New-York tribune., 1919-01-15
Demand for
Flats Feature
OF Trading g;
Operators and Spectators
Are Active in the Up
town Dwelling Sections
Leonard St. Realty Deal
Markham Company Buys
Old Property There; Will
Erect a New Building

According to reports Of activities of
'hose real estate operators and in
vestors who are regarded as leaders in
'he real estate market, there are two
principal classes of real estate which
make good purchases at current prices
) ana ofer the maximum opportunity for
Prolit IN the future. They are small,
modern type apartment houses and
downtown commercial property. Selling
OF real estate extends also to private
dwellings, and to vacant property for
improvement, but the volume Of busi-
ness is as noted and it is growing al
most daily.
In the small apartment field the ac
tivlty amounts almost to the proper
tons of boom, while in the down
town section the selling is steady and
at constantly rising prices. Many of
tne transactions being reported are re-
sales OF properties purchased during
the last two or three years. when val
ucs were especially low. and on the re-
safes profits are being realized which.
while of good size. leave values still
below what the increased rentals of the
district warrant.
The advance in apartment house val
ues, based on the inability Of builders
to reproduce similar houses except at
greatly advanced prices, is the first re-
f1ection OF the steady increase in apart
ment rentals during the last two years
Operators base their purchases on the
fact that it will be ten years before
the supply of lowprced housings can
catch up with the demand and that
houses must advance because of higher
rents builders of new houses will have
to obtain. What will happen to the
values of these houses when supply
does meet demand is, of course, an
other story
That the apartment house demand
for investment will spread to higher
class. more expensive houses is indi-
Gated in reports from brokers' Offices
tor investment in such property, but
with its arrival brokers notice ten
dency on the part Of owners to make
rather stiff deals. At present rentals
apartment house owners can afford to
be unbendng for if they sold it would
be a problem with many what to do
with the money received, for they
would be put to it to find any invest
ment as good. Then, too, it. must be
remembered that the Federal tax pro-
gramme takes account of big profits
made on real estate transactions. which
is another reason why so many build
ers are perfectly satisfied to hold prop
critics which are salable at large ad-
vances.
Operator to Build for Tenant
The Markham Realty Company en-
tered the old mercantile district ycster-
day for the third time in the last few
months, buying through the Charles F..
Noyes Company the two four story
buildings at II and 13 Leonard Street,
covering site so feet wide and 80 feet
deep. This is the first transfer of the
property since 1910. Mr.. Eckardt will
remove the buildings and erect a new
structure on the site for concern
pleted building. Cash was paid for the
property.
S325,000 West Side Deal
Tiemann Hall, the six-story elevator
structure at 619 to 625 West 127tb
Street, near Riverside Drive, has been
sold by the Nadig Realty Company to
the College Holding Company, Joseph
Schenck, president.
1t occupies a plot 125X150X irregular,
is fully tenarted, and had been valued
nv the selling company Mt $325,000.
The e. A. Pollock Realty Company ne
gotiatcd the deal.
Lansing =. Reed Buys a House
Lansing P. Reed, of the law firm Of
Stetson, Jennings e. Russell, is the pur-
chaser of the Joseph H. Choate house
at 1853 East Seventyfrst Street. The
bnyer will alter it for his own occu-
pancy.
East Broadway Parcel Sold
The Cruikshank Company has sold
for the Central Union Trust Company
24S East Broadway. three-story and
basement brick dwelling, on lot 23x62
feet, between Clinton and Montgomery
streets. S. Domb was associated as
broker
Brown Secures More Flats
Frederick Brown added three apart
ments to his Bronx holdings yesterday.
In an exchange transaction he acquired
1920 and 1923 Grand Concourse, just
houses, on plots 77.lXIO4.10, from
Moses and Nathan j. Packard through
Byrne e. Bowman.
These properties were valued at
$220.o00, and have rent rolls aggrc-
eating about $4,000. In part payment
the Messrs. Packard took The hollow
tile and stucco residence on Woodford
Avenue, near Richmond Avenue, Deal
beach, on plot 90X109, valued at $40, 900
Then through J. Clarence Davies, Mr..
Erown bought from Emma M. BURNER
the two story and basement two-family
house at 1852 Jackson Avenue, 200 feet
north of 156th Street, on lot 25xS7.6.
Flats to Replace Old Churcl,
The deal for the old German Evan
gelical Reformed Church property at
the southeast corner of Avenue B and
Fifth Street was closed yeste rday. A
syndicate in which are Dr.. Max Wolpcr
and ]. Arthur Stoloff and Max Meyer.
a millinery manufacturer, is the buyer.
The owners plan to reimprove the site
with either six-story apartment house
with stores or taxpayer containing
stores. The property fronts 72 feet
en- Avenue and 100 feet on Fifth
Street
Henry Hof has sold for Edward Volz
to George Hampton the building on
plot 27.6x92X irregular at 829 Second
Avenue. between Forty fourth and
Forty-fifth streets.
Resales Reported from Bronx
Calm & Pittman have bought from A
l.. Guidone & Son, 2426 Grand Avenue.
flve-story apartment. adjoining the
southeast corner OF Fordham Road. A.
d.. Phelps Damiane negotiated the
sale. WV
The Meister Builders have resold to n
corporation represented by J.. G..
aanramson, attorney, 367 East 1S4tf
Street, five-story apartment house
renting Mt $4,000. 1t stands on a plot
S1xf0. p'os
Abraham Nevins scld the six-storv