New-York tribune., 1908-08-23

ea,- z,as considered by many real estate experts
TO indicate fairly brisk market Tor sueh ou,U.
ines this year. II IS at this season OF 'fse Eedi %
MANY persons decide to buy houses for their C"h
occupancy and for that reason trading in d"eii-
ing houses is almost always feature of the VOL
urne OF business transacted in the last hVe li'
of eaca year Many years ago the principal iiio'
ing aav was Nav / but the chief moving oaS
o. the majority of residents of this city is Octo-
Der / and therefore the majority OF leases al
fectins suites and apartment houses or o"eiii"e
house property is written from OCTOBER loi
reriod of one year CT more The popularl'9 Va
the high class apartment house has helped 10 nahe
October secure 5 the principal moving oaE :"
the greater city. Many OF the apartment structures
for which ground is broken in the spring are
planned 10 be ready for occupancy carry III sep
ternber and seldom later than October i
For a number of years the area of land occu-
pied by dwelling houses which rent from s''V' "
500 year has been growing rapidly sn1aliei '
greater sections principally attractive ana sul'aoe
. h,,ildars of the high class apartment house
have been almost entirely transformed into more
aIlurfng apartment house districts In coihiaiiS
To the amount of building operations whach nav
resulted IN the improvement of Manhattan sites win
spartment houses dwelling house projects In me
same borough look small indeed. In fact, there mas
been little building OF dwelling houses on Manhat-
tan Island years and the nulraDer OF o'
ing houses which have been replaced with me
arartmcnt houses is greater by many figures than
the total number of dwelling houses which
have been built that period That is one OF the
reasons that the value of dwelling house property
las increased TO high record figures in recent
years and is likely 10 be much higher. as the
apartment house districts increase in size IL
apartment house building continues at the rate
maintained in last five years some real es-
tate experts think that III another period Of ten
years OF within a shorter time, the great west
Side including the older and the newer residen-
tial districts will almost unbroken apart
rnent house section In view Of that fact various
zones Of The Bronx where land is much cheaper
-l1p-l RI
house builders are not active as in the Manhat-
tan districts are doubly inviting 10 speculative
builders Of one and two family dwelling houses and
are likely be numbered among the principal
high class dwelling house districts of the city
An idea of the spread Of the apartment house
districts in The Bronx may be had from the opera
tions of the farseeing speculative builders
He planned about three years ago TO improve
number OF blocks with dwelling houses TO heIp
meet the demands for that type Of building. He
chose for his plan of operations location which
was very accessible 10 nearly every part OF the
city Before he had built many Of the houses ne
intended 10 the remaining unnnproved parcel
of land which he owned became too valuable Tor
him 10 carry out further dwelling house projects
Meanwhile the land had become especially suited
for type Of apartment house, so he tore down
the dwelling houses which he had erected and
transformed all Of his realty holdings with apart
uent houses These apartment houses form a big
asset the realty strength of The Bronx, as they
are Of the attractive type, splendidly built,
and rented prices within the reach OF
the majority of skilled working people Occupying
almost contiguous sites TO this apartment house
district of The Bronx many dwelling houses
which. owing the increase Of values in land and
buildings in recent years, are worth nearly twice
what they cost build them Even at the newer
prices these dwelling houses find ready market,
and were the land suited for such structures
than apartment houses there is no doubt that this
zone Of The Bronx would be rapidly improved with
dwelling houses The fact. however, is that il has
bT tive of
ern apartment houses as field almost exclusively
for their class Of operation Thus the builder OF
dwelling being almost constantly forced
10 seek newer zones and II is ofttimes most diff
fcult problem him discover just where he
can remain for any great length OF time As the
land increases and the price of building con-
struction rises market value of dwelling houses
naturally becomes greater, and each new price
eliminates prospective buyers those persons who
could have paid the previous, but who cannot pay
the latest high price There is likely to come
time the future when It will be consider
ably more expensive 10 own and occupy modern
dwelling houses forming part of the great
subway elevated trolley districts of this city.
II is thought that al that time the larger part OF
whatever land is available for improving with high
class dwelling houses will becor-N districts which
appeal almost entirely persons OF considerable
and unattractive TO the vast army Of buyers
of medium priced dwelling houses.
What has taken place in recent years in various
districts adjoining the great 5th residential
estate experts reflect what will probably happen
in other attractive dwelling house sections when
the Of land and houses is beyond the reach OF
the majority of present buyers Of such types Of
houses II long ago that there were
scores OF persons who could quickly to
take dwelling house properties in the SOS, on
either side Of 5th ave Now the values there are
high that it takes person Of large means to
become owner there. and thus il is diff
cult task find buyers for such properties than in
the days when lower values prevailed throughout
the district. Moreover. certain of the streets IN
the sos. Of 5th ave. which owing TO their
proximity the Park tunnel of the New
York Central Railroad appeared TO be unnviting
10 persons of means who were seeking 10 find
site on which they could build a modern dwelling
house for their occupancy. became almost a
day unusually attractive such persons. This
change principally brought about by oblit-
0stton OF the smoke nuisance in the Park
tunnel and the operation of trains by electricity
which greatly reduced the noise made by the
Of and engines. Another which
resulted in the change the great increase in
values throughout the main parts Of the choice
5th residential district Long rows OF houses
fronting IN the quickly rebuilt into
houses of the American basement type and with
this transformation the streets passed. for many
years at least. away from the reach Of large num-
bers of persons who could afford 20 have occupied
the older type OF fronting those thorough
fares before the smoke nuisance and the noise nui-
sance wrought u change in the upbuildng of that
section.
In the last week the largest amount of trading in
dwelling houses in the great West Side zone,
especially in the older districts there Pease G.
ElliInan sold week for Adelaide Lagasse No.
55s West End ave. a four story dwelling house. on
a lot 22x555 feet. The Toch Realty Company sold
No. S3s West list st. a three story high stoop
broHnstone dwelling house, lot lsxoo5 feet. 10