The sun., 1909-06-27
THE REAL ESTATE MARKET
GOOD MIDSUMMER DEMAND FOR
BUSINESS PREMISES.
High Glass Dwellings Are Also Finding
Buyers, bat F1ats and Teaements Arc
Feeling tho Compctitien Of the New
Suburban Housing-The 1910 Budget

Suburban H0uslng-The 1910 Budget
The real estate market was rather
unusually active last week for this season
Of the year. No oonspicuously big trans
actions were put through. but the volume
Of trading was very considerable. 1t
affected mainly property OF some value.
notably business premises in the mid
town shopping and wholesale districts.
private residences in good neighbor-
hoods and sites, improved and unim-
proved. in tho uptown apartment house
sections. There was also a sprinkling
OF deals in downtown Office buildings
and loft constructions.
The amount and distribution Of the
weeks trading indicated an extensive
public interest in real property in this
borough except in the fat and tenement
neighborhoods. For tho continued de-
pressiou.in fat and tenement realty there
is NO doubt q variety OF reasons. Among
them. however, is unquestionsbly the
fact that,ti1e cheaper grades Of dwelling
property In Manhattan have begun to
feel thu 4competition Of new housing in
the outlying boroughs and in the suburbs
generally competition which Is certain
TO grow increasingly severe.
In a few weeks the downtown McAdoo
tunnel system will be serving the sub
urbs OF New Jersey. By next spring
Manhattan. Queens. Long Island and New
Jersey win be getting the benefit Of the
Pennsylvania tunnel service. Railroad
traffic will have been established on the
Queensboro Bridge and the Belmont
tunnel will probably be in operation.
Contra cts will have been let for the Broad
way-Lexington avenue Brooklyn subway.
The McAdoo extension from Thirty-third
street and Sixth avenue to the Grand
Central Station will be under construc-
ton. The Manhattan Bridge will have
ssta blished still another means OF CON-
munication with Brooklyn. Indeed, 1910
will be a very remarkable year in our
transportation history. and the fact is
apparently appreciated by investors and
operators in real estate, for the current
activity in residence housing. excepting
the high price grades. is almost wholly
outside Manhattan.
The Bureau Of Municipal Research
opened it's second annual campaign ol
education on the city budget yeste;rd,hay ,a
WIN tu6 ItIuluu6I tllbt uOAt
anniversary Of the meeting which Ieo 70
the organization in leOS OF the dreater
New York Taxpayers Association. Many
events during the last year have empha-
sized the effectiveness Of information IN
the hands Of taxpaying bodies and aiso
the futility OF taxpayers protests whon
not founded upon incontestabie isCt'
However. except for little clearer unoer-
standing Of theee two simple truths, "a.
payers bodies appear to be but little better
equipped to-day than year ago 70 study,
the budget estimates for 1910, which will
be sent from the departments to the
Bureau OF Municipal Investigation and
Statistics between July is and August !.
The kind of watohfulness which u is
the allowance OF 1000 which Borough
President Haffen has got through
the Board Of Aldermen. Cutting this
allowance oit OF the budget for 1909 viii
have done no good IL special revenue
bonds arc voted by the Board OF Estimate
next week 10 coverit.
Another incident furnishes q warning
that special revenue bonds, hke oodge'
appropriations, should be clearly under
stood before as well as after passage
On Tuesday the Board OF Aldermen voted
special revenue bonds for several KINDS
Of work which the Board OF Education
wished to do. The next morning one
notice said this sum was to open adu-
tlonal Fairgrounds during, the vacation
period while another said 1t was Tor
new Fairgrounds and recreation centres
to be opened during the summer.
What r,,aily happened. according TO the
1ireau CT Municipal Research. was thai
the Board u Aldermen appropriated fof
Stop> and Kitchens, Industrial training. $so,S7c
MIary arsoun, and equipment. voca any
,onGnyencies, vocational schools .:.... sos
hccrentlon centres and study rooms, West =. -
tendencies. recreation centres and study 49,.
paysfourds in conr.s,cd districts. 5000
$4,000
Commenting on these figures the Bu.
rcau Of Municipal Resea-ah says: The
Board OF Aldermos lid not give this money
1t merely passed resolutions request
rlE the Board Of Estimate and Apportion'
trent to vote 1t. This vote will come uE
next Friday. As seen, only $4,000 out ol
sij5,CoO was for new summer play ygrounas
4 relatively large sum OF $50 900 was foi
vSrational schools. workshops. &C., actiy'
tiles for which hundreds OF thousands
terhaps millions, win in a short time bt
spent annually. Yet 90 easy Is II TO drive
entering wedges that many Taxpayers
do not know OF these activities or OF the
amounts that will be required in mex
years budget TO continue them. and nov
actually think that only play grounds arr