New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-19
Buster DAYS FOR OFFICE BUILDERS
More Satisfactory Rental Conditions Throughout the Great invest
ment Zone Will Result in Improving Some Big Sites.
WHAT BUYERS ARE DOING IN MANY OTHER SECllONS

Those who predicted a few weeks ago
that there would be a noticeable increase
I'm realty trading before the close OF the
spring season had apparently a clear we"
Of the real estate situation.
The volume Of business last week was
much larger than in the previous week
Quality. too, was more in evidence. and on
several days there was displayed keener
interest in building and buying operations
than earlier in the month.
This furry OF better business IS not gong
10 lose its vitality as quickly as most OF
them do. It is thought. And therefore the
coming week promises to present stronger
realty front than the one just ended
Maybe it's expected vigor, as far as the
local market IS concerned. will have
beneficial effect on the June and July
trading.
In the downtown Office district overtures
10 purchase three big plots have lately been
made by speculative corporations, and there
is A good chance that two of the properties
will be sold before the dull summer period
for Improvement with office structures Of
twenty or more stories. There is such
Rig difference between the sum offered and
the price at which the other property is
held that the prospective buyers, who want
90 launch their building plans in the near
future. will probably seek another site 10
build on.
The block. too of the Equitable Life As
surance Society will probably be sold in the
near future. and the work Of placing on it
one Of the finest Office and store structures
begun
II was not so Ions ago that the down
town Office situation was described by many
agents and brokers as being unsatisfactory
20 owners Since then the number Of va
csncies have been considerably reduced,
and much more space in buildings being put
up has been leased from the plans than was
anticipated earlier in the year.
Transactions in the district this year tell
vIvidly how the growing demands for or
fees threaten to exceed in a large degree
the supply.
The proposed additions to the section will
cost many millions, and still more millions
will be invested there this year IN the
enlargement of the area occupied by mod
rrn skyscrspers. The money from these
undertakings will come from some OF the
most conservative financial institutions IN
this city. Each lending company has Dis
corps Of realty experts, who are widely
known for their efficiency. When they ap-
prove of q building project their action is
tantamount to a public Acknowledgement
that there is need of such a building.
Investors Held Captive.
some Of the centres which have held
rsptiye many well-known investors and
speculators since January helped to make
the budget of sales last week attractive.
The central Fifth avenue shopping dis
,rict furnished some sales and leases, Lex
ington avenue subway zone several sales
and the West End avenue interesting
transactions.
on Washington Heights there was a sale
and a resale of a Broadway block front
and the sale of two Audubon avenue apart
,nert houses and several other improved
properties. including the Balmoral Court.
The Heights was more conspicuous in the
lis, Of sales of the week than any other
section.
tpper PARK avenue has the habit ct
never letting investors forget about its
realty alurements, no matter where the
investors are or what operations they are
carrying out So well up in the list of i'm
portant transactions of the week is this
ever seductive investment and speculative
section. especially noted for its artistic CO.
operative apartment mousse colonies anu
u spacious private dwelling houses.
The private dwelling house area is to be
enlarged by Geraldyn Redmond, NJ the
banking firm of Redmond & Co, and his
sister, the Countess de L. Angier-Nillars.
He will build at the northeast corner Of
s9th street and Park avenue, and his sister
on an adjoining plot with frontage in the
avenue.
Edward Kaufman bought last week from
Max +. Able Nos. 1O9 and III East ed
street, two five story fathouses, on plot
ssxl0o feet adjoining the northeast corner
of Park avenue
Central sections In The Bronx also figured
prominently last week. owing to sales
there.
The block front on the Heights was
bought by Franklin Petit from the Loyal
l.. Smith estate, and resold TO the Herbert
Dongan Construction Company, on which It
will put up two ten story apartment houses.
The property Is on the westerly side of
Broadway from 16Oth to 16lst street. 1t is
e00xl25 feet.
The Audubon avenue houses are at the
northwest corner OF hist street, and are
no 10 TO 1l6 Audubon avenue and No. $50
West hist street. They were sold by the
Harvey Realty Company. Balmoral Court
is at the southwest corner OF 165d street
and Broadway.
In West Side.
A new owner was found last week for
the two story taxpayer on plot front
lng 1928 feet on Broadway and 125 feet in
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