REAL   ESTATE







AND







NEW YORK, SEPTEMBER 6, 1913





I WHERE MONEY CAN BE MADE IN REAL ESTATE





Opportunities at Bedford Park and Beyond Where New Rapid Transit Facili-              ■

ties Are Coming—A Prediction That Jerome Avenue Line Will Double Values.              |

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MORE than ever before New York
City real estate is attracting in¬
vestments from distant cities. The ti¬
tle to much of our local property has
always been in the possession of per¬
sons residing elsewhere, and millions
of dollars' worth of New York City
mortgages are distributed over the
country. Development companies have
also in recent years been offering Long
Island lots for sale in other cities. But
it is only -within a year or t-wo that the
general city broker and auctioneer has
begun to consider the whole group of
North   .\tlantic   States   as   his   field.





two will be connected by a surface line
on Gun Hill road, which Avill begin at
Broadway and 242d street and run across
the borougli  to  City Island.

Will   Open   Up   Ne-w  Territory.

These new rapid transit lines will
work a marvelous change in the fine ter¬
ritory bounded by Bronx Park on the
east, Jerome Park Reservoir on the west
Mosholu Parkway on the south and
Woodlawn Cemetery on the north, A
beautiful residential country with refined
surroundings, it has been only sparsely
settled as yet or quite neglected.    With





make them undesirable for residential
purposes for the time being. Always it
should be remembered that the one basis
of growth here must be residential de¬
sirability, that the territory as a whole
appeals to families of position and taste,
and that until they are satisfied with
conditions there can be no rapidity of
growth.

Great Quest  for  Private  Dwellings and
Apartments.

.\s regards more particularly the Bed¬
ford Park section, there is said to be a
pressing inquiry for brick dw-ellings such







BEDFORD   PARK   BOULEVARD   IS    BROAD   AND   BEAUTIFULLY   SHADED.





SOUTH   SIDE   OF   MOSHOLU   PARKWAY.





A week ago a Pittsburgh newspaper
contained a large advertisement of
properties for sale in the Bedford Park
section of this city, inserted at the or¬
der of a local broker. By this broker
the Record and Guide was informed this
week that investors in other cities are
carefully studying New York City real
estate. They have learned that in nor¬
mal times they can get quicker results
in New York than anywhere else. Of¬
tentimes they find they can borrow after
five years the full amount paid for the
property.

Bedford Park and the lands beyond
are particularly well situated to get the
benefit coming both from the construc¬
tion of the Dual System of subways and
the extensions scheduled for the ele¬
vated roads. The East Side elevated
lines now terminate at Bedford Park but
will be carried north through Webster
avenue and Gun Hill road to a junction
with the proposed line on White Plains
road, which will be one of the two
branches of the Lexington avenue sub¬
way line, the other branch running up
Jerome avenue to Woodlawn road.    The





only a trolley-car service it has been too
inaccessible  from business  centers.

Bedford Park proper, with its shaded
streets and lawns, will also be greatly
advantaged by the new transit lines and
extensions, especially by the Jerorne ave¬
nue line, which will connect not only
with the Lexington avenue subway but
also with the Sixth and Ninth avenue
elevated.

"We figure that values along the
Grand Boulevard and Concourse will
double the moment the structural mate¬
rial is laid by the roadside," said Mr,
John O'Hara, local real estate agent and
broker.

Real estate quotations in some sec¬
tions of the city have in the past fully
anticipated great transit improvements,
but peculiar conditions and forces have
had a retarding effect on values in places
within the great territory of the West
Bron.x north of the Kingsbridge road.
For years neighborhoods have been
physically torn up for one reason or
another; they have been invaded tempo¬
rarily by unassimilated foreign laborers,
and   various    things    have    occurred   to





as contain nine or ten rooms, purchas¬
able for eight to nine thousand dollars,
and on which a mortgage of five thou¬
sand or a little more can be secured.
This inquiry constitutes a real opportun¬
ity for builders.

.'Mso there is a strong inquiry for five-
room apartments rentable at $5.50 a
room. Inasmuch as suitable building
sites can be had for three thousand dol¬
lars a lot, this is not unreasonable to
expect. For the most part Bedford
Park is built up of detached frame cot¬
tages. Only a few brick rows have ap¬
peared so far.

Typical Valuations.

Real estate experts anticipate that in
the coming speculative movement prop¬
erty along the Concourse, on Moshoiu
parkway and in the neighborhood of the
Montefiore Home, will be prominent.
For years past investors have been quiet¬
ly securing strategical locations and
holding them for the inevitable results
to follow the advent of the Dual System
of subways and elevated road extensions.

Tha four corners of Bedford Park
Boulevard  and  Webster  avenue  are  an