New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-28
APARTMENTS IN DEMAND
Fewer Vacancies of Suites than
in Some Years.
BUILDING SINCE 1907
No Longer Are Stability of
Values Threatened by Hordes
of inexperienced Builders.

Reports received from all sections OF
the greater city indicate that there will be
fewer vacancies in apartment houses on
next Wednesday. October J. than in any
year since the financial depression Of 1901
Within the last few years millions have
been invested in the erection OF new
apartment houses and hotels in the most
accessible residential parts OF the city,
but the construction work has not been
on the stupendous scale OF the boom
years Just prior to and after the opening
Of the subway in 1904.
The subway made vast areas Of land
suitable for improvement. and builders
lost no time In grasping the opportunities
which the better rapid transit facilities
presented 10 them. Hundreds OF other per-
sons who had no previous experience In the
building line accompanied them and sought
10 excel them as big builders. In fact
II seemed in those days as II every other
man was a builder and could SEQ nothing
else except the erection Of apartment
houses and loft structures as the means
Of reaching the highest successful sum
mits in the real estate field.
The result Of this III directed buiidlng
invasion in the northern sections was
that more apartment houses were put
I'd than were needed. and the majority
Of the projectors operated on very mar
row margin, building loan men furnish
ing them with their chief financial sup
port.
Not every man can build a. perfect
house, even after being Identified WIFI
the building line for many years. Ihere-
fore II was no cause for wonderment that
the majority Of the apartment houses
that were put up by inexperienced oullo-
ers I'm the days Of the subway boom were
fifnsuy constructed. although they were
10 20 the requirements OF the tenement
house laws.
When the loan channels narrowed IN
the fall Of 1907 and the rates OF loans
SCARED highly scores OF these III aoVlseu
and inexperienced builders Of the DOOM
days saw their savings Of years dlsap-
pear with their inability 70 meet the carry
ing charges on the houses they mao pu'
up. With their passing from the reaIiy
field the days Of readjusting realty aHairs
were at hand. and steps were taken 10
prevent novices and strangers In inc
building arts from playing the foremost
role In the construction world.
The city was overbuilt as regards apart
ment houses for some years, but WIN
the lessening Of building operations fol-
lowing the financial depression the de-
mand. however began TO catch up with
the supply. OF late years some OF the
biggest builders OF apartment houses in
this city have been very active. and that
is looked upon as proof positive that the
demand is not only equal 10 the supply
but somewhat larger than Il.
And with only experienced builders busy
on Manhattan Island and other parts of
The city adding 10 the improved area of
apartment houses 1t is long time since
the citizens OF the town have seen 50
many substantial and artistic structures
being erected at the same time.
The builders Of years experience can
put up structure which will well with
stand the uses To, which 1t is put. The
man OF little or no experience may erect
house with pleasing lines. but the cost