crown CU Home > Libraries Home
[x] Close window

Columbia University Libraries Digital Collections: The Real Estate Record

Use your browser's Print function to print these pages.

Real estate record and builders' guide: v. 75, no. 1929: March 4, 1905

Real Estate Record page image for page ldpd_7031148_035_00000533

Text version:

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.
March 4, 1905 RECORD AND GUIDE 455 ItairifflloRfA.LEsTAit.BuiLDifJ'o ft;fiC^rTEeTUi^E.KoiJSEiJoiDDEO(l(p£aJ, BUsatessjuiDThemes Of GeiJer^ ll^itRpi. PRICE PER YEAR IN ADVANCE SIX DOLLARS « published eVery Saturdas Communlcationa should be addressed to C. W. SWEET, 14-16 Vesey Street, New YorK J. T. LINDSEY, Businesa Manager Telephone, Cortlandt 3157 ••Entered at the Post Office at Neio York, N. Y., as second-class matter." Copyright by the Real Estate Record and Builders' Guide Company. Vol, LXXV. MARCH 4, 1905. ONE is beginning to get the impression that speculation In stoelis, as well as some lines of regular business, is being conducted on a dangerous basis. It looks for instance, as if the steel and iron industry instead of enjoying a comparatively long period of large and remunerative business was in for another "boom," which would inevitably be succeeded by another severe reaction. It is a pity that not even the good intentions of the leading interest can prevent this basic industry from passing from one extreme to the other. Something of the same kind Plso seems to be taking place on the Stock Exchange. The speculation is getting out of control and is bringing in a period not of wholesale and slow advances in prices, but a period of wild fluctuations, which will unsettle the confidence of the gen¬ eral investor. The speculative spirit is against becoming domin¬ ant, and unless checlied, may bring upon the market a severe set-back. In the meanwhile, however, everything looks ex¬ tremely prosperous; and there is no cloud upon the horizon. The financial magnates have almost all of them left the city, and this fact implies that they are not looking for squalls just cow. A man may still buy good stocks with some confidence; but he wants to keep a sharp look-out. THERE has been no apparent diminution during the past week either of the speculation on "Washingtcn Heights or of the general business. The total number of transactions re¬ ported Is even larger than usual, amounting to about 425, of which all but a few over 40 are of Manhattan property. Out of tbe 375 Manhattan sales, ahout 175 consisted of property, on Washington Heights. This total :s about the same as the total of the week before; but there are some indications that the movement has a tendency to subside. The business transacted, although still entirely speculative, has been rather more sub¬ stantial than it was during the previous weelt. The danger of the situation consists in the fact that a great deal of vacant property has passed into the hands of weak buyers, who cannot afford (0 carry it, in case prices recede, or builders do not take it off their hands. At all events there has certainly been enough speculation for the present, and as high a range of values estab¬ lished, as building prospects warrant. While tbis movement on tbe Heights dominates the situation, an excellent miscellaneous business is also being reported. Thus omitting the transactions on Washington Heights entirely, there were 200 sales of Man¬ hattan property announced during the week against 153 for the corresponding week last year. These sales included some 33 private dwellings against only 22 for the analogous period in 1904. A very widespread and wholesome demand exists for this class of property, w^hicb is all the more conspicuous because it is sustained quite without the aid of operators and speculators. Among the miscellaneous transactions of the week, two tenden¬ cies may be noticed. One is the interest which Is beginning to be shown in property between 23d and 34th sts, 4th and Madison avs. This will be tbe next section of the city, which will be taken up by the builders of lofts and warehouses. Another in¬ teresting announcement is the plan of Messrs. Flake & Dowling to improve the corner of Broadway and 72d st, with a business building. This looks as if, as has been frequently pointed -ut by the Record and Guide, Broadway was bound to get in the future, whatever increase there was in tbe amount of business transacted on the West Side. TTNDBR the title "Light in Some Dark Places," Mr. Theo- *-' dore Starrett has reprinted in pamphlet form the contribu¬ tions, which he made to the pages of the Record & Guide dur¬ ing the past winter, together with certain additional material. Our readers are no doubt tolerably familiar witb the burden of Mr, Starrett's indictment of what he believes to be the current abuses in the New York building trades; but it will not be wasted time for even the most determined of Mr. Starrett's op¬ ponents' to read his several articles in their collected and ex¬ panded form. Mr. Starrett is sincere; he is well-informed; and he is above all extremely interesting. There are a good many people, who claim to know a good deal more about writ¬ ing than he does, but who cannot infuse into their language a tithe of the force, which he infuses into his language. He writes well, both because he believes in his message, and because hia intellectual vision is clear and lively. Furthermore, no matter whether a man does or does not approve Mr. Starrett's criticism of the contemporary condition in the building trades, we must all agree that in working for the free employment of outside union labor and outside capital and talent in the build¬ ing business of the city, he is working for a righteous cause, and one which must prevail. TN another column will be-found a statement by the comptrol- -^ ler of the provisions of the bill, which he has caused to be introduced into the Legislature, advancing gradually the date at which real estate taxes are collectable. There is no dispute about the desirability of the object, which this bill Is called cpon to pfftr.t. At tho present time it costs the city about $1, 500,000 each year to pay interest on the money which is bor¬ rowed to anticipate tax receipts, Mr. Grout's purpose is gradu¬ ally to reduce this expense. He has had other bills introduced tor this purpose in the past, but they failed, because they were not drawn in a matter calculated to meet all legitimate objec¬ tions. The present bill is the outcome of this experience In deal¬ ing with the matter, and if passed, will help at any rate to re¬ duce the interest charge on borrowed money. If Mr. Grout can succeed in carrying this reform, it will only be another evidence of his business-like and efficient management of his department. THE RECORD AND GUIDE has received during the past week a number of communications, of which the follow¬ ing is a fair example: Editor Record and Guide: I read that in a decision rendered by the Court of Appeals and written by Judge Werner, that a modern apartment house doea not constitute a tenement house. I would like you to inform me whether the Tenement House Commission has any jurisdiction over apartment houses. Builder. There should be no misunderstanding about this matter. The decision of the Court of Appeals, to which our correspondent refers, has absolutely no bearing upon tenement house legisla¬ tion or upon the legal definition of a tenement. From tbe point of view _of the Tenement House Law and of the Department charged with executing that law, a tenement house is any build¬ ing, which provides living accommodations for three families —no matter whether the building is situated on Cherry st and houses four families or is situated or. 5th av and houses 300 fam¬ ilies. The law defines a tenement for its own purpose, and that definition has nothing to do with the popular distinction between apartment bouses and tenements. The decision of the Court of Appeals concerns merely the meaning of the word tenement, as contained in certain covenants against their erection on a speci¬ fied area; and the meaning in tbis case depends not upon a legal definition subsequently or even previously made, but upon the employment of tbe word tenement at the time the covenant was drawn—a use determined both by its popular usage, and by the purpose, which apparently prompted the establishment of the restriction. It is necessary that this should be clearly under¬ stood, because certain statements in the daily newspapers might encourage the builder of an elevator apartment house to be¬ lieve that his building would not be a tenement in the eyes cf the law, whereas such It is and such it will remain. CONTROLLER GROUT is right about the Board of Aldermen. That board as constituted, is not only a useless, but a bale¬ ful part of the machinery of local government in New York City; and it is natural that a man lilte Mr. Grout, who Is interested primarily in the administration of the city's affairs according to business methods and on business principles, should be moved to f^peak plainly about the matter. Actual experience of the opera¬ tion of the revised charter since 1902 has shown clearly that the framers ol that instrument made a grave mistake in attempting to restore to the Board of Aldermen important administrative functions. In every other respect the constitution of the City of New York approximates to that of a private corporation. The Board of Estimate has functions corresponding to those of a Board of Directors, and the Mayor functions corresponding to those of a Pj-esifJent, TJje Board of Estimate Is really tlie re-