The New York herald., 1922-01-29
WANTS EXTENSION
OF TAX EXEMPTION
Auctionccr Says It Will Mean
Much to Owners of Vacant
Land in City.
sy BRYAN L. KENNELLY.

che proposal of Gov. Miller that the
for one year but for two. means much
to the owners Of vacant land in the city
of New York. There Is every reason to
believe that the Legislature will voice
Its hearty approval and extend the life
of the measure which was respon sible
for the phenomenal sales in the lot mar
ket last year. The housing crisis is not
yet over and it will take more than q
year, probably. to overcome the build
Ing shortage. Whether tax exemption
is continued for one or two years or
ends on April 1. the demand for vacant
an active and strong vacant lot mar
ket and 1t Is shortsighted owner in
deed who fails TO take advantage of
the extraordinary opportunity to dispose
Of his property now.
Tho home building fever Is prevalent
everywhere in the city. The failure to
bring rents down has caused consider
able unre6t among apartment house
dwellers, with the result that demands
for individual homes of their own are
assuming extraordinary proportions. In
quirtes for vacant lots, coming as they
are ax this time of the year. are amaz-
ing. It signifies. among other things.
tina ( the 1922 lot market has opened with
rush and that the public has devel-
1ped a healthy as we'll as surprisingly
large appetite for places upon which
to erect homes.
One Of the best evidences that the va
cant lot market Is going to experience
unusual activity this spring and summer
ut least Is the vast amount OF money
that has been made available for invest
ment In mortgages. Already such finan-
cial institutions as the Metropolitan Life
Insurance Company are literally pour
ing millions OF dollars into the mort
gage market and hundreds Of we'll to do
individuals are turning to investment
mortgages because they are netting
moro now than the general run of
stocks and bonds Thousands of dol
lars are being put into home building
enterprises of many public spirited men
and the vast majority of homeseekers
have come to realize that they can now
safely buy vacant lots and find the nee
essary capital available to finance the
building OF homes.
A great change for the better In busi-
ness conditions is being widely felt, and
the revival of trade Is Enthusiastically on
a much sounder basis than noticeab BILE
In previous awakenings of commercial
activity In other years. This means
more to the vacant lot market than one
might readily suppose. With the pre-
vailing low interest rates 1t means q
formidable boom I'm vacant land which
should be taken advantage Of Execu-
tors. trustees, attorneys and others who
desire to dispose OF vacant land should
consult US at once.
Cortlandt Street Corner for Sale.
Investment and speculative parcels in
many sections are to be offered by Jo-
seph p. Day at his next special sale on
February 0. in II Vesey street Among
the parcels to be offered Is the five
story business building at the north
west corner of Cortlandt and Washing
ton streets. Considerable interest is be-
ing manifested in this offering.
At an executors sale for the estate
OF Philip Posener will be sold the tene-
ment at III Ludlow street, between East
Houston and Stanton streets. In the
Greenwich Village section the north
west corner of Greenwich and West 10th
streets will be sold. This is vacant
plot. ready for Improvement. The seven
teen room dwelling at 2S East Seventy
second street will also be offered by
Mr.. Day.
At Ardsley on the Hudson an espe-
c!aliy attractive three story dwelling.
with gardeners house. stable and ga
rage. on large plot of ground. will be
offered with immediate possession.
Other offerings include the vacant plot