New-York tribune., 1909-09-05

week. Inc character or the trading too
Esscted a greater demand for properties valued
r,any hundred thousand dollars and occupying
e locations Manhattan Island in The
,ao,, There was transaction which involved
-lv 81 Gele0a a sS450.eoO loan at 4 per cent for
artx wears a number of important midtown
sols and sales of some large apartment houses
r,b OF 59th street and west of Central Park
vest Moreover, there was a Bronx sale affect
trq an entire block.
"s ~ activity on the West Side indicated once
,o,n I'm a forceful manner the attractveness of
,nonrov.i sites there TO large investors. But not
,,bs,aadng all the investment purchases made in
.bis charming residential of the greater city
x,rce January there yet remain a few realty
,,aders who hold 20 the opinion that the city is
slightly overbuilt regards high class apartment
.ouses and ho.-S- and that the future value of
,bese properties tc investors cannot be accurately
se,ermineG this time.
These few realty traders usually numbered
among the chronic pessimists of the market. Even
an the days Of the phenomenal purchasing and
building operations about the time OF tho opening
Of the subway. IN 1904. they lost no opportunity
70 detrsSt from the spendor OF the norinsfly dis
tricts OF the greater city splendid field for
investors, builders and spectators. In some OF the
newer Districts OF the city, where extensive build
tng operations have been feature for more than
Eve years. there indeed some modern apart
Tnent houses with many vacancies. But this small
number es poor paying properties is only another
positive yrooS that builders have not overburdened
city With modern apartment houses.
There = not the slightest doubt among the
majority realty leaders that the present rentals
sn the original section of the great West Side will
be much higher next year than now; that tho
popularity of apartment house living is not on the
vsne. but iE rapidly increasing; that the section
o. the zone between 5sth and 72d streets is going
70 become OF the greatest theatrical and busi
ness Of the greater city, and that all these
changes IN Che building line OF this alluring resi-
Dental district viii result in higher values
throughout its entire length.
IN LINCOLN SQUARE SECTION.
The trading this year has already been marked
hy a small speculative movement in and the
Lincoln Square area of this zone. These specula-
tive operations have considerably helped TO re-
awaken interest IN investing circles TO this busy
centre Of the city, and It is probable that in the
near future the Lincoln Square territory will figure
much prominently in the realty market than
Il does The prospect is that it is soon going
10 be of the aluring districts for specu-
ative builders and operators on Manhattan Island.
In the last few years values there have risen
RAPIDLY. and the district has been changed from a
small amusement centre into one Of the principal
districts of this kind within the boundaries of the
metropolitan
The sherman Square district. which is just north
OF the Lincoln Square region. is also likely 10 fig
ure prominently in the realty trading in the
near future than at the present time. its loca-
ton is bound 10 prove much greater Co.
power 10 Dig investors aI0 SpecGialors lilti
years ago. II this district which furnished
last week the principal transaction reported in
the real estate market. II a purchase due
6 successful enterprise in the section. AS a result
of the deal the Megonko Realty Company, which
owns the Sherman Square Hotel. at the southwest
corner Of list street and Broadway became the
owner Of the Regent Hotel, adjoining it. and
cupying plot O0xioo feet at the northwest corner
OF Broadway and 10th street Thus the two hotel
properties form the westerly block front in Broad
from 10th list street.
The Sherman Square is a story and the
Regent thirteen story building. The sale was
made through Frank E Smith and James l.
Libby. the purchase price being about 10000
Thomas Healy president of the purchasing COM
pany: J. J. Healy. vice-president; John J. Dillon.
treasurer, and John Z. Connolly. secretary. A. II.
Ray is director of the concern.
The company intends unite the two hostel
ries and TO spend about $4,000 renovating the
Regent. The TWO hostelrfes will have accommo-
cations for about five hundred families.
Another important transaction in the great West
Side last week the sale by Henry r. Dwight
and Lincoln Price for Irving l. Kempner. of the
-reston, seven story apartment house. on a plot
fI00 feet, al the southwest corner Of West End
avenue and 10lst street This all-cash
Transaction. the buyer being investor. The
creston is one of the finest apartment houses Of
rs type West End avenue 1t has never had
vacancy Il is said. since its construction in 1903
Investors also took last week the three
5sth street. from Eleanor Tobiesen. through
Charles T Fleck & Co. Each house has a front
age Of about 81 feet and a depth OF 90 feet.
Another West Side transaction last week, also
Indicating the good market for improved sites in
this zone, a sale Of a SIX story apartment
aouse At the southwest OF 114th street and
Amsterdam avenue, plot 50Ilxl00 feet through
\. Wilson for the St Luke Realty Company TO
ne Jaeger Realty Company. This house is oppo-
rite South Field
buyer was also found for large Harlem bust
ness site last week For Sarah NJ. Sanford, OF
Orange, X. J.. Thomas j. Meehan. as attorney |
sod the six story and loft building Nos. 81
ana Is West l25th street. II has frontage Of IL
feet and is about 123 feet east OF Ienox avenue.
The buyer was the American Real Estate Company,
one Of the large improyers OF land in central sec
hons OF The Bronx
SALES IN THE BRONX.
Sales Of sites in The Bronx were also important
FEATURES Of the trading in the market last week.
one Of the largest deals perfected there was the
purchase by the Mercury Realty Company, OF
winch Samuel Brewer is president, from Lowenfeld
ffager and Jackson e. Stern OF the triangular
DOCK Of about six lots. bounded by Prospect ave
nue. Kelly street and Avenue st. John This .i,a
' frontage OF l76 feet on Avenue ST. John OF
&c ieet on Prospect OF ia feet ON X e,,,y
feeI On IT will be built six story elevator
-i'af1fnent house Of twelve apartments containing
~ ~iees OF three rooms and bath up to eight rooms
sho Two baths. The Mercury Realty Companv re-
10y built apartment houses block front in
Inspect avenue. between Beck and Fox streets
az midtown districts there q number of big
~. transactions reported last week. Joseph
'"ahk became the of the stable property
Zs East 10th street. That parcel adjoins his
"oIne. No 27 East 39th street
h ohterberg bought the new twelve story and
ahent hreproof store and loft building. Nos. 104
iV' west 27th street. IL occupies plot with
;. ,0i'age OF so feet and with depth OF s89 feet
U,.G fffG EYsh he a