New-York tribune., 1909-10-24

nnarSst last week 1t is a long time since
such large number OF new apartment
houses and investment properties in the
district changed hands. Unquestionably
this purchasing movement was a forceful
reminder OF the stable renting conditions
throughout this entire residential zone of
the city and of the bright prospect for
placing the majority OF the properties on
higher paying basis.
II the volume of business transacted on
the great West Side last week is a fore
runner Of similar weekly budgets of sales,
the fall realty business is not only going
20 attract widespread attention in circles
composed of persons long identified with
the market but is going to bring new in
vestors and new spectators to the big
realty mart of the greater city.
With the product Of builders a quickly
marketable asset and the channels for
finding buyers for new houses becoming
each week better than the preceding one,
there ought 10 be most favorable condi-
ticns next spring for speculative builders
and big construction companies TO enlarge
their scope OF activities. Briefly, the build
ing projects next spring should be con-
siderably larger than they were in the
early part of this year
One of the most pleasing signs noted in
the changes for the better which have re-
Gently taken place in the real estate mar
ket is the small number of exchanges of
properties now reported each week Big
or small realty trades are usually an in
dication Of sluggish realty channels.
IN THE BUSINESS ZONES.
Not only was there excellent volume
OF activity last week in the residential CEN
tire. but also in the central business areas.
especially IN Fourth avenue north Of 14th
street.
On the first day of the week there was
an investment deal involving sl.eO,VOO, and
in the latter part of the week investment
purchases of considerable magnitude were
many in number. l. ]. Phillips & Co.
were the brokers in the million dollar
transaction. They sold for the Falcon Real
fy Company the Hotel Langham. an eleven
story freproof structure OF high class
construction, occupying a plot 100l1x120,
at the southwest cornor of 103d street
and Broadway, TO Herbert Du Puy- Mr..
Du Puy is one of the most prominent
realty investors on Manhattan Island.
He made his entrance into the market
about two years ago as a large buyer. and
since that time he has got control of
splendid group of fine business and residen-
tial properties. He bought about two years
ago, the eleven story ard loft building at
Broadway. He later bought from Robert
E Bowling the Hotel Empire. at ed
street and Columbus avenue, and twenty
four lots in the Dykman section About
the same time he purchased from James
NJ and David r. Todd the twelve story
Van Dyck and Severn apartment houses
covering the block front on the easterly
side Of Broadway. between I'D and 73d
streets. The Hotel Langham was formerly
the Hotel Marseille.
An idea of the extent Of the trading on
the West Side last week and also Of it's
high character may be had from a review
Of some Of the most important transac-
tions affecting sites there.
A market was found for the Criterion
Arms. one OF the best built six story apart
ment houses On the West Side. 1t is No.
80 TO 52S West 11lth street and occupies a
plot OF about four lots. II was sold by
Calder & Nassoit for the Highwood Con-
Etruction Company 10 DR. A. c. Stein.
A buyer was also found for the Ala
bsma apartment house, six story struct-
ure at The northeast corner Of 127th street
and Riverside Drive. The property was
sold by Felix Fitdchsuer & Co. and Henry
Fox TO II. B. Davis. The purchase price
was about 100000
THE OSBORNE IN DEMAND.
The Osborne apartments. two seven
story structures a plot Of four lots, al
the southeast corner Of Amsterdam ave
nue. and 18th street changed hands twice
This property was held at about 100000
il was bought by l. Randolph Jacobs from
the Plttsburg Life and Trust Company. and
quickly resold by him through SIawson 6
Hobbs The Edgewood, a six story eIe.
vaIor apartment house. on a plot S0x1O
-
and 12Ith street, was also numbered
among the apartment house structure.
sold in the week. It was sold by Shaw &
Co. for the Charter Construction Com
pany, the sellers taking in part paymen
the Beatrice a six story elevator apart
ment house, Nos. S5 and 81 West I3lst street
For the Nova Realty Company Slawson &
Hobbs sold the Roselle, Piermont and
Switzerland. three five story apartment
houses No. 1S2 TO 1s6 Claremont avenue
Each house is on plot 4OxlOO. The Rosellt
being 100 feet north of 125th street
The attractiveness of the central Fourth
avenue district and also OF midtown sites
with frontages in the cross streets was
clearly reflected in the trading last week
Unless realty conditions suddenly change
the central Fourth avenue district is
bound TO figure prominently for a Ions
time The zone is quickly taking its
place as one of the biggest and best
built on Manhattan Island, and il is more
likely to continue to expand than remain
stationary after the present projects for
improving sites in the region have been
carried out. 1t is so well located for large
wholesale manufacturing and big retail
business houses that many of the heads OF
such concerns are wondering how they
overlooked the business advantages pos
Eessed nv this district
About two weeks ago Frederick Fox q
Co. rented from the plans two entire floors
ih the two big commercial structures 20 be
known the Peter Cooper building which
are being built by the heirs OF the Peter
Cooper estate. on the easterly block front
in Fourth avenue between 9th and 18th
streets. Those floors will be occupied by
James Keiser, Incorporated, one Of the
largest manufacturing concerns in this city,
dealing in mems and women's neckwear.
Last week Cheney Brothers. one Of the
largest silk importing concerns in this
country. decided 10 have home in the CEN
tal Fourth avenue district. They rented
from Henry Corn for term of ytwenty- y-one
ears The store basement and first loft Of
the Importers Exchange, q twenty story
structure which Mr. Corn is to erect on the
site of the old Clarendon Hotel at the
southeast corner Of 18th street and Fourth