The New York herald., 1921-03-07
BUILDING WHEELS
BEGIN TURNING HERE
Construction Boom Definitely
Started by Tax Exemption;
Late Realty News.


pearance OF vaporish optimism the DoI
Service Daily Building Reports in Its
current Issue unqualinedly proclaims
that tho long expected turn in the
building construction market has come
Its regular canvass OF building infor-
nation In New York and vicinity has
been supplemented for the purpose Of
making this survey by an exhaustive
QUESTIONABLE issued TO all departments
OF the building construction industry,
and the most conservative conclusion
adduced therefrom is that New York
has definitely started upon the most
active habitation building programme
OF recent times.
This conclusion is adequately sup
ported by reports from financial
sources 1t is vouchsafed by the word
OF architects, almost any of whom now
shows, especially in Brooklyn, from one
to half a dozen habitation building
projects of all kinds and sizes whereas
ten weeks ago it was almost impossi-
BILE TO find habitatiou building sched-
uIed to go ahead at the earliest possi-
BILE moment
Zero Days in building Are Gone.
In Manhattan epochal apartment
house projects are likely TO be forced
to early action. Bronx and Queens
likewise give ample evidence that the
zero days OF the building industry have
gone.
Stalwart minds among architects, en-
gfneers and building contractors and
material supply men, who have demon
strated that they are panic proof in
the hours of the building industry's
greatest trial, with startling unanimity
say that the definite point at which
the building industry turned from con-
sternation TO confidence is marked by
the statement OF Judge Ebert II. Gary
of the United States Steel Corporation
declaring for price stability when the
cost OF production is dangerously
neared.
But the speculative builders point to
another cause. They fear a price trap.
The small building material purchaser.
he who will be in the building material
market this year for the first and
probably the only time in his life Is
being told by his banking confidant
market and build comparatively cheap
is while he is practically the only mar
ket possibility for the building material
manufacturer and distributor. The in
vestment building syndicate of apart
ment house builders, commonly called
speculative builders, senses the same
contingency. The tax exemption ordi-
nance has put cheap apartment house
and tenement house sites back upon
the market with a suddenness that is
staggering.
The speculative builder believes that
II he waits for the sole purpose of
avoiding the rush for building material
supply early this summer he may find
himself bidding again for deliveries, as
he was forced to do In 1920, instead of
bidding for materials themselves. If
he goes ahead now he may find a some
what ragged market which will tempt
him TO walt little longer for still lower
prices. but the fact that steel and cer-
tain other commodities, such as cement,
for instance. which is now within ten
cents of the price the Government itself
fixed by Its war boards, while lead and
lumbers of certain kinds, which are
now within 10 per cent of pre-war
wholesale levels, and others have defi-
nite1y given guarantees IN some in
stances against further price decline,
all combine to make even the most con-
servative investor realize that with the
tax exemption ordinance benefits ex-
pirfng under normal conditions a year
from next month there is no profit in
following the phantom of waiting for
further general price drops in building
commodities
Further Delay Is Hazardous.
Moreover, there Is the danger that
those who do proceed with housing en-
terprises IN contemplation this year will
so usur-p the habitation space market a
year hence as to reduce the known de-
mand for housing accommodation tc
the former status of conjecture.
Housing projects started this year will
stand little chance of being ready for
the leasing market before spring OF
autumn OF 1922. BY that time the fac
tors OF foreign demand and railroad re-
uuirernent will put the prospective
American home builder In competition
with large quantity buyers at home and
the speculative builders in Cuba, Porto
Rico. South America and possibly In
Europe. The present rate OF exchange
will not always remain inequitable, SO
the building financier is counselling the
prospective builder against further de-
lay in tho face Of the existing tax ex-
emption law.
Many Leases I'm Printers Building.
Leasing activities continue in the VI
cinity OF Eighth avenue and Thirty
third 10 Thirty-fourth street, as is evil
denced by the rapidity with which space
IN the Printing Crafts Building at 46i
Eighth avenue is renting Since the
building was taken over by Cross 8,
Brown Company a few months ago
thirty new tenants have been placed In
this building. Among them are Gabriel
H Hyrnan. Nitamon Corporation, Lew
erth g. Culbertson, Defender Photo
supply Company. Lindsay Association
OF Artists, G. j. Oliphant, Loud Speak
ing Telephone Corporation, Dunbar Pat
tern Company Gem Fountain Corpora
ton and Paul Steiner.
Mortgage 7stb So. Property.
l.. Romaine Brown Company placed
a mortgage Of si15.00o on the Electus
n. Litchfield property at Seventy
fourth street and Park avenue.
I'm the Dwelling Market.
Alfred VI. Rau purchased 90 West
Forty-eighth street. four story dwell
ing, to be altered for business. Paul
-. Saxo was tho broker.
Sidney l.. Warsawer sold for the Sine
val Realities Corporation the three story
dwelling, ts.sx100t1. at 314 West 115th
street This sale marks ten houses in d
row sold through the same broker In
tho last few months.
MuIti-FamiIy Houses sold.