The New York herald., 1920-01-04
Brokers Optimistic Over Out
look in Section Dormant
for Many Years.

Realty trading along Nostrand avenue,
Brooklyn, from the Eastern Parkway TO
Flatbush avenue, is experiencing revival
which bids fair TO equal, II not exceed. the
volume OF business done ten or twelve
years ago, when the section was one Of
the centres Of activity in building at that
time. The development reached a point
Of overproduction, and for many years
the section lay dormant, with steady
shrinkage in values.
Conditions began to change with the
laying out Of the dual subway routes, but
there was no marked Improvement until
the scarcity of housing, caused by war
conditions. created demand for prop
critics. Within the last three years, bro
and prospects are bright.
There is considerable vacant land in and
east of Nostrand avenue. between the
Eastern Parkway and Flatbush avenue,
which with the operation of the subway
will become sites for apartments. In this
territory houses that brokers termed n
drug on the market because they could
not be sold for even 5000, although they
cost about $500 to build. have brought OF
late 5000, and several new owners have
since refused offers of $1,000
Dwelling Being RemodelIed.
Nostrand avenue, from the Eastern Park
way to Fulton street, and even further
north, is taken as a criterion OF what I
Nostrand avenue south OF the Parkway
will be when fully developed. In the sec
tion number OF three and four story
dwellings in the side streets have been re-
modelled into suites OF one and two rooms
and baths. There is an increa sed demand
Tor business space and tenants have been
frequent buyers OF the properties they oc-
cupy. Rentals along here have increased
In the last three years about 100 per cent
Operators and investors have recognized
the opportunities in Nostrand avenue
south or the Parkway. taking parcels In
anticipation OF the enhanced values ex-
expected when the subway is In operation
Builders are making inquiries and arrang-
ing for Improvements in many parts OF the
territory. Some operations are already
under way. Dwellings, ranging in cost
from $4,000 to $4,000, are being erected in
the cross streets.
Some land In this territory is obtainable
for from $1,000 to 5000 a lot, with corners
ran ging as high as $50 900. This latter fig
ure was reported for forty-seven feet
frontage in Nostrand avenue, corner OF
Union street recently.
Accessible to Wall street.
The subway terminal is about 800 feet
north Of the tracks OF the Manhattan
Beach branch of the Long Island Rail-
road, which extends to Manhattan Beach.
paralleling the Brighton Beach line OF the
Z. r. T. There have been reports that "a
connection will he made at the point. Civ
ing the IuterbOro an outlet TO the ocean
The route as now laid out will bring Flat
bush within twenty minutes Of Wall street
and afford opportunity 10 reach any part
Of upper Manhattan and the Bronx.
William +. Taylor, Of the William f.
Taylor Realty Company, said:-"I feel SO
confident of the future of Nostrand ave.
nue. that I purchased the building
OCCUPY to assure me of permanent loca-
ton. Nostrand avenue, south OF Eastern
Parkway affords unusual opportunity for
builders There is vacant property there
abouts and builders who are now erecting
high class dwellings costing from $4,000
to $50 900 are having no difficulty In dis
posting OF them
George s. Horton, Of Bulkley e. Horton
who also recently purchased the building
they occupy said - There are great pos
sibilities for spectators and builders
Three story flats with stores can be OBJ
tanned rea sonably and / venture TO say
that within three years much money will
be made as a result OF the opening Of the
subway route The unmproved lands
offer opportunities to builders hard q
find elsewhere. There Is an urgent de-
mand for living accommodations and a:
this Ia supplied values Of business proper
ties Will enhance
Low Priced Land Available.
~ .Af 10,