The sun., 1918-12-22

While the great problem confront
ing builders to-day II How can !
build?" there Is another problem al,
most as important which Is summed
up In the query Where can build?"
For those who can solve these two
problems successfully there II no doubt
that a great reward n waiting. Vari-
ons builders are Going to try the solu-
ton in various ways during the next
few years, and the result of their ac-
tivitles viii DO the story Of success and
failure in the further development Of
the city of New York.
In solving the FIRST problem, How
can build?" the New York builder Is
going to have a good deal OF help. II
ia financial problem, and its solution
does not rest upon the judgment or
the ability of the individual builder.
ITS solution will come with the rsleas-
ing for apartment investment Of the
large funds now tied up In various de-
positoties waiting future Government
needs, That these needs will be salts
fed in a short time n the general ex-
pectation. and after that time building
loans will be as free as necessary to
resume the vast work OF supplying
New York with It's homes. places OF
Business, places OF amusement and the
like.
But the other problem, Where can I
2 htild?" is squareiy up TO the individual
builder and IL he would be a leader In
his profession rather than a follower
in the light OF others he must decide
this great question quickly for him
self.
Conditions that confront the apart
ment builder to-day are these: He
has a city under built in every section
and one where future growth is likely
to be much greater and much more
rapid in the years to come than In
the past. He has a demand for his
product ct the highest rental prices
paid in the last ten years. But or
q. the other hand no has a scale Of build.
ing costs unprecedented In the his
tory OF construction and so high that
"A now ma even higher scale OF rentals
is necessary to insure successful and
profitable operation.
These facts apply OF course TO Man
haitian, particularly where also the
fact is patent that land values have
been established at levels based upon
the most intensive construction which
vas possible in these districts prior TO
the coming laws
BE- In short tho conditions to-day are
good demand for space. high rentals,
high building costs and high lot val
,ues in Manhattan.
Now, OF course, everybody knows
90 that there IS point in the scale Of
rentals where a halt must be called,
and the opinion prevails that so far
as the ordinary non-elevator apart
Tnent houses are concerned the limit
has been practically reached. so that
the builders problem, Where shall
! build?" Is answered for. him in part
In other words. he cannot build in
~. neighborhoods wSere his costs will be
so great that a still further advance
in rentals will be necessary. His field
from now on Is limited to those areas
, where values OF suitable land are still
sufficiently low to Offset advanced con.
struction costs and where the finished
be- product can be rented at rates not
in excess of those prevailing to-day.
That many builders already realize
this fact Is 10 be judged from the con-
siderable buying of vacant property
along the lines OF the dual subway
extension into Queens. In all the &C
ttfities Of the recent real estate mar.
fet this buying OF future apartment
house cites perhaps Is most notable
The success Of the Garden apartment,
houses erected at jackson Heights has
been OF especial interest to builders
resulting in many of them making in
quiry regarding conditions In this ever
growing apartment house community
and the result OF their inquiry justines
hf. fIat
York builders are going TO solve the
problem OF their future activities By
3 taking up their next building opera
tons in that part OF Queens Borough.
The reasons for their determination
are plain. In the first place this part
OF Queens has the best rapid transit
service in the city. 1t has both Inter.
borough and Brooklyn Rapid Transit
subway trains running to every part oil
the city reached by this great dua
service, and II has In addition the Sec.
ond avenue elevated railroad, with
connection TO all OF tha Manhattan and
Bronx elevated lines. These roads pro
vide n scent service to any part OF tht
'lnterborough subway and elevated sys
TEN, and 10 any part Of the Brooklyn
Rapid Transit subway system. A,
this means good demand for apart
ments, but the fact that stands out II
the mind OF the average builder Is tina
lot prices at Jackson Heights are ap
proXimately from one-half to one fiftl
OF tia prices OF lots in Manhattan OF
which similar buildings would b.
erected.
When It is considered that under tn,
new coming laws apartment house
will have to occupy less of the area o
plot than heretofore the saving n
cost based on the prices OF lots (!
apparent. 1t means that IN Queen
It still is possible 20 erect modern
high class. nOn-eleYator apartment
at prices which will permit the renta
Of those apartments at from $40 4
Sl2 "A room, the minimum rate nov
established in Manhattan. II ais,
means that future houses In Queen
which can be rented at $40 20 S12
room Will have a decided advantag
- over Manhattan apartment houses
where higher rentals must be oh
tanned. or course. there are other con
sidcrations which have entered int
the calculations OF builders who ar
o. casting about for the future, and VIII
nave decided to go over to Queens
The local environment Is much bette
than in Manhattan, the houses Il
jackson Heights. Queens, being neI
and neighborhoods less crowded thai
those in the older sections Tenant