New-York tribune., 1908-06-29
BIG LEASES A FEATURE
OTHER LARGE DEALS.
Trading an the Local Realty Market
Last Week.

Inc principal trading in the local real estate
1lark1t last week was in the uptown and midtown
"s1FlcS While the volume of business transacted
was not large several interesting transactions were
reported This is the season of the year when
there is generally big decrease in the brokerage
business, as large numbers OF investors leave the
ei'E 10 enjoy well earned vacations. With many of
N.'e teaolnS brokers and investors in the country
lhe real estate field is almost deserted Some OF
the deals which now being recorded have taken
several months TO perfect and that is why the
names OF some Of the big investors who are us,aIlv
absent from the market this season OF the year
appear to figure in the trading
Even better mortgage market has not induced
many Of the realty leaders remain here and TO
grasp some of the opportunities which may arise
before the opening of the fall season According
10 report of one Of the leading money lending
concerns Of this city, there are more lenders now
than borrowers and the interest are slowly
becoming lower. Smaller bonuses are also being
asked for building loans, but as the majority OF
builders completed their plans for summer activi-
ties early IN the year the lower bonuses have not
resulted in increase in construction work
In spite of financial conditions a good record has
been made by the local real estate market in the
last six months In that period some of the larg-
est auction sales Of vacant land in The Bronx
and in the Borough Of Queens have been held and
not one Of the sales has been unsatisfactory
to the persons who offered the property or to lead
ers in the market Since the first day of the year
many large properties IN the downtown midtown
and the upper districts have also changed hands at
good prices 1t is only in or two of the choic-
est dwelling house districts Of the city where prop
critics have sold at a lower figure tnan they could
have been bought for last year. Lower values in
those sections were chiefly due 10 the fact that it
is easy task to find buyers for dwelling houses
valued at over 100000 each at times when many
persons who can buy such structures curtail-
ing their living expenses. Some owners of such
houses were forced to find quick buyers for their
at aprif Val HOS
throughout the other districts of the city have
either remained firm or increased slightly.
The majority Of owners in the great speculative
fathouse and business zones were financially
strong enough TO meet their obligations. and they
able TO hold their properties until there
is a splendid market fer them. In the last six
months the market has almost been devoid Of a
great purchasing or improvement movement. A
feature has been greater demand for modern
apartment houses in the Washington Heights and
Dyckman sections and for vacant land in the
various uptown districts. The strength OF the
market has been thoroughly tested and the local
real estate field is to-day on that account much
more attractive TO large numbers Of little investors
than it was in the boom days following the open
ing OF the subway. II is true that many builders
who were prominent in the great transformation
that took place in the upper districts several years
ago idle. They idle against their wishes
as most Of the great money lending concerns hold
the opinion that the city is well supplied with
high class and medium class apartment and fat
houses, especially in the newer districts OF the
city that little construction work Of this kind
should be done until the demand for such houses
about equals the supply. Of course there are many
persons who differ this important subject and
OF them think that this checking Of building
progress is serious mistake. Most Of the leaders,
however believe that this Iu after long
period of remarkable activity Is not likely he
anything except beneficial 10 the strength of the
local market.
There have been signs recently Of an increased
interest in the zones forming part Of the great
tunnel districts Of the city. especially in the mid
town tunnel sections. It looked some weeks ago
as If several OF the large realty and construction
companies were preparing large plans for being
active in those zones the coming fall next year
About the time it also thought that
that part of the Sixth avenue shopping district
between 23d and 33d streets would be a scene of
widespread activity, which has been expected there
since purchase of the westerly block front
on Broadway from 32d TO 23d street by the Hudson
& Manhattan Railroad Company site for its
northerly terminal station Of its tunnel routes. 1t
is in those tunnel zones that the big speculative
builder will undoubtedly be prominent when better
conditions affecting real estate operations exist
Two big leases were reported last week Horace
s Ely & Co. and Francis 3. Robert leased for
the United States Trust Company trustee TO
client the Hotel Normandie property, at the south
east corner Of 3Sth street and Broadway. The ease
IS fer tweuty-oue years, at aggregate net rental
Of $50 900. understood that the hotel will be
altered into stores and offices. The property has
frontage of rs feet Broadway and Of 12S feet in
3sth street The drygoods house Of Callahan & Nor
rissv renewed its lease Of the premises Nos. IS and
20 West l4th street and also leased the abuttng
marcel No. Il TO 80 West 18th street The lease
holds are owned by the Rhinelander Real Estate
Company and benjamin ogden Chisholm The con
tract Of renewal as well the other lease was
signed b. Thomas MoTrissy, the sole owner or the
drrgoods house. For twenty-eight years the house
has occupied I4th site This transaction
was looked upon as being another indication that
the subway and Hudson tunnels have added 10
the attractveness OF West 18th street as a retall
sbopuing district. has been one Of the greatest
retail shopping zones in this city for long pc
riod and according TO Mr.. Morrissy and other
prominent drygoods men, its enlargement as retail
sboping centre viii sUrpass the record made by the
section some years ago. The terms OF the leases
are fifteen years. one Of the principal uptown
deals was the resale by Gibson & Kirby Tor 20
sanb Polstein Of a plot NollXl0ou feet, on the
south side OF 18th 100 feet west OF Anster-
dam avenue TO Paterno Brothers, who will improve
The site with two eight story freproof apartment
houses Another large uptown deal was the sale Dy
slaU-son & Hobbs of the BroadVlew apartment
house in 10th street rear Broadway, for Paterno
Brothers to Victor NJ. Earle
oo,rEcEc RlJYING NJ, Y. MORTGAGES