The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-17
rHg RIAL ESTATE MARKET
PRIVATE DwKLLENGS ARE IN
GOOD DEMAND.

GOOD DHWAND.
IsaEins~s FsESas AFs Ass SsSesS - -
stsaesWH ana DWWutSen asraaens-
apesuamtOFs Are % q Rgse Ssaes-
Wmlalns fer Trnnsia EDeveiopmeaas.
A substantial volume q businsas was
dOns in tho real estate mArkst Last week.
There vas not 20 much spacnlative buying
"a a month ago. when professional Opsr-
at0Es we're acquiring high priced sttss
On an unusual scale for Improvement this
sprinG. but invegtm0nt transactions were
more numerous. Tho demand for Inn
proved realty was prob ably better than Il
has besn heretofore since the panic. AZ
any rate. u was widely distributed and
affected q great varsity Of property. The
dealing embrucod q fair and apparently
growing proportion 0f premises In the
fat and tsnsmsnt disericta. There vas q
normal activity In tho midtown and down
town business sections. whore banking.
commercial and Industrial houses wsrp
amonx tho purchasers. This buying for
direct uss was snppleuscnted By q con-
siderable amount Of investment buying
and many high claes apartment hoslses
and new Ioft buildings changed hands.
Finally. there vas q brisk inquiry Tor
private dwellings-
Perhaps the most notable al the trans-
actions In high priosd realty was the pur-
ohass By the Vast River @avinRs Institu-
ton from the Emigrant industrial Savings
Bank of the northwest conner Of Broad
way and Rsads street. q site valued NJ
about o. 600 600. tall banking and
ossics building 10 10 he erected there. The
transaetion is an illustration q the very
heavy investment of capital which busi-
nees concerns are called upon 70 make
nowadays In order 90 rvtain q location
In the neighborhOods where their business
has grown zap. The East River Savings
Inssstus!oa vac cs=ssSrsA g isss. -hsa
the nsiGhborhOod about the City Hall
PARK waS a residential quarter. From
1854 20 Iss7 the bank had In home as No. .
Chambers street. The property there
was taken by the city to make room for
the proposed municipal building. Since
then the hank has occupied leased quarters
in the Stewart building a. No. $50 Broad
way.
Dealing in private hosisss was q con-
spicuotls feature OF the market last wesk
Private house leases expire a. q rule
on May I. differing In this respect from
leases in apartment houses. The bulk
Of the buying Of private dwellings conse-
quently takes place In the spring. fact
which explains much q tho present activ-
ity. It 10 said. however. that there are
moro inquiries for town houses this spring
than there has been in Q number of years
No doubt one Of the reasons 10 that 20
many hOusss Of this description have
been bought up by pToss==sSssss operators
with q view 10 the erection Of lOft build
ings. About one thousand buildings
are bsin@ torn down esch year In Man.
haitian in order TO provide sites for new
constructions. and . very large proper
ton Of the buildings thus destroyed are
dwellings in the midtown section.
The people VINO are being disPosss.sed
Side just now in purchasing new homes.
AT any rate, q good many more private
houaae were sold last we4k on the West
Side than on the East. The higher cost
Of dwellings on the East SIDE h Of course
ever does noe wholly explain the tendency
Of house buyers % locate on the Went side.
AZ q mataeg % fact the numbsr Of houses
offered Tor sale on the East side " very
small and the owners are not &C all anxious
20 realize. They are looking forward 20
which may altogether change NE pros
Il q now generally bslisved that there
will DO a subway not only In Lexington
avenue but in Madison avenue aAeo. Wisn
rapid transit q change In tie character
Of the neighborhoOd from private houses
to high class ApartmentB and apartment
kotels 10 likely. II. however, the neigh
borhoOd north OF. say. Sixtieth street be-
tween Madison and Lexington avenues n
-, - ,wi.h V.mhis,n 49, Ss,aVfnanea and
apartment hotels there Win be very i'm
portanf increase in land values.
As has already besn infimaeed. there
was aome falling OH last week u apecula-
tive buying. This was partlculariy true
Of the midtown business section. Here
too high land values and transit prospects
were the determining influences. Lot
prices have doubled and trebled there in
consequences Of the building boom 81 last
year. q boom Which has continued over
has reduced TO n minimum the profits
opsn "a builders undertnking new opera
tions. Not only are the comparatively
few sites that are offered bald az more or
less prohibittvs prtceA. but there 10 gen
ernl tsndency ON the part OF owneTs 70
withdraw property alto6ether from the
market for the time being The Pennsyl-
vania tunnels and the Belmont tubes will
soon be ready for trMftic and property
owners are showing asspcs' ton TO 70 wait wait
transportation will have on their sites.
This disposition 10 shared by builders.
many Of whom have como 10 the aQnclu-
sion that the biGgest profits IN thfy&9nms-
date future may he realised thrc0Eh pro-
viding accommoda toms for industrial
concerns outside 81 Manhattan. In Long
IslandCity. for example, where land values
have not been doomed. there 10 q remarka-
BILE rate Of increase In factories. a rate OF
increase which IN greater than that In any
other borough.
The transit situation 10 an important
cause Of hesitancy On the part Of specu-
lative builders and professional oper-
'ators. Il 10 generally belisved that the
Public Service Commission, the Board u
Estimate and the various railway corpora
tons are coming together In = sptrit of
compromise that Will result In transit
improvements on q large scale. This
was inferred from REMARKS made by the
Mayor last week intimating that the Bel
mont tunnel would be pus Into operation
before long and that tta Manhattan tor
Iuinal would be extended from the Grand
Central Station 90 Long Acre Square.
Il Ia believed that an informal agreement
has been neaoh@d with the peterborough
looking toward the construction % q new
subway as part u the contract for the
opening Of the Belmont tunnel.
The original tMrmn submitted by the