Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 76, no. 1964: November 4, 1905

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lovember 4," 1905 RECORD AND GUIDE 685, ____l^j;<^'. ^ ^ ESTABUSHED^MWPHSlu^lBea. Dn^TED TO RfJ^L Estwe . Boi Loi>fc AR-crfiTEeruRE .t^ousoiou) DECWftkmI,, Bifsit/Ess AifoThemes of Gej^^L iUToiEsi.; PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Published every Saturdag Communications should no oddreaaed to C. W. SWEET, 14-16 Vesey Street, New York -^ Telephone, Cortlandt 3157 "Entered at the Post O.W.ce at New York. N. Y., as second-class mailer." Copyrieht by tho Real Estrito Record and Builders' Gnida Company. Vol. LXXVI. have been filed for an eleven-story loft building to be erected on 24tli st west of Tth ave; and there has been buying on other streets. If such a movement takes place, it would not.be the first time in the history of New York real estate, when a very dubious residential neighborhood was transformed into a clean and serviceable business district. noveiviber 4. iy05. No, 19(J4 INDEX TO DEPARTMENTS. Advertising Section. Page Cement .................xxv Clay Products ............xxiv Contraclors and Builders., .vii Electrical Contractors .., .xvii Firenroofing ..............ii Hranitc ................xxvi Hp.'itinp; ................xxii Iron and Steel.............xx Page Law ......................X Machinery ...............iv Metal Work ..............xxi Stone ..................xxvi Ot;ick Joh Directory......xxix Real Estate ................xi Wood Products .........xxviii THE Stock Market still plainly betrays the effect of con- flictin.E^ ideas and purposes; and the result of the conflict continues to be an irregular and indefinite movement of prices. Professional traders make repeated and desperate attempts to advance the prices of certain stocks, but their success becomes barren ns soon as they seek to sell the stocks they have ac¬ cumulated. The conservative influences remain In complete control of the situation, which arouses comparatively little in¬ terest on the part of the outside public. In the meantime a general apprehension is being created as to the results of com¬ petitive railroad ambitions in the Far West. Considering the great prosperity of all of the important transcontinental lines it assuredly looks as if tbe trafflc situation in the Far West Justiiied a good deal of additional railroad construction; but the danger of such construction always is that it will become excessive. If one railroad builds a new line, other railroads follow suit, not because there is trafflc enough for two such lines, but in self-protection. In order to avoid such unnecessary and unprofitable construction, there ought to be an agreement among the several systems, which will provide for an equitable division of opportunities. THE trading in the older tenement house districts continues to break even the unprecedented totals of last year. The number of transfers recorded on the first of November were almost as numerous as they were on the first of any month last spring; and these large totals are reached in spite of unfavor¬ able conditions in respect to the borrowing of money. The activity is almost exclusively professional and is rendered possible by the fact that in all the older districts of Man¬ hattan there are very few vacancies in flats and tenements. But in view of the over building which is taking place in the Bronx it is improbable that this condition will continue; and when renting conditions deteriorate a collapse of the specula¬ tion will soon follow. There are indications that a diminished quantity of building is being projected both on Washington Heights and in the Bronx. On the other hand, the more expen¬ sive property on the West Side adapted to fire-proof apart¬ ment houses continues to he in excellent demand. Costly apartments are renting so well, that it looks as if the people who were being displaced from private houses along the line of Fifth ave were going into West Side apartments, instead of East Side dwellings. In all probability the West Side will be an area of very considerable and profitable building opera¬ tions during tbe coming year. The only other part of Man¬ hattan which is also exhibiting signs of increased life are the side streets west of Broadway and north of 23d st. There has been considerable buying in this region for the purpose of substituting loft buildings for the old boarding houses and tenements; and it is evident that when the wholesale trade has finished the occupation of the side streets south of 23d st and east of Cth ave, it will spread into the district mentioned above. A great deal of buying has already taken place be¬ tween Broadway and Sixth ave, and Sixth and Seventh aves, while recently there have been some indications that it may extend to the streets between Seventh and Eighth avs. Plans THB fact that the population of New York is increasing only at the rate of 125,000 a year should supply specula¬ tive builders with grounds for reflection. During the current year plans have been flled for new buildings to be erected in the several boroughs of this city, which will afford living ac¬ commodations for at least 250,000 people. Nor is this all, many million dollars have, also, been spent on old five-story flats and tenements, the result of which will be to increase con¬ siderably the number of people who will sleep under theh" roofs. It is evident that if this rate of building is continued, the result will be an over-production of residences, and a repetition of the conditions which prevailed on the West Side and in Harlem three or four years ago. It is true that the demand for new living accommodations is not ac¬ curately measured by the increase in population. Every year a certain encroachment takes place in Manhattan by business upon land formerly devoted to residence; and in this way a larger or smaller number of people are unhoused. In excep¬ tional years, when the city acquires the land for a new park, or when railroad and bridge terminals are required this dis¬ placement is very considerable; and in any event It probably forces several thousand people to seek new accommodations. But after making the fullest allowance for this condition, there still remains a large margin of over-production in tene¬ ments and dwellings. Let us take, for instance, the Bronx alone. The State census indicates that during the past five years an average of 15,000 people have been added to the popu¬ lation of that Borough, This is certainly an under-estimate of the increase which is taking place at the present time—now that the Subway is in operation. But even if we guess the present annual increase to be 30,000, it is evident that too many tenemehts are being erected. Plans will be filed during the year for about 525 brick tenements alone, which will accommodate over 50,000 inhabitants; and frame tenements and private dwellings under construction will house 10,000 more people. Such an over-production can only mean foreclosures, rebates of rents, and general loss and depression. Or again, take the case of Manhattan, In that Borough plans have al¬ ready been filed for 350 new tenements to be erected on Wash¬ ington Heights, and this number will become almost 400 before the end of the year. These 400 flats and tenements will ac¬ commodate not less than 40,000 inhabitants, whereas the total annual increase in the population of Manhattan is only 50,000, and as many tenements are being erected on the East Side as on Washington Heights. It is time for more prudent counsels to prevail. THERE can be no doubt that Mr. William Travers Jerome has been the hero of the municipal campaign which is now drawing to a close. His candidacy and his personality have dominated the canvass; and the issue which he has made against "Boss" rule has been the issue, which has provoked the greatest popular interest and enthusiasm. The personalities and the public utterances of the several candidates for Mayor have seemed by comparison tame. Mr. Hearst has made a vigorous canvass; but, standing as he does on a wholly im¬ practicable platform and depending as he does upon an appeal to a selfish class interest, be has not improved his position by the public discussion of his programme. He is not running as strong to-day as he was three weelts ago. Mr, Ivins has assuredly made the best of a desperate situation. He has ex¬ hibited plainly his competence, his good sense, his Inde¬ pendence and his courage; but the good impression that he has made has not availed to do away with the fata! handicap under which he started. Mayor McCIellan has stood in a dignified way upon his record; and although he has gained no ground by his speeches, he will doubtless be re-elected. But if Mr, Jerome is re-elected, also, as he probably will be, the Mayor's triumph will be deprived of rauch of the prestige, which might otherwise have attached to it, A few months ago, it looked as if Tammany would win a victory so complete that the organization would be able to dictate and probably elect the next Democratic candidate for Governor, Now it looks as if its victory might fee both a narrow and a barren one; and if so, the great mistake was the failure to endorse the candidacy of Mr. Jerome. That candidacy has appealed to many,of the strongest and best instincts of the voters of New York County—to their wish to reward a faithful public servant,