Real Estate Record

AND     BUILDERS'    GUIDE.





Vol. XYII.





NEW YORK, SATURDAY, APRIL 29, 1876.





No. 424.





Published Weekly by

THE REAL ESTATE RECORD ASSOCIATION

C. W. SWEET...............President and Tbeasukek

PRESTON I. SWEET........... Sechetaby.

L. ISRAELS............,............Business Ma.vager

TERMS.
ONE YEAR, in advance___$10 00.

Communications shduld be addressed to

O.   SV.   S^W^EJET,

■   Nos. 345 AKD 347 Broadway,

The Eeal Estate Eecoed Association will
shortly issue a daily paper, which will contain a
number of the feahu-es now printed weekly in
The Eeal Estate Eecoed, provided that suflS-
cient encouragement is given to the enterprise
by those most interested in obtaining that class
of information. The Datlt Eecobd will not,
however, interfere in the slightest degree with
the weekly, as now published, which will
not only be kept up to its old standard, but con¬
stantly improved. Before undertaking this new
project we would be glad to hear from some of
our subscribers most interested whether they
think a daily publication of this kind desirable.





SOME ADYICE.





Persons with small accumulations ought to
take advantage of the present depreciation in
real estate to lay the foundation of email for-
turrosfor their children.   It is too much the
habit of investors to wait until the prices are
high before buying.    The wiser course, but the
one  not  generally followed, is to buy when
everybody else is selling, and sell when every¬
body is buying.    Ten thousand dollars wisely
invested in real estate in the year 1876 will be
worth anywhere from twenty to fifty thousand
dollars in 1886.   All indications point to the
rapid enhancement of the values of real estate
as soon as business revives, and the reason for
this is obvious.     Investments in commercial
ventures have proved so misleading,  and so
much money has been put into corporate en¬
terprises,  which  has been misused and lost,
that investors, profiting by their past experience,
will  avoid putting .their money out of their
hands, and hence we look for a disposition to in¬
vest   in standard securities  for income,  and
in   real   estate   for   future   enhancement   of
values; in other words, if you please, for specu¬
lation.   In a few years we will begin to hear of
great fortunes made by land investments.   So
many of our new railroads, haye run through a
wild country, where land is of little value, that
increase of population will iiaturally be stimu¬
lated aloag these newly-opened lines of travel.
Property worth from three to ten dollars an acre
will doable, treble, and quadruple within the
next five years; and when we consider how large
an extent of country ia affected by the railroads
built within the last few yeara, it will be seen





that there will be an enormous enhancement of
values, and hundreds of thousands of persons
will be raised from comparative poverty to afflu¬
ence. The future increase of the population of
the country will naturally be contiguous to rail¬
roads; and when once it is perceived that invest¬
ments in low-priced lands are very productive,
the money which would ordinarily go into in¬
corporated enterprises will run in the direction
of cheap lands accessible to railroad centres.

The inauguration and multiplication of local
.rapid-transit roads, tbe fashion for apartment
houses in large cities, wiU steadily tend against
any great enhancement of values in particular
localities.    The area of land   from which to
choose will be indefinitely extended.   Up to
this time a person doing business below Canal
street, and wishing a fine residence, was neces¬
sarily confined to such localities as could be
reached by the stage, horse-cars or ferry-boat.
With   the   completion   of   rapid-transit roads
through the city and into Westchester County,
and over the new bridge into Kings County, it
will be possible to choose from ten thousand
lovely and desirable sites, and hence we judge
that wiser investments for the future wUl be at
choice locations within an hour's ride of the
business part of New York City.    The tendency
of   rapid-transit   roads will  inevitably be to
spread population over an immensely extended
area, and to destroy extravagant values, such as
have heretofore obtained for Fifth avenue and
West Side properties.    And again, this wide dis¬
tribution of residence property will naturally
add to the value of business property in New
York City.   If it is possible for a business man
to live fifteen miles away from his store or oJE&ce,
it win also render it possible for the families of
those who live at a distance from the city to do
business therein.   The necessity for local stores
will be done away with, if the housekeeper can,
by means of  ihe rapid-transit cars, reach the
great depots of trade in the city.   We look,
therefore, for the time when business property in
New York will command better prices than ever,
when not only the wholesale establishments, but
the great retail business of an immense region
•WUl be transacted in the lower portion of Man¬
hattan island.    Accessibihty to the New York
stores wiU  endanger the retail-business prop¬
erty of  all our suburbs.   Investors with very
large  means   cannot   do  better  than   to   get
possession of business locations, which now can
ibe had below Union square marvelously cheap;
:but investors with moderate means would do
iwell to carefiiUy scan the routes of tho future
^stearn roads outside the city limits for desirable
; investments.   All places within a few minutes
iwalk of a rapid-transit depot will in time com-
i mand large prices.    All investments in produc-
i tive and cheap lands on the lines of new rail-
! roads are also certain of very great enhancement
of values aa population thickens, for it will be





many years before any large number of railroad
lines is projected. We have practically stopped
building railroads for four or five years to come.
All these points are worth considering.





MARKET REVIEW.





EEAI ESTATE MAEKET.
Now that holders of real estate have been brought to
acknowledge the decUne in values, there is at once ap¬
parent an increased interest in the market, and, though
here and there the offers of capitaUsts do not come up
to the figures of owners, there is nevertheless already
noticeable an increased activity. The offerings at the
Exchange Salesroom were enormous during the past
week. Though considerahle property not under
foreclosure was withdrawn, owing to the dispo¬
sition of investors, who now only look for favorite
lots at bed-rock prices, the transactions, neverthe¬
less, aggregate near a million of dollars. The sale
of Madison avenue lots, noticed below, was a great
leature of the week's market, and the bidding was
watched closely by many gentlemen whose names are
yet a tower of strength In the real estate market. "Cau¬
tion," however, seemed to be plainly depicted upon the
faces of nearly all who surrounded Mr. MuUer's stand,
and it was only through the persistent efforts of the auc¬
tioneer that the lots were disposed of by one o'clock.
The foUowing is a complete Hst of the pubUc sales:
Baxter st., e. s., 85.2 n. Park st, house and lot,

25x100. 6, to James Cassin.....................$1G,700

Broome st., s. s., 70 w. Sullivaa st., two-story

frame house and lot. 21.6x35, to E. W. Stevens.      7,774
Broome st., s. w, cor. Wooster st., house and lot,

18.4x75, to J. T. Henderson....................    20,300

Crosby St., e. 8., 42 s. Spring st. (buUding Nos.

63,65, 67), (}^ interest), to Plaintiff............    40,000

Canal St., s, s., 126 6 e. Hudsou st., house and

lot, 24x70. to a. F. Hunter....................    13,950

Henry st. (No. 180), house and lot, 23.10x100, to

Plaintiff......................................      2,300

Henry st., 143.3 s. Scammel st., house and lot,

54: X X block, to James BeUesheimer..........    13,000

Eoosevelt st. (No. 18), e. s., bet. Chatham and
Madison sts., two-story brick front house and

lot, 17.4x134, to David Hawley................      4,500

Eoosevelt st., (No. 20). adj. above, four-story brick

house and lot, 17.4x138, to David Hawley......      4,000

Eighteenth st., n. s., 210 e. Broadway, five-story
brown stone flat house and plot, 75x92x87x8.6x

8L9, to J. S.Craig.............................  100,000

Twenty-ninth  st,  (No.  544 West).   2   houses,
brick and' iraihe, and lot 25x98.9, to Martin

Carpenter....................................      6,850

Thirty-fourth St., s. s., 225 w. 2d av.,plot 66x98.9,

to Plaintiff...................................    18,015

Thirty-sixth St., n   s., 175 e. 2il av., four-story
brick house and lot, 18.4x98.9, to John H. H.

Dunkak......................................      5,950

Thirty-seventhst., s. s., 250w. 10th av., ocelot,

25x98.9, to A. RoweU.........................      5,000

Thirty eighth st. (No. 337 West), n. s., 300 e. 9th
av., four-story brick house and lot, 25x98.9, to

..   JuUuBBeck...................................    11,600

iForty-flrst St., n. s., 112 w. 6th av., honse and

lot, 12 6x98.9, to D.A. Hammond.............      8,520

Porty-seventh St., n. s,, 150 w. llth av., 2 lots,

each 25x100.11, to John Healy (Plaintiff).......      4.050

Fifty-third St., s. s., 150 w. 6th av., large stables
and 3 lots, each 25x100.5, together, to Wm. H.

AUen.........................................    49,485

Fifty-third St., d. s., 100 w. lst av., 2 houses and
lots, each 20x100 5, to H. F. Giraty (Plaintifl),

together......................................     8,000

Fifty-foiirth st., s. s., 525 e. 6th av., vacant lot,

15x100, to E. J. King..........................     9,800

Fifty-fourth st., n. s., 345 e. Gth av., 3 lots, each

20.10x100,5, to Edward J. King, together......   29,400

Fifty-fourth street (So. 50), s. 8.,310e, Sthav,,
three-story and basement brick house, 25x40,

lot 37.6x100.5, to James G. Lyon..............    28,800

FUiy-Hixth Bt., n 8., 250 w. 2d av., 4 lots, each

25x104.4, to John McCool....................   15.000

Fifty-sixth st. (Nos. 210, 212 and 214), s. a., 145 e.
3d av., 3 houses and plot, to H. Korman and

J. Cary......................................    24,350

Eighty-seventh at., s. s., 298 e. Av. A, house and
lot,'18x62.10, to Plaintiff......................     6,385