The Brooklyn Daily Eagle from Brooklyn, New York • Page 45

4 Daily eagle REAL ESTATE CLASSIFIED ADVERTISEMENTS REAL ESTATE FRATERNAL section CLASSIFIED ADVERTISEMENTS NEW YORK CITY, SUNDAY, SEPTEMBER 22, 1935 Survey Reveals Sharp Drop in Residential Vacancies Apartment Houses Showing Steady Gains in Leases bimiiw i.m.ii.y.. "l' i ''i Apartment Renting Peak Looms as Time For Moving Arrives Survey Reveals Shortage of Certain Types of Accomodations in Flatbush, Pfk Slope and Bay Ridge Moving Firms Prepare For Busy Shifting Week By VINCENT R. KIRK Real estates brokers and managements agents in the borough look for the peak in apartment renting this week as moving time for many families is Oct. 1, the day on which a large number of leases expire. According to moving flrms, whose large vans have already ifrr i "A i i "TT jwU3Sip ff" i mmtmMmmmmmtmmr'Kma i JHUrt Jmm i5i jjm yitESffi mwi- I ii rin niiii urn Mi mr iml 1 jjgf iinaiMlp 4 i rf immmi 4 49 East 19th managed by Timms and Behrens.

426 Eastern Parkway, Sirls Management. been engaged, the migration Bayside Project Being Financed With FHA Aid $1,250,000 Commit, ment for 300 Houses Started on Golf Course The Federal Housing Administra- tion has granted a committment for mortgage Insurance amounting to $1,250,000 on the first group of over 800 houses being built by the Cross Morton Corporation on the site of the former Belleclaire golf course at Bayside, L. I. The builders have announced that they intend to construct 1,000 on the tract. Based on this committment, the builders obtained a loan for the entire amount from the Manufacturers Trust Company, the Serial Fed-eral Savings and loan Association, the Baldwin National Bank, the West Side Federal Savings and Loan Association and the Columbia Building and Loan Association.

Largest Committment This is the largest committment (or mortgage- Insurance to one builder granted under the National Housing act. This fact coupled with the quick response from the financial institutions In furnishing the funds for loans, Indicates that title 2 of the National Housing act will be the basis for nearly all home financing in the future in the opin-Jon of realty interests. Says Financing Secure Commenting on the loans, Frederick Ooess, vice president of the Manufacturers Trust Company, said: "We consider this on of the sound- est types of investment for our bank. Bayside Hills Is located in one of the finest sections of Long Island and is being built by ex- perienced and reliable developers. This fact, coupled with the Govera- ment Insurance, through the Federal Housing Administration, renders It a most excellent investment for us.

Furthermore, we are happy to do our part in aiding further progress of the housing industry, for activity in this basic industry is one of, the great- steps in recovery." The personnel of the Gross-Morton Corporation is George M. Gross, Alfred Gross, Lawrence Mor- I ton, all of Jamaica, who have had many successful developments in Long Island, the most recent and notable of which was the construction of 2,500 homes in Laurelton on 4 the site of the Laurelton golf course. I I if ill. ijiii I I II .1. I ST'sVii5 J'C -To Hold Tourney tj y-1- More than 150 golfers are jjr Cj expected to take part in the Brooklyn Real Estate Board's v1 1" V-' '5r -x, annual Fall golf tournament, I which Is to be held at the 13121? Crescent Athletic Hamilton jr SjM T.V I Club at Huntington on Thurs- (y v- day, Jerry V.

Meserole, chair- 1 man of the board's golf com- 1 mlttee, predicted yesterday. i "Reservations are coming in i 6- fast," Mr. Meserole announced, Jr "Bnd a record attendance is already indicated. A number of prizes will be offered for fry both members and guests, and r4 with a splendid course to play 1 over, some of the players FfJ should turn in excellent scores. (f (j In the evening, as as-been our custom for years, we will hold a dinner at which the prizes will be awarded." 150 Prospect Park West, under management of Charles 1 VUV1 ax Partrldee Company.

Tf MnrtaaWS Realtor Plan 73 St. Paul's Place, managed by Chauncey Real Estate Company. Zone Law Conflicts With Tax Valuations Realty Expert Holds So long as the city has two important departments func Oldest Borough Dry goods Store Will Move to Montague Street tioning in the control of real estate that is, tax and zone the former should give consideration to the latter when computing the valuations of theland, at least, P. A. Conroy, downtown realty expert, urged yesterday.

"Take vacant land, for I iiumt? rrojcci Leads List of New Building Kings Highway Project to Cost $60,000 in Plans Filed for Boro The outstanding operation on the list of plans filed last week at the borough building bureau is a group of one-family houses to be built at the northeast corner of 46th St. and Kings Highway by the Kings Highway Estates, Inc, of 50 Court St. at a cost of $60,000. The total cost of all types of work recorded was $326,200. Alteration plans listed amount to $96,400 and include changes to old law tenements, factories and ga rages.

The largest project is a remodeling Job on a five-story apart ment bouse at 3d Ave. and 25th to cost $35,000. Building Activity Stimulated Building contracts in August were still well above the volume of a year ago, in keeping with the situation during the previous months of the year, according to the Alexander Hamilton Institute. The volume was 52.2 percent larger than a year ago and was above the level for any August since 1931. At the same time building activity was still in a state of pronounced depression as compared with the boom years before the slump.

Contracts awarded in August equaled only percent of the volume in the same month of 1928, the year when bulldinit activ ity was the highest on record. Building activity in August con tinued to have the stimulus of a rising rent trend which Indicated that real estate values are still aD- preciating. Rents in August reached tne nighest level of the current ud- ward movement which began in February, 1934. The increase so far has amounted to 14.2 percent. While ouuaing costs are still above the rent level despite the fact that costs are little higher now than they were when the advance in rents started, the fact that rents are rising while costs are remaining stable has convinced some builders that rents and values will eventually Justify present costs.

This outlook has also been a factor in matins mortgage money more available. In this connection, however, the Gov ernment, which is more interested in stimulating building than in the absolute safety of its investments, plays a large part since it is willing to back loans on building operations. The fact, however, that the wit. level does not yet warrant the cost of building explains why building up mj me present time nas regained so little of the ground lost during the depression. Despite the rise the rent index in August, based on 1926 as 100, was only 70.6, whereas the cost of building index was 93.8.

There is little prospect that rents will continue to rise until they reach the level of present building costs Full recovery will thus be retarded until costs are reduced. At the present time no progress is being made along this line. Families in Gibson Dressing. Lawns For Season's Prize The residents of Gibson, Valley Stream, L. are putting the finishing touches to their season's efforts in beautifying flower beds, shrub bery, lawns and other elements of landscaping.

They hope that they may win one of the cash prizes to be awarded hv the Gibson Corporation, builders of the development, who have sponsored this contest annually since its inception. The community is divided into sections, each of which Is awarded a cash prize, and a grand first prize is awarded to the most outstanding lawn and garden. The judging is scheduled to be held Sat urday, Sept. 28. Restaurant Firm Leases Building Fishers Tavern, has leased the northeast corner of 56th St.

and 8th Manhattan, at a total rental of $250,000. The building will be completely remodeled to ac commodate the new tenant. Mirkll, Valdes of Philadel phia, representing the estate of John F. Bett, was the broker in the deal. The property is assessed at $470,000.

of families from one apart ment to another, will exceed the record of this time and day last year. A survey of Brooklyn and Queens apartment house accommodations made by the Brooklyn Real Estate Board last week reveals the fact that there are fewer vacancies today than any time since 1932. Some of the larger apartments buildings, it was indicated in the report, are 100 percent retire-' and many of them have few suites to offer. The Flatbush section shows the least number of vacancies, with the Park Slope second and Bay Ridge a close third. A year ago the vacancy percentage was comparatively high in the borough.

It has now reached its lowest level in three years. It was explained by one real estate broker that the reason for the upturn in renting this Fall is the shifting of a great number of families from the suburbs to the city, and another explanation is that families forced to combine and "double up" with relatives in one apartment for the sake of economy are now a result of the improvement in employment conditions, providing more steady income. This it was pointed out, has absorbed many of the vacancies In the more moderate proc ess apartment houses. Call For Units One phaze of the renting situation of the past few weeks is the increasing call for apartments of larger units, as against a popular demand for suites of two, three and four rooms. Five and six room suites are now being rented in many buildings, all of which is very en couraging to owners of apartment houses of this type.

This may mean that the larger units in apartment buildings are being taken because of the scarcity of the smaller suites. The result may be a stiffening of rent schedules after Oct. 1, followed by apartment house investment activity. In the opinion of a prominent downtown broker, increases in rents, if they should occur, will be largely confined to apartments that have been rented below the normal rate, and by the direct method of keeping the per month rental the same size as before, but eliminating any concessions under the lease. When there are normal vacancies, landlords compete on prices for tenants and this competition naturally forces rents down.

But with growing scarcity in accommodations, a rent adjustment is likely to follow, realty brokers warn. Well-managed apartment houses are better rented today than they have been under inefficient direction, and excepting In the buildings of old style, without modern conveniences, and lacking proper supervision, rents show little decline. Financing Easier Apartment rentals are greatly affected by the supply of new construction. For the las' two years money for mortage purposes has been attracted to other fields or sewed up in savings institutions. Since the first of the year there has been evidence of more generous attitude on the part of financing concerns toward builders in the number of large apartment houses that have been erected in the borough.

Ten have been completed in the Flatbush section, three in the Bay Ridge section, two in the Brighton Beach section and one in the Heights neighborhood. There have been several apartment sites sold in the last two weeks, and plans have been filed for buildings to be erected upon them. The recently completed buildings are finding an excellent renting market due to curtailment of supply during the last few years. Permanent Value Factor in Building There Is too much emp'iasis on the non-essentials in small home building and not enough on permanent values, in the opinion of Oliver Reagan, architect for a group of new houses in Norwood Manor, N. built by the McMorrow Contracting Company as the first In a new community.

The houses, said Mr. Reagan, who is chairman of the Small Homes Committee of the New York Chapter of the American Institute of Architects, "represent a wide departure from the usual homes in their price range, because the monf that is normally spent on 'gadgets' has been spent In quality construction. I refuse to believe that the Amer ican public does not prefer good sound building to shoddy construction even though the latter may be dressed up with pretty Plumbers Told About Benefits Of Housing Act TTnitAMt A-v na Cnva Trade Must Sell Idea to Property Owners Herbert L. Carpenter, borough manufacturer and chairman of the Brooklyn Better Housing Committee, in the current Issue of The Master Plumber, organ of the plumbing trade, explains what the Federal Housing Act means to the plumber, i Eteamfitter and supply man. Mr.

Carpenter says In part: I "As a manufacturer and engineer, I also well know that a good job is the most economical one for all concerned. It is better for the property owner and it brings more business to the plumber or steamfltter and to the supply distributor. It avoids complaints. It raises the standard of the Industry and the character of men and earnings in that industry. "Owners of all types of properties throughout this great city are rapidly learning these facts, but plumb- ers and steamfitters, and other artisans, and supply dealers, must unite to sell this idea to those who have cot learned it by sad experience.

"After years of depression, untold thousands of properties which have suffered disrepair, obsolescence, and with outmoded equipment must be brought back to 1935 standards of living, sanitation and economy, if the homes and properties themselves are to survive in the rapid march of progress we are now entering. With- out money these improvements, no matter how important, cannot be accomplished. For several years financial pressure from all sides has limited most of the work in building trade industries to necessary repairs, with little capital available for either new construction or mod-cm improvements. "As one of the most vital elements of the National Recovery Program, thp. 'Federal Housing Act' was tiassed by Congress In 1934 to en courage the banks of the country to lnim monev on extended time credit for renovating and modernizing hnme and other types of properties, Space does not permit me at this Continued on Page Principal Rents Flatbush Home Louis B.

Kornfield of 277 Eastern B.rlrni nHnrinnl of P. S. 30. has rented the residence of M. Preston Goodfellow at 1208 Dltmas Ave.

Mr. Kornfeld will occupy the house on v.t 1 Thp broker In the transac tion was Kingsway Management State and National Boards Back Bill to Meet Real Estate Financing One of the most important and significant matters bearing on real estate interests discussed at the convention of the Real Estate Association of the State of New York at Jamestown, N. last week was the bill introduced by Senator Fletcher providing for the establishment of a Federal mortgage bank, to meet the requirements of real estate mortgage financing throughout the country. Edward A. MacDougall, president of the Queensboro Corporation, and one of the sponsors of the measure, who Is chairman of the committee on real estate financing of the National Association of Real Estate Boards, speaking on the proposal at the convention, said In part: "The Federal Government at present holds more than ten billion dollars In mortgages, either as a result of financing or as collateral for loans and advances to different institutions.

"These mortgages cover homes, farms and every conceivable kind of real property. They have been made through 11 different Federal agencies. The principal ones are the Home Loan Bank System, Federal Savings and Loan Associations, the Home Owners Loan Corpora tion, the Reconstruction Finance Corporation, the Farm Loan Banks, Housing Division of the PWA, Subsistence Homesteads Division of the PWA and four intermediate agencies, plus the mortgage insurance offered by the Federal Housing Ad ministration. 'The above means that the Fed eral Government has assumed the financing of about one-fourth of the entire mortgage debt of the nation through many agencies. These are no co-ordination of Federal mort gage activities, such as would be provided by establishing now a Central Mortgage Bank.

These Federal corporations for temporary financ ing were apparently necessary due Continued on Page 2 Sell 3 Merrick Homes During Past Week Merrick Homes, of which Harry Frankel is treasurer, sold the three model homes open for inspection last week in Merrick, L. I. These are brick and stone English cottage type dwellings containing seven rooms. The buyers are Daniel P. Whelan, Arthur Laemmer-zahl and Christian Weaver.

Ground has already been broken for all the remaining plots on Henry on which will be built brick and stone Colonial type homes, and it Is is est! mated that the entire block should be completed before Winter, they reached man's estate, decided to make larger use of the knowledge of trade gained in their mother's little store, so they set themselves up in the business in a larger store on Main which was a mighty busy thoroughfare leading down to the Catherine ferry. The Main St. store was found to be too small to accommodate the growing business and they transferred the place to the present location at 305 Fulton St. This soon became the center of the drygoods trade, for with a few blocks, in later years, there were the stores of Frederick Loeser, Wechsler and Abraham, and Waite Jones. In 1886 the building at 274 to 282 Washington St.

was acquired by the Newmans and Joined with the Fulton St. Structure. Further expansion in 1920 gave the firm 307 Fulton St. as well. Some of the Newman salespeople have been employed there steadily for from 25 to 50 years, and many families have traded with the firm during that period.

Extensive alterations are to be made to the Montague St. building to accommodate the Newman store. The frontage on Montague St. is 50 feet and the Clinton St. frontage is 119 feet.

In Convenient Location "We are staying downtown," Robert P. Irwin, president of the Newman corporation, said yesterday, in commenting on the move, "because we feel that we have an opportunity of being of further service to the community which we have served for the past 98 years and whose business we have long enjoyed. "The location of surface, subway and elevated lines makes us easily available to our patrons all over the borough. "Another reason for remaining on the Heights is the fact that by doing so we are able to keep our overhead down, which in turn enables us to sell staple merchandise at substantial savings to our customers. "We wish to maintain our old policies as nearly as possible and continue to be ourselves." Borough Builders In St.

Albans Field Match Brothers, Sam and Jack, who during the past few years built and sold over 400 houses In the heart of the Flatbush section of this bor ough, have transferred their building operations to Stewart Manor L. I. Several houses are now nearlng completion at Covert and Clayton Aves. Each house is on a plot 40 by 12S leet. The Newman department store, oldest borough drygoods establishment, started on Main St.

in 1837 and located at 305 Fulton St. since 1844, will move to the building at the southeast corner of Montague and Clinton about Nov. 1, which the T. A. L.

F. Newman Corporation has leased from the Brooklyn Savings Bank. The present tenant Is the Kings County Bulck Company. The Newman building on Fulton extending back to Washington and a number of other structures in the path of the proposed Brooklyn Bridge Plaza project, will be demolished. That Is why the old drygoods firm has found It necessary to seek a new location.

The Fulton St. business section was first suggested as the logical site for the new quarters but petitions circulated through the Heights district, where many of the customers reside, urged the store to remain near its present location, and after a number of places were offered the Montague St. situation was considered the most advantageous. Started by Maria Newman In 1837 Mrs. Maria Newman opened a small drygoods store in Main, near Fulton St.

She sold needles and pins and thread and "notions" generally, to the grand ladles of Brooklyn Heights and their humbler neighbors who lived in the lowlands near the river. Mrs. Newman had two sons, Theodore A. and Lewis who, when Over Half 1935 Home Building In River District According to a survey Just completed by the First Avenue Association of the entire new residential construction for Manhattan for the first eight months of 1935, more than one-half is within the association's boundaries, which extend from 100 feet west of 2d Ave. to the East River between 23d and 96th Sts.

Included in this district, besides Second, First, York and East End are the well-known apartment colonies at Sutton Place, Beekman Place and Oracle Square. James J. Hackett secretary of the First Avenue Association, said yesterday: "Records on file at the Manhattan Bureau of Buildings reveal that expenditures for new residential construction in our district for 1935 will aah thn Viluhpct. ftcmrA nttnlnari I in any single year since 1930." Mr. Conroy suggested.

"The as sessed valuation is supposed to be what the most adequate type of improvement can earn for itself and the land, everything else being normal and equal. Therefore, when adequacy Is the result, and the improvement has provided for al lthe orior obligations incidental to taxes, operation and maintenance, capital return on the cost oi tne improvement, insurance and rent losses, whatever the residue capitalized at say, 5, is the land's value. If the bulk, as fixed by the zone law, limits the Income (fully rented) to $500,000, and the expenses re quired to operate the improvement total $475,000, then tne resume is but $25,000 for the benefit of the land. This $25,000 at 5, which is the most that can be had, shows the value of the land to be only $500,000. And not the $1,400,000 alleged as the value by the city.

The unit to which I refer nap- Dens to be in asection of Manhattan where the factor in the land value maps indicates the value for as sessment purposes at $5,400 per front foot. To this must be added corner and plottage influences. The $5,400 breaks down to $54 a square foot. 'To justify the city's valuation there would have to be a residue after all expenses of $70,000 applicable to the land. Frankly, the property's been in the red since It was built, as the owners' went broke trying to cause the Income to merit the dignity of valuation placed upon It by the tax department, so far as the land is concerned.

It's too much of a burden for the land to defend the 53 of assessment Im posed upon it, when adequacy of improvement as controlled by the zone law is understood. Skyscraper Project "It may be argued that the improvement could have been built into the stratosphere, and that its height might have been up to 300 feet, or even more. "Yes. it could have, but it would no longer be "adequate." In order to be built higher, it would have to give up part of the base in a proportion fixed by the zone law. In addition to which, it would have to provide heavier understructure for the extra weight carried, sacrl- Continued on Page 4 Apartment Tops New Projects For Queens Area Small dwellings predominate In the plans filed last week at the Queens Building Bureau in Long Island City.

The total cost of operations for which plans were recorded was $260,040. The largest project on the list Is a five-story apartment house for Corona to cost $65,000. Other projects are, five two-story dwellings for a plot at the southeast corner of 219th St. and 90th Ave, Hollis, to be built by Iner Park Homes, at a cost of nine dwellings for a plot in 80th Road, south of Surry Road, to cost nine frame dwellings for a plot at 27th Ave. and 157th to be built by Flushing Manor Homes, at a cost of $36,000 and four dwellings for a plot at 170th St.

and 29th to be built by Letab Manor Homes, at a cost of $16,000. Realty Firm Reports Active Rental Season Thomas H. Long, sales manager for the Realty Associates, reports the most active rental season since 1929. "Since July 1 we have made over 60 rentals. Most of these are In the $70-bracket class.

"Our last ten rentals include 178 Dover Parkway, to Russell J. Keil-ler; 24 Roosevelt to Irving Olson; 171 Elton Road, to Mrs. Hilda Green well; 21 Elton Road, to John A. Stacy; 172 Argyle Road, to Charles W. Miranda; 31 Carlton Terrace, to B.

A. Cover 29 Oxford to Mrs. Dorothy Dlxey; 71 Dover Parkway, to Mrs. Virginia Pettit; 74 Cambridge to Edward D. True, and 66 Roosevelt to Raymond Higgins." STORE RENTED Frank A.

O'Neill, as broker, has rented for a term of five years, for the Brooklyn Mortgage Guarantee and Title Company, the store at 1390 Coney Island Ave. to the Mldwood Fur Shop, Company..