The New York herald., 1920-12-05
Odd Paragraphs From the
Worlds Real Estate News

During the recent extreme shortage Of
business space IN lower Manhattan
certain syndicate is SAID to have made
a fortune by Jumping claims" Of les
sees. An outliae OF the scheme is in
teresting. il only 10 show to what
lengths the less scrupulous traders would
go in order to make money The "sliiu-
dicate.' as one broker called it, wOulf
check up expiring leases on buildings
occupied exclusively By one firm, and.
when the lease had expired or was about
TO expire, would offer the owner a high
price for his property and obtain sixty
day option. which would cost probably
1000.
The next step would be a visit TO the
occupant with the information that the
syndicate had bought the building and
desired permission to have a carpenter
take measurements for certain altera-
tions. The occupant, alarmed, would
look around the neighborhood for a
building. usually IN vain. When the
holder OF the option visited tho building
again the old lessee had completed his
vain search and was ready TO buy the
option At almost any price. The option
holders minimum profit In these trans
actions was $4,000 one group Of
schemers. 1t is said. made $780, 600 in
six months.
scheming Landlords.
Scheming wasn't confined alone to the
business section OF the city. One Har-
lem landlord was brought into court by
his tenants and accused of charging
cents a day for the storage of baby car
riages In the halls and basement. An
other landlord. Il Is alleged. shut Off all
OF water above the first floor. He then
rented the first floor apartment TO his
brother, who charged g cents Tor hf-
teen minutes use Of his bathtub.
old Fashioned Housing Remedy.
A suburban developer was asked n he
believed the construction Of individual
homes on an extensive scale offered
solution OF tho housing shortage
Frankly ! do not" he replied The
population OF this city increases too rap
idly TO attempt to keep pace with II
through the construction OF individual
dwellings. Apartment houses are
necessity in every metropolis. and Il Is
my opinion that they viii multiply IN
accordance with tho needs just as soon
as zealots cease their attacks upon
apartment house owners High rentals
In multi-family houses can only be re-
duced by one method and Il ls real old
fashioned method. too-the construction
Of more apartments Construction viii
receive It's greatest impetus when eeis-
lative hindrances to owners and builders
are removed"
Jap Land Buying stirs Frisco.
In an effort to halt the consummation
of several conveyances OF Sacramento
apartment houses to Japanese the Asso-
citation Of Apartment House Owners and
Managers OF San Francisco recently ap-
pealed 20 Gov. William ~ stevens and
r. l.. Riley state Real Estate Commits
sioner. 20 intervene. The organization
requested that the licenses OF several
real estate dealers be revoked and intl-
mated that legal proceedings under tho
anti-alicn act would be Instituted should
the State authorities refuse 90 act
"sJsyscrapcr" Flats for Madrid.
Builders In Madrid. Spain. plan TO copy
New York construction methods In an
effort to relieve the housing shortage IN
the Spanish capital. A private concern
has acquired a great tract OF land In the
northern section. adjacent 20 the suburb
Of Cuatro Caminos and has begun build
ing what for Madrid are slSyscrapers.
group OF ten story apartment houses
Each Of the proposed buildings viii con-
tain 400 flats and forty stores. The de-
valcpment Is 60 be ono of the most mod
eru In the city Engineers are engaged
in laying ont a boulevard through tho
centre OF the tract q haf mile long and
13O feet in width with two carriage
ways and a central promenade lined with
trees,
Largest Farm NOW Home COLONY.
with the colonization OF sutter Basin,
Sacramonto. Cal. now in progress, comes
the breaking up OF probably The largest
diversified farm in the world. While u |
Is admitted that there are many spo-
cislty farms. such nm wheat farms and |