New-York tribune., 1909-10-10
REAL ESTATE MARKET STRONG
TRADING LAST WEEK EFFECTED THE ATTRAC-
TITENESS OF LOTS And IMPROVED SITES
Upper Park A0nue Being Trans formed Into Greater Residential
Zone-OutIOok the Central Sir Seventh Districts

lyne vigor of the real estate market was made
known last week in many ways In the Nesey
street salesrooms honeseekers and investors
quickly took over the Samer estate tract OF 240
lots in the Riverdale section for S26o'00. More
over. many other choice properties which were
offered for sale to the highest bidder changed
hands.
The Samler estate sale was the first big auction
offering Of the fall season and its success caused
considerable rejoicing in realty circles
At the present time the value OF vacant tracts
with large fTontages. wide avenues and streets
near q big park, suitable for immediate improve
rnent with rows Of detached dwelling houses-or
for high class apartment houses is evidently un-
known 70 large numbers OF persons seeklns saie
Investments in real estate on Manhattan lslaho
or in The Bronx. A home site adjoining Van Cort-
landt Park possesses greater realty advantages
than many other dwelling house parcels some dls-
tsnce south Of this enchanting public playground
For plot at the southwest corner OF lsblh street
and Broadway Mrs. Mary C. Therry, widow OF the
founder Of the Holy Name Society, paid $l''O1 at
the Sarnier estate Offering. That was the hlghest
sum paid for q parcel Of the tract some wen
known experts who were present at the SAFE salo
II was the high record price for vacant lana IN
this allurIng section OF the greater city. MOI one
Of them intmated that he thought the sum oD-
tssned for the premises by Joseph p Day tle auc-
rSoneer OF the sale, surprisingly high- 1he
lot has a frontage OF about thlTty-one Ieel On
Broadway and Of about one hundred feet on zooth
street Mrs. Therry also bought the adjoining lot'
with frontage OF about twenty-five feet on Broao-
way and a depth Of 100 feet for $780, and many
other parcels OF the tract
There were many persons at the sale who have
devoted their energies IN the real estate hed IN
rscent wears TO the sale and development OF nome
sites on Long Island. il the Westchester suburban
zone and in nearby New Jersey districts. IN lilaI
time most OF them have been busy finding buyers
for lots valued at from 5000 TO $500 each ana me
rrsoes obtained for the Saler estate parcels were
naturally considerably higher than they had antici-
nssed as their grasp local conditions was weak.
IN THE RIVERDALE DISTRICT.
few months hence the brokerage market will
t,ezin 70 receive reports about changes in owner
ships to many Of the Saler parcels sold last week.
ana those reports Will show ready demand for the
lots at higher prices than the sums PAID al the
auction sale. And for many years values IN the
Fiveraaie section will continue to rise. The zone
As richly endowed with natural and artificial charms
and they are bound 10 have great drawing power
20 big speculative builders and operators after
they and fewer opportunities for themselves on the
washington Heights district and in the DyckInan
section.
Much has been expected Of the upper Park ave
nue district and also Of the central Seventh ave-
nue district in recent years. So far the uaolhs
this year IN the upper Park avenue zone has been
far below the mark set for il by many expert
realty operators The central Seventh avenue dis
tr1ct has done little better in this respect The
transformations which these two great sections Of
the city are undergoing are vastly different
The upper Park avenue district ever since the
enlargement of the upper Fifth avenue residential
region and the changing Of the motive power OF
trains IN the Park avenue tunnel from steam TO
electricity has become most fascinating 10 brokers
who seek buvers for the highest type OF dwelling
house properties and also to many builders Of CO.
operative APARTMENT houses. For years the rumble
Of psssing trains the tunnel and the great clouds
of smoke which poured from the tunnel into the
avenue were perpetual nuisances and held back
the development OF the avenue from 5Sth 10 S6th
street into worthy annex Of the great upper
Fifth avenue residential It was then thought
that unless the living conditions IN the Park ave-
-re territory were improved the block fronts with
rrontages on this wide would in later years
be dotted with medium priced hathouses.
With the annihfation Of the smoke and noise
nuisance the realty outlook there became most en-
chanting There is longer any fear about values
IN this beautiful region Of the city being unstable
nor IS there any cause for worrnent that the zone
win not increase in vigor from the point of view
of the investor and speculator. large part OF II
ss now 3 worthy annex Of the upper Fifth avenue
residential district. and many plans have been
drawn for its further enlargement dwelling
house district OF the highest type.
RECENT DEALS IN ZONE.
The trend Of realty sffairs section has been
revealed on several occasions this year. and one Of
those times was last weak, when change Of own
srship in plot 27x95 feet the northeast corner
OF 7Sd street and Park avenue. took place. The
parcel forms part OF the site which the Bran
don apartments. seven story structure. stands
The entire apartment house site has frontage of
go feet in the and sc feet in the street
The corner parcel sold by the Alliance Realty
Company 20 Oakeigh Thorne. president of the
Trust Company Of America He is going to erect
on his premises dwelling house for his own use
The Alliance Realty Company purchased the Bran
don apartments from the estate Of Louis de Bebian
last May. Il later purchased from Mrs Adele O.
Brown e parcel Sl4xs6 feet. on the easterly side
OF Park avenue between 73d and 74th streets od
5ofning the apartment house
AT the time those purchases We're r,ada +ba
buyer announced that the entire parcels uouId
likely be Improved with apartment houses nro-
vided IL did not dispose Of the parcels 10 nersors
who would improve them with high class dwelling
houses. As Park avenue is l6O feet wide an anart-
mant house 24o feet high, or at least eighteen
stories Ia height could have built on the site
The sale OF the corner parcel however, marks
the abandonment of improving any part OF the
lot owned by the Alliance Realty Company with
apartment house
This is Of the finest sections Of The upper
Park avenue district, and important changes
in the skyline OF the thoroughfare are TO be noted
here than in any other part OF It. At the north
west corner Of list street and Park avenue 500
0oe i've story brick dwelling house is being put
Up for George S Brewster from plans By Trow-
bridge Livingston. II viii be 50x73 feet. dag
Onsly opposite that site is the home Of Senator
Elihu Root Al The northeast corner of 10th street
and Park avenue another high class dwelling house
Is being built That site. which has 4 frontage OF
z feet In the avenue and 50 feet In the street was
sold by Arthur H. Masten some weeks ago
The first month OF this year was notable Tor trad
ing IN the upper Park avenue district The old
South Church. which has been located for many
years At the southeast corner Of ssth street and
Madison avenue. bought in that month from the
Charter Realty Company, through Pease & Eli
man. plot at the southwest corner Of s5th street