducing Mr.. Simon. Mr.. NELL reIerreo
briefly 10 the history OF the class Al the tiiie
the course realty subjects was planned certain
persons held the opinion. said MI Neill that real
estate knowledge could not be obtained by attend
ing lectures but only by activity in the realty
market. That idea had been conclusiveE pl0'7u
TO be unfounded, he added, and there were nv
throughout the country many associations winch
yearly conducted realty courses "hetheI VI ~
the calling OF real estate broker, operator oulin
investor had been raised TO the oIet-'''
OF a profession still a mooted question: Tie LUZ
Their said. but he thought II would be denhhtely t
tied in the near future, and that real estate men
would then be numbered among men with Il pro-
ression
MI Simon spoke The Operators ae'iou Va
Handling and Improving Property He sa1d' mo
operator is the who blazes the way Ioi INC
investor He goes into the neglected, uhaPple-
ciated and undeveIoped neighborhoods and a"dA-
ems the community, the investors and tenants 10
the importance of future possibilities OF property
in the vicinity. His greatest assets are ms lol
sight and his IMAGINATION, without when nc ta'
not be successful. for he must control theni' rO'
instance an operator will watch and STUDY
for realizing that II IS S't-
ting more valuable daily. yet refrains from Pu'-
chasing until the psychological moment. =,
The operator is essentially a rader-not an III
weston His capital should be kept active. Inc
operator who reaps the quickest and usually me
greatest profits is not the one who purchases
IN advance but he who buys on the eye OF tle
realization Of great public Improvement II
a new subway were planned there would De eH4
immediate demand FOR property along the l'u'e.
People who have been anxious 10 sell ou' h".'
been unable to procure offer. will jump 'heIF
prices Many sales made. with the result
that prices continue 70 climb. suddenly INV.
is a st1Enaton. and then comes the long pe''o4 -
holding while the subway is being authoF'Le1'
financed and constructed. so that. wheh H'e III
provement IS nearing completion and fresh &C
tivity starts. those having held on uti ulT' '
lost patience, confidence and clear judgment
likely TO sell at the best offer they can get' WHICH
is usually the FIRST one and no more than c"u''
have been realized when the improvement We,
first talked Of This particularly n"u'ea"''
in The Bronx and Washington HeiGhtS- ~ -
back as 1891 there was great oo'fn III -
sections in anticipation OF subway, and asSu'o
vou very few OF the original purchasers WHO
.ord ., 1ao6 when the subway opened, MADE
large profits whereas those who purchased rom
them made a quick turn at an advance !" y.
AN ore-ator is not an investor and should keep
his capital active That does not preclude MS ou'
ing in advance OF improvement dull II he u'''
so h. should calculate the time that viii "iapse
before the property to be purchased VIII undoNo.-
edly be ready for development. how much " W"
ada 70 IT'S cost TO carry 81 such time and what
81 will then be worth. He must then purchase II
at such price permitting OF a substantial pT'n'
when the time to sell arrives An operator pHr-
chasing in this manner IS not apt to tire or sen o"'
at the wrong time
II have in mind an operator who owned very
large number OF lots IN Washington Heights "hioh
ba had held for n number Of years and which coud
have been bought wholesale fe" months before
the actual operation OF trains IN the subway f''
about $4,000. oOo which. within three months al''r
the, subway opened had been sold and resoid in
numera times until the prices mao been Horestu
upward Of 100000
The operator. through his experience, knows the
value OF public improvements. His Imagination
pictures TO him how the section will look when
these things are completed He makes comparison
between his mental pictures and some similar
situations existing Then his knowledge Of tie
usual procedure must act as a curb ana ne must
hide his time until the situation Is favorable De
oneratol say: I have my eye on a section that
will be very good some day" That means IN an
rroba billtv he is making friends with the brokers
in that particular section and posting himself thor
oupbIv on values sales leases mortgages, etc. so
that when the proper time comes. he is ready 10
t,rnp IN and reap benefit OF his foresight judE-
and study.
''One OF the best examples OF a man who had fore
sight hut lacked the ability to walt until section
was riue giving others the benefit OF his WISDOM
Is Oscar Hammersten. He l25th street was a
great retail street when lots were worth one-hfih
their present prices and built his opera house.
Then he recognized the possibilities Of Long Acre.
NOW Times Square. That was about ten years ago.
We, land there is worth five times what II brought
,ben He built his block OF theatres from 4Ith 10
A5tb streets In order TO save the Long Acre prop
r he sold his i25h street sites, and then lost me
Long Acre property by foreclosure. The present
oxrD4rs OF these properties have made fortunes.
lIod HarnmersteIn held out for a year or two
Ig.r or waited that length of time before build
,p0 he would himself. have reaped the dement, OF
I,s vvonderf,,; foresight and imagination. daring
o,arstor suc1 as he a great benefit TO the city
tJa onens the eyes OF others TO the possibilities 81
certain sections. and creates new centres. Nheh
- bayan The construction Of the New YORK Theatre
The nubllc laughed. theatrical managers laughed
at to-day there are within a radius Of three blocks
., that site fifteen theatres