The sun., 1916-12-31
Brokers, Builders, Operators and Lenders
Make 1916 as Turning Point From
Long Period of Dull Business

In volume money loaned In Manhattan
this year exceeds last a by only
1900. 200 n the total loaned la Man
haitian IL only about $4,000. 900. az
against five and six times the amount
ip 1905 and 1906. the greatest years In
the city's history.
One Of the principal reasons for pres
ent conditions can be found In the build
ing situation. for while new buildings to
the amount OF nearly $4,000. 900 have
been planned In Manhattan this year
not more than one.third Of those planned
have been started. Something more than
S3S. 900. 900 Of buildings were planned to
beat the xoning and height restrictions,
most Of which never will be built. and
another $50. 000. 900 Of legitimate struc-
lures were placed ON record whose build
ers have abandoned their projects be-
cause Of the high cost Of materials. In
only one part Of the city has building
been normally active. Progress wal
marked In the Grand Central Terminal
section. where several spectacular opera
tions V been carried IN above some
OF the most valuable property in the
world. There ave been other activities
less spectacular but all tending to in
crease the pr. @tise and the value of that
most desirah of all sections OF the
city. apartment building generally has
been light, though the erection OF several
expensive houses In the residential part
Of Fifth avenue and Of several very large
buildings in the terminal zone and In
the West End has tended to draw un-
usual attention to those districts. Down
town skysorapers have not been popular
since the Equitable Building largely in
creased the supply OF ,entablc space. but
the American Express Company has
aAlAl r.NsA NJ, rpA,, Il, shA lrrnce
structure OF the year. built on lower
broadway.
1t was no. only high prices that kept
building down this year. Many builders
hesitated because they feared tire eff
fects Of the coming and height reguia-
tons. Some Of them have not yet de-
cided rat to 10 under the circum.
stances and IL Is likely that many large
projects will be abandoned until tas
courts have passed OH the legality OF
the Whole scheme. Such q suit IL now
before the Supreme Court In the case
Of the new S,e.nway Hall on Fifty.
seventh and Fifty-elghth streets.
Whether the courts sustain or rcjec,
the restrictions real estate men general,
are coming to he belief that the pass.
ing Of the zone and height regulations
was one Of tie, city's greatest accom-
piishmerts in the last generation. anc
without doubt the creates single even
in the realty world OF 1915. Opinion
still In divided as to the ultimate effec
on values II the restrictions are founC
to he cons itutional. Perhaps I.awso'
rurd:'. president OF the Department o
Taxes and Assessments. gives the gen
crai view when re va vs. tina, = fcv
small AREAS may be adversely afrec;e'
but that as a rule property throughout
the ci:y will he largely benefited an'
that the gains vii, so far outweigh III
10 ses that property owners will agre'
on the merits Of tNc restrictions
What trad ng ,hcrc has been In area
where he effects a. tie zonins am
height restrictions will he felt most ha
shown "A favorable disposition OF ~
part OF buyers. Fifth avenue value
have been quite as strong as they wer'
before the restrictions were sdopte'
and In the grea: commercial sectio'
routh of Thirty.second street value
have shown a strong inclination TO bet
ierment. The citywide effect probabl
Viii rot he known until next wears Ia
assessments are made.
mother uncertainty that has held q,
market in check for several years Is IN
effect OF the new subways. This TOO
to he removed soon. for all parts Of IN
great dual system are nearing 'omp.e
tion and within a year many of the ne'
lines will he In operation. Real estat
experts are Of the opinion tina, there wi
be considerable changes in the real rs
taic mai OF New York after these line
have been In operation for a short tim'
Brooklyn and Queens VIII come int
greater competition with upper Mania,
tan and the Bronx, and not a few be
lisve that the greater tide OF population
will turn eastward But the greatest
problem IL right OF Manhattan Island
What will the subways do there