The sun., 1908-12-06
TER REAL ESTATE MARKET
ENTERSTATB BRIDGE COMMIS-
SION IMPORTS aON SITES.

INTERSTATE BRIDGE OOMMIS-
SION IMPORTS aON SITES.
FAvsFs Hyeth street e. me AIanhAttaa Ap.
pRoaSh % .tho Projected NsTth River
BFidge-Bag Week ia Realty Trad
ing % sshaii Volume Of CaTatai.
Last week was one Of 6he most profit
able that the real estate brokers Of this
town have had In o long time. Not only
was the market aotive but IL was active
In way that yielded double commissions.
Perhaps the larger part Of the dealing,
oxospt In dwelling houses. was composed
Of barter, form Of exchange In which
both principals transfer realty. Each
figures q seller. with the result that he
becomes chargeabls with the same COM
mission e. II the consideration In the deal
had been in ooin Of the realm.
Even In trade Of this kind. however.
some ready money In usually required.
Generally one Of the principals b . speou-
lative builder who parts with new oon-
struotion In return for vacant lots and
enough oash to satisfy his creditors.
Az Q rule the transaction hinges on the
further condition Of the builders ability
to obtain O building loan with which to
improve the lots. At the present time
suoh loans are obtainable without dif1-
Guilty provided the lots are situated In
growing neighborhoods on rapid transit
lines, particularly on the subway.
or course there are many trades in
which vacant land does not figure. For
example. In the biggest exchange last
week hotel In Manhattan was traded OF
for 100 houses In Philadelphia. The
principle, however, Ii the same. Inn
proved realty that is enoumbered with
mortgages may be exchanged for other
improved property less heavily involved
on which money can be realized The
motives that lead to exchanges are varied
enough. but In q majority Of cases they
include compulsion on the part Of finan-
cially weak owner to meet pressing obli-
cations,
Such computation enters into large
share Of the current brokerage business.
1t 10 apparent not only In the heavy pro-
protion Of exchanges but is operative In
many outright sales, fact attested by
the letters quoting bargains and soliciting
buyers which prominent brokers send to
clients on their mailing lists
The current business, while differing
widely as TO underlying motives from
that Of two years ago. is rapidly ap-
preaching II in volume. The present
dealing unquestionably reflects a grow
ing accumulation OF capital. coupled with
optimism as to the future. II makes q
genuine recovery In the real estate
market, without. however. denoting q
corresponding recovery as yeti yet in rent rents
stimulate tho movement already under
way in uptown Manhattan was issued
Yesterday by the New York and New
Jersey Interstate Bridge Commission.
The report, which ID drawn up by the
commissions engineers, Boiler d Hodge.
posed bridge across the Hudson. The
report, addressed to MoDougall Hawkes..
chairman OF the commission. says in
I'VE are Of the opinion chat there is
no pressing demand at present for q
trolley and passenger bridge much below
Fifty -sev enth sreet IN Manhasttan, y, ma az
IL now possible by the tunnels non com-
pieted or under construction and by the
oxisting ferries. Furthermore. the land
on both sides Of the river in this section
Is low. ncoessitating long approaches 20
any bridge. which would make the cost OF
Q bridge excessive:
~We therefore think that the examina-
ton by your commission Of avilable
sites for crossing the Hudson River north
Of the Battery can safely be limited on
the south by the neighborhood OF Fifty
seventh street. As Is noted above, two
private corporations claim TO have char
street and Fifty ninth street. and we are
Of the opinion that either OF these sites
would make good orossingsif II these private
charters do not form any obstacle tonne
location OF such sites and II the cost
at either Of these points " ould be justified.
Amy crossing Of the Hudson River be.
tween Fifty-ninth street and 10th street
involves long approaches on the New
York side. besideaN being up against the
barrier Of Central Park for connecting
with the east side Of the city. except a.
might be Afforded by the narrow trans
verse roads through the park. We are
therefore Of the opinion that 1t would
be inAdvisable to select crossing be-
tween these two limits unless II could be
placed close 70 e!she: limit g that
trafie could be detected around the ends
Of Central Park.
Concerning the southern limit. that ie
from Fifty-ninth street to Seventy second
street. the Manhattan shore is already
road Company, which has built large
docks. grain elevators and other inn
provements on the property. and hence
there would probably be very strong OPP
position to the building Of pier az or near
the pierhead line In that vicinity on
account Of the resulting interf erence
with use Of the docks.
AT the other end Of Central Park II
would appear that crossing might land
IN Manhattan at or near the end Of ilOth
street, and We submit herewith q sketch
| for q crossing ct this site, together with
an approximate estimate thereon
sTo the north Of 10th street and south
OF lieth street the high ground In Man
haitian 10 admirably located for o bridge
Landing. but AZ property in this section
| OF the city 10 largely taken up by edu-
oationl and philanthropio institutions,
such az Columbia College. the Cathedral
of1f3t. John the Divine. st. Luke's Hos
pitai. &o:, and furthermore the east and
west TRAFFIC would be absolutely out on
Heights, We feel that no practical cross
ing can be located In this district
From 1ioth street TO 1S5th street Nan
haitian Valley intervenes and the ground
10 20 low that Q praotlcal approach In
Manhattan would be highly expensive.
From issth street 10 the upper end of
Manhattan Island there 10 no positive OBJ
etaole 70 any location Of o crossing, but
In this district thers 10 one situation
that 70 eminently flttet for an economical
crossing Of the Hudson River. TIL.
situation 10 ip the neighborhood OF 17sth
street, where the Manhattan shore runs
out ints q rocky point. thus making an
admirable situatioh for q bridge crossing