The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-13
The REAL ESTATE MARKET
~ STNESS FIRMS ARE BUFENg
HIGH PRICED SIZES.

~ Lively Demand IRullsaeru Active.
Ulc PRINCIPAL feature Of the real estate
-NUt lat week was . remarkable out
..-r e trading in building sites. This
.rrrence Of larry scale buying with a
...y ~ new construction work was
either unexpected. The building
,.ar-tics Tor January and February had
an decline in comparison with those
e.. lie sanie month"; - year ago. and IL
= generally believed that tho building
lustry would 10 far los Anfive this
wing than last.
However. the private sales currently
ported from brokaEu' ofaDos lind no
IMPORT TO this opinion. On the contrary.
'...v suggest that the statintius may need
.r lysl-
'4rning then 10 BraAsfrests summary
. The building permits iasued in ninety
Two American cities u u found that the
nvestmcnt called for WAS smaller by
81 80 ooO last February than in the same
r.n'h year ago. However. tho great
az ii the ioss b accounted for by the
Manhattan figures. IL these ara excluded
49,. loss n reduced 60 ~ SD. Oaa In osher
F7ri~, the building activity throughout
rlr .iuutrv outside IL Manhattan borough
...ua ned very nearly unchanged.
The ia,+ ~ that the Manhattan figure.
~"1c greatly inflated az this tine a year
sgp m connection with the aGitntt,.,
Iv-t . revision q the New York building
.-'sls ne runner was abroad that the
.''mmission Va charge OF the reyisiun
un4id abolish the six story non -hreproos
auartment hou~s. Consequently plans
we're He'd IN great numbers to IoreStsll
ire eNprctsd change IN the building code.
1'us' N February, 1874. permits were
s.isi authorizing the erection Of eighty
ry- apartment houses a. a cost Of sII,-
~ ~" The recos ia % the Building De-
garment show that only thirty-two 20
'hss- proposed constructions have actu-
aly been completed. In February II the
present year only fourteen Dernits were
ssued. and the proposed outlay WA s.sfi-
mated a. C.Sl5OoO. These figures Apply
% Manhattan exclusively. The buildinR
'ode. ho~.ysr. governs an the bOrynghs.
ard NO doubt the construction Aglrss
Tor The rest Of the city a. well a. those
'pr Manhattan were inflated a wear ago.
Allowing for the misleading element
,uirod,F~ed into the ssatistics by the
abiding code agitation in New York
70 would sem that about the same amount
Z Vun-IuIc,DDn work n beng .pertnitted 3
fer throughout the county now a. IN /.
80 Besides. there Ia reason TO believe
liar 'hs volume Of work actually under T,
10y - greater 'h's year than last. a. the |
.-li.ortion % plans held over from the |
r--cedulg year 10 no doubt larger In I
\rN York there V indeed likely 20 be !
me r~cession Ia apartment house con
,'r7lction, but LAST weeks brokerage
rr'urta Indicate that any lo~s IN this
Isction will probably BE- Offset nv
g-eater production u costly office build /
- and possibly also Of mercantile
lIildinGs.
last weeks buying oI sites for i'm
.'rNement was 81 4 substa ntiAi character
7 80 sites we're for the most part In high
iced neighborhocds and many % the
" .'rhasers were business concerns Two.
->usactions notable because 80 their
.ry' nay be msntioned a. typical The
,'.u'hwest corner ot Broadway and Park /
Isce Nas bought by y W WoOlworth, !
N!' prietyr u the WOolW1rth chain III I
,nd ~ cent se1res. for about g. .Ol0. OlO ,
AMI the Old Lotos Club property. IN Fifth =
~y"nue. adjoining tho ~S,Ithwest corner
~ Forty -s'rth street. Wis purchased by
Nnosdler 4 Co. art dealers. a. some .
hing NOR Than S~oOp
The BrOad~sy pur, haSc, The largeNt
70 the vicinity since FsliN l-fnAn bought
he Stspsart RIilding called a. '"ntiOn gain
the fact that the number Of ayailablo
roadway sitee between Chambers street /
md ths Hattery - cNtrenelv initssi !
re new twenty story WcolwuTth Build :
ng will take up half the Broadway front ,
~, and Will max some inrOads alsp into .
Park place. where Il will front IsS feet /
u viii house ths. executive offices oT the .
N"olwoT'h stores and the Irving National
hsBKe Bark. and doubtless will draw /
Ugly from the older buildings about .
,''y Hsll Park
Tie buyers "f the I'D I.otos Club.
= .'tl"r A 20. also own the northeast /
.rrusT II FIFTH avenue and Fortieth /
-'-''t and it had been generally Supposed .
a. they would move to that lOcation ,
non "a" expiration ~ the lease on their
,r---lt quarters az Thirty fourth street
i.N","T tho centre q the fashionable.
tipping trade has shifted toward ths.
.'-'h y lsts. and fhs purchase OF the
ior- 'lUb -ite - striking evidence 20
... come to that part Of Fifth avenue /
r'' II F"Tty-secDnd street IA the last
Fofr ur two
tr1rha-is has been laid in the fore
-uuE upon lsst weeks buying Of sites
30 rinprpvsment for this buying runs
..'Iutar t. the current belief that SOME
'n. OF q slump IN the building industry
OFFENDING. The week was equally
.'"vurthy Tor the volume of capital
.- w"ut M" improved realty. In this
.'.- n' buying also business firms were
t" "'T"rtsnt factor. The Wall Street
mat Tor "NainPte. acquired az about
-. 49, tue -OutEeTiy half az the Edison
h"ii'ng. 10 Broad street. the nortberiy
.A' "f which II bought from another
SIer ltS' month. aud the Waterman
contain Pen Company purchased a ten
+',Uv building an Fletcher street.
'" weeks trading indeed was not
90 .args IN volume shd widely distrib-
10 nut VAS we'll balanced a. rrxn rfs
%. IY' cd ard unlmprOved realty on the
10 hand and speculative and invest
''.' HINIng on the other Finally "a
.i Traced both city and suburban PROG
'.'' uu a -cale Unequalled In some years.
Private safes.