The sun., 1909-02-14
NHE REAL ESTATE MARKET
,riIJ\G ~ "SPECIALTIES" A
LElDING FEATURE.

= n uaru IenUencN OF WOEtkbkt bOhu
Rates Is Likely to create Demand
IA Investors for Improved Realty.
Tho cancellation entertained some time
ot A prompt and geriral recovery in
~ ro,l estate market during the latter
N of January or the early part Of Feb
H. has unquestionably been disap-
,,. u,'nted substantial progress in the di-
Khan cf larger volume Of trading has
,o dcsd been made. The progress. how
III or has been slow and has affected COM
,iy yely few classes of realty. The
aIourr in 80 far as il has increased in
I'M material degree, is chiefly of the pro-
xEss.onal order and is limited to certain
n shborhood-'
g 70 The market as yet is almost wholly one
-speciaItes," Professional operators
. q I,sapparently taking up one locality after
iooI Ioother in the hope Of interesting invest
~ Insnt BUYERS. but the response on the part
20 In such buyers is cautious and hesitating
.sIance professional activity in buying
., Eor quick resale is mostly experimental
ia.knd Of meagre volume. On the other
,sus and professionals are buying sites
~, k,sely for improvement. anticipating @
.-l,, after investment market 10y the time the
'c,Ier constructions are ready.
In ia generally felt that tho growing
accumulation of mortgage loan money
s /, mus, before long result in such low in
~ kerst rates that investors will prefer
- k,.hod 20 loan investments. That pref
,,Ennce should make itself felt when in
-. ksrest rates on improved high class realty
a sHr Manhattan come down TO and "a
eEsr cent Just now the rates stand at
k,,t Ia 4 A
. sk,odency is pronounced enough TO hold
akut a fair prospect Of further decline
In the near future
.l II Ihe announcement thar the Hudson
s,knd Manhattan Railroad Company in
3 a,R R,nds 10 extend its subway system from
A wAe present terminus at Sixth avenue
uslknd ihirty-third street to the Grand Gem
m "a station is likely to be followed shoIt
sky marked increase of dealing in tn,
midtown section. The extension will
sss(tive quick and unbroken means of trans
~ Bortstion between the principal railroad
aSxkenninas in New York city and New
ss.slx epey. The traveller from New England
4 skr from points on the lines Of the New
rsfEork Central who wishes to reach the
: a sckawanna, Erie or Pennsylvania Rail
a Dad station in Jersey City may be landed
{ that station quickly ana without change
y cars and vice versa.
e The extension will also prove a great
~ onvenience to people who have 10 60
b u |etween the Grand Central Station and
Z > POINTS in and along the Sixth avenue shop
4 hng district. as it will be quick and direct
- vpnnection between those points. II will
= 2lso have value as connection between
. be new Pennsy lvania Railroad station
y vnd the Grand Central Station and will
Al q OF great benefit as we'll TO the hotel
lad md theatre district.
u Finally il will make the new shopping
os ec;ion of Fifth avenue south Of Forty
~ .econd street more accessible and tend
= augment retail trade there. The ex-
sses snslon will help to make Forty-second
H ln Ihrty-fourth streets the principal
-ua U's own thoroughfares and will there
rc 90 simulate the northward movement
liz shopping centre. a movement
o. ic cannot fail to offer plenty Of oppOr-
mc .DI.l's for speculative profit in buying
ilh ~ upilding.
il he Building Code Revision Commission
~ Il d 10 make its promised report during
~ e reek and II Is now said that the new
lot TAT code may not be turned over 10 the
80 o4d of Aldermen for several weeks.
~ lcording TO the Record and Guide the
"a draft will contain no limitation on the
si% tsht Of buildings or any clause prevent
~ s toe erection OF the six story semi-fre- !
" pOf apartment house.
- according to the same authority
~ he probabilities are strong for moder- ,
fe and very satisfactory report within |
= tie lines stated at the time 1t was first
it tNJPVSrh lp tue BthtTd.
u ing Iode, IL was then said that there
VA need for revision because since the
!. pIsting code was adopted, which was
o december, 1890, the city government
has been reor rganized and a new Charter |
bui n operation The Department of
~ Buildings referred to- in the code for
= eIanple, no longer exists and the Tene-
u& ment House Department has been organ !
lzed since the code was last revised The !
~ code needed 10 be revised. as was said, |
Tor the following reasons
. T. In order that the text will conform
= Oths present plan Of city government.
4 !. As subsequent to the adoption Of the |
~\sting building code the tenement house
- was enacted by the Legislature, there |
a's' p parts OF the code conflicting or out |
X n harmony With the law need to be elimi- |
sysS I'D.
The code must be made to take cog |
'Ni Pnce OF concrete and reinforced con-
zen fe construction in a separate section or |
-" fons.
since the code was published amend |
Sents have been made from time to time. !
- hsse should be incorporated into the text |
- the code in their proper places.
.. The sections relating to theatres,
'ts osether with the amending laws, need
erHsvaon. Question: Are the severe re-
" uI.ments entirely justified?
Fireproof Wood--Shall it be com
81 lsory any longer to use it in buildings
's' ficeeding . certain height?
l. Electrical discoveries and innovations
>@kMeo 10 be comprehended within a series
Y EI reasonable regulations.