The sun., 1918-11-03

the present year. These have been far
more numerous than is commonly sup
posed. and have been divided mainly
between two classes of buyers, tenants
purchasing for occupancy and shrewd
operators who have quietly absorbed
we'll located bargains. several of whom
have already reaped substantial re-
wards.
The buis Of the recent buying has
been in the, lower part Of the city. and
the section below the City Hall now
seems TO have recovered its former
strength TO n large extent. Its office
buildings are well filled at profitable
rentals, and the smaller buildings are
again in strong hands. with demand
tn both cases greatly in excess of the
supply.
The same Is largely true of the sec
ton from Chambers to Canal street.
Broadway hero has undergone a con-
siderable change. and is now the home
of concerns dealing in Office equipment
Of various kinds and seems destined to
still further development along that line.
The Remir gtoH Typewriter Company is
comfortably established at White street,
and the Globe Wernicke Company has
found a handsome home for itself on
most advantageous terms just south OF
Grand street.
THE section north OF Canal street to
Fourteenth street still remains In sus
pense, and here remarkable bargains
have been and still are to be found
II was this district that suffered most
from the uptown exodus. and recovery
has been slow. Price recessions have
been extreme. the. reduction In many
cases being even more than so per cent
Of former values. The buildings are
mostly antiquated and unadapted to
present business requirements. but 1t
has been abundantIy proved that an in
vestor with little courage and
imagination can find opportunities to
purchase properties at a price so low
that after reasonable expenditure for
Improvement they can be leased or
resold on a profitable basis.
A case in point is that OF Gs and 20
Wooster street--a six story building.
formerly valued at about $4,000. The
building was destroyed by fire and
was offered for sale as a wreck II was
eventually sold by US for about $40, 1000.
and the new owners constructed a
three story building. using the old walls
and beams. This we promptly leased
and later sold TO the tenant at a hand
some profit.
Another property on West Broad
way which also had been wrecked
by fro was offered at $4,000. Failing
to find buyer the owner is now erect
ing a one story building on the plot.
which we have tvAred for n long term
at an annual reDta. 1t $3.50 net or
per cent. on s137.500.
our firm manages about one hundred
buildings In this section. and m every
| case leases are being renewed at ad-
vances of from 20 to 40 per cent. and
| tenants are taking longer leases than
| has been their custom In the past.
VI N cto Sf
| FIVE years at $4,000. finding II desira bic
to sublet has negotiations pending for
his lease at an advance OF nearly so
| per cent. Vacant properties have filled
up at good rentals during the past year.
and the To Let signs that made Broad
| way and adjacent streets look like the
rear yards OF tenement houses on wash
day have largely disappeared but as
yet investors have not awakened to the
opportunities here offered, Many build
iugs can be purchased on terms that will
| show very large returns on the money
| invested
1.-THE revival Of demand In the whole
sale grocery district bounded by Cham
bsrs Canal and Hudson streets and the
| North River has been remarkable. Our
| records show that rentals In this section
have increa sed oil an average OF 33 la
per cent. and buildings OF every kind
have been pressed into service to meet
the demand which is still unsatlsfied
/ Striking examples OF rental increases
are the properties at 1855 and 1877 Hud-
son street, corner of Laight. formerly
rented at $4,000. which we recently
leased to Bennett. Day a Co. for long
term at $4,000 per annum, and 172 to
| l76 Hudson street, corner OF Vestry,
| renting for many years at S13500.
which we leased this year for S20500,
after active competition on the part Of
no less than twelve different concerns
Further north. in the old Ninth Ward.
along Hudson and Varick streets, from
| Canal to Christopher. les an area filled
with profitable possibilities as soon as the
coming OF peace permits the resumption
Of building operations.
| This district. In which lies the bulk OF
Trinity churoh's / aal estate holdings.
has for many years pursued the quiet
| tenor OF its way undisHirbed by the
changes and deyelopmentS which have
come 10 other sections Of she city. and
except for some little Development which