New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-15

and brokers are looking forward TO busy laA
season For some months the character OF INC
trading in the market has been so wen oelliieo ne
a novice in realty circles would experience niue
S,fcultv in learning what types or builolhg are III
greatest demand and what are the most active
realty zones. .s...t -.
IN view OF this situation, the signs inoicatlhs 'ne
rsntres which will furnish the greater part OF INC
.r business are so prominent 70 be reacly seen
NV every person identified with the great fes-'y
mart OF the greater city. ouen oisulcl "iiio
ma. heen noted for sluggishness Tor a long peitoN
,rl suddenly become attractive 70 many OF the dig
-, ,a.seys and the presence Of those leaders IN
che zone will be followed by extensive bniloIs oP
erations or large speculative buying CsuaIly tne
causes which bring about this sudden awakening
81 realty interest in almost forgotten district
-. no, readily learned by scores Of persons active
a. ,he market until after the trading there has
assumed a definite shape.
How many Of the present day school Of traders
were thoroughly alive 70 The real estate sluua'ioi
which existed about nine years egoE Inc suo"4S'
.,nt.b brourht the upper districts OF the greater
rity much nearer TO City Hall, Manhattan as Ie
rsrds the time spent in travelling Nas mo- -
,nAratson then Moreover, there was theh no great
Fifth avenue shopping centre the SKIN aNeis aos
xhonninr district did not extend much beyond -Su
.rreet the midtown loft region comprised ohly
small number of well built up blocks ana me %
,urnhus Circle area contained no long io"s %
garages and automobile salesrooms Or q La g
.tv1cal centre nor did the principal theatrlcdl e
re oc,,,nv AZ that time vast area OF lana ne0i
tarnes Square Besides, the NUMBER O ~
hote, districts was much smaller thah u : ,g-
.n6 those traders that then hazaroeo ue go
,bst a newer hotel district would be created w.
A stones throw OF Madison Seuaie
even ridculed and jeereo al ..savv
Nerv big real estate dealers, however loie
IN. real estate transformations which were 10
rlaoe an the skline Of the various olsule's oi -
.,.v and which nave been features OF '-e TO-
,sts.e market in recent years. Clearly they io'e
- .lhs+ mas 10 transpire IN realty circles III
-.ocpt years long before the subway was IN OPP
ron and they old not stand ioly anu le1 N's
bortunities slip away from them Ihey pA''-0
vsso-ous campaign. from which they have earned
urge profits.
ON FIFTH AVENUE SOME YEARS AGO.
- .,,s;,, IN the Fifth avenue district Just
s-ior 10 the big purchasing operations there which
resulted IN the zone becoming one OF the largest
shoup.ne centres In the world, Was marked pg VIC
activities of a small number OF blg leaders Inc
zeal estate records Will show that those leaders hau
NO doubt at that time the future OF the zone
,nd that their operations Of those days were scat
tered throughout the entire district II was the
ts,e Charles T. Barney. the late Albert Flake.
Roher+ L Bowling and number Of other real
estate leaders who then plainly foresaw what the
central Fifth avenue district was TO be.
To be a real estate leader a person must be
rlose student OF conditions affecting the market.
Not only must he possess the powers Of an expert
APPRAISER but he be able 10 judge accurately
the future needs Of the CITY II HtlSoh esaNlAAS0
10 lead and his judgment is faulty, he may have
following for a time, but he Will soon be overtalen
s1fh disaster and relegated 20 the rear ranks
among the realty traders. II is often thought that
Earring is necessary quality IN the makeup OF
reality leader. Boldness without thorough know1-
edge OF conditions is a most dangerous thing.
rirnidity Is also a bad quality TO lave as IL has
eften been the undoing Of many persons who were
able 10 measure accurately present and probable
seeds and who had the necessary money to enter
Or building Lacking the courage 10 launch their
projects, they practically remained stationary in
eaIty walks and years after they became identified
with the market they were better of in worldly
Foods than their first year in the realty field.
There some big realty operators who prefer
buying and quickly reseling at a small profit than
holding real estate for long period and obtaining
from their investment every possible profit. Those
Of the former class usually have the best interests
Of the city at heart and generally happiest n
invading a new district comprising almost entirely
vacant land. After laying well their plans for
further invasion OF the zone by speculative build
srs they move on to some other sparsely settled
territory retrace their steps 10 tie older resi-
Genital and business zones Of the greater city.
BIG PROFITS FOR LATE BUYERS
casual examination Of the phenomenal purchss-
hg and building movement which marked the
trading Washington Heights and IN the Dyck-
district soon after the opening Of the subway
IN 1905 shows that the pioneers the district or
those buyers which became active there some years
before 1905 were much larger purchasers of vacant
and and assumed much greater risks than did the
majority speculative buyers 1874 1865 and 1906
and that those early buyers. in comparison the
amounts they invested there. reaped less profits
than the speculative builders and buyers who
helped 10 make history I'm the territory about the
time OF the opening OF the subway and for some
gears afterward.
II is also that many of the operations in the
Pennsylvania tunnel section reported IN recent
Fears. II measured by dollars and cents. have been
much more successful than many perfected and
red out I'm that fne speculative area about the
lime the plans OF the Pennsylvania Railroad were
made public Such times as THE subway boom
and 'the tunnel boom come usually only once in a
lifetime, and therefore the conditions affecting
feaity activity then unusual.
CONSERVATIVE ELEMENT RULES.
Normal conditions prevail now. There is no fear
u overspeculation and there is no likelihood OF
operations except Of a most conservative order.
The needs Of city are 50 well known and
pressing that efforts 10 meet them will require all
the time OF the big operators and spectators this
tall and from present indications nothing is likely
to arise 10 some obscure district which for
years has figured little in the trading suddenly 70
sivert the attention OF large buyers and builders
from districts where there is plenty opportunity
Tor their usefulness for many months at least
no real estate expert has yet been heard to ex-
press any doubt that the city needs many more
big apartment houses larger business zones es-
pecally IN the midtown loft centres Nor has anv
big realty leader Yet disputed the soundness of an
opinion held ~ tie majority OF realty traders that
there is need OF extending many of the attractive
rathouse districts. of increasing the magnitude O.
the shopping centres. OF furnishing more amuse-
ment centres, and of making the Fourth avenue
district, from i4th TO saith street. a much greater
zone than il is to-day. II any doubt existed on
these important questions relating 10 the future
development OF the greater city the probable char
scter OF future operations could not possibly be