The sun., 1908-06-28
TENANTS IN PART CONTROL.
oNE GROUP ASSURED or MOD
. ERATE PRICED APARTMENTS.

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To the owner They Guarantee Desirable
Tenants and Long Leases and In Return
ne keeps Prices Fixed-Hard 70 Fnd
Homcs I'm Manhattan st $500 to Ss 900.
On one Of the side streets not FAR from
Carnegie Hall is an old fashioned apart
| ment house. Its gray stene facade gives
| upunistakable evidence Of its age. IL could
mot have stood there less than thirty years.
Within the heavy walnut doors there is
! similar evidence. The broad entrance hall
exhibits n contempt for space that would
/. shoclx an architect to-day. The wide stairs
! that twist about the hall are equally opposed
! to present day ideals. There are In the lack
! of certain other conveniences sufficient
evidences of the buildings old fashioned
ness. Yet IL Is always full. the tenants
| are Of character that is a recommendation
| in itself, and there are many newer houses
that are not nearly 80 much in demand,
| One OF the principal causes for this fortt-
nate state OF affairs 10 the lowness Of the
rents, the large. light rooms and the ex-
celent service.
@The history OF that house is interesting.
said the agent who is entrusted with the
renting when there are any apartments to
rent at does not attract the kind OF
tenants that like q spangled entrance, and
it has no lift. 1t is occupied solely by q
little colony Of people who are in profea-
J sional and literary pursuits They arc the
| first ever knew to put their plans into
actual effect ~.
| 1One of these tenants interested several
Of his friends. They decided to find
house that might be possible and to promise
the landlord certain advantages II he would
keep the house up and the rents down
They finally found the house they are now
in By the time the search had reached
this point they had received reenforce-
ments and were able to promise a landlord
twelve tenants who would take three year
leases or even longer II he did what they
wanted. The house they are now in had
in point Of location and size more advan-
tages than any of the others they had
| seen.
@It was struggling along just as all old
houses like that must 1t had fallen into
the hands OF tho undesirable kind Of tenants
that invaded this region on their march
uptown After stopping there long enough
to take away the good name OF the place
they as usual moved further north. leaving
behind the reputation which II ia 80 difficult
to overcome.
aThe people who wanted to find place
In which the highest rent should be 81, geo
a year and from that go down to 500 a
month, which is the cost Of the top fat,
could not have found a house better suited
to their purposes. They went to the repre-
sentative Of the estate, made him their offer
Of getting these tenants for the sterm Of
years they proposed to come we did over
the fats to suit them, installed competent
janitor and his wife whom they selected,
and made certain stfpulationss conoerning
| hn.N .rzl akNn
"They seem to be perfectly satisfied 80
far, and know we are. do not let any
| of the apartments without consulting the
committee of three who have charge OF
plenty of applicants for what apartments
may be vacated The arrangement has
so far worked well for both sides The
tenants get what they want, the house is
their rent and are establishing again the
reputation of the fat 1t is the one sue
oessful effort that / know OF to provide
an accessible. respectable and comfortable
home for tenants who want to pay from
$50 to $40 month. And 1t was made pos
sible only through the determination OF a
certain number OF persons to find such q
house.
Il have not the least doubt the agent
concluded, that there are other houses
in New York that could be had on similar
conditions. 1t would not be possible to
get very new house or one in fashion-
|
vator. But there are many landlords who
would like to make some such arrange
ment.'
It is frequent complaint that there
persons able to pay from $72o to 81 900 q
year. 1t was in the effort to provide apart
ments at the soa.e Of prices named here
that an architect endeavored to interest
avenue on a very attractive block Of DWELL
ing houses. Ii would have been possibiS
to put up house there. rent the apart
ments at reasonable figures and yet leave
sites were considered and they were all
naturally in the same grade OF neighbor-
hoods and nearly always east OF Third
avenue or west of Sixth.
Il found it impossible this architect
said TO interest capital in a plan to put
up an apartment house where the rents
were not to exceed 81 600 year. There
was the same answer from every quarter.
AL Of the men l approa ched said they had
money. to invest in real estate. but not
on such terms. By taking the site a little
nearer Fifth avenue the rent could be $4,000
instead of $1,000, and there would be no
difference in the cost Of the house. 1t
was their opinion in every case that as an
investment they would make twice az
much by buying in better neighborhood,
| paying a little more for the property and
getting twice as much from their tenants
AThe other form OF investment that ap-
East and West sides and put up tenements
in which the rents ranged from SIS to SIS.
There the cost OF real estate was 80 much
less that it was easy to count on good
return from the money and there was no
comparison between the cost of putting
up an apartment house and tenement.
For either of these real estate Investments
they were all eager enough. But they
had no use Tor the cheaper priced apart
ments.'
; Another real estate dealer told THE Sun
reporter that apartments at prices ranging
from 5000 to 81 900 were the scarcest in town
and that there seemed to be no chance
: of their increase since investors did not
} see the greatest possible return for their
money from any such source. THE suburbs
are for the tenants who can pay such
rents he said. aand there Ia plenty Of
investment on their behalf in the towns
, | near New York. There are many persons
; I looking for $50 apartments who might
afford to pay more II 1t were not that they
i1n thev not in the
at Is the desire to get away by persons