The sun., 1919-06-29
ADVISES BUYING ON
LOWER WEST SIDE
G. F. Noyes Predicts Shortage
Of Premises; Says Prices
Are Low Now.

Charles F. Noyes. whose company did
approximately s34, 100000 worth of bus-
ness during the past year and who
makes n speciality of selling and renting
downtown property, says the present ac-
tivity in this section Is the greatest that
has been witnessed In twenty years, at
least so far as property south of Brook
lyn Bridge Ii concerned. Mr.. Noyss ad-
vises those whose leases are expiring
next May or even In 1921 or 1929 to
make their arrangements now and not
wait until prices or rentals become pro-
hibitive. One year ago Mr.. Noyes pre-
dicted in detail tho situation now exist
ing. In discussing the present outlook
he says:
Tho buying for occupancy movement
downtown has Just commenced to be
realised and its momentum is gaining
daily. Sales are being made daily, and
most Of the transactions are on cash
basis. Many tenants are weekly ending
out that others have purchased the build
ings in which they are located, and these
Arms then are forced to buy to protect
themselves. And 30 this movement has
grbwn until to-day those Offices down.
town that specialize In the sale and rem
tai OF business property ind that during
| a normally quiet period they are deluged
with business, and It Is with great DIM
Guilty that they are properly able to look
out for the heavy demands made upon
them by prospective purchasers
property on the West Side south of
| Canal street to the Battery Ia selling
for less than 1t is worth. That district
has been neglected. With improved tram
sit facilities and a great natural growth
| this real estate Is worth more than what
1t IL selling for, and for this reason we
engaged Henry II. Fuller. one Of the
/, representative brokers OF New York, t.
join our forces and organize a depart
ment TO specialize In West Side prop
crty. We expect that the results In
this territory will compare with those
recent activities that we have been
Identified with on Broadway, William
street, Burling Slip, Old Slip, lower
Wall street. Front street and AROUND
Hanover Square.
Our advice 10 to buy on the West
Side while prices are low. but we even
more strongly urge that firms with ex-
p!ring leases during the next year or
two should purchase now so as to at
least protect themselves, because we
arc approaching a period when II will
be impossible to get adequate premises.
as the demand for Offices, stores, lofts
and buildings Us running far ahead OF
the available supply. have seen prop
erty sold for $4,000. resoid at $4,000 :
building purchased for $4,000, resold
for $4,000: another property bought at
$4,000. with $1,000 cash equity, resold
for $4,000; building purchased at
$4,000 and within a month the new
owner spurned a cash offer Of $500. 900 /;
another bought for 100000 by the same
owner and he declined an offer OF $780,
900 cash profit for his trade. I know
Of building we sold for about $3,500,-
900, and the new owner was unwilling
to accept 1000, 900 profit have seen
Frederick Brown buy three buildings.
resell them all by contract, and have
witnessed two Of the purchasers realize
several times the profit that Mr.. Brown
secured. and one of the two offered more
than tho combined profits on the original
sale and resale.
ITO me the reason that downtown
real estate is such a good purchase for
investment Is because the amount OF
desirable property Is so very limited
the demand for space is SO increasingly
great, and on account Of the youth OF
this country and its future. and the fact
that all of our exchanges, large banks
and financial interests are anchored
downtown in buildings that they own
and that this lower downtown section
cannot expand south, east or west
Then again tho notable purchases fol
occupancy OF recent months is cleaf
index OF the permanency OF the down
town district"