New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-02
QUESTIONS
CAnswers

THIS Information department seeks 70
help citv o,crerS aud all other persons n-
ferested IN local realty matters IN broaden
in1 their knowledge Of such subjects. Nay
be vou ,could like to kroW the name ana
address Of an olUner. or Ihdf IS the dp-
praised rGIudtion Of n certain house or iof
or pot4 may also rant rieicS or facts dboiH
other realty matters. II you do, wrife your
oucrp on a postal card addressed to the
Real Estate Editor, NeW.York Tribune, NO
154 Nassau street II ,ciH be answered as
promptly as possible IN these columns
Ouery-"I know several real estate agents.
They are always discussing the value OF
plottage. What do they mean by plottageF
C S.
Answer-The legal definition which is fire.
ouently quoted is as follows: "Plottage =
an added percentage 70 the aggregate value
of two or more contiguous lots held IN one
ownership. and attaches when vacant or
covered by single structure. Where there
are separate buildings on the lots. ana
plottage is claimed. fun value cannot be
allowed for the buildings. How 10 value
plottage Is shown fully and In most en-
member Of the Real Estate Board OF Bro
kers in the diary issued BY that organiIa-
ton. He IS the author OF the Davies rule
Query-"Has the Superintendent OF Build
ings Of Manhattan the power TO modify the
building code?"-H. l. =.
Answer--In a review OF the building code
by Charles II. Israels, OF the firm Of lsraels
g. Harder. architects, the power Of the
superintendents Is thus described. Under
the charter, each superintendent has power
with the approval of the President Of the
Borough, TO vary or modify any rule. regu-
lation, law or ordinance relating TO the
construction. alteration or removal Of any
building or structure erected or TO be erect
ed within his Jurisdiction, where there are
practical difficulties in carrying out the
strict letter Of the law"
Query-'T 1hink read in The Tribune in
1910 or 1911 an article about New York
State law for the special protection OF buy
ers Of real estate. individuals and COM
panies selling lots on the instalment plan
had to give. 1t said. a warranty deed TO
the buyer. taking n mortgage for the I'M
paid balance. provided the title was not
then guaranteed by some responsible title
law?"-A. +.
Answer-The financial depression OF 1907
was followed by number OF failures Of
big companies, whose principal business
was to cut up acreage tracts In the suburbs
and 10 dispose OF the lots on the easy pay
ment plan TO homeseekeTs Most OF the
companies had only a paltry equity in the
tracts which they were busy preparing for
home building.
In one instance the equity In n 500, 600
tract was less than $4,000. the owner pro-
tecting his interest with mortgage for
$50 900 the remaining sum due OF the pur-
chase price. The mortgage was to be re-
duced $4,000 year.
The company failed to pay interest on the
mortgage. and its equity was consequently
wiped out by a foreclosure action. The
homeseekers lost all they had given to the
company.
A bill was then framed 10 protect such lot
buyers, but II failed to become q law Robert
l.. Simon, one OF the most successful real
estate operators In the greater city, who
has in many ways sought to protect the
interests Of lot buyers on the easy payment
plan, was mainly responsible for this agita
ton, which resulted In the framing OF the
bill. He is still hopeful that 1t will become
a law In the near future.
Query-"In buying land In the Borough
Of Queens. how can / tell whether or not