The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-02
new YORK BUILDERS
TURNING TO QUEENS
Apartment Section Along New
Transit Lines Future
Field Of Labor.
ny EDWARD A. MAODOUGAII.,
President Of IN Queensboro Cor
uOrntlOu.


pOration.
1t Is important to Queens real estate
development that many Of the big oper-
aiors and operating companies in Man
haitian. the Bronx ana brooklyn are
now active in the development Of Queens
Borough. During the past year the
American Real Estate Company from
the Bronx and the Matthews Building
Company from the Ridsewood section Of
Queens and Brooklyn. after a careful
study of the situation. a decided to
make Long Island City the scene Of
their activities.
Before another year has passed Queens
IL likely to see most Of the building and
operating concerns best known In the
development OF high class residential Sec
tons In all parts OF the city actively
engaged IN this borough in supplying the
almost unlimited demand for apartment
houses. There is room for all OF them
and more too, for while the renting OF
apartments to-day Is Ear ahead OF con-
struction when the new dual subways In
TO Queens are opened next June there
will be such a rush 10 this nearby In
EXPENSIVE section that the best efforts
OF builders will not be able to cope with
II. believe that all the wonderful
records OF the Bronx and Brooklyn dur
ing the last few year will he greatly
surpassed In the development and settle
ment OF Queens during the next decade.
One OF the most r~easeuring features
of the outlook in Queens Is that capital
Is ready and willing to back the big
operations planned. 1t has been lemon
strated that apartment houses OF the
type found in Washington Heights and
I'm better sections of the Bronx pay well
I'm the sections OF Queens adjoining tine
new dual subway lines.
The Greensboro Corporation has al
ready erected q number of high class
| APARTMENT houses five stories in height
comparable in construction and nnish
with the hest of those in upper Manhat-
ton and The Bronx but having consider
ably larger rooms. a betterment permit
ted to us by the comparatively low cost
Of our land. II was possible to rent
these buildings at from two to three dol
las n room less than builders nave &c
obtain in other parts OF the city and
still, to realize a greater percentage OF
profit on the investment than Is had In
Manhattan or The Bronx.
\ number OF these apartment houses
have been sold because or thelr invest
ment qualities.
Win he assured success OF high class
W ~ III
apartmen; construction we are con
WINGED that the building and permanent
loan institutions are now beginning tc
look to the rapid transit sections ~
Queens for a new field for their opera
tons. The Jackson Heights Apartment
Corporation has been organized under
the auspices OF the greensboro Corpora
ton with a capital Of $4,000. and have
already commenced the operation OF ss
iO-foot FIVE story apartment houses. eacf
10 accommodate ten families. n art
Manning four more 55-foot twenty ram
iiy apartment houses In the spring.
There IL a resumption OF the factor,
building which assumed such large pro
portions before the European war brok'
ont in the vicinity OF the great Pennsyl
yania yards. where so many large plant!
are now erected. The near approach o
the completion Of the New York Con
Meeting Railroad will give these facto
ries direct rail connections with tn
great New Haven and Pennsylvania sys
tens. Many inquiries for factory loca
tons have been coming In. and severa
large concerns IA made leases o.
buildings to be erected within the las
month.
The near completion OF the rapid r
sit lines and the activity in factor,
building In this locality point to create
activity in the real estate market durin
1916 than for a number OF years past.