New-York tribune., 1912-08-11
OUTLOOK FOR THE FALL
A Satisfactory Brokerage Busi-
ness Anticipated.
RENTING SITUATION GOOD
More Cash Sales in Manhattan
than Usual at This Time
Of the Year.
Il, Charlie, GrjfJith ,fo...


Nice-Presidcni OF the J Romaine Brown Com
pany.
II is almost automatic in realty circles
TO say that when renting conditions are
good the general real estate business "a
sure TO be good also.
AS far as Manhattan Is concerned.
with the exception OF a few sections.
such as the old wholesale district. be-
tween Canal and 18th streets. the rent
Ing situation is rather better than II has
been IN the last few years. This Ia espe-
clally true OF the new loft zone from
18th 10 42d street. from Fourth 10 Sew
enth avenue. the middle West Side.
Washington Heights and the Dyckman.
Many OF the new loft buildings are
completely rented. and a very large per
centage OF the remainder is well enough
tenanted 20 be on paying basis.
This is also true OF most OF the apart
Washington Heights. and az far as the
Dyckmnn is concerned. in spite OF all the
new houses built there in the last year.
there is hardly vacancy.
There arc two situations which mani
fest themselves in the summer which
are almost infallible Indications OF the
fall renting conditions. One is the early
demand on the part OF the tenant to re-
new leases expiring October |. and the
other Is the lack OF demand for rent CON
cessions on the part OF the prospective
tenant. In both these instances the
landlord and his agent have every rea-
son to view the fall renting season with
much complacency.
While, os is usual I'm the summer time,
most OF the buying and selling have had
an element or trade I'm them. there has
been a goodly number or cash sales.
more than are usual at this time OF the
year. and many OF the exchanges were
practically cash sales, in which the buyer
added a smaller equity 10 his cash pay
mcnt in taking over a larger investment
proposition.
There has been some gathering together
OF large plots. on the West Side espe-
Cially. which for the most part included
the purchase for cash OF several private
houses with a view 10 razing them and
improving the plot with nine 10 twelve
story apartment houses. This condition
is peculiarly significant and rarely hap
pens I'm any other city In the world II is
great tribute TO the ever increasing
value OF land in Manhattan when sub
stantal three and four story private
houses and five story fats. fifteen or
twenty years old and good for many
years more OF use In their original form.
can he destroyed with profit TO the owner
and replaced by taller buildings.
This means that even I'm side streets
Ito say nothing OF thoroughfares like
, Broadway and West End avenue) the in
crease In land value can absorb the cost
OF substantial modern buildings I'm less
than twenty years. Surely. this state Of
facts should make every owner OF real
estate In Manhattan feel that even II his
present holding is not producing a salts
factory return, there IL time coming
when the land value alone will go long
way toward making his investment ore
of profit.
Another significant feature OF the pres
ent conditions is the quiet buying OF lots
and plots, especially on Washington
Heights, by spectators and operators
who have been out of this market for
HNe OF SIX years. inls IntdHs tHdt tHr
building movement in the upper part OF
town is to continue next fall under very
strong auspices and backed up by men
who rarely make mistakes In their real
estate judgment.
Money continues very plentiful for in
vestmcnt on bond and mortgage and at
rates varying from TO per cent. Good
applications are very scarce and are
snapped up by lenders as soon as they
appear In the market. In fact, the sup
ply OF money for this form OF investment
IL 80 much greater than the demand that
there Is an appreciable broadening ten
dency on the part OF the lender to make
fairly liberal loans at moderate rates
The Presidential election is always
good excuse for lack OF business, and as
soon Ms that Is over and done with, u
looks now as II the active real estate
brokers and owners would have nothin4
to complain OF In the way OF lack OF
good, healthy business for the fall OF lsE'