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

BROOKLYN DAILY EAGLE, NEW YORK, SUNDAY, OCTOBER 11', 193! 2 Types of Homes in Neiv Communities Brooklyn Real Estate Board Auction Market Activity Shows Steady Gain Major Kennelly Says m. Trlapkon TRiaagla EH85 to Do Business With! a Realtor LOCAL REALTOR, A MEMIflETt BROOKLYN REAL ESTAiTE PLEDGED TO GIVE TO HIS CLIENTS. IT 009 TS TO EMPLOY HIM AND DIE WITH HIM A BACKGROUln) RECOGNIZED ABILITY. EXPEUI-ENCE AND KNOWLEDGE. MOREOVER, A REALTOR'S CODE REQUIRES THAT HE GI1E ADVICE TO HIS CLIENTJ S.

YCU BUY, RENT OR SE1X A REALTOR. BROOKLYN ONLY MEMBERS 0 BROOKLYN REAL ESTATE HAVE THE RIGHT TO UE REALTOR. 'j i If.CH'-l fe 1 ki" 66 Court Street Know Thorn by Thh Sign ALPOBD REAL ESTATE In. 1436 Nostrum! Av. FLateuah 9-6607, mos, J3.

STEPHEN t. BABKEBA 2216 Surf Coney laland. TRlwtl 6-830-1. M. BENNETT RON, In.

448 Don St. NBVIn a-t4S. BULKLET HOBTON CO. 59 LatayttM Av Brooklyn. 685 NMtrand Brooklyn.

-S90S Fourth Brooklyn. 1214 Pl.tbuBh Brooklyn. 180-09 Jmmalc Jamaica. 67 Lalayetta B'klys ilrn. Dept.) J.

D. W. BEBOEN SON 63 LalayeVU At. NEvtta t-3000. mma krkm'S uniia IBS Montacu St.

TaU MA In 4-7500. CAB, RABMON COMPANY, Ina. 14 Montacu St. CHAVNCET BEAL ESTATE CO. 149 Pierrepont St.

NOAH Robt. E. Patterson, Frsiaent, liannattan at. COLONIAL COMPANY, Inc. 8907 4th AT.

ATlanrie 5-1484. THOMAS B. PABBELL CO. 234 Flatbuah At. EDWARD J.

OATNOSi 44 Court St. JAMES H. OILVARRT 261 Court 164 7th AT. E. J.

R. GRANT 189 Montagu at. HAVILAND SONS, In. 982 Fulton St. ERNEST M.

HOLLISTKB 2200 Church At. FLatbuah t-SSOO. P. O. 1NOWARSON CO.

S726 Filth At and 80S 524 at. GEO. H. JONES 669 Sterllnr. PI.

PRopct JOHN P. JAMES SONS 193 Montagu St. KELSET WALTER 147 Broadway. It Pays TOUR OF THE BOARD, IS SERVICE NO MORE BRINGS OF ETHICS TRUTHFUL WHEN CONSULT IN THE BOARD THE TITLE jf lifefaav -iMT, 1 Located In St. Albans, L.

I. i Laurenton Station home In Laurelton, L. I. mc w'KgjPr. 11 A ill Lake Park.

House In Lakevlew, L. I. In E. 35th between Avenues and Marine Park. In Rennert's Home Colony, E.

34th Marine Park. PLEDGES TO A GREATER BROOKLYN Hempstead In Norwood 1S- tllKDtt i A Tl I in is is uihmi unirn for Realty Market By MAJOR WILLIAM KENNELLY The most auspicious omen of a keener public interest in real estate appeared in September, when the real estate auction market displayed greater activity than it had in two years. A successful sale of Long Island improved and unimproved real estate within the suburban area was effected, as well as other smaller auction sales. An echo of these transactions is the announcement of suburban and city auction sales for the month of October. It looks now as though the auction market as well as the private market in real estate will become better balanced as the Autumn and Winter progresses.

September showed more sales of private homes within the boundaries of the greater city as well as beyond it than at any other period so far this year. That there is plenty of accumulated funds for home buying is manifested by the extensive deposits in many savings banks and the fact that some of these institutions have for a month been advising owners of good sized deposits to withdraw portions of their accumulations and put it into real estate and the improvement thereof. One of every two residents of Brooklyn alone has a savings bank account, or a total of 1,345,073 depositors. This is a phenomenally good showing in the face of two years of depression. It shows that money has been hoarded for a better period which is arriving.

Westchester County has completed a comprehensive sewer system tHrough a 117 square mile area in the lower and central part of the county, which is causing marked increment in real estate values. It is approximately, estimated that between now and 1980 the increase will be from $1,294,000,000 to $4 Mind you, this is exclusive of northern Westchester. The latest report of real estate values in Suffolk County, issued a few days ago, shows an increase of $20,176,869 over 1930. In Brooklyn and Queens new areas for apartment houses are being Invaded. The Fall moving period within the city showed no diminution of numbers of those moving as compared with other years, and rental values of apartments indicated no decline.

New and old living space is being absorbed. Numerous old multi-family houses are being modernized and rented at higher rentals. All things are relative. While the foreclosures during the first nine months of 1931 aggregated this figure is insignificant when compared with the total losses in other fields of investment. The comparatively wide scope of fore closures was a small part of a total wave of mal-ln vestment.

Real estate was bound to suffer some. But its general stability was and is greater attaches to it Tennis Courts For Home Colony Tennis courts, reserved for the exclusive use of St. Albans Lawns residents, are soon to be built on a part of the development, according to Leon Wolosoff, president of the builders. If the use of the courts Justifies it, it is planned to retain them as a permanent feature. "Many of our home buyers expressed a desire for some facilities for outdoor recreation and greeted the idea of tennis courts with enthusiasm.

We are glad to devote a part of our property to this purpose and hope that they may one of the most attractive, permanent parts of the development." LAWRENCE HOMES SOLD Edward Barondess Sc sold two modern 2 -story brick houses on the east side of Harrison Lawrence, L. The plots are 60x150 and, 75x100 and the houses each have all the latest improve menta, each house having a two-car garage. They adjoin the Lawrence Country Club. TAX DELEGATE Former Borough President Lewis H. Pounds has been appointed by Governor Roosevelt as a New York Bute delegate to attend the National Tax Conference to be held at Atlanta.

from Oct. 12 to 16. Mr. Pounds, who Is considered an expert on taxation matters, was Treasurer of the Plate of New York and at the present time is president of the Long Island Chamber of Commerce and chairman of the Brooklyn Civic Council. He is a past president of the Brooklyn Real Estate Board and Is chairman of that organization's Committee on Tax Revision, which is cooperating with the State Tax Commlsion In its efforts to reducf the tax burden en real estate, Merrick, L.

built by Rudolf Good Time to Make Repairs Architect Tells Home Oivncrs WTLMAM KOI.B 218 Montague St. TRI angle HARBT A. LEVINS 12 Court St. TRIaagl S-4282. I HARBT M.

LEWIS 189 Montagu St. EDWARD LYONS, In. 531 Noatrand AT, LAIayett 3-30DS JOHN MATTIA 250 Hamilton AT. MAtn 4-1378. M.

C. O'BRIEN, IM, I I 798 Moatrand At. 1 Branch: 1184 Flatbuah at. 1 OHNEWALD DENXTNGER 1408 Flatbuah At. MAaafleM -lt3T(.

CH ABLER PARTRIDGE BEAL E8TAT1' mease FBEDEBICR J. PEAOOCKB 103 Lawrenoe St. TBiaogie 8-4MU1 DAVID PORTER, la. 32 court BU LEWIS B. POUNDS 32 Court BW JOHN PTTLLMAN HEALESTATE 741 union St.

to. soutn n-ma. JOHN RETS COMPANY 803 Flatbuah at. CHARLES BICatEROW 375 Flatbuah At oor. at.

Mark's, RtlOTIN BOBBINS 189 Montagu St. TRlangH 5-XT10. P. C. SATJTEB AGENCY, Ine.

431 FUth AT. SOuth S-0387. HKNBY SCBXNK 275-77 Grand Av. PRoapMt t-1752. fflitiMfi at.

mrrrw no. 1424 Fulton St. LAfayctt 3-0681. NATHAN STERN 1122 Broadway. POzeroft 9-1480.

TIMM BEHRENS 190 Montagu St. TRIangl 1-340. THE TTLER-WABBEN CO. 1183 Fulton 8t. STerung s-sooa.

LEONARD N. VATJOHAN 909 Pulton St. PRoipwt 9-8027. LOUIS L. YEAMLEY 155 Seventh At.

KErlna S-5116-611S. tion, in business five years ago. which is now actually engaged In building but rather they havs Stopped building or gone on to fail. Short Belling System "This selfish determination on th par of architects, building tradesmen' and financially irresponsibls buflderi is a thoughtless 'short sell-Ing of the. equities of countless 'Arthur J.

Lacy, a nationally known authority on real estate, at the recent convention of New York State Real Estate Board, blamed the present level of real estate distress because of overbuilding, and not the size and layouts of ths present apartments, i "In our midst woum be a far greater field of work for archi tects and tradesmen in the remodel ing of existing buildings, which is now a profitless undertaking because of the overproduction of unrentable apartments. "There is now considerable disrSis- sion centered about a word real estate has never known moratorium. Property owners would sot be compelled to think of moratorium oa their financial obligations IX their buildings were not running with a great number of vacancies. It is safe to sav that if a hJldtv was I-called on new construction work in multi-family apartments the owner would be able to meet his obligations and get a reasonable return on tm Investments. "If the construction of new tnultW famlly houses would cease for a reasonable period It would be impossible to make alterations In older build-' lngs that at the present time tt would be unwise to attempt to change, due to the overproduction of newer buildings.

This would create far more profitable work for architects and building tradesmen. "The curtailment of building would abrogate the necessity of competitive1 rent slashing and tend rather to establish a sound and fixed value. "As renting and managing agents for over 60 multi-family apartments that are owne by various corporations, insurance and trust companies, we are In a position to see the actual conditions that are facing owners and tenants. "It is not entirely a selfish attitude when we say that the past few months many apartments have been erected and then foreclosed by building tradesmen, with sever financial losses, invalidating leases and causing tenants to be deprived of concessions and securities and an absolute lack of service during ths time the actions are pending." RAPID CONSTRUCTION WORK The new 48-story Continental Bank Building, being erected at 30 Broad will be ready for occupancy May 1, 1932, according to a s'tement issuei yesterday by L. J.

Horowitz, chairman of ths board of Thompson-Starrett Company, Ine the general contractor for the operation, which will be a record breaking achievement In 'rw of the fact that the architects and engineers began the design of the structure simultaneously with the start of operations. May last. GENERAL SIGNAL ORDER The New York Board of Transportation has swarded to General Railway Signed Company the eon-tract for work on the City Subway System on the company's bid of 2, 317,800. This award Is subject to approval of the Board of Extlmate, which, however, is regarded as only a routine matter. Laurelton Homes, Is now well along on ths construction of ths third thousand individual homes which they are building on the two Laurelton golf oourses, which lay on both sides of Merrick Road.

Prom the small stucco type the company Is now putting up a more substantial type of brick homes, with all ths modern Improvements. First Mortgage Loans Gain in Sept. Total First mortgage loans granted by the Franklin Society for Home- Building and Savings for the month of September total $194,250 on 43 Individual properties, as compared with $189,500 approved for August on 41 parcels. Total for the first nine months of this year is reported as amounting to 717 individual first mortgage loans for $3,795,200, and compares with 390 mortgages ap proved for $2,057,080 during the cor responding period last year. These figures show an increase of 85 per cent, it is pointed out.

While the society reports some in crease in new construction in the small home field, the large part of this increased volume represents the refinancing of straight mortgages tailing due. Ridgewood N. J. Firm Adds Department The Realty Exchange of Ridge wood announces it has established a building department. This branch of the business will be under the direction of J.

Eugene Matthews. Many of the better homes in Ridgewood have been built by Mr. Matthews. He will make his headquarters at the office of the Realty Exchange of Ridgewood, 17 N. Broad St.

J. Rudolph Kirsch Is associated with the firm in the brokerage department. He has been a resident of Ridgewood for nine years and has conducted his own real estate and insurance business during most of that time. Prior to his coming to Ridgewood he conducted a general real estate business for 11 years in Jersey City. Ss.

I 3 Dr. Haight Holdings In McGolrick's Hands The last of Dr. Allan Halght's ex tensive holdings in Massapequa fell into the possession of developers last week, with the purchase by J. E. McGolrick of 120 acres at Broadway and Jerusalem Ave, in West Massapeoua.

Dr. Haight originally owned six square miles, practically all of Mas sapequa, which he assembled in 1905 under the name of the Queens Land and Title Company. This land was involved In considerable litigation which was not cleared un til 1925. Dr. Haight realized that he would have to liquidate a por tion of it, but he was forced to part with more than he originally bar zained for.

McGolrick' bought large chunks of this property and kept adding to it, until today he has 16, 000 lots in this area. Financing Homes Subject of Lecture The need for long-term financing for home building operations, em phaslzed by President Hoover to the White House conference on home building and home ownership, will be discussed by Gustave Melssner, regional supervisor of construction of Sears, Roebuck Si as the guest speaker at a dinner and meet' Ing of the New York Chapter of the American Institute of Architects at the Architectural League, 115 E. 40th Oct. 14. Mr.

Melssner will speak on the general subject of modern methods of merchandising homes. WESTCHESTER HOME DEARS Collins Sc Burhans, brokers in Western Westchester, sold a new colonial residence at Rlverview Manor for Tompkins Si Bevers, Ino. to Lawrence J. Schuck of Hastings a plot at Harriman Homestead In Ardsley Park for the Central West Chester and Fairfield Realty Com pany to the Co-operative Contract inz Company of Dobbs Ferry. Southern colonial residence of stone and (rame construction will be built upon the plot.

The same brokers report widespread activity In their renting department, the following leases having been' consummated For the Randall-Herring Corporation of Hastings, a new colonial residence on Fenwick Road, Ravensdale, to Harry B. Harvey of Brooklyn. For Olenwolde, a semi-detached house, in the Glenwolde Develop ment at Tarry town, to Mr. Wilfred E. Boughton of L.

I. A new dwell Ing of stucco and timber construe tion at the corner of Vlllard Ave. and Scenic Drive, Rlverview Manor, to Mr. Robert O. Walker of Douglas.

ton, L. 1 tl4H I I Peck Realty In Bayside, LL, To Be Auctioned Tract of 351 Lots to Be Offered on Property by Day on October 24 During the past few years there has been unusual residential building activity in the Bayside section between Flushing and Jamaica. One of the large holdings In this area Is the estate of William L. Peck, deceased. Sometime ago a portion of this property was opened to development on which more than 100 homes have already been built.

The remainder of the Peck prop erty is now to be sold at absolute auction on Oct. 24. The sale is to be conducted by Joseph P. Day, auc tioneer, under a tent on tne premises, commencing at 2 o'clock in the afternoon. The 351 Bayside lots are located on Nassau Boulevard, Rocky Hill Road and adjoining thoroughfares.

They adjoin the Belleclaire Golf and Country Club and are opposite one of New York City's most attractive public playgrounds, the new Hillside Park. "Many Inquiries have already been received from builders as well as private home seekers concerning this absolute auction" said Mr. Day again commenting on this sale. "'Both residential and' business lots are to be offered. The latter class of prop erty is of special interest because of the fact that it lies only three blocks distant from the Important intersection of Bell Ave.

and Northern Boulevard, LAUNCHES IN BUSINESS Edwin 8. Wolfson, former executive assistant to Abe N. Adelson, and secretary of the Adelson Construction and Engineering has announced the establishment of a new real estate and brokerage busi ness. The new company will bear his name nd offices have been opened in the Two Park Avenue Building. Mr.

Wolfson was closely identified with the erection of the Film Center Building at 9th between 44th and 45th nd is credited with being responsible. no little way. for the success this building has attained. APPOINTED AGENT Wm. A.

White Si Sons, one of Manhattan's oldest real estate Anns, are extending their activities to Brooklyn. They have just been appointed managing agents for the Montague Court building, one of the borough's, tallest structures. The firm will be represented on the premises by P. W. Hlltonsmith, who has been connected with the Dulld tng for the past five years.

NEW YORK TITLE LOANS New York Title and Mortgag Company, at the weekly meeting of their Loan Committee held Friday approved sixty-one loans aggregat' tng 1,1 16.000. The loans were dls trlbuted as follows: Manhattan and Bronx, 1404.500; Brooklyn, 265.500: Westchester. 1252.000: Long Island, 1186.500 and Btaten Island, $7,500. APARTMENT ROLD Leonard J. Jacoby, Inc.

sold for Land Estates, Inc. to 1735 Townsend Ave. Corp. property 1735 Townsend a 6-story elevator building having 48 families with 11 stores, on the south west corner of 175th St. and Townsend at a price of I250.0O0.

BL'VH FAR ROCKAWAY IIOME Lewis H. May sold for the Title Guarantee Sc Trust Co. prop erty 1C22 Rose 8t Far Rorkawav, L. consisting of a 2-famtly brlrk dwelling and garages, on a plot i 60x100. to Arthur Newman, lor I investment.

Shoestring Builders Hit By Weinberg Continued From Page 1 high salaries and higher construc tion costs. Is It not natural mere-fore, that with conditions as they were, that the rentals should rise commensurate with the circumstances? "Rather than to have turned to the situation in the wheat fields Mr McCarthy might have sought a more far-reaching analogy in tne proD-lems of the producers of cotton In the Southern States or of those of oil producers. Both cases have striking similarity to the one at hand. If the production of oil and cotton were continued at their fullest capacity, as they had been do- ins, it would merely have added so much more to the present sur plus that there would be no mar ket tar either commodity. It Is well to recall that the situation in the oil fields became so acute that the Governor of one State called out the State Guardsmen in an effort to effectively curtail produc tion.

"Such a letup would not necessar ily mean more unemployment. There are millions of 'dollars of public construction work in this State that have been designated a necessity by the many civic associations and Chambers of Commerce. There is no reason why a vigorous program of Important public construction work should not be prosecuted by the city at a time such as this, while building costs and similar operations are at their present low level. "The remedy then lies in the re' moval of the aforementioned evil One of the best and safest means of accomplishing this would be through the curtailment of new apartment house operations as temporary emergency measure until such time as the demand catches up with the present over-supply of rental space." Apartment Financing Not Bound "Mr. McCarthy has expressed his views on apartment construction and the 'evils' of curtailing it," declared Mr.

Curnan. "He has seen fit to enlarge his drawing board to Include the world of financing and apartment renting. "Rather limited must be the knowledge and experience of a man who does not stir from his office to enter into the actual work of rent' ing and managing apartments. "Because of its nature, property ean not be compared with farm products or other commodities but rathei local real estate is anchored on a firm foundation, with a gradu al, proper appreciation of values snd not the spasmodic jump of the Florida boom days. "Sectional surveys and charts, prepared by our Statistical Department show an alarming Increase of vacant apartments.

Contrary to the laymen's ideas, these vacancies are not confined to the older building but rather a large proportion are In the apartments constructed In the past year. "A careful estimate of the ca'lbre of today's builders shows that a full 90 percent of the operations are carried through on subordination system of financing that Is in Itself not of the soundest. The builders with strong financial backing and a keen recognition of his own re-rpojlblllty to meet his obligations Is not now engaged In erecting buildings which he knows can never give him an adequate income on the Investment. "Today there dors not remain a ubstantially large building corpora bonds or stocks or savings banks. we should use it to put our house in order.

By this I mean that we should act at once to rehabilitate our homes and other buildings we own. We should repair the plumbing and the porches, replace the heating system or the roof and install an oil burner or electric refrigerator or a washing machine. If we do this the money spent may mean a 100 percent return on the Investment Instead of 3 or 4 percent from a savings institution. "If we are paying rent we can, by a comparatively small addition to the amount of our monthly rental, build a home of our own. This Is the rent-payer's golden opportunity to emancipate himself from the landlord." Basement Joins The Family Circle In modern homes the basement is joining the family circle.

longer Is it simply a place for housing heating equipment and laundry. Thousands of home owners each year are converting a portion of their basements Into recreation rooms where both children and adults can play without upsetting the routine in the regular living quarters above. Elimination of the chill dampness common in basements Is-easily effected by lining walls, ceilings and floors with Insulation board which also will serve as an attractive Interior finish. Only a small outlay of cash is needed to build a very satisfactory basement room. The wearing down of our present i possessions to the point where repairs and replacements can no longer be put off will start the return to better times, it is asserted by William Orr Ludlow, chairman of the Committee on Industrial Relations of the American Institute of Architects.

I believe we have reached that point already, notably in building," Mr. Ludlow declares. Funds expended now on building will bring to the investor a vastly greater return than Investments in stocks or bonds, according to Mr. Ludlow, who urges savings banks depositors to divert their hoards to repairs and to new construction. Unparalleled opportunities for home building at low cost confront the nation, he holds, and only unwarranted fear blocks the way to prosperity through the construction industry.

"Huge store.) of money are avail- ible," Mr. Ludlow says. "Never be fore have the savings banks carried such enormous sums. In New York State alone deposits exceed those of 1029 by $866,000,000. The building and loan associations are at a loss to know what to do with their great accumulation.

There is a surprising increase in the number of stockholders of the American Telephone and Telegraph Company and other large corporations, "It Is true that there is sore want, but the cruel fact is that the surplus is stagnant. Turn existing money again into the channels or activity and the wheels of industry will start once more. "Instead of putting money Into 1140 Carroll In Brooklyn Apartment Centers Asm, 1 -y. ZWll Ha in, ll I1 r-r BC3a in 'n' i at Bedford Ave. 320 Eastern Parkway, at Franklin Ave..