The sun., 1908-11-29
THR REAL ESTATE HARRIET
MANY TRANSACTIONS REPORT
ED BY UPTOWN BROKERS.

A Large Part Of the Dealing Consists
However, Of Barter 5y Which Buiid'
ePs Exchange Houses fer Lets'-Hash
ingtOn Heights Q Centre Of ACTIVITY
The number OF items contained In las'
weeks brokerage news was quite large
enough TO be impressive. However. the
number Of items is not reliable index
Of the volume Of business. for brokers
have learned the trick Of reporting an
exchange OF holdings as two separate
deals. representing each as a cash sale
As q matter Of fact large proportion oil
the current brokerage business consists
Of barter.
Generally the exchange is between q
builder or building loan operator whc
has O new tenement house on his hands
and an investor who has q vacant building
site bought couple Of years ago In
anticipation Of a rise. 1t doesn't take
long for the carrying charges on vacant
land to run up into alarming figures under
the present tax and interest rates. ano
the amount Of such land bought at high
prices and carried for two or three years
is notably large. At the same time there
has not been In a couple Of years any
marke OF for new tenements. including the
grades popularity known as fats and
apartments. There is consequently plenty
Of opportunity for brokerage commits
sions IN arranging trades, even though
the amount OF capital seeking investment
through out and out purchases is no
larger than one would expect after q
period Of industrial stagnation.
The fact that barter is taking place on
growing scale is Of course sign Of Inn
proved mortgage loan conditions: 1t
shows that building loans are once more
to be had. But lenders are still extremely
conservative and are putting out money
only on lots in good locations. Now the
best locations outside the built up sections
are on the subway. Hence building
loans are just now made chiefly In such
neighborhoods as Washington Heights
and the Hunts Point section Of The Bronx.
where in addition to rapid transit there is
through the removal thither Of big
factory like that OF the American Bank
Note Company.
As yet Washington Heights Is the only
seat Of any well defined movement in
Of a resumption Of the migration Of busi-
ness into the Fifth avenue shopping
districts. There Is also a fair amount
of miscellaneous buying induced by low
prices and affecting chiefly private houses.
There is also some prospect now Of
increased dealing In old law tenements as
result Of sharper enforcement OF the
hA haY1 1aAk fOr
1909 contains an appropriation Of $169, 900
for a semi-annual inspection Of tenement
houses and for the enforcement Of the
law with respect to dark rooms, school
sinks and other serious structural evils.
With regard to this appropriation the
Bureau Of Municipal Research says in
substances: While various real estate
organizations protested against an in
crease in the total amount for the Tene-
ment House Department. not one voice
was heard this year at any public hearing
In opposition to the removal OF school
sinks, dark rooms or to regular inspection
Of tenements. Beginning with January
the department can no longer justify dis
crimination against certain properties on
the ground that it has not money with
which to treat all properties Of any dis
1t is not expected that with the small
amount voted 1t will be possible to get all
the structural changes made that are
needed. 1t was. however, announced by
the department that having once selected
q district it would move thoroughly within
that district. 1t will take perhaps three
years to bring up to the minimum stand
ard OF the tenement law all the old law
tenements. All tenements can be in
spected next year at least twice. No
announcement has yet been made as to
Just where the inspections will begin or
~ i.Nr be-. ark., NIo -
cover the first part OF next year.
Prior to action upon the budget a num-
ber of conferences were held at the
invitation Of Commissioner Butler, at
which representatives Of old builders,
new builders and architects presented
certain criticisms and suggestions rela-
tive to the tenement house law and to its
administration BY the department. MANY
OF the serious complaints were found to
be based upon misinformation and others
upon Observation-Disclosures easily remedied
when facts were called for. To secure
cooperation based upon definite facts
Commissioner Butler invited the repre-
sentatives; OF intsrssts involved to visit
not only the central office but the borough
Offices. and II possible to suggest Just
where the department could be run more
economically or more efficiently.
He furthermore expressed a willingness
to 60 into conference with real estate men
and Others desiring amendments to the
tenement house law. and promised wher-
ever the experience Of the department
and common sense showed that the law
could be improved. whether by additions
or snbtTactions, to support such amend
ment at Albany. This places q serious
responsibility upon tenement owners,
more particularly upon the officers OF
organizations that in the past have ap-
peared before the Board Of Estimate to
make complaints against the tenement
house department.
The Bureau Of Municipal Research
suggests that the active cooperation of
real estate men this coming year with
the department will not only make the
department funds go further and cut of
much Of the alleged red tape but will
save landlords the large amounts Of
money that come from taking the stitch
in time that saves nine.'
Private Sales.
FIFTEENTH STREET.-The Convent of
Jesus and Mary has purchased Nos.
22o and 222 West Fifteenth street. two three