New-York tribune., 1921-01-02
Of
Lots Means Much
For Realty Market
10000 Parcels, Holdings Of
Estates, Now in Hands
of Active Owners asI
Result of Years AuctiOnE
By Joseph P. Day

Looking back over the auction mar
ket Of 1920 there are several outstand-
ing features which should receive more
than passing attention, in as much 81
they will probably influence the real
estate field for several years to come
During the last year I have sold
more than 10000 vacant lots ard plots
to hemeseekers and spectators, for q
total slightly in excess of $200000 900.
The marketing of this tremendous
amount Of vacant land is important
Large estates and tracts held under
one ownership from time immemohal
have passed into the hands Of many.
Some Of these new owners will hold
for investment; some have already
sold at a profit, and others will im-|
prove as soon as conditions permit J
More than 735 HOUSES of all classes
were sold by me at auction during thu
last year. A large number Of mer.I
camille structures were acquired by IN.
dlviduals and tenants. Hundreds OIL
dwellings have been bought for oc
cupancy, and these people also have
oeen taken out of the tenant class.
Perhaps the Importance Of the estate
liquidation of the year can best bsg
seen when it is considered that among
those offerings on the auction block
last year were included the Hen9
Astor estate, the Russell Sage estate,
the A D. Juilliard estate, the r. W.
"ooiworth estate, the Coster- Walsh
estate, the King estate. the Scheffelin
estate, the Hartman estate, the ln'
terborough Rapid Transit Company,
the Burke Relief Foundation, the East
chester Syndicate and many Others.
In Brooklyn can be enumerated th3
tracts belonging to the Hilton estatsJI
McCarty estate. Peoples Trust Com-
pany, Chester Hegeman estate. Phillips5
estate, Curtis estate and Selznick ess
tate.
another very important feature o'N
the last year was the auction sale in,H
Long Island City for the Thomson H!in
Land and Improvement Company aEa
the Herbert Dongan Construction Com,
pany- This successful sale rejuvenstea&
the auction market in Long Island CHN
and l believe that during next summer
a large amount OF land in that sector
OF Queens viii be disposed Of 10 thsH
highest bidder.
When one considers the topagrapnif
cal location of this section. its remagi1
able transit facilities, It's nearness rvS
the Grand Central Terminal zone. 1t Is
only wonder that buyers did no1
absorb all of this land many yeaI
ago.
Long Island City is adaptable nd
only for industrial improvement. oaI
also dwelling places of all characfen
whether it be the multi-family hous'
or the single or two family dwelling,
There probably will be few MONTH
Of comparative inactivity; then ! iooi&
to see a Frightening and goos
healthy, normal market in full swinE
Loaning institutions. I believe. VI
literally make loans, and loot
see the speculative builder como pss.
into the market again. Real estate II
ways has been. is and will be ~
finest form of industry. and the sps
ton market has been. is and wsI ~
the best method Of disposing OF prs
erty on a Wholesale" plan. ! ns,
been optimistic in the past and !
optimistic now. am firm beiievss
in real estate. and nothing can snss'
ny faith.