The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-29
REAL ESTATE NEWS,
NOTES AND GOSSIP
Speculative Builders Wait for
Bottom Prices in Building
Material Market.

ing met with equally cautious selling
terms and promises in the building ma
terial and construction markets OF this
part of the country, according to the
current Dow Service Daily Building Re-
ports.
Few building material manufacturers
or distributors are taking forward or
ders at present market price quotations,
although within the last ten days there
is reported TO have developed in certain
markets an inquiry from sources be-
lieved to represent speculative construc-
ton interests. Much of this inquiry
which has come through distributors in
Philadelphia and New England. has
been met with reluctant response.
Speculative builders at points some
what removed from New York and
vicinity are watching the developments
here closely New York is the worst
sufferer proportionately from the short
age Of housing accommodations. and
lending institutions and private invest
ors in other cities have apparently come
to the conclusion that in the light OF
recent publicity regarding building
practice in this city a speculative move
ment OF considerable magnitude may be
looked for in and near New York just
as soon as it has become apparent that
the price bottom of the building mate
1ial market has been reached. The idea
seems to be that pending the final ac-
ton of the New York State Legislature
upon the remedial measures that the
Lockwood Committee will recommend to
the lawmakers small house and tene-
ment projectors will rush in to take adj
vantage OF present building laws and
the left over building material and
equipment stocks of the 1920 season.
The assumption that labor conditions
VIII be less onerous than formerly. at.
east during the life of the Lockwood
inquiry. and. incidentally. that during
the winter months and early spring
labor will be more plentiful is having
its influence
Lumber offers the most apt illustra-
ton or the market in the current deveI-
opment One organization reported the
receipt OF orders in two days amounting
10 ia car loads, or between three and
FOUR million feet. not an exceptional
record, but sufficiently important to in
dicate that something is happening
While the lumber sales company does
not admit that this volume OF business
came from any one section, but was
scattered from Florida to New England
and as far west as Ohio, there was suf-
ficient business taken from this vicinity
TO indicate that there was more than
passing probability that there is
change at hand earlier than had here
tofore been expected. The instructions
e&AS "a ooAi6dtAOh Scil Oul W It's SdlGS-
men read
"You will have to use some caution in
taking orders now. because the stocks
on hand are the only ones that we have
to sell, and we do not want any orders
except for immediate shipment. and all
orders must be taken subject to prior
sale. We shall be very glad IL you will
be as active as possible for the next
three weeks. because after that we shall
,>t hn ID, Ill
month, and we want only enough orders
to keep a fair volume of shipments NOV
ing during this period"
From a prepared roofing company
there went out an order to statesmen. ac-
companying an announcement of final
price reduction. which said by re-
auctions from "a to 81 per cent on i'm
portant items we have sincerely en-
deavCred 10, attain price level from
when further movements should be up
ward. We can only accept orders for
limited quantities in accord with uni
form plan to insure fair and equal OPP
portunity to all our customers" This
firm also reports a sharp change in or
ders and inquiries in its trade.
East Eleventh Street Sale.
Max N. Natanson sold to a client of
William S. Baker 81 and SO East
Eleventh street. a ten and one-half
story loft and business building. on a
plot 54x100 The property was held at
$225.000 and was sold for cash. This
property was purchased by the sellers
several days ago from Morris p. Alt
man.
Bank Sells Apartment House.
Charles b. Van Valen. Inc. sold for
the Excelsior Savings Bank the seven
story and basement apartment at 142
West 131st street. between Lenox and
Seventh avenues, occupying a plot 32x
99.11 and renting for S12, 000 1t was
purchased by the MacDavitt Corpora
tion. a holding company. for Harry b.
Davis. the operator.
West side Dwelling Sold.
Spear & Co. sold for the Charles A.
Stoddard estate the four story dwelling
27x45. at 800 West Seventy-second
street. southwest corner of West End
avenue. to Daniel F. Farrell. and re-
sold 1t to client for occupancy.
VIII Build Residence.
Mrs. Mary l.. ID. Finch sold TO Cath
crime Krause Baum OF Riverdale-on-
Hudson parcel OF land consisting of
two and one-half acres 100 feet south of
West 2i6th street. The buyer viii build
q residence.