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Real estate record and builders' guide: v. 78, no. 2009: September 15, 1906

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September 15; 1906 ' RECORD AND GUIDE 435 y ^ ESTABUSHED-^ (Jg^RpHSlil^ieea. Dieted p Re\L EsTAjr,Buildij/g AR.ci{iTEeTui^E .t{ausE«oiDDEsaf^Anoif, Busit/Ess AftoThemes OF GejIeraI 1Ktzr.est. PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Published eVery Saturday Communications should ba addressed to C. W. SWEET Downtown Ollice: 14-16 Vesey Street, New York Telephouo, Cortlandt 5157 Uptown Office: 11-13 East 24th Street Telephone, Madlaon Square 1098 ''Entered at ihe Tost Office at New York. N. Y„ as second-class matter." Vol, LXXVIIL SEPTEMBER 15, 190G, No, 2009 INDEX TO DEPARTMENTS. Advertising Section. Page Page Cement.....................xxv Law........................xi Consulting Engineers ..........x Lumber...................xxx Clay Products ..............xxiv Machinery....................iv Contractors and Builders.......v Meta! Work..............xvii Electrical Interests...........xx Quick Job Directory.........xxix Fireproofing ..................ii Real Estate.................xiii Granite..................xxvi Roofers & Rooflng Mater'Is.xxviii Heating ...................xxii Stone......................xxvi Icon and Steel..............xvIii Wood Products ............xxx THERE is little difference in the conditions in Wall Street from what they were last week. There are reasons, how¬ ever, why the market shoultl advance. Evidences multiply that the big interests are ranged on the bull side, and as nine stocks out of ten are still much below x>i'ices reached two to six years ago with inferior conditions, the bulls are in a strong position, aided as they are by the comparatively "bare shelves" of the commission houses. As to tho money situation, it is well in hand, and for the time being American finances have discon¬ certed English bankers by securing all the gold available. It is stated that the Bank of France will release from ten to fifteen millions of dollars to the United States in order to preserve the equilibrium of the national money markets. This fact, no doubt, is a contributing cause to the higher prices of stocks pre¬ vailing during the weelt. As gold will now come here in as large quantities as needed, there is nothing in the immediate outiook in tlie money market, commercial or financial world that should give cause for anxiety. It is not surprising, under these circumstances, that stocks have been bought so freely. Many issues, as has been before stated in these columns, are selling below their value, and have gone into the hands of Euro¬ pean investors, which will naturally result in a still further in¬ creasing supply of gold from abroad. Every real estate and building interest is indebted to Wall Street for its vigorous action with reference to the importation of gold, and conse¬ quent solution of a money difficulty which, if of long continu¬ ance, would have borne heavily on real estate and building operations. It savors of monotony to remark on our stupendous crops and the unprecedented activity and prosperity in the iron and steel trade and business generally, but they are facta which cannot be controverted. "The steel scarcity is acute," says the Iron Age. No doubt the demand for steel ears and building con¬ struction have had much to do with this extraordinary condition of things. Copper stocks, too, are strong and higher. Two features of the stock market this week deserve mention. One is that Missouri Pacific and the entire Gould group of securities attracted more attention; the other the formal announcement that the stockholders of the Western Union Telegraph Co, would be asked next month to ratify the action of the directors in de¬ ciding to issue 4 per cent, redeemable gold bonds to the amount of $25,000,000 for new construction and the purchase of new property. T^HE real estate market has not gained very much during the ■*■ past week, either in the amount or the variety of the trading. Sales have been few in number, and restricted in character. The great majority of the brokers are busy with the fall renting, which, according to all accounts, is proceeding prosperously in the older parts of the city. South of Pifty- ninth Street and on the West Side rents have been hardening rather than easing up, and it is evident that the owners of apartment houses in those parts of the city wiil have no reason to complain. Conditions are, however, by no means so favor¬ able on Washington Heights, Tn that section builders are offer- mg many-inducements in order to attract tenants, and are not even th^n^getting them in very large numbers. It is, of course. always difficult to persuade people to move from an old and familiar part of the city into a new and rough neighborhood, and in the present instance the difficulty is increased because of two conditions. In the first place, for the first time since 1902 the building of new tenements and flats has run ahead of the demand, and will result necessarily in a larger proportion of vacancies. In the second place, a mistake has been made in building on Washington Heights too many small three and four-room apartments. The larger flats rent with comparatively little trouble, but there are by no means a sufficient number of possible tenants to fill these smaller flats. The consequence i3, that some of the builders are getting into trouble. A large num¬ ber of liens have been filed during the past two weeks, chiefiy against houses situated on Washington Heights, and during the winter there will doubtless be gathered a fine crop of fore¬ closures. New building has, however, diminished to such an extent that a better condition Is certain to be created during the coming year. THE decision of the referee in the case of the Hudson & Manhattan Railroad Company against Josephine J. S. Wendell is likely to have important consequences. The de¬ fendant owned and refused to sell a piece of property in Dey Street which waa needed by the railroad company for its new terminal, and when a suit to condemn the property was brought, it was fought on the ground that the company proposed to use the property not only for a railroad station but also for an offlce building. If the defendant had been successful in re¬ sisting condemnation on this plea, it would have meant that railroad companies who condemned land for terminal purposes in Manhattan could use the land so condemned solely as a station; and inasmuch as the price of real estate is so very high on Manhattan Island, the inability of the company to obtain a direct income from their purchases would, of course, decidedly limit the number and extent of such Improvements. It is, however, enormously to the advantage of the whole city that the railroads should be encouraged to erect terminals in Manhattan, and it Is, consequently, a fortunate thing that the law does not countenance a private property owner who refuses to part with a piece of real estate which Is necessary for a pur¬ pose of such great public importance. FORECLOSURE of a mortgage on a New York city church and the sale of church property to satisfy a mortgage is an occurrence so rare that the publication of articles as to "the passing of St. Leo's Church" (St. Leo's Is a Catholic church in Twenty-eighth Street between Fifth and Madison Avenues) was deemed by well-informed persons to be premature. It was, and the circumstances which attend the matter throw a con¬ siderable sidelight on real estate values—and church ethics—In this neighborhood. In 1882 a loan of $55,000 was made by the Bowery Savings Bank on the church and church property of St, Leo's, the estimated value of both of which was $150,000. The loan was at iy^ per cent,, but since 1882 the principal was re¬ duced by the payment of $13,2^0 on account. At the present time the city's appraisement of the value of the land on which the church stands Is $142,000. The church Itself, which has been improved, enlarged and beautified in many ways, is esti¬ mated at $150,000, and the entire value of tbe security is put at $300,000—double what it was at the time that the loan, since reduced, was made. The enhancement of the value of the site of St. Leo's Is due to obvious conditions. The whole neighbor¬ hood has become one of hotels and apartment houses. To the side of the rectory is the Hotel Seville; to the south of the church are the "St. George," the "Broztell," and the palatial new building going up on the site of the old Brunswick, Twenty- sixth Street and Fifth Avenue. Nearby are the "Wolcott," the Holland House, the "Breslin," and the new "Hoffman," St. Leo's has long been known among the Catholic churches of New York as the one having the most "fashionable" congregation, largely drawn from the residents of hotels and apartment houses in the vicinity, and the new conditions of residence have added to, it appears rather than diminished tbe number of those upon whom the church depends for financial support. Apart from this, Twenty-eighth and Twenty-ninth streets (the church is in Twenty-eighth Street and the rectory on Twenty-ninth) have become more important thoroughfares each year. The Third and Sixth Avenue "L" roads have stations at Twenty-eighth Street; there Is a Subway station at Twenty-eighth Street and Fourth Avenue a few hundred feet from St, Leo's, There Is a cross-town car service, with transfers on both, through Twenty- eighth and Twenty-ninth Streets, and the completion of the Pennsylvania terminal has had already a favorable effect on all property within the zone of its future influence, as the focus of transportation into N«w YprK OB the West Side. So soon