The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-23
SAYS THAT RENTS
WILL REMAIN UP
L. B. Gilman Sees No Pros
pect of a Drop for Next
Three or Four Years.

The strong interest which has been
during tho last week Is a certain lndica-
ton that operators are convinced that
apartment rents in Manhattan are going
to rise rather than drop. That their
theory Is probably the correct one was
strikingly Illustrated last Thursday when
following the sale Of Ardsey Hail.
handsome ten story structure at the
south corner of Ninety-second street and
Central Park West, II was announced
that in October the rent roll OF that
building would be raised until the total
rent paid by tenants would be $4,000
instead OF $3.50 a year.
Among those who believe that rents
are to continue at their present level or
higher is Lawrence b. Gilman OF the
firm OF Pease & Gilman.
rents are not apt to go down for the
next three or four years, declared Mt
Gilman In discussing the apartment
house situation and the real estate field
In general. There is shortage or
buildings and rents will not become sta
bilized until enough new buildings have
been erected TO take care OF the rapidly
increasing demand for apartments. and
there will not be enough new buildings
for some years to come.
Builders are holding back in the hope
that the prices Of labor and material
will become lower. and there Is very lit
tie apartment house construction going
on. As there was practically no build
Ing construction during the war the de-
mand for apartments is far greater than
the supply. Under these conditions It
was only natural for rents TO go up.
I'm my opinion the real estate stua-
ton has never looked better than II does
Mt the present moment. Even during
the last two or three weeks / have no.
ticed n great change OF feeling on the
part OF the public toward real estate as
An investment.
"For tho last six or seven years people
have been looking rather askance at
real estate as an investment. They have
pointed out as horrible examples the
losses caused by the depreciation Of
values in the old retail dry goods sec
ton few years ago. and have asserted
that New York city real estate was
one OF the poorest investments mag
Unable.
"Now the contrary Is really the case
and though few New Workers have real
lied II, Manhattan real estate OF the
right sort Is one OF the best investments
possible. The public. l think, Is just
beginning TO appreciate this, and ] be-
lieve that the newspapers have done
excellent work in putting the true con-
dition OF the real estate market before
their readers"
MIR. Gilman was asked what he
thought OF the recent resolution intro
duced at Albany by Senator Peter A.
Abeles OF The Bronx calling for n Joint
legislativ investigation OF rent prohteer-
ing in this state and particularly In
New York city. The Senator had de-
clared that the abuses OF landlords
were becoming simply intolerable."
II do not think much OF the resolu-
tion," said Mr.. Gilman. "but before
discuss Il ] would like TO know what
Senator Abeles did during the last five
or six years when the tenants were
'prohteering' and when 1t was impossible
for the landlords to obtain even fair
return upon their investments.
THE cost of living has gone up ire
mendOusly In all ways, and It is only
Reasonable that rents should go up. too
as operating and other expenses have
Increased for the owner. II il no more
than just than when the demand enables
him to do so he should be allowed TO
make a reasonable profit and make up
for the years ne has been operating at
q financial loss-"