E.A.L Estate Record
AND BUILDERS' GUIDE.
Vol. XXIX.
NEW YOEK, SATUEDAY, JANUAET 7. 1882.
No. 721
Published Weekly by The
Real Estate Record Association
TERMS:
ONE YEAR, in advance.....$6.00
Communications should be addressed to
C. W. SWEET, ISl Broadway.
J. T. LITSTDSEY'Business Manager.
One of the evidences of the growing interest in real
estate, is the very large addition that has been made
during the past year to the subscription list of The
Re-vl Estate Record. No other paper can boast the
patronage of so many v,realthy and influential corpor-
atious, business Arms and individuals. AH the de¬
partments of this paper deal with vital financial inter¬
ests, and hence its rich clientele and steadily enlarg¬
ing subscription list. The additions during the past
year trebled those of any previous year. To-day we
send out a very large number of specimen copies, and
the paper itself tells the story of its increased interest
and growing importance. During the rest of this year,
we propose to keep up The Record in all its depart¬
ments, and to add to its value for the business public.
No large concern in New York, v^hether interested in
real estate, finances, mining, insurance or genera
trade, can afford to be without The Real Estate
Record. Its files are simply invaluable for those who
are specially interested in its specialties,
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PROSPECT FOR REAL ESTATE IN 1882.
We can only judge of the future by the
past. Since 1877, as will be seen by the
tables we give below, there has been a steady
increase in the number of transactions in
real estate, as well as in the sums of money
employed in making the transfers. In other
words, the number of sales are steadily in¬
creasing, and the sums paid are larger year
by year. It follows from this that we may
naturally expect a better market during
1882 than there was during 1881. To begin
with, there is a steady addition to the popula¬
tion of New York and Brooklyn, Apart from
the natural increase due to the growth of
business, New York is attracting rich people
from all parts of the country. It is a pleas¬
ant city to live in; it is the great money
centre, and those who wish to pursue art
studies or attend the finest places of amuse¬
ment on the continent, naturally prefer New
York for a home. Then, the immigration
statistics show that a surprisingly large num¬
ber of Irish and Ge^alis stay right here in
New York. This is a great Irish as weU as a
German city, and the people hailing from
these two countries attract their friends from
over the water. It follows that there is a con¬
stant and increasing demand for new houses,
new tenements, new apartments, as well as
new warehouse, store and ofS.ce room. The
total immigration to the United States in
1881 was nearly 700,000. During the present
year it may be still larger. Hence, irrespec¬
tive of any other factor in the case, the
dealings in real estate in this city will show
a larger aggregate in the tables we shall pub¬
lish early in January, 1883, than do the tables
which we publish to-day.
Judging from the experience of builders
during the past year, there may not be as
many structures erected in 1883 as there were
in 1881. New York was not overbuilt last
year, for every new house w-as promptly
occupied. The speculative builders did not
miscalculate the demand for houses, but they
did over-estimate the consumptive demand
of would-be investors. In other words, there
were plenty of persons to occupy houses, but
other investments were more tempting to
people who had ready cash to buy houses.
There is, therefore, an apparent falling off in
the plans for erecting new edifices compar¬
ed with last year, nor will speculative build¬
ing be resumed on the same scale until more
houses have been sold to investors. Should
there be an advance in rents the coming
spring, as now seems very likely, house prop¬
erty will be more remunerative and more
tempting to capitalists than it has been, and
should any number of the now unsold houses
be absorbed, there may be greater activity in
building during the summer and fall months.
The dulness in Wall street, compared
with the activity of a year ago, is turning
the attention of investors in other directions
for employing their money. There have
been heavy losses to those who have been
dabbling in stocks during the past eight
months. The new money that is made in
trade and general business will not be taken
into Wall street, and some of it will un¬
doubtedly be invested in real estate in this
city. According to our figures fully $160,-
000,000 "was invested in real estate in New
York in 1881. It is quite safe to estimate a
large addition to this sum in 1882.
It is not safe to calculate upon any active
speculation during the first part of the
year. Of course, what is vulgarily called a
"boom," is certain to take place sometime
in the not distant future, but conservative
operators see no evidence of any excitement
in the market at present. Of course certain
localities wiU show higher figures ; business
property down town must advance largely
in value, as well as choice resident property
in the central zone of the city. The demand
for houses above One Hundred and Twenty-
fifth street, and between Third and St.
Nicholas avenues, is building up that part of
the city with exceptional rapidity. All
points reached by the elevated roads will be
in demand, for population is certain to
thicken on every locality accessible to the
business part of the city by means of our
elevated roads.
The people connected with the elevated
road properties undoubtedly have schemes
on foot which will affect real estate in the
upper part of the island. They may revive
the World's Fair project for the purpose of
giving value to the Manhattan stock. In¬
deed, it is understood that some such scheme
is on the tapis. Should they do so, a very
active speculation would set in for up-town
real estate. The elevated road system is
capable of immense extension. It can bfl
used for merchandise, for parcel delivery,
and for supplying food. Hence the proba-
^bilities of abbatoirs and great meat and
vegetable markets in the neighborhood of
the HarJem river, private houses to be sup¬
plied by the elevated road system.
The completion of the Brooklyn bridge,
which cannot be delayed beyond this year,
will create new trade centres. Wherever
vast tides of travel seek new channels, it
adds to the values of property most affected,
A hundred thousand passengers each day
over the Brooklyn bridge would involve the
opening of stores, restaurants and other
business places both on the New York and
Brooklyn sides to supply their wants. The
completion of D, O. Mills' building, on Broad
street, and the completion of the Produce
Exchange, opposite Bowling Green, will add
largely to the value of all adjoining prop¬
erty. The new ferries to be established will
lead to new stores to accommodate passen¬
gers by the new means of communication.
We look, therefore, for special activities in
certain quarters of the city, even if there
should not be any geiieral speculation in
land and houses. The following table gives
the number of transfers during the past as
compared with former years, together with
the consideration and the average price. It
will be seen that the totals have increased
steadily since 1878,
No. of
Cons.
7,17.5
6,191
6,347
Year.
1873...
1874...
1875...
18^6...
1877. .
1878...
1879...
6,384
6,179
6,029
8,969
Av'ge price
.Amount paid. per Con.
514.5,285,753 $20,248 87
114,197,609, 18,445 75
99,025,562 15,601 95
86,733,805
71.469,285
64,119.187
85,563,913
111,666,6.36
i 148,219,490
1-3,601 85
11,566 49
10,6.35 12
9,539 97
11,646 45
12,692 18
1881......... 11,678
The action of Congress may affect certain
localities in New York, for an attempt may
be made to revive the commerce of this
port, or, it would be more accurate to say to
make use of American instead of foreign
vessels to convey American products to
foreign ports. This would reenforce tlte
number of our merchants and give employ¬
ment to repairers of ships as well as to
builders of wooden and iron vessels.
The of&cial figures of the conveyances and
mortgages recorded during the months of
September, October, November and Decem¬
ber are as follows :
• 23d &
Cons, Am't. Nom, 24th W. Am't. nora
Sept. 389 $4,937,744 103 59 ©218,061 13
Oct. 619 8,624,824 169 75 3.31,560 2-3
Nov. 876 13,464,964 225 103 35.3,565 19
Dec. 719 14,459,915 226 72 190,010 10
T. &
Morts. Am't. 5 p c Am't, I, Co. Am't
Sept, 497 .$4,329,012 96 $1,261,881 89 $1,848,250
Oct. 793 6,071,026 134 1,332,181 141 2,095125
Nov, 954 12,315,113 208 2,.556,695 166 5,.303 07.3
Dec, 856 10,177,583 153 1,931,891 183 3,112,304
To understand the above figures entirely,
it would be weU to bear several facts in mind.
In the first place, the recording of the con¬
veyances and mortgages averages nearly a
month after the actual transactions. The
September figures show the transactions
which took place as a general thing in Au¬
gust, and hence the December figures are of
sales which really represent November.
Then, again, it should be remembered that
there are a large number of transactions in
which the real figures are not given. In the
four months above given, there were 787