New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-28
N EGROES BIG BUYERS
One Realty Dealer Pays So 900 Tor
Flat-I1@ge Holdings an City.

Negroes are prominent in large numbers as IN
vestors and spectators in improved properties on
Manhattan Island According TO a report yesterday
the total value of the properties which they now
own is many millions and their equities In proper
ties represent 20 cent OF the total scores
OF negro men and women are thus forcefui'F
demonstrating ther ability TO save money although
the nav they receive for their labor is in most IN
stances much less than that for similar services
rendered by white people They are also furnish
ing many visible evidences of their power TO invest
their savings wisely
About ten years ago the number OF negroes who
owned or controlled under lease properties on Man
haitian Island could be quickly counted Now there
gre from 80 30 such owners OF realty here, and
their ranks being rapidly enlarged Reports
have been sent broadcast throughout the country
Getting forth the many profitable investments TO be
made here by the purchase OF fathoUses and store
properties entirely rerted and managed by negro
people and they have ELECTED ready response
from negro investors.
( II. lockwood negro, has bought for about
$500 a hathouse at 16ith street and Brook avenue
He is now ~ the largest owners of tenements
for negroes in the greater city The realty hold
ings of J. c Thomas. another negro, represent hf-
teen hathouses, the total value OF which Is con-
servatively estimated be about $4,000 Some of
his properties free and clear. and two OF his
houses in the Pennsylvania tunnel terminal section
are said he worth more than $4,000 apiece
There was a report recently that he had had an
offer Of $4,000 for Of the houses.
Mr. Thomas entered The market as a buyer IN a
small way. AS of the negro districts Of the
city occupied large area Of the section which is
known the midtown tunnel zone he natu-
rally led TO purchase property there first be
cause of its rental power being higher than in
other similar sections OF the city other negroes
also became buyers OF properties there long before
the plans OF the Pennsylvania Railroad for build
.ng at go street and Seventh avenue tunnel
terminal station to occupy many blocks were made
public The plans OF the Pennsylvania Railroad
resulted in a movement TO change the character OF
the neghborhod by replacing OF old-fash-
Toned hathouses with modern loft buildings and
hotels for transient guests. Owing to that move
nent values in the section rose rapidly, and pro-
dsious realized from small investments.
n. J.. Frazier, d negro lawyer is also numbered
among the largest owners OF fathouses for negroes
IN the greater city. 1t IS said he owns about ten
houses in various sections. William H. Smith,
negro caterer, owns four fathouses. which prove
most profitable investment, and Joseph H Bruce,
another negro has large real estate holdings. Then
there is Philip A. Payton, jr.. who for over eight
years has been prominent real estate broker
and investor in Manhattan properties.
The principal negro district OF the city Is be-
tween I3Sd and I36th streets and Fifth and Sew
enth avenues. and that is apparently the section
where the negro investor has got his frmest foot
hold and where he is most active. There are some
apartment houses there where the rentals average
about $50 a month for each suite of rooms.