New-York tribune., 1922-12-10
Conditions
Favor Buying
OF Dwellings
,psrtment Rentals Warrant
Investment i'm Private
Houses; 30 Apartments
Planned for the East Side
By Douglas L. Gilman

-
1 .IA, ril ukis market for 1922 as
y sp,lisi 70 he FIFTH and Park Avcrue
,.r.s,s nA9 Jagged during the hfsi
~ ssssIs but after July took on in
ariss riiyity, and during the lasi
'tss nsnsAs brought the showing for
I e. yas rp 10 more than normal pro-
ssisia
Eigk rensals for apartments were
ostofng factors. although the peal
ssatkel IA 1921 was nos entirely main
tsd. Concessions we're made, ou'
Ter rere small All unimportfnt
Safay Of accommodations was FRO
lard teeause OF the fact that rev
sn,.sshon showed signs Of late com
taal Il was therefore neeesssr.
,i,s those reQuiring aps ftments By Oe
k,Dsf % End them in the older struc
krk Thus Il was that, until the rent
i,g aason. was practically over, tn
tssrags oi the last two or three year
t.tilr8,d, although relief was in sight
0i tonne, many families were able Z
rsit temporary Arrangements an'
ua ior the completion Of the neN
bsiIdings, and this factor maintaineC
i,s renting market beyond its usua
hats
These new buildings upper tiitf
tad PARK avenues-were therefore
Sled up after the renting season sne
Z yeg gratifying manner. In thC
lscr buildings few vacancies existed
tisr October !, and rent schedules m
teaie . satisfactory situation for INC
tyner. However, costs Of operation
isxss, coal, etc. continue to mount SC
IA, with any decrease in rentals, the
margin Of reasonable profit 10 the
owner might easily be wiped out.
What Economy Teaches
Private houses we're in steady de-
mand, largely because there has been
no increase IN their value as in most
oIher aeeonnodttions, and it has be-
teme matter o. economy 70 own q
reuse instead Of being a tenant in an
apartment 50 present renta!s. II Is
ffnaps not generally appreciated the
e,ie relation that Exists between
s'Iiment rentals add he sale values
private houses IN ne same sec
oqt this has bee a very potent
curing the last ihree years in
.'ning and inefs, ing somewhat
.e OF houses. The steady de-
y investment return on Wall
Nserities and the feeling on
~ investors that investments
~ ,a,ter had really reached thc
h4l3Et many into the real ts-
ns,, aere the promise Of higher
~, Nq stabilization Of values
"a irresistible appeal. There
n uore, q strong demand for
4 80 modern apartment and Of
'ls.1gs with full rent rolls.
l,.s,..e5' r.e'0on this easy money market
a'o.,. nany builders and syndi.
~, ~ proceed with new projects
l1,i'. .hieh had been awaiting such
ts,,,,' There are. therefore, an
q. ie,.in. lumber OF new apartments
~ ~ projected for the coming
.s,,ies buildings, being somewhat
s''r1. are not included in this
n. Year Of Big Deals
N -, ,s.r has been notable for many
l'.,,s,.' .'usaeuons In Park and Fifth
II 80, 80, one Of the largest OF which
IA ~ s,.ns IA the development Of the
y ss1t on the east side Of Madi.
ia ,,.-le, Forty-ffth and Forty
ri,1n. and running through "a
ks'ylit Avenue, withthe new Hotel
~ ~ 49, ey the United Hotels Com
sf,,,l,n operates chain OF hotels
~ yo-t tne country. Two other
We ~, . central Terminal blocks arc
a 49, proved, one 70 the north o.
CO., o. the Hotel Roosevelt with
a a8srcial structure. and nnoth er
i,r,., ssess.serly side Of Park Avenue e
10 Snh 70 Forty-ninth Street
y u Pishoid new apartment hotel
y D, ss1ec the Park Lane. Further
~, avenue on the west side. be-
hsa, 'Aty-third and Sixty-foerth
knsIr, block front cooperative
t,gIls has been started. In the
~ P,stn Of Eighty-sixth Stree,
ears - avenue At least seven new
IN i-.u is..u are under way, including q
e. se one on the site Of The old
~, On On Madison Avenue, between
I, -isn ~. and Eighty-sixth streets
mere are about thirty nev
h houses planned for the Parl
A Avenue sections for the