Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 81, no. 2079: January 18, 1908

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132 RECORD AND GUIDE January i8, 1908 What is most needed, in their opinion, is the easing up of the money market. The mortgage situation must first straighten itself out before large operations can be consumrnated. When the class of men W'ho invest their money on bond and mort¬ gage thoroughly realizes that this form of security is on the bargain shelf there will be a quick absorption and business will again be normal. The total number of mortgages recorded for Manhattan this week was 172, against 208 last week, and in t'he Bronx 105, as against 166 last week. The total amount involved is .f;3,409,01S, as against $5,643,717 last week. The total number of sales reported is 38, of which 9 were below 59th st, 20 above and 9 in the Bronx. The sales re¬ ported for the corresponding week last year was 139, of which 65 were below 59th st, 58 above and 16 in the Bronx. THE AUCTION MARKET j For tlie flrst time in several weeks there were offerings in the auction market otiier than legal saies. Voluntary sales took place at the stand of Joseph P. Day on both Wednesday and Thursday. The bidding in -most cases was brisk. A notable feature was the large number of new faces in the crowd. People who were looking for investment parcels were "among those present." The Marseille apartment house, 2689 to 2695 Broadway, a 9 and 10-sty structure, went to the plaintiff for $656,119. The amount due was $66,150, subject to two mort¬ gages amounting to $638,716. The plot that tliJs building oc¬ cupies is 100.11x120 ft. Mr. Joseph P. Day also sold 520 West. 39th st, a 5-sty tenement, with stores, 25x98.9, to Charles B. Snow for $18,900. No. 419 West 56th st, a 5-sty tenement, 25x100, was knocked down to William J. Leonard for $23,700. Charles Reilly was the purchaser of 157 West 62d st, 25x100.5, another 5-sty tenement, with stores. He paid $28,000 for the property. At the stand of Joseph P. Day on Thursday, 38 Leroy st, southeast corner of Bedford st, 45x20, a 3-sty building, with store, and 36 Leroy st, adjoining, a 3-sty dwelling. 15x30, were sold to Cyrus W.,Horton, Jr., for $12,000, and 34 Leroy st, a 3-sty dwelling, 18x60, was also purchased by Mr. Horton for $6,000. This property was put up again as one parcel and tire same purchaser had to pay $18,900, and advance of $900, There were a number of other interesting parcels sold. The total amount involved in the auction sales up to Thursday night was $1,476,236, and since January 1, $4,001,685. Last year the total for the week was $365,085, and from January 1, $1,572,257. Fire Insurance Companies and Mortgage Investments. To the Editor of the Record and Guide; I would like to call your attention to the steady and pro¬ nounced discrimination of the New Torli fire insurance com¬ panies against real estate mortgages. I have before me the annual statements of several of these companies and find that from 40 to 70 per cent, of their assets are invested in stoclis and bonds, and only from 1 to 3 per cent, of assets in real estate mortgages. It seems to me that since their business is insurance on real estate they sliould take more interest in this commodity. If real estate owners and operators would require of their fire insurance agents the last printed statement of that particular company whose policy he offers and then reject the policy in favor of another company which invests a reasonable amount of assets in mortgages, things could be improved. Per¬ haps your valuable journal will publish a few such statements and call attention to companies who favor mortgage invest¬ ments. JOSEPH E. MARX. Civic Associations' Conference. A conference of civic associations was held under the auspices of the Bronx Board of Real Estate Brokers, at the Real Estate Auction rooms, at 149th st and 3d av, on last Tuesday evening. The purpose of the meeting was to urge the building of a sub¬ way through the East Side of Maniiattan to the Bronx and to object to the 4th av, Brooklyn, subway project. To this end a set of resolutions was drawn up by a committee, appointed by the chairman, Mr, Edward Polak, consisting of Frank Moss, M. J, Mack, W. I. Brown, P. H. McDonough and L. S. Bedford. The gist of the resolutions is as follows: Whereas. There is a public demand for the construction of two principal routes, one on the East Side and the other on the West Side; and, "U'hereas. Over a million dollars has heen expended on such plans; There¬ fore, be it resolved. That nineteen civic organizations of Man¬ hattan and the Bronx protest against the abandonment of these routes under any pretext; that the organizations are not against the building of the 4th av, Brooklyn, subway, they protest against a pretended exhaustion of the city's resources in the construction of this extension of the present system. ~T1iey pro¬ test against franchises being granted for the construction of subways by private capital, the same being a complete reversal of the popular vote of 1894, when the people voted by a majority of 70,000, "for Municipal Construction of Rapid Transit Road." The resolutions were sent to the Public Service Commission in the Tribune Building. Among the associations represented at the conference were Bronx Board of Real Estate Broilers, 23d Ward Property Owners' Association, Mapes Estate Protective Association, South Bronx Property Owners' Association, Har¬ lem Property Owners' Association, Van Nest Property Owners' Association, Edenwald Taxpayers' Association, Kingshridge Heights Association, United East Bronx Improvement Associa¬ tion, Fox Estate Association, 44th. Aldermanic Improvement Association, W. Morrisania Property Owners' Association, Irv¬ ing Realty Co., West Side Henry George Club, Bedford Park Taxpayers' Association. Bronxwood Parli Improvement League, and the House and Real Estate Owners' Association of the 12th and 19th Wards. Among those who spoke in favor of an ad¬ ditional Bronx subway wore Edward Polalt, chairman; Frank Moss, L, S. Bedford, John Behrmann, S. Peust, M, J, Mack and P. H. McDonough. Allan Robinson on Rapid Transit. Allan Robinson, President of the Allied Real Estate Interests, in reply to an inquiry from the Record and Guide, made tlie following statement relative to the position of that association on tile rapid transit situation: "The Allied Real Estate Interests has talien up tlie matter of rapid tran-sit and it purposes to carry on as effective a cam¬ paign for rapid transit in New Tork City as it conducted for the repeal of the annual mortgage tax law. There is no doubt in any one's mind as to the need of more subways in this city. As matters stand, however, at the present time there are sev¬ eral things in the way that prevent the construction of new subways. The laclc of money and the inability of the city to raise additional funds, due to the fact that it is near the debt limit, is one. Another and very serious obstacle in the way is the twenty-year limit on franchises set by tlie Elsberg law. No private corporation is willing to equip a subway and operate the same with the chance that it will revert to the city at the end of so short a period as twenty years. "A method of solving these problems sfiould be immediately found, and the association has already begun work along these lines. It is expected that a general committee will be appointed consisting of prominent men who have the confidence of the public. This committee will be sub-divided into three com¬ mittees; (1) on Construction; (2) on Operation, and (3) on Routes. "The first committee's duties wili embrace all matters per¬ taining to the construction of subways and will co-operate with ofQcials of the city which, under the law as it now stands, must construct the subway. "The second committee would have in its charge the matter of a change in the Elsberg law and enactment of such legisla¬ tion as might be necessary to enable the city to offer to private capital an attractive proposition for the operation of the subway when built. "The third committee will deal with the matter of routes sug¬ gested, and will probably hold public hearings for the purpose of ascertaining w'hat routes are desired and most needed by the city," Mr, Robinson stated to a representative of the Record and Guide that tlie above were liis own personal views as. to the mai.ner in whicli the suhv,ay problem should be handled bl the Allied Real Estate Interests. The directors of that organization will pass upon these questions in the near future, and a public announcement of their decision will be made through the public press. Taxpayere Want Ti-olley Line Extended. If the movement now on foot to secure the extension of the Morris av trolley line northward from 161st st is successful much real estate will be benefited tliereby. At this moment the Claremont Heights Taxpayers' Association is doing much to¬ ward enlisting active aid in this direction, and it is believed that their efforts will be crowned with success. Those inter¬ ested in the improvement take the stand that the trolley road should be built the entire distance permitted by the franchise, and point to the fact that until this is accomplished a considera¬ ble residential area will be hindered in its development by the lack of adequate transit accommodations. It is thought likely that the matter will be acted upon at the February meeting of the Taxpayers' Alliance. In the jneantime effective missionary work is being done to furtlier the project. Henry Harmon Neill on "News and Adveitising." Henry Harmon Neill delivered a lecture at the Young Men's Christian Association, in West 57th st, last Tuesday, on "News and Advertising." He spolte of the necessity of real estate brokers advertising their .sales in the papers, saying that the majority of men in this business who fail to do this "disappear from the real estate market." He spoke of the value of the Record and Guide to men in this business. He said that the publishing of the transfers of realty and recorded mortgages was indispensable to the real estate man. In speaking of ad¬ vertising Mr. Neill said "the benefits derived froin advertising are, first, getting a market for property, and, secondly, placing the broker's name hefore the ptihlic."