The New York herald., 1922-09-24
Auctioneer Finds Great De-
mand for Home Sites in City
Due to Tax Exemption.
CAUSED BUILDING WAVE
Buyers Not Confined to Any
One Glass; Notable Sales
Of Past Recited.
~ JOSEPH p. nay.

Seldom Il ever before In the history
OF the city OF New York have investors
ana homeseekers responded so readily
- IN the last year to the offering of city
ana suburban lots at public auction. Thu
munger for land Is not only local. II is
nationwide. 1t Is not combined to any
ono class. it has spread 70 all classes.
speak from an experience gained from,
the conduct of sales in practically all
sections of the country.
New York, OF course, Is tho Leader IN
the great land buying and home build
ing movement OF to-day and this lead
Is a direct result of the adoption and
good effect Of the tax exemption law.
as also the recognition by estate owners
OF the advtsabilfty at this time Of doing
all In their power to relieve the housing
shortage. They have done their part
fully by throwing their land on the mar
ket to be sold for Whatever It may
bring" and on far easier terms than lot
buyers find it possible to secure by pri-
vate treaty.
The public on their part have bought
freely because of their confidence in the
fact that in the public salesroom and
under the tent they buy '.at their own
price" These have been the principal
factors back OF the big building move
ment OF the last year, and the wave OF
home building that has swept over the
city especially in The Bronx, Brooklyn
and Queens) has fully justified the con-
fidenco Of tho people in the present and
future scarcity and value Of we'll To-
Gated New York city lots.
Tho Throgs Neck section OF the East
Bronx has been one of the shining OK
amples of the widespread influence OF
successful auction sales. Here, where
up to about two years ago there were
only a half dozen or so mansions of
Colonial vintage. we have to-day nearly
thousand happy homes. every one of
which stands on a lot purchased by the
owner at public auction since I began.
In 1920. to sell the -Goster, Bruce Brown.
Turnbull. Brinsmade, Wissmann Ebling
and Morris estates.
VIII be further accelerated by the eale
on October IL, 13 and IA. of the 1900
lots belonging to the Lorillard Spencer
estate. and a few blocks north OF East
fremont avenue between the Eastern
boulevard and Long Island Sound, Pei
ham Bay Park and the Westchester
Country Club. a short walk south from
the Pelham Bay Park terminus station
on the Lexington avenue-Pelham Bay
Park subway.
The Importance Of this big sale OF ap-
"a oAhAatCiy law iOlS Will DC DeIIeT aD-
preciated. perhaps. when it is understood
that with the single exception OF the
smaller Huntington estate. the Spencer
property is the last large lot holding In
private ownership along Eastchester
Bay. After the Spencer estate comes
the 1.756 acres OF Pelham Bay Park.
with approximately twenty miles OF
water frontage. s
In the West Bronx also. on Univer-
utf fxr Halt ,1xA~ -
lin and other estates sold by me in the
past are now the location Of residences
and apartments valued at many millions
OF dollars, and where these estate lots
have proved to be red hot money max
ers, on September IA last / held one
OF the most successful sales OF the year
when obtained more than $4,000 for
the 205 lots, known as the Montgomery
estate. extending from University ave-
nue. to the Harlem River. 175th to 176th
street.
Hunts Point. another of the bright
spots on the auction horizon OF the last
year. has been productive OF three large
gales that augur well for the future
development of the newer East River
and Bronx River sections of this re-
markable. rapidly growing and highly
speculative congested section of New
York, where the principal need Is for
more breathing space, more apartments,
more stores and more theaters. &c.
refer to the sales OF the East Bay Land
Company, Dickey and Simpson estate
holdings, the disposal of which practi-
lcally closes out-the easterly section OF
Hunts Point.
Outside of the city limits the most
remarkable successes in suburban lot
selling have been achieved at Long
Beach. where. since my 1921 sales, more
than 1000 houses. business and amuse-
ment buildings, hotels, &C.. have been