The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-07-26
THE REAL ESTATE MARKET
PROFESSIONAL OPERATORS ARE
TAKING HOLD AGAIN.

-L E
Have Established Important seats Of
Building Activity In the Midtown
Mercantile section and ON tho Upper
west Side and washington Heights.
Last weeks dealing in real estate was
insignificant enough In point OF volume.
but some Of Its features were OF a character
to strengthen the impression that a turn
for the better is taking place In market
conditions, The trading reflected q con-
siderable easing up Of the pressure to sell
and afforded evidence that professional
operators are beginning to see their way
clear to a resumption OF activity on a fairly
important scale In certain directions.
There was q notable decrease OF mis-
~cellaneous trading. o fact which In view
of the decided Improvement in the mort
gage loan situation must be taken TO mean
that there are fewer bargains to be picked
ND than there we're a short time ago.. On
the other hand dealing in specialties showed
an unmistakable tendency to assume larger
proportions.
The dealing of this order was mainly
professional, but as it is the business OF
professional operators to anticipate hous-
ing demands in order to sell on a rising
investment market their renewed buying
campaign Is just now Of particular interest.
The miscellaneous trading since the panic
has represented the weakness rather than
the strength Of the market. AS a rule 1t
has meant that owners in need Of ready
money and unable to raise 1t by mortgage
loans hayeh had 10 let property go at a sacri-
foe. On the contrary, the speculative
buying that is now developing in well de-
fined neighborhoods implies competition
on the side of purchasers and serves to
disclose In what quarters prices are re-
covering.
The current speculative buying In 30
far as It has developed into q compact
movement Is limited in Manhattan TO two
>iocalities-the midtown mercantile section
and the apartment house district on the
upper West Side, including especially Morn,
ingside Heights and Washington Heights.
In both localities building loan operators
are purchasing sites and turning Q over
to speculative builders for immediate i'm
provement.
Throughout the rest of the borough there
are nc well defined real estate movements
either professional or otherwise, although
there is not a little scattered liquidation and
bargain hunting. However. the activity in
the two neighborhoods just mentioned has
already reached important dimensions. IL
In q long time since so many elevator apart
ment houses and loft buildings have been
under construction as Is the case this sum-
mer. -.
The resumption OF apartment house build
ing In undoubtedly justified The produo.
ton Of elevator apartments almost ceased
when the present tenement house law
went into effect, in 1901. Since then the
amount of capital invested annually in such
construction has been comparatively small
partly because for some time after the
opening Of the subway the cheaper grades
fats and two family houses offered larger
speculative profits than did the more ex-
pensive sites reserved for high class hous-
hgs.
The renewed activity in the midtown mer-
camille section Is also supported by q line
The section extends from T~wenty-third TO
Forty-second street, between Fourth and
Eighth avenues. Until recently the bulk OF
the new construction work undertaken
there was in the north and south thorough
fares, chiefly Fifth avenue and Broadway.
At present, however, the main activity Is
in the side streets, the theory being that the
heavy orosstown travel expected from the
opening Of the Pennsylvania, MoAdoo and
belmont tunnels will arrest the traditional
II TO expand eastward and westward.
While the bulk OF the travel will no doubt
continue to be along the length Of Man
haitian a stream Of traffic scarcely less
considerable in volume will for the first
time set in to the east and west This
stream will II Ia believed counteract the
hitherto uninterrupted expansion Of bus
mess coward the north. AS it will be in
convenient for people living in New Jersey
and OIL Long Island to reach locations
north Of Forty-second street proprietors
Of retail shops, hotels, restaurants and
theatres will find situations near the new
crosstown traffic advantageous.
To obtain room for the business which
will be transacted near the main centres
Of traffic at Greeley Square locations will
have TO be sought in Increasing numbers
to the east and the west. Fifth and Sixth
avenues and Broadway will MOI be the only
thoroughfares adapted to expensive i'm
p~rovements. Fourth and Seventh avenues
and the side streets leading from them will be
available for large shops, hotels and loft
buildings. The business OF this part of
Manhattan instead Of being distributed
along the ridge Of the island will radiate
from a centre formed by the intersection
Of Broadway and Thirty-fourth street.
Private Sales.
.r- Srr0uDn El-~-I y l-L-x,h aa