Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 101, no. 2603: Articles]: February 2, 1918

Text version:

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. ____