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REAL ESTATE
AMD
(Copyright, 1917, by The Record and Guide'Co.)
NEW YORK, FEBRUARY 2, 1918
RENTING CONDITIONS ON WASHINGTON HEIGHTS
Brokers Report Practically No Vacancies—Coal
Shortage Is Not Relieved—Building at Standstill
DURING the past eighteen months an
unprecedented wave of prosperity
has swept over Washington Heights.
The demand for three, four and five room
apartments far exceeds the supply, and
as the outlook for improvement in the
way of new buildings is dubious, realty
men are maintaining their ofhces and
help on the commissions received from
collections of rent and manap:ement_ of
properties. There has been no new build¬
ing during the year, due in a large meas¬
ure to the condition of the material
market; the inability to obtain skilled
mechanics or even labor, and also be¬
cause financial institutions will not lend
money for building while conditions re¬
main as they are at present.
For the purpose of Retting_ a line on
realty conditions in this section of the
city, a Record and Guide representative
interviewed a number of the real estate
brokers handling property on Washing¬
ton Heights, and in every instance the
reply was the same, "Everything rented.
No vacancies. Demand far exceeds the
^T^ S. Maxwell said: "Out of 2.000
apartments managed by me there is only
one to rent and that has only been va¬
cant one day. I have several hundred
applicants for it. The demand is ex¬
ceptionally good in spite of the fact that
rentals are high. Of vacant parcels
there is a scarcity. I can think of at this
moment but a few. One in 136th street,
between Broadway and Riverside Drive,
another in 140th and 141st streets, be¬
tween Broadway and Riverside Drive, a
fifty-foot plot on Hamilton Place and
the Hamilton plot, now owned by the
Board of Education and not in the
market.
"There is no building going on because
of the present conditions of the material
market and the scarcity of labon The
coal situation has been our principal
worry this winter, but our houses have
all been heated and we have had no
complaints from our tenants. On Sat¬
urday last we carted seventy-eight tons
of coal and distributed it among our
properties. We can get the coal if we
haul it ourselves and this we have had
to do.
"The present is the only time I can
remember in m.y experience that we
could be so independent. We hold out no
inducements to prospective tenants to
rent, or to present tenants to remain.
Collections are good so that we are more
or less contented."
Eugene S. Van Riper, of the firm of
F. R. Wood, W. H. Dolson Co.. said:
"The properties we manage, which in¬
clude some of the largest on the heights,
are one hundred per cent, rented. We
have not a single vacancy in apart¬
ments, stores, basements or sub-base¬
ments. The demand for apartments is
heavier than the supply, greater than in
ten years for this season. We have noth¬
ing to offer, although daily we receive
manv applications.
"We have had so many applications
that we have deviated from our custom
of years' standing and offered to take
over properties of other brokers and
rent them for them, but they are in the
same position as we are, nothing to offer.
RECORD AND GUIDE
"Our tenants have built up our busi¬
ness and we naturally stand by them in
every way. We have been endeavoring
to raise rentals to what we deem the
proper figures, and to this end have par¬
tially readjusted rentals and in every in¬
stance to the entire satisfaction of the
tenants. We haven't had a fire go out in
one of our houses this winter and have
purchased car loads of coal and delivered
it, frequently taking our office forces to
do the work.
Attractive Bargains Possible.
"The sales market is picking up, but
as there is little vacant land we do not
expect much from this source. Now is
an excellent time for people with ready
cash to acquire some attractive barsralns.
Monev is hard to obtain for buiMing,
but this condition prevails everywhere.
So great is the demand for apartments
here that we were able in several in¬
stances to rent apartments on Convent
avenue without making anv repairs. This
is an unusual condition. Convpnt avenue
is the best section of Washington
Heights, and some locations on this ave¬
nue are superior to some on Riverside
Drive. Prices on Convent avenue and
the Drive are about the same."
Martin H. Cohen, of S. We'-denschlag
and Martin Cohen Co.. said: "Renting is
c-ood, but sales are few. We haven*tanv-
thing to rent and little to sell. The
demand for smaH apartments, three, four
and five rooms, is unusuallv heavv and
we could rent 200 apartments today if
we had them. We make no concessions
like we used to.
"There is no buildinsr going on be¬
cause of the market conditions of mater¬
ial and the scarritv of labor, and we do
not expect anvthino: doing in the build¬
ing line for some time to come. Rentals
have been increased since last vear, but
increased rentals do not mean larger in¬
comes. People expect more nowadavs
for their monev and we mu-^t spend more
on taxes, upkeep and other expenses,
henre mv statement that increased
rentals does not mean larger incomes."
Worry of Fuel Situation,
Tame<: E. Tavlor. of DuBois ?k Tavlor,
said: "The demand for propertv on
Washineton Heights is frrenter than at
anv timp during mv exppr?PTirp here. Our
properties are one hundred per cent.
rented and the number of applications
for three, four and five room apartments
i^ good, especiallv for this time of vear.
Our tenements are all rented, and the
few stores and offices we have vacant re-
m^iri so berau'^e of the hi-^h prices asked.
"The coal situation has been our prin¬
cipal worrv this winter, and it is worse^to-
dav than it has ever been. Tt is ectting
worse dailv. and there seems to be no re¬
lief in sicht.
"We eet little coal and what we do
get we have to haul ourselves. We have
managed to keep our buildings heated,
however, and have not lost a tenant.
"Plumbers, steam fitters, even common
labor, is hard to get. and we have been
put to severe strains in fixing frozen
water pipes and other damages in our
buildinG"S because of this scarcitv.
"Tf the material market was more set¬
tled and the labor question less severe
there would be some building going on
around 157th street, but this is impos¬
sible at present and so we must worry
along without new buildings to take care
of the many applicants for apartments
we daily receive and turn down.
"I don't look for any building boom
in the near future. There is a healthy
market for rentals and were it not for
the heavy operating costs and coal short¬
age owners would be on easy street."
At the office of Freidus & Co., a repre¬
sentative said: "We have no apartments
to rent at all. Everything is rented up
and daily we turn away people by the
dozens. Coal is our principal care just
at present and will continue to be we
expect for some time. There are no
sales being made and building loan
money is hard to obtain. The few ^t-^-- .
we have vacant remain so because of the
prices asked."
George F. Mahnken, of George F.
Mahnken & Co.. said: "All our apart¬
ments are rented. Once in a while we
get an apartment to sub-let and are per¬
plexed as to which one of our waiting
list is to be favored. Coal is our sole
worry just now. We are trucking and
delivering it ourselves. Labor is hard to
get, plumbers and other mechanics can¬
not be hired at any price, and in several
instances we have had to do repair work
ourselves when the urgency of the case
demanded."
L. J. Phillips, of L. J. Phillips & Co.,
said: "We have a few eight-room apart¬
ments to rent and a few even larger, but
the demand is for three, four and five-
room apartments and we haven't got
them. Although we have been put to
great expense, worry and inconvenience
eetting coal, none of our houses have
been cold. We are curtailing as far as
ppi^sible the consumption of coal in com¬
pliance with the rennest of the fuel ad¬
ministrators and have had few com-
plpints from tenants in consenuence.
"There is no local inquirv for sales or
exchanges and while the market is nuiet.
T have noticed a little more aetivitv of
late. Another building boom will use up
all the vacant land here iust as it did in
1906 and 1^07. We have demolisbed a
few old buildine^s on the heights and as
soon aq conditions are anvwav near rteht
we will reritace them with modern houses
and can fill them as quickly as they are
fini'^hed.
"T know of several builders who are
ready to start operations as soon a"? con¬
ditions are risrht. but who cannot be ex¬
pected to do anvthing under existing- con¬
ditions. Tf T could arrange loans T have
builders who would buv. We find it hard
to get help, such as elevator bovs, labor¬
ers, plumbers, steam fitters and even ian-
itors, and often have to do work ourselves.
We have had no vacancies because of
the lack of coal and heat in our build-
imrs. Some tenants, of course, are un-
rea«;onable in their demands, '^"t in a
maiority of cases thev understand con¬
ditions, appreciate the fact that we are
doing our best and don't complain un¬
necessarily. Our tenements are all one
hundred per cent, rented and the few
stores we have vacant remain so because
the time is not right for opening new-
stores.
"If the proposed scheme to ope" up
IS IN ITS FIFTIETH YEAR OF CONTINUOUS PUBLICATION. ____