The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-20
fHE REAL ESTATE MARKET
SlGNs or RECOVERY EXCEPT IN
y THE AUCTION ROOM.

Foreclosures Are Stil Numerous. but the
Ancord or Conyeyances. Loans and
Building Operations Is Favorable
Code Revision Committees Report.
There is no doubt a good deal Of liqui-
Slation still under way In the real estate
9narkat. The foreclosure sales IN the
auction room are more numerous than
they should be. and many holders OF
expiring mortgages are declining to
renew loans without some scaling down
OF the principal.
On the other hand the general tendency
of tho market he unquestionably once
more in the right direction, and outside
the auction rooms all indications point
toward recovery. Last week. for exam
pie, more deeds were recorded in Man
haitian than were recorded in the CORE
spending week Of 1907; a substantial
amount Of capital was put out in mort
cages and plans were filed for quite as
many building operations as a year ago.
The volume Of mortgage investments
by insurance companies and savings banks
allowed an increase Of more than so per
cent. as compared with 1907.
The Manhattan property deait in at
private treaty consists chiefly of dwell
dngs, apartment houses, loft buildings
And sites for new apartments and lofts.
tplss siemand for private houses Of the
West Side is, all things considered.
notably larger. while the construction
al. elevator apartments on Morningside
and Washington Heights are important
features of the building industry.
Dealing in business sites Is to some
extent affected by the uncertainty
as 70 what effect the proposed changes
m the building code will have on land
4 alues! 1t Is understood that certain
Limitations on the height Of business build
ings will be recommended by the build
ing code revision commission. These
Limitations will be made known probably
ahis wes.l. when. it is said. they will be
submitted to the Board of Estimate for
approval. in accordance with a provision
If the Charter which calls for the joint
action of that board on any ordinance
restricting the height Of buildings. Other
wise the contents Of the commission's
REPORT win not be disclosed until ii is
Reported 70 the Board Of Aldermen in
~L>ovepbaf. No more public hearings
are 20 be held by the commission. but
aurther hearings will no doubt be an
nounoed by Mayor Mcclellan or by the
Boaru OF Aldermen after the report
is In. The statement that the commits
isioners nave determined to report new
pimita tons on building is Of the highest
Importance to real estate and building
Interests. Public opinion on the ques-
tion Is divided. In general downtown
owners and builders want no ~restric-
lions, while those whose interests are
outside the congested district consider
That u limitation upon building height
WOULD compel business construction to
spread more rapidly northward and
90 more rapidly nhance the value OF
property uptown.
"a sreciti committee of the Board of
Trade ami Transportation Nas submitted
Arfeport on the subject. The committee
b composed of Calvin Tomkins, Richard
Deeyes. h. Mclean Long. G. aldo Smith
and. Charles 4. ', ills of the committee
bn regulation Of height Of buildings,
and PAihp y. Tilden, John II. N~ashburn,
AlbeftePhut. Alexander Robb. William b..
Uleary and Gilbert p. 1'ruslow Of the conf
mittee on insurance and fire regulations.
Abe report says in part:
-Diminution in height Of building Is
neither necessary nor desirable, but
provision for light and air and protec-
fion from fire are essential for public
and private welfare. The underlying
consideration which governs this prob
lem IL. that of the economic use II the
Lard. Intensive use Of land in lower
Manhattan, such as nowhere else may
exist, is inevitable as Il consequence
OF geographical and commercial condi-
lions which create a local situation unique
In comparison with the other cities of the
y world.
ANY great danger OF confa grafton on
an extensive scale which now exists is due
tot 30 much to our high buildings as to
the general prevalence Of low infam-
enable types OF buildings. These struo-
lures should be eliminated as fast as the
city Is rebuilt and buildings TO be con-
struoted Of incombustible materials
erected In their place. 1t does not seem
IN extreme requirement to insist upon
the construction OF all buildings intended
fdr business purposes in lower Manhattan
In this manner. The increasing cost OF
wood and the decreasing cost OF masonry
n iron construction will facilitate this
change, and whatever concessions may
be made from extreme requirements in
this. direction as regards buildings OF
modern height there Is no question: that
for tall buildings the use Of such ma
terials should be strictly adhered to. and