The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-08

The question before the real estate
market at this time is, when will I'm
Gle Sam muster out OF service the mil
lions of feet OF Offices warehouses and
factories which he took during theprog-
ress OF the war and for the period of
emergency only? This period has passed
in the opinion of the public in general
and real estate men in particular.
There is every indication that the ext
gency is over. The price which Ger
many, shall pay for disturbing the
worlds peace for the last four years,
which is soon to be fixed. is all that re-
mains to make the end of the fight le-
gal. The great war machine has
slowed down perceivably. and is actu-
! ally being stripped and a great peace
| machine built up. The army has
stopped fighting, the induction of men
into the service has halted, and army
supply contractors have been ordered
! to stop work.
No STEPS have been taken yet to
place the city back on peace time ba-
sis. and real estate men are beginning
! to grumble and will howl loudly IL
! some announcement for turning back
to business all the space here used by
the army and navy is not made soon.
The rumbling sound OF disapproval is
! heard family just nnw. 1t i'd going TO
! grow stronger II action-and quick ac-
/ ton too-JiS not taken to turn back to
business the space which the Govern
ment took for war. Real estate men
under the urging of the business de-
, mands of every section of the city have
| called at the offices OF local army ex-
ecutives for information regarding the
release OF property from Government
control. but nothing of an assuring ma
ture could be obtained. In fact army
heads here do not know when the War
Department will permit the release Of
any property which is now under con-
! troll The belief is that 1t will not be
! soon, because even at this time certain
! bureaus OF the War Department are
seeking space. and word is understood
/ to have come to all department heads
| here not to release any premises until
ordered to do so from headquarters in
Washington.
/ The situation under the circum-
stances is not bright and the grum
bling is more or less justified. Grum
bling will be soon heard in the ranks
Of business generally when II u dis
; covered that the Government, through
its control of so much space, is pre-
venting trade from expanding under
the wonderful impetus OF peace and
| lack of restraint.
! Uncle Sam is the largest renter OF
space in New York city. No one here
knows definitely how much he has,
but ghesses made have placed the
amount at 100000 square feet, ir-
respective Of the large amount in
the hands of army supply contractors.
At an average of so cents a square
foot Uncle Sam is paying $1,000. 900
a year in rent for this space, which,
| real estate, men point out. should be
halted as Quickly as possible. now that
war extravagances are out OF order,
the keynote OF the Government being
| economy.
On the other hand trade should
have this space in order to care for
the great volume OF post war business,
the advance guard Of which is here.
Business premises are needed so that
trade may not be stified but be permitted
to expand. Help in this direction
Is an economic need which should
have the entire support Of the Gov
eminent, according TO real estate men.
who urge speedy relief knowing the
demands for space and the financial
harm which Will result to towners
and tenants should the Government
not heed their urging for an announce
ment regarding it's policy for the re-
lease Of real estate. Dilly daily
methods would be financially dlsas-
trous to lot OF owners
The Government dominated the sit
uation when II came into the market
following the break with Germany.
II was justified under the provision
of war urgency. No protest was Of
fered by New York owners and leases
were signed on the Governments
terms. These terms gave the Govern
ment privileges which II exercised
would not work nicely for owners.
The Government can turn back the
property at any time. Should large
space be turned back out Of season
Il Ii possible. even under the best
renting conditions. that the premises
would remain unrented for some time
This 10 not as likely now as at an
other time. but even though every
thing II most assuring real estate men
think that the Government should
show some consideration to the owner
and not turn back real estate at an
unfavorable time,
Under the terms or number OF
ls asses signed by the Government for
large premises here Federal occupancy