Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXII.





NEW YORK, SATUBDAY, OCTOBER 12,1878.





No. 552.





Published Weekly by

^Ijc Seal öBsiatc UecarlJ llssonatton.

TER."*IS.
O.VE YK.VU. in advance.. ..SlO.OO.
Communications should he addre.wed to

V.   W.   SWKKT,

Nos. Sit) AND 347 Broadway





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VACANT LOTS OX TUE WKST HIDM
An}' thoughtful ob.server of the material devel¬
opment of this cit}- cannot fail to be itupressed
with the significance of the conditions   which
nuirk its pre.sout stage.    Uulike all crises which
have heretofore overtaken the city, the pre.sent
ono has been chanicterized by the prompt absorp-
tion of building productions in the face of aud
coUaterullj'   with   an   unparullcled   decline   in
values.   To-dny the current deuuind for houses
i.s bn.sk enough to keep builders busily employed,
and barely permits the maiuteuanco of a sullicient
stock to make selections from.    After the crises
of 1S57 and ISlU, whole blocks of buildings were
left uufiuished and other blocks of üuished build¬
ings were left uutenanted,   parth- because  of
legal coraplications connected with their titles
and partly because of sheer excess of production
and the inaccessibility of their locations.   Btreet
car enterprise eveutually rendered the cxtremi-
ties of the island accessible by their slow paced
uiotors.    Steam trausit, so far as perfected, now
presents the most   available  means known to
human ingenuity for overcoming time aud space.
This element of   rapid inter-communication   is
destined to pl ly au importaufc and impressive
part in all real estate enterprises and calculations
of the near future.    There are other considera¬
tions, too, whicli enteras strong elements iuto the
present Situation.   For instance, what is knowu
as the old fashionable quarter, extending in a
northerlj' direction from Fortj'-second street as far
as Fifty-ninth, between the limits of Fourth and
Sixth avenues, is now quite solidly built up, and
vacant lots there have ceased to be readily attain¬
able.   The few remaining, with some exceptions,
will probably await the tardy movements of their
owuei-s before uudergoing ultimate and perma¬
nent improvement.   Already the new building
(juarter, extending north of Fifty-ninth street and
east of Fifth avenue, is musical with sounds of
trowel and hammer.   The building movement
there is so pereistent and apparentlj' so successful
that we may expect, before many j-ears, to find
this quarter as solidly and compactlj' built up as
the old one.   This suggests the need of new build¬
ing localities, of exploring new worlds for the
builder to conquer.

The great auomaly, the perplexing problem of
New York real estate, is the inertia and apathy
which have settled dow^n like an iraraovable and
impenetrable vapor upou the westerly side of the
city, really the most picturesque, charming aud
attractive that the islaud preseuts. With the
construction of two lines of rapid transit already
begun, the fate of this section must presently
develop itself. What that fate is to be many
have undertaken to divine, though without belog





permitted, so far, to realize their jjropbetic vis-
ious. Whether it is to be a localitj' of palaces or
of idaiu cottages, whether of brown stoue man¬
sions in stereotj'ped grandeur, or of simpler
structures suitable for the greut middle class are
the ab.sorbing real estate couuudrums. The
natui'al advantages of tbis section having failed
to attract building improvements, the law of
necessitj', of supply and demand at length will
come iu to compel their inception.

Undoubtedlj', the fate of this section might
have beon vastlj' ehanged if Sevcntj'-second
street had beeu originallj" e-itablished as the
southerlj- bouudaiy of the Park. The lack of
vital union between the present growing trank of
the citj-, rendered now phj-sicallj' impossible bj-
the construction of the rapid trausit frame work,
as it wsis before precluded bj' the Central Park
interception, has not onlj' retarded the develop¬
ment of the West side, but m.aj- iu the end give
it a far dilTeront character from that whicli was
ouco comuioulj- supposed to be in reserve for it.

Without u-ssuming the role of a prophet, we
think we aro justilied in forecasting its future
under the suggestions of the following lino of
reasoning: With 400 lots left unimproved in the
old fashionable quarter, it has at length become a
difficult if not impo.ssible task for builders to pur¬
chase anj- of them except at ruinous and forbid-
ding prices. These lots are either reserved bj-
their owners for special improvement, or held iu
anticipation of a coming demand froru private
individuals of wealth who will be able to paj' the
prices demanded. Bj- the Operation of cause and
effect, speculative builders will be rigidlj- aud
permaneutly excluded from this section; and
these choice lots are likelj- to be laid upon the
shelf to await the demand of aristocratic buj-ers.
Naturally, speculative builders are seeking a field
for their iudustry in the uew building quarter,
where lots are more abundant and are offered more
freely and cheaply. This section will continue to
absorb the building activitj- of the citj' uutil so
mauy lots are takeu up as to prompt the owners
of the remaining ones to Imitate the example of
present owners in the old fashionable quarter. A
certain proportion, perhaps larger iu number
than those reserved in the old quarter, will be
held aloof from sale and improvement under tbe
dominance of similar ideas. From sheer lack of
material to work upon, builders will then be
driven to seek locations on the westerly side of
the city. Meanwhile the critical (juestion to be
determined is what stj'le of improvement w-ill
that section of the city hereafter safely aud
profitably take^

The heavj' incubus that bangs upon this west
side property is the total of un levied assessments
entered, but not confirmed, held back by the mu¬
nicipal authorities for some unexplained reason.
Notwithstanding bonds were long ago issued for
the payment of the improvemeuts which are the
subject matter of these assessments, and notwith¬
standing the taxpayers at large have been called
upon year after year to pay the interest on these
assessment bonds, yet the eollection of assessments
contimies to be deferred, out of the proceeds of
which these bonds should be liquidated. In com¬
mon with the real estate of the whole city, vacant
lots on the West side have suffered severely from
excessive taxation.   The wild speeulation that





was once rampaut then? carried v.ahies to au ab¬
surd and almost iucoucei val »le altitude, aml j-et
so aetive w;ts tho spwniiatiou, and so huovant and
conlident were the hope.s of the si^t-culators, that
theso highlj--iullated values cauii- !o l»; regarded
iu the tax ollice as stiindards of valuation for tax¬
ation. Between taxes aud assM>siii"nts the own¬
ers of this propertj- have beon very r<jughly used.
It is ueedless to saj- that the %vfak aud bankrupt
ones have Vieen shaken out long ago. The present
owners are generallj- alnindautlj' able to carrj-
tbeir possessions, manj- haVing beeonie owners
under foreclosure of mortgage at prices much less
thau were oiice paid for such pri>piMty, albeit in
advance of present valuations. Wiien tbe street
improvements, which have ah-t-ady beeu com¬
pleted in that section, are taken iuto considera¬
tion the pre.sent nominal quotations for land there
repre.^ent relativelj- t!ie lowest that have been
known for lots iu regulated streeis dm-ing the
la.st twentj- \-ears. No great or lieeided move¬
ment can be anticipated Until this euornious Ioad
of assessments luis been canceled b\" pa\-ment va-
cateil bj' legal proceedings or remo\(nl bj- legisla¬
tion.

Reduction of curreut taxation niaj' be looked
upon as au iuevitable though long delaj-ed boon.
Abuses iu this citj' are loug and pati.ntlj- toler¬
ated, but when reforni comes it is apt to be .swift
and decisive. There is no question but that the
expenses of the citj- could be reduced immediately
to twentj--five million.s, aud niaj- ultimatelj- and
iu a verj-short time be reduced totweiuj" millions. .
The costs of street improvements, such as sewer-
age, regulating aud grading, curbing, guttering
and paving have heen greatlj- reduced withiu the
past few year.s, aud are uow aluKjst upou the low-
scale of prices that prevaiied tweutj- years ago
when these street improvements cost so little that
thej- w-ere scarcelj- feit or regarded bj- the prop¬
ertj' owner. With the reduction oi taxation aud
the removal of pending assessments, we will look
for a startling burst of buildiug activitj- on the
We-st side. It is premature to attemj)t to define
the character of the.se improvement.s, aud needless
now to point out the localities of sui)erior merit.
The laws which govern the evolution of building
improvemeuts will prevail iu this section just as
thej- have in other parts of the citj-.

The consummation which we earnestlj-long for
and hope to soon see realized i.s the conimonce-
meiit of extensive and meritorious building im¬
provements on the vacaut lots of the West side.





LOT OWNERS, BUILDERS AND HOUSE
BUYERS.

The three potential factoi-s in building improve¬
ments—those threo without whose co-operate ac¬
tion all enterpri.se in this direction would languisfa
and become truitless?—are the lot owner, tho
builder and the house bujer. These are the three
crowned heads of building enterprise. Without
available lands attainable at reasonable rates, the
builder would be unable to plj' his industry.
Without mechanical geiiius and the laborious in¬
dustry of the craft, there could be no building
construction. And proper incentive would be
lacking for the furtherance of building schemes
without the prompt appreciation of the house
buyer or house lessee.