Columbia University Libraries Digital Collections: The Real Estate Record

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320 RECORD AND GUIDE March 16, 1918 NEW YORK INCOME CORPORATION Bank of Commerce Bldg. 31 Nassau St., New York Telephone. 4705 Cortlandt FINANCES Operation of Apartment and Business Properties. UNDERWRITES Carrying Costa, and advances necessary funds. Cash for What are your FINANCIAL nedds to 19207 MAINTAINS Properties on Basis. ADVANCES Incoma to Owners, a fixed term. REAL ESTATE NEWS OF THE WE EKJ Realty Supervision Co. 45 West 34th St^ New York Business Buildings Only Completely maintained and operated at a Fixed Annual Contract Price We supply and pay for f COAL HELP ALL -{ SUPPLIES REPAIRS INCIDENTALS May we submit our estimate? VERMINLESS APARTMENTS Just as Important as are the Meatless. Wheat- less and Eatless days for the ConservatloD of our food supplies—A Vemilnless Apartment Over ?1.000.000,000 worth of food Is destroyed annually by Vermin. Do your Bit I Keep your apartments Vermin-Free. Our serrlce Is guaranteed. "Ask Those Who Know" Vermin ExTERMiNWiNG Co. 198 BROADWAY. NY. PHONE CORTLANDT 730 JOHN F. DOYLE & SONS REAL ESTATE AGENTS BROKERS and APPRAISERS 74 Wall Street, New York City Management of Estates a Specialty Member of Board of Brokers John P. Doyle John F. Doyle, Jr. Alfred L. Doyle J. CLARENCE DAVIES BRONX BOROUGH REAL ESTATE 149th STREET & THIRD AVENUE Tel. Con. Branch Ofifice, 32 NASSAU ST. Member of Board of Brokers Goodwin & Goodwin REAL ESTATE AND INSURANCE Management of Estates a Specialty 148 WEST 57th STREET Near Carnegie Hall Telephone 6095 Cir«le ?60 LENOX AVENUE N. E. Cor. 123rd Street Telephone 6500 Harler FRED'K FOX&CO. Business Building Brolcers 14 W. 40th STREET and 793 BROADWAY Important Legislation Pending— Suburban Market Improving—Money Market Still Tight T MPORTANT legislative matters, of *■ vital interest to real estate owners, cam* up for consideration at Albany this week, the flat rate tax measure, municipal ownership of public utilities and prohibition being among the most important. Actions taken on these bills is reported in another column of this is¬ sue. The appointment of a new Chairman of the Board of Standards and Appeals is another matter which is of intimate concern to the real estate market, John P. Leo, the new appointee, is experienced in the building field, but he is handi¬ capped by the fact that his predecessor set such a high standard to follow. Architects and builders will not be sat¬ isfied with a lowering of this standard and therefore the future work of the Board will be watched with more than passing interest. There were a fair number of sales and leases reported by brokers. Several deals of importance were included in the budget. It has been noticeable during the past week that many properties have changed hands without the element of trade. This fact is one of the encourag¬ ing features of the present-day market. To be sure the actual cash involved in the transactions is, as a rule, not as large as during times when a broader market exists, but still the fact that a new clientele is purchasing, should be the forerunner of a broader market. The tightness of the money market is still a dominant factor in the restric¬ tion of trading. It will be some time before this condition is changed. Th institutions are still conserving their re sources, and these have been placed a the disposal of the Government. Practically no speculative building now going on in Manhattan, thougl there has been an increase in the num ber of operations in the outlying Bor¬ oughs, and just over the line. Thes operations are the result of real estati sales made to professional builders though there is a considerable numbe: of private dwellings being erected fo: private occupancy. The suburban market for improved properties is strong. The demand better than for years. The vacant land however, is hard to sell and finance The activity in dwelling houses in thes' sections is directly traceable to the fac that no building operations have been completed wherein a considerable num¬ ber of families could be housed. The income return from these properties is large, and there is but little doubt but that this condition will maintain for^ some time to come. Many brokers contend that the open ing of the new subway lines has not produced the purchasing activity that was anticipated. They look for a better market from now on, due to the milder weather. The out-of-town brokers are dependent upon good weather, for first impressions on prospective clients are lasting ones. The severe winter weather discouraged "shopping" out of town. At the present time there is a distinct shortage of dwellings which rent for less than one thousand dollars a year. NEW YORK BUILDING MANAGERS REPORT ON PENDING MEASURES UNCORD AJVD GUIDB ' I' HE following report has been made ■*• by the Legislative Committee of the New York Building Managers' Associa¬ tion : Hearings have been held before the Public Service Commission in the matter of charges made by the New York Steam Company, H. H. Whitman appearing- for the New York Steam Company, H. J. Hemmens for the New York Edison Company, and Godfrey Goldmark and Robert T. Farrington. as¬ sistant counsel, attending for the Com¬ mission. The Commission was of the opinion after the proceedings that the act of the New York Steam Companv in canceling by its notice of May 28, 1917, contracts made with it in con¬ formity with its schedule effective No¬ vember 1, 1916, was uniust and unreason¬ able and that the schedule of the com¬ pany effective June 1, 1917. is uniust, un¬ reasonable and unlawful in so far as it does not provide a separate classification for contracts in force on that date and made in conformity with the said sched¬ ule effective November 1, 1916. It was ordered that on or before March 5, 1918. the New York Steam Company shall issue, file and post a snn- plement to its schedule of June 1. 1917, which supplement shall provide hat all contracts made in conformity with the schedule of the company, effective No¬ vember 1, 1916, and outstanding on June 1, 1917, unless thereafter canceled bv mutual consent, shall be in full force and efFect. It was further ordered that this order shall take effect immediately and shall continue in force until chanered or abro¬ gated bv further order of the Commis¬ sion. This order, however, is made with¬ out preiudice to further hearings and proceedings in the matter with resoect to the reasonableness generally of the basic rates and charges set forth in the schedule of June 1, 1917. and^ suonle- ments, and no determmatinn is m^de. On or before March 2. 1918. the New York Steam Companv shall notify the Commission in writing whether the IS IN ITS FIFTIET H YEAR OF COIVTIN terms of this order are accepted and will be obeyed. One way that real estate offices can assist the Government at this time is to sell Thrift and War Saving Stamps. If real estate men tried undoubtedly many of the employees in offices and buildings would take at least one Thrift Stamp each week, and in offices where tenants pay rent at the office in cash they would accept one or two Thrift Stamps with their change. While the money so re¬ ceived would amount to a modest sum total, the securing of the interest of the stamp purchasers would be of great' benefit. The rent collectors when visit¬ ing the building could also carry stamps and sell them to the tenants. Coopera¬ tion of all kinds is necessary at this time and we know our members will not be slackers if their attention is called to the opportunity. The new schedule of coal prices is| expected about April 1. Dr. Garfield, states that steps are being taken to pre¬ vent the shipping of dirt, slate, refuse, etc., with the coal, as was done last winter. The protest of the association on this point has met with favorable' consideration. The situation continues to improve; both as to quality and quantity. Thei future of the coal situation is now fore¬ most in all minds. Additional methods of taking care of future conditions have been suggested as follows : Building of additional bunkers and ' storage yards and filling these and all ' other space to their capacity. The further curtailment of non-es¬ sential industries and luxury products. The use of the New York State Barge Canal and the revival of unused canals. The elimination of isolated and non- economical private electric power and lieat plants and the use of large central stations. A better supply of cars. Further reduction of artificial illum¬ ination in the day time. Inspection at mines of the quality of coal to prevent shipment of grades not suitable for ordinary consumption, rOLS PVBLICATIOX,