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


suit in the IMPROVEMENT of choice plots I'm the
great West side perfected and the plans for
the structures filed.
II is seldom that such large and interesting
volume Of Business is transacted al this season OF
the year which in realty in many other business
circles generally the dullest period At this time
OF year majority of the investors. spectators
and brokers arc usually absent from the city, en-
5oying a wen earned vacation. Many OF them this
year fingered in the city until late in the summer.
so numerous the bargains 20 be found in
many Of the principal speculative and investment
zones OF the greater city.
The recent business done shows that large num-
bers of big buyers have not yet been able 10 cease
their activities. and is they who mainly
responsible for the greater part OF the trading in
the last week
TRADING SINCE JANUARY.
Ever since January the tone Of the market has
been excellent with each succeeding week indicat-
ing a brighter future nearer at Vnd. 1t has been
a most propitious year for builders. and most of
the leading brokerage firms have figured promi-
nenty I'm the sales market and therefore they have
no cause for complaint.
result Of the work Of builders and brokers
many millions have been invested Manhattan
and Bronx realty, and thus the taxable properties
tho city have been greatly increased Some idea
CT the extent OF the new building projects may be
had by referring 10 the building statistics. From
January 20 date plans have been filed for buildings
10 DC erected in The. Bronx and Manhattan at an
estimated Of Sl200po.eOo, as against about
Not only is the cost Of the proposed structures
more than twice the spent for new buildings
IN the first months OF last year. but the
protected structures nearly twice as many as
those for which plans were drsHn and filed in the
first seven months OF last year. Such building
actAfties would not prevail or be predominating
feature unless satisfactory money conditions ex-
listed and there were need of the immediate eX-
pausion OF the beautiful apartment house and
hotel centres and also OF the amusement and
b1lSiuf IF il
MANY INVESTORS ACTIVE.
The best evidence that there is need Of rapid
enlargement Of the enhancing residential districts
on Manhattan Island and in The Bronx Is me
prominence of investors as buyers or lessees OF
apartment houses, and also Of dwelling houses II
is q wei known fact that from seth street TO the
newer apartment house zone on Washington
Heights there ar fewer vacancies IN apartment
houses taan probably At any other similar season
in the history Of Manhattan real estate This
occupancy has not been secured by sacTihclns
rentals or in other words in leasing suites In the
houses Fl figures which viii simply meet the fixed
ring charges Of the properties. or return al
the best slight profit on the investment
To lsz real estate expression, satisfactory
rentals nave been maintained all along the line
anG g. most instances higher rentals could nave
leen obtained, because in spite OF all the Dig
arar.ment house projects carried out in recent
years the supply Is somewhat less IMAM me De
mRnd
Tnls wear is likely y be best remembered for
the extent OF apartment house building and OF
houses OF the very best type. II VIII also prob
ably be weU remembered for the vastness Of the
operations in the central Fourth avenue district.
which viii soon give the city one Of the hnest
business zones within its borders, and for a re-
awakening Of building activity IN the lower West
side where the Trinity Church Corporation has
Cor wears held large numbers Of old style dwelling
houses and tenement houses from which it received
only small yearly income.
II Is usually customary for many persons 10 ssy
every yea about this time that the demands for
suites IN apartment houses was never larger
and that never before in their activities in the
market had they such early and such a
brisk renting season. In giving voice TO such ex-
pressions they seek 20 help their business and 10
protect their clients who are the owners OF the
properties with suites Few persons con-
versant with the details Of realty business ever
expect any other reply from such persons to queries
regarding the apartment house situation. and
therefore only small number Of persons place
any value those opinions II Is the broker who
speaks plainly from tho book. and by that is meant
one who forms his opinions after a careful study
the situation. and IS careful to reveal his find
ings In their true light
ATTRACTIvENESS OF WEST SIDE.
Most students Of the real estate market may not
hold similar opinions 10 why Ihe demand for
suites in apartment houses exceeds the supply
regarding the bright prospects for maintaining
rentals with possibility Of considerably higher
rentals in near future. The great West Side Is
no newly discovered field for builders Of big apart
mont houses For years II has been one Of
The greatest apartment house and apartment hotel
districts Of the world. The splendor Of it's archi-
tectural lines ana the depth and breadth Of the
natural charms Of the land which forms its area
have been well known for a long time Each year
:ts popularity residential district has been in
creasing and in years a much greater
than the pioneer builders in the area ever antic-
pated
Until about nine years ago that part OF the West
side Just north % Manhatanville sparselv
settled territory. AS regards rapid transit lines
almost inaccessible and though IT'S
Effectiveness unquestioned and its suita bleness
for Transforming into a worthy the older
residential zones, SIS distance from the City Hall
md It's inaocessibility then acted barrier a
big invasion 81 the district by leading builders and
sp, culators.
and since 1904. when the FIRST subway train
Through the district realty trading been espe-
ca,y noted for operations in that locality. which
known as the Washington Heights section Be
yond Washington Heights and Occupying a large
area ~ land Is the Dyckman district Like the
Heights. the development Of that place too was
checked by inadequate transit routes Together
these TWO zones form one Of the most beautiful
gions OF tho greater city. and with the opening OF
the subway their upbuilding assumed most definite
and pleasing lines. About five years ago there was
great rush Of builders 20 those sections and the
transactions there resulting from that invasion
comprise Of tho most phenomenal purchasing
and building movements in the history Of the great
city.
CHARMS OF WASHINGTON HEIGHTS
The subway has made known in fcrceful man
ner the intrinsic chrm Of these places and
though it has taken several years 20 do the
EFFORTS ~ spectators investors and realty brokers
who have played an important part in the awaken
ing OF interest the transformation Of those
lions have been well repaid. Washington Heights