The sun., 1918-12-01


within q reasonable time.
'e J. Z. r. Carpenter. whose entrance
into the apartment construction field
resulted in the erection Of fine struc-
lures on Fifth and Park avenues, and
David Tishman Of Julius Tishman &
Sons. whose operations include struc-
lures in the Park avenue district and
through the West Side, agree that
labor or material costs will not prevent
building. They agree that financial
support is what Is wanted. Mr.. Car
penter said further on the subject OF
labor that he expected that working
men and skilled mechanics would de-
mand high compensation for their
labor for a long time, but that the
builder would not object to this be-
cause the high wage scale Is one OF
the conditions brought about through
the war.
-2'- He said that the RESUMPTION Of
building would be introduced by the
erection Of five and six story apart
ment houses next spring and summer,
10 be followed next fall by the larger
type house. The smaller house, he
said, is in great demand and it is pos
sible for builders 70 erect this class Of
building without nuch trouble or in
creased expense because steel and
other materials whose prices have
been greatly influenced by the war do
not enter extensively into the con-
strucuon Of the smaller buildings. The
- small house can be ready for fall
rental.
- Many contracts for such houses, Mr..
Carpenter said. would be given during
the spring and summer period. Apart
ments Of the finer class will be
2 scarcer next fall than this season be-
cause the supply has not been in
creased while the demand has. There is
room for more houses OF the finer type,
such as those in the Park avenue Sec
ton, Mr.. Carpenter feels certain, be-
cause in the case Of his own house, he
said, he could have rented every suite
twice over so large was the demand
Tor apartments renting for $4,000 and
more a year.
The uncertainty Of money Is the
only factor in the situation which does
not please him. Where the money is
coming from to meet the demand Cor
homes in this city is a question, lie
said. There is no doubt whatever but
that the country has plenty of wealth
because this is to be seen in the ability
OF people to pay the highest rentals.
Mr. Carpenters views made clear
the great importance attached to the
attitude of the lending institutions in
this reconstruction period. If they do
not help the builders the builders will
be unable 10 relieve the scarcity in the
residential and business district, re-
. lief which folks expected would come
Just as soon as the country had fin
ished whipping the Kaiser and his
armies. 1t is the hope of Mr.. Car
b penter that when the lending institu-
lions start to promote operations they
will consider the current conditions
end lend accordingly. II they will not
advance sufficiently to cover the in
creased cost Of construction then real
= estate values will suffer because build
ers will have to save the difference In
the cost of construction in the pur-
chase Of the land. II this cannot be
done then there will be very little
building.
The days Of the "shoestring" builder
have passed and never will return be-
cause the interests which hold mort
cages VIII not permit this type Of
builder to operate here, because the
unframed builder cannot compete with
the trained man, the result being that
investment in the formers house is
not as safe as in the latter's property.
The fact that society had accepted
the so-callei fiat, Mr.. Carpenter said
would bring the best minds In the
architectural world into the field Of
apartment designing. The field has
been enlarged and the opportunities
for the high class architect never were
greater than in the apartment field,
because Of the investment value OF this
Stype of house due to the high rentals
paid for suites in them. Mr.. Carpen-
ter is optimistic over the future
David Tishman is prepared to start
building apartment houses Just so soon
as the moneyed interests of the city will
support building. OF course he would
not enter on projects which could not
be completed, he said, in time for
rental next fall. Timely construc-
y. ton is not as essential to the success
e of an operation as before the war, be-
cause apartments can be rented out
OF season as well as in season, but
caution is a virtue, Mr.. Tishman inti-
mated, and builders will try to regu-
late operations SO that they will be
finished on time. Labor costs or
material prices will not hold us back
when financing arrangements can be
made" he said. He. too, is of the
opiTIon that the lender should help
N" builder by making the loan suffi-
Client to cover the increased cost Of
construction.
The matter OF financing may be
n cleared up sooner than Is expected be-