New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-06


last week, the volume of business being much
larger than in any week in the last four months.
A conservative estimate of the value Of the prop
erty disposed of is that over S1O.0OO000 was IN
volved in the deals reported, and that nearly
100000 represents the sum to be invested In
building operations perfected.
The activities OF various well known construction
firms in the upper districts clearly showed the
stability of renting conditions as regards hlgh
class apartment houses and hotels. Many leading
builders have been prominent for many months IN
realty trading, especially In the upper Riverside
Drive and in the newer districts, wh1ch IN
clude Washington Heights and the Dycknan tract
Builders and investors furnished the greater part
of the relating to the real estate rnarhet
last week One day it looked as If the purchasing
movement in the uptown sections which has been
feature of the market for a long period hao re-
ceived a powerful stimulus, and would attract such
widespread attention as to induce many persons
who have been somewhat inactive since the last
financial disturbance TO join it. This marked in
crease Of trading, however, was OF short dura-
ton. If 1t had been daily feature the week
just ended would have been the best as regaTos
the amount of business done in about year
There are four kinds of properties in greater de-
mand just at present than any other class ihey
are choice vacant lands in the uptown DISTRICTS
dwelling houses of the modern type hsn class nat
houses in the most accessible and most attractive
residential districts of the city, and business sites
in the older and newer business zones south OF
18th ST The demand for business property Nan
been reflected in the trading throughout the sum
months
The average person appears to be of the opinion
owing to the number of ITO Let signs when ne
sees various trips through the uptown sectloHs'
that there must be wholesale reduction IN nat
house rentals and that the supply OF such Gulio-
ngs is many times greater than the deHlahu- az
the time of and some months PRIOR 10 the SUI
way opening one of the greatest purchasing ana
building movements in the history of the city was
occupying the attention of the realty leaders. III
those two movements were great numbers OF per
sons whose realty experience covered only d peiiou
of few months There were numerous rumors
current of fabulous sums which had been maze
from realty operations by persons with little eX-
perience in realty affairs. These rumors were
considered 10 be well founded by large numbers
of such persons identified with the movements. and
many persons, believing them were LED on TO seek
to become in day big builders. Even some DECIDED
TO become in day big builders AS result long
stretches of vacant land in the washington
Heights Dyckman and other residential sections OF
The Bronx became the scene of widespread build
ing activity. Rows after rows of houses were
quickly built, and it was only natural that nun
dreds of such structures being erected under the
supervision of men of little experience and prac-
tically no knowledge of construction work, were
rimsly put together. While the interior wood
work etc. of the houses might fall apart after
little use the buildings were structurally strong
according 10 the standard of the bulldlng Cooe-
But houses with poor interior work and with
inviting are not good renting projects, except IN
the days when the demand for hathouses 1ar eH-
ceeds the supply. The opening OF the subway
however, caused the supply of medium priced nat
houses to overshadow largely the demand, ana
+hose bouses with uninvitng interiors, while easily
rentable soon after they were ready Tor occupancy
are now difficult buildings to rent. Inc person
who desires to live in the fathouse of medium
price has many well built structures OF that type
70 choose from and under such conditions is not
likely to decide to live in poorly punt mousse
That is the reason that certain secuohs VI 'iie
CITY annear 10 be covered literally with ITO Let
signs which has given the impression 10 many
who do not stop to think and weigh realty con-
ditions that thousands of persons finding thelr
pocketbooks somewhat lighter a1ter the Iecei'-
financial disturbance and their income s1sh'ly
less have left the city to make Iheir hoiheS III
the suburban sections.
=. &, 4r,,a that the suburban builders have not
han idle in the last few years in providing better
houses for thousands of city dWeilers VINO oesilec
tn move to rural places. But the exodus from INC
ty according to the majority of real estate brok-
ars -yho make a speciality of managing hathouses
and apartment houses of all KINDS IN the sIeate
o+,, &c n,uch less than the number of persons VINO
have come in the last twelve months from othei
cities and places in this country 10 make lheir
homes here In spite of all that THESE reai estdte
brokers may say the subject, there are sun
,,,,o,,, 20 he nersons who hold contrary opin-
ion II there was not demand for high
class apartment houses-and there cou'o not
ha good market for such buildings unless the
s+ructnres were well built and proftably rented
+h.re would he dulness in the market just at pres
ont which. might cause many real estate brokers'
with MANY wears of experience in real estate trad
ing to have nervous prostration. ANA theFe Is ho'
., 1,obtest doubt that If high class apartment
ho,,sas were moor investments the upper sections
T Riverside Drive certain other allurlne resi-
DENTAL districts would not now be the scene OF a
xuhoIesome activity regards building operations
1you,d over 81 100000 be the sum total or apartment
to,sas rerfected in one week with market IN
u,hicb tbsre were buyers for choice apartment
housaso One of the plans perfected last week calls
for the erection of what will be the largest apart
rnent house in the world. 1t Will cover the block
bounded nv seth and s7th streets, Amsterdam ave
nue and broadway ard the present estimate as
IN The amount that that building operation Will
renresent IS placed at si50.o0 The building is to
ha erec,ed according TO plans made by Hiss &
Weeks and for the carrying out of this big apart
n,ent house plan the projectors have obtained a
huildfny loan of 100000 from the metropolitan
Life Insurance Company
II the last week be considered as a true hirbnger
of conditions which are likely 10 prevail in the
market In the coming fail season. there will be no
cause of complaint as regards a market TO- choice
rronerties or in other words, properties about
which there is no doubt as. to the earning power.
Great business concerns are demanding larger
snace and the majority of them are looking TO the
newer midtown business zones Tor available sites