New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-13
OPPORTUNITIES in
BROOKLYN REALTY
Expert Says Land Along
New Subway Line Can
not Fail to Improve.
TELLS OF STRENGTH
OF BOROUGH PARK
No Foreclosure Since 1907
Where Lots Are To Be Sold,
Declares Frank Bailey.

Investment opportunities in real es-
tate are better in Brooklyn than in any
part of greater New York, according 10
Frank Bailey, vice-president of the
Title Guarantee and Trust Company,
who is considered the leading authority
in such matters. Mr.. Bailey expressed
the opinion yesterday that Brooklyn
properties along lines contiguous 70
rapid transit now nearing completion,
where street improvements are in, and
which are capable Of being built on
now cannot fail TO improve largely IN
value during the next few years.
The we'll known title company off,
cial made these statements while dis
cussing the advantages Of Borough
Park, where 2Sl lots are to be sold a.
auction on next Tuesday night at the
Academy of Music, in Brooklyn. by the
Jere Johnson, Jr., Company. This sale
is held 10 close out all of the unsold
holdings in the original Borough Park,
where more than two thousand houses
have beer built and sold. Three
branches Of the new dual subway sys-
tenn pass through the property.
THE strength Of the Brooklyn mar
ket is shown" Mr.. Bailey said. "by the
fact that adjustments in Brooklyn, due
to depressed business conditions are
far less than they have been in Man
haitian. The situation in Brooklyn is
much sOunder.
New York builders have been accus-
toned to placing a certain value on a
lot; of adding that value and the cost
Of a house and of taking two-thirds Of
the total amount as the amount of the
permanent loan. Their figures do not
always represent the actual value. The
total was so large that when lending
companies called down 10 per cent OF
the loan the average builder was
busted.
"In Brooklyn conditions were differ
ent. The average loan is only $4,000.
and when the general adjustment of
values made it necessary to call in 10
per cent all around, Brooklyn owners
were easily able to pay the small
amount and property values were not
sacrificed. In the last year Brooklyn
has put itself in the best shape and
it now has the advantage Of being
first on the list of boroughs that will
receive the benefit of new transit.
AS for Borough Park, its strength
is shown in the fact that since the
depression of 1907 we have had no
foreclosures. Now we are making
building loans there, because owners
are able to rent and to sell. Il is our
policy not to aid in building operations
which can neither be rented nor sold.
We look upon Borough Park as a sue
cessful field because it is directly af-
fected by the new lines Of transit and
has the best chance for improvement.
"Such wide field is now covered
by transit Improvements that J do not
believe any improvement in conditions
can lift all sections effectively at once.
Borough Park has the peculiar advan-
tage of being one of the sections Of
the city where good transportation is
to be improved by new transit lines.
There are two periods in all develop
ments; one is anticipation, the other
is realization; at Borough Park we
now have the realization, while in most
sections where new transit lines will
reach they are still in the anticipa-
tory state"