The sun., 1912-07-14
TENDENCY TOL LONG
APARTMENT LEASES
I'm Park Avenue Section, Where
Character Of Improve
mcntS Is Fixed.
SOME FOR TEN YEARS
Rental Charges Getting Down
to Actual WOrth-ldca
of Newest Plan.
SOME FOR TEN YEARS

| Builders Of large apart tmcnt houses on
the Fast Side Of New York city. and no.
ticcably along Park avenue, are beginnng
to realize the necessity of providing for
tenants accommodations in proportion
to the amount of rent they pay. says c. y.
Stephenson in the Rodi Estate Magazine.
This is due to the competition which has
increased enormously during the last
two years. Park avenue three years ago
had only three or four modern high class
apartment houses; to-day there are com.
pletcd or under construction not less than
nineteen or twenty. and in addition there
have been several others OF somewhat
smaller rents built along the side streets
in the same period. each one OF which has
tended to place rents for the district at
their true value. Any of these buildings
few years ago could have obtained from
20 to 80 per cent. higher rents than now
are asked. because it would have met the
lowing demand for this style Of living
and because it would have had almost
monopoly. The return for the time
being to the owner would have been out
of all proportion to the value Of the prop
erty. Rents, consequently. have de-
creased in reality; but the falling OF
merely represents reaching the right
level and not depreciation in the valuc
of the property. Fortunately. the own
ers of those new buildings have had the
foresight to recognize this condition and
have provided accordingly.
4 conspicuous instance of this exists
in "A building now.in course OF construction
at the southeast corner Of Scvcnty-eishth
street and Park avenue. where the owners
have constructed high class building
and have placed their rents at their true
level giving value for value received.
The building itself is on very large plot
and contains four apartments on eacn
floor. one apartment consisting OF seven,
. cirh,. min. and ten rooms, and from two
; to tn-,c baths. The larger ones rent Tor
from s3. 100 to si,5)), the next size from
:, 600 + O s. 600. the al yht rooms from 81 800
{ :, ,5l. and the smaller ones, consisting
n ,r .avcu ro,ms command from 5000
q to s,,Gr
4, is especially in the seven and eight
rom, apirtments that the giving OF fuu
value has been shown most conspicu-
ou,ly. these apartments having u,en
: .,,nped up quickly. In return for the
a rent the owners give, III addltion 10 very
good sized rooms. an absolutely freproo!
? Finding of the most modern type. cold
storage, vacuum cleaning. plumbing NIX
/ laundries and 81 ore roor,s IN the pasfment;
: The ever recurring question OF servants
h Quarters has been dealt with IN an ade-
Il cnIata manner, there being ample accom-
n mode ions for extra servants IN tne n3ur., ~
and the architects have 80 designed ina
r building that sufficient space has been
o provided for closets. most necessary aP-
noirtmont in an apartment and one which
i has been very seriously neglected until
: the last few years.
George ard Edward Blum. the archi-
,ac,s have shown their appreciation OF
tho roccssi,y end comfort Of ample closet
room in other buildings. and III iheir lat
. est design have realized that tenants pay
u ING the rent demanded desire larger rooms
q even if thew have to he satisfied with fewer
!, of them The architects have also very
u clcyerlv planned the building 40 that eacn
= apa-t,ncnt contains Il living room ana
Uhr,ry adjoining, so that it is possible TO
!. rem,ve the wall between tn, So two rooma.
,. thereby giving or" very large room TO
10 each apartment, They nave aiso worheo
l. olt the problem Of light and air in most
satisfactory manner, so mat even IN"
first and second floors have light IN every
room and sun in several
n Especial attention hHs been paid to the
g kitchens in this respect. .and N looking
IN over the plans the HON aSeeKer finds fhat
here he j. provided with ~ per cent OF
IT his reuuiremcn;s namely. larG" sunny
y living room az least one large sunny
A. bedroom. n library, large closet space q
~ IlEnV ENtfpn uutt ihsiis,
r ticns for servants. In addition to these.
lc which are almost necessities for the COM
" fort Of living. are provided. as already
~ stated. vacuum cleaning. refrigeration
a, and laundries cquipred with me most
modern devices. Eut most noteworthy
10 of all the rer are reasonable.
st Three teraHts have obtained very large
rooms by l.rvinG two apartments thrown
into one ard planned especially ior mem
among them being Percy Straus, son
- of the late Isdor Straus. These three
u apartments are up 10 now the largest
=. ever rented in Park avenue. and COM
~ manded very fair rent. two OF them
y being rented for ten years and the other
~ one for five. This is in itself an innova-
ar tion A few years ato lease even for
~ three years was unusual for apartments
m while few Of the houses under construc-
he tion to-day will give a Lease for less than
q ~ three years. This undoubtedly means
mr. tendency toward the establishment oi
moro permanent homes and Of permanent
residential sections in New York. With
out doubt this tendency will develop
,rs more and more as time goes on and as
gs the general public begins to feei conndeht
%, that the ncighhorhood in which 1t wishes
g" to live will remain residential on:
.r, Ii il along Park avenue that such con-
n 1dencc is chiefly shown, and there can be
ur no question that these large apartments
he have come to stay and wi bring in their
he wake many others. In large European
y cities. and notably in London long ieasee
' ON house or fiat running for seven yes-'
with two or three renewals. The reast -
- for this is that the residential sections
in London are absolutely established
as and have been established for a great
~ many years. In New York the varying
~ conditions and the uprooting OF a dis.
ct trict on account Of the encroachment oi
to business and other causes have prohibited
'th any one section from absolutely remain.
op ing restricted one and only restrictec
M mn one We have to exempt from this such
'"' sections as Grnmercy Park and the Muir
,st ray Hill district. but 4 has been. espe,
nn cially in the last few years, continua
cr; fight even in those sections which havt
j been highly restricted to ward on thu
GO. attacks of business. On Park avenue
HSnn conditions arc entirely different, where,'
,"r % the Gramercy Park and Murray Hi
ID. districts are surrounded by business oI
on AL sides Park avenue has made one mov'
y. in one direction at the same time, an
ne corner after corner has bcen bough, vi
and Immediately improved with builo
ing iich can be only permanent one
"e, EAsT SIDE DWELLING TO NE SOIL
hot Jospeh y, bay viii offer ON Friday