New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-15
REAL ESTATE OUTLOOK BRIGHT
EXPERTS EXPECT Il BRISK FALL SEASON IN ALL THE
PRINCIPAL ZONES OF THE GREATER CITY.
Probable Character Future Opera on Appes To BE Ven Defined
Demand for More Big apartment Houses and Business Structures

seven months seemingly bars out a possible in
vason of the district this fall by big investors A
number OF the large buildings being put in the
district by speculative syndicates may be sold 10
investors hut the most attractive investment time
in the territory as likely 10 be year hence, when
the success Of the speculative building operations
can be accurately measured. There is likely TO be
q lively demand there for all Of the newer buildings
along this fine thoroughfare on Manhattan Island.
Many of the lofts have already been leased from
the plans. and this renting presages strong
ing power for all these realty enterprises.
SITUATION IN LOFT CENTRES.
There has been considerable investment buying
Of midtown loft buildings recently. and such pur
chases will probably continue to be Of the lead
ing features Of the market from now until the end
Of the year. Modern loft buildings among the
choicest investment parcels within the boundaries
OF the greater city. Many investors, however,
knowing very little about the business needs Of the
great city md the greatest field for their actvi
ties in the apartment house hotel OF old
New York Apartment houses and hotels are a
splendid investment, provided the house Is well
built and well managed
Some years ago there a fear that the city
was overburdened with this class OF building but
that fear was unfounded. Never in the history of
the city have there been few vacancies in the high
class apartment house and hotel zones. Never have
rentals there been maintained so firmly, and never
has the prospect Of higher rentals been so bright.
Builders working assduously TO catch up with
the demand Tor more large apartment houses 4HlS
demand is most vigorous in the great West Side
and Is large IN all the other attractive residential
centres
ACTIVITY ON THE WEST SIDE.
The principal deal last week was the sale by
Gibbs Kirby for Harry Shift OF plot lcoxl25 feet
al the south corner Of lo3d street and Riverside
Drive 10 James c. Mcclure & Co. on that site will
be erected tweve-story apartment house. II will
cost about 100000 The site was bought about two
months ago by Mr.. Shift from James a. Deering.
Another important West Side transaction reported
last week the sale BY Lewis b. Preston Of the
Arnold II. T. Schramm property al the northeast
corner Of I5sth street and Riverside Drive. The
parcel has frontage Of $50 feet l5Sth street, a
feet on the Drive. westerly line Of &c feet and
easte-ly line Of 219lO feet II faces a square
formed by the intersection OF l5sth street Audubon
Place and Riverside Drive.
Another feature Of the trading last week
deals affecting hotels in near the midtown
zones The Schuyler Land and Building Company
bought from Mrs. Margaret Hopper the Hotel
Schuyler. nine story structure. No 80 10 g West
18Th street The hotel occupies plot 75xloo feet.
The McVickar-Ciailard Realty Company was the
broker IN that transaction.
The Hotel Gauatin. an eleven story ireproof
structure, Nos. 20 and = West 45th street. on
plot 45Xl0 feet. was leased by William y. Heard
William H. Grosscup for twelve years at $4,000
year, or $4,000 for the term. The hosiery Will
hereafter be known as the Hotel Richmond.
Another important transaction reported last
week the sals by 4. II. Ludlow q Co, for
A P. ". Kinnan 20 Herman Wronkow, OF the
Fanwood Nos. ll2 and IL East 18th street. a six
story elevator apartment house. plot 50xs2
feet il is in the OF the new Borgfeldt Build
ing and opposite the plot recently bought by the
Germania Life Insurance Company for its pro-
posed building
Several large sales Of midtown parcels were also
reported IN the week. Hopkins d Boyd sold for
John D. Crimmins No. So West 36th street. FIVE
story building a lot 2oNsG4 feet. adjoining the
northeast corner Of Sixth avenue. Timothy j.
Shine who holds a long term lease the corner
parcel. The premises will be extensively altered
and then used for restaurant purposes.
NJ & l. Hess and S 3. Goodale & Son sold for
the Realty Holding Company No. i57 West 18th
street. five story building e lot 2olx7ss. The
buyers the Seventh avenue corner parcel and