New-York tribune., 1921-12-18
Queens Enjoys
Great Year In
HoneBuilding
-
Small Dwellings of Six and
Seven Rooms Rule in the
Buying: Outlook for 1922
Still More Promising
By Richard T. Childs
President, Long Island Real Estote
Board

lJOtfU
Long Island came to It's own morn in
1921 than in any previous year. an
this refers particularly to those see.
tons of Long Island outside of thu
County of Kings and the older settled
communities in Queens County.
When all the rest of the United
States seemed to be clamorng for
mortgage money, building went for
ward in Queens County in new local.
ties, and the houses were sold. IN
Queens County the particular spots OF
activity were along the ma,n line Of
the Long Island Railroad and the north
shore division.
The successful building was more
confined to the small houses of six or
seven rooms selling at less than Slo.
COO. A tremendous amount Of business
was done in the six-room house 3,
prices from $3.50 to $500.
= 1t was notably a year where vacan;
lots which had lain dormant for
number of years were picked I'd. i'm
proved, and sold-which in turn i'm
proved the street, and it is noticeable
that there were more houses built in
1921 with fewer water main extensions
than in any other year.
The law exempting the improvements
on real property from taxation for
period of years undoubtedly stimulated
q great deal of building and influenced
sales which would not otherwise nave
taken place.
Apartment house building was npt
especially active. excepting in a few
specialized localities, such as Queens
borough Hill, one new apartment be-
ing completed and another one started
in Kew Gardens, while in Jamaica
some excellent structures were built
around Kings Park.
Values Go Skyward
Commercial activity was everywhere
in evidence. Old streets were reno
vated, new ones constructed, and some
e.-cellent commercial structures started.
On Fulton Street, Jamaica, there was
preceding years together. Excellent
returns were obtained, practically all
Of the stores being rented Values
reached such figures that ground leases
covering terms of twenty-one to forty
two years were frequently resorted to-
Beyond the city limits, where the in
fluence of tax exemption would not
spread, there was more building than
in any year since 1914.
The tightness of mortgage money was
keenly felt in this section, and one o.
the deterring factors was the high
bonus demanded by lenders of money
for building operations.
On the south side. where the influence
of the seashore is potent, there was a
great deal of building. On the actual
waterfront, or within one-half mile of
it, there were thousands of summer
bungalows constructed. These rented
at figures which must result in very
handsome profit The auction market
was active, but for the most part the
lots disposed of at auction were the
remnants of developments which had
been stagnant for a number of years,
and while the prices in many instances
were in. excess of what the holders
expected to get FOR them, they were not
sufficiently remunertive TO induce any
one to cut un land for the purpose OF
disposing of it at auction. This was
true until practically the 1st of Decern-
ber, when a successful auction was held
by the Morgenthau jr. company on
land which was purchased and cut up
this year. This particular operation IS
conspicuous because of the fact that
acreage was taken at fair price, cut
up and improved, with present day
costs of labor, and disposed of at fair
profit.
Few new developments have been
started, but many old ones have been
thoroughly liquidated. Large estate;
were not in demand. Some very good
business was done around Huntington
but for the most part the men q wealth
were unable to purchase land on ac-
count of the business depression or
unwilling to assume the responsibility
of large tracts on account of the Aign
costs Of labor. The latter, fortunately,
is in a fair way to be liqudated and
has been considerably liquidated up TO
the present.
Dullness in Suffolk County
In Suffolk County business was not
as active and prices are still low.
There has been little new construction
there for several years. while many III
proved properties can be had at prices
equal to or less than those prevailing
in 1915. The speculative buying there
is almost completely dormant
The year 1922 opens with more prom
ise than any one in years. Brokers
have sufficiently large listings so tha'
tne owner VINO DelleVeS MS PioPSis'
is worth so per cent more than It ac-
tually is does not trouble him and ne
knows that he can find purchasers wneh
concessions are made.
The developer is secure in the feel,
ing that a market exists for lots ana
that they can be sold by several aap-
proved methods. Moreover, he has ms
belief confirmed in the good of Long
Island by seeing one after another de
velopments which have been mea.c,
to business and d thorn in the flesh 81
developers for years being eraduaiia
liquidated and removed as depressing
menace from the market.
The holder of acreage VINO with lear
and trembling expected his mortgage
to be called notices that there again Is
mortgage money ahoat; that people
will again loan on vacant land, and IS
able to point back with record OF
years that mortgages on vacant prop
erty in acreage have been one Of the
most secure forms CT investment, even
through the trying periods of the last
five wears