Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 21, no. 530: May 11, 1878

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Real Estate Record AND BUILDERS' GUIDE. Yoii. XXI. NEW YOEK, SATUEDAY, MAY 11, 1878. No. 530. Published Weekly by TERJIS. ONE YEAR, in advance....SIO.OO. Coniniiuiications should be addressed to C. %V. SWEET, Nos. 345 AXD :M7 Broadway. :a good resolution. Not long ago tiiere appeared iu the daily papers an item of iuforraation, valuable aud interesting to real estate owners, to wit: The following resolution was offered by Senator Edick, and, being concurreut, went over under the rule: Renolved (if the Assemlily concur), that AVilliani F. .Mien. George H. Andrews and A. S. Thurston be and tliey are lierebj- appointed a comiuittee wbose duty it sliall lie to prepare and present to the next Legisla- ttire, within thirty daj-safter it convenes, a.bill in reiii- tioii to tbe as-se.'fsnioni; and taxation of property in this Slate, whicii shall contain provisions providing what kind or species of property sliall be assessed or taxed for Stale purposes, and what kind or species of prop¬ erty shall hereafter be taxed for county and local purposes, and generallj- to revise aud so amend the present asse.ssaent laws of the State of New York, to llie end that each kbul and species of propertj- iiiaj- be made to pay its proper proportion of the taxes now levied for all purpo.ses, aud lo relieve aud equalize Iiroperty now unduly and iinproperlj- compelled to bear the burdens of taxation. AVe have deferred aiij' allusion to this subject in hope that prompt action might lie taken bj- the Legislature uixiu such a praiseworthj- aud meri¬ torious resolution, and that w-o might have the s.atisfaction of uiforming our readers of the ap¬ pointment of the contemplated conuui.ssion, and the likelihood of some decisive and intelligent action being taken upou the important subjects conlided to its care. AA'e have not beeu able, however, to discover any later information; aud we present the matter to our readers, even at lliis lute daj-, iu tho hope that it uisy attract the atleiition of inllueutial parties w-ho will take paius to urge the p.issage of this resolution at the pres¬ ent session of the Legislature. ArA''e are guorant of the origin of this nietusure, except so far as surface indications uiaj' suggest its authorship, though we should be more than glad if we could believe that the persistent effort of this paper during the last tw-o years to draw attention to tin's all-iinportaut matter of taxation had been the means of inducing the proposal of this action. The measure awakens our w-armest interest, nud if such a commission should be t;ventually established we will not be found lacking in sym¬ pathy with its objects. The experience during the la.st few j-ears of the difficulty of arriving at satisfactory results by means of commissioners and arbitrations has w-ell nigh discouraged the public in entertaining any high expectations of the good to be accomplished by such methods. The Constitutional Commission, the Code Commission and the Taxation Commission of 1871, besides the Electoral Commission, are all unsavory reminis¬ cences of our recent history; yet the practical failure of these several conferences must be at¬ tributed to thepai'tiality, partisanship and incom¬ petency of the majorities controlling those bodies. The system itself seems to be the only available and practicable method of canvassing mooted topics, aud arriving at some conclusion iu regard to them. That such conclusions should be unac¬ ceptable to the majority of the people should uot discourage a renewed effort to find out satis¬ factorj- conclusions. The ill success of previous efforts simplj- demonstrates tho independence of the public muid iu this couutry, and the dillicultj- of fastening it to leading struigs. After the sj-stem of refen-ing matters for arbitration and discussion to commissions shall have been tested and perfected bj- experience, we have faith iu its continued usefulness and permanent acccptabilitj- to the people. AA'o siucerelj" desire to see the new- Tax Commission become an established fact, and shall take great stitisfactiou in assisting its delib¬ erations bj'- auy suggestions and information which we maj^ be able to offer upon this all ab¬ sorbing sub ject. MARKET REVIEW. REAL ESTATE MARKET. AA'e have again to record the fact that but little business was transacted at the Exchange Salesroom, exceptsuchas related to foreclosure proceedings. The premises known as Nos. 14'2 to 150 Thompson street, 122 feet 3 inches south of Houston street (20.5x175 to Soutii Fifth avenue), were sold to George E. L. Hyatt for S-lU.liOO, and the tbree-storj-brick building with lot (-J1.0x102.2), No. 109 Seventh street was sold to Thomas S. Clark, for SJ,700. The plot of land bounded by Third avenue. Fourth avenue, Ninety-eighth and Ninety-ninth streets, after repeated adjournuieuts, has been finally sold to J. B. Dutcher, for ?!li>,000, to satisfj- mortgage liens amounting to about $170,000. It is reported that the e.T-sterly half of the block will be purchased bj- the New York Elevated Railway Companj-. Some important transfers are printed in the colunins of the conveyances. ThefExcelsior Jledical College has conveyed to Benjamin Brandreth the premLses known as the Brandreth House, forSlOO.COO; Jlr. N. D. Higgins takes title to the property No. 5-38 Broadwaj- in consideration of §00,000, and thn Louow andplot on tbe east side of Broadwaj-, 100.5 north of B'ifty-eighth street, has been conveyed to Sirs. R. H. Arkenburgh, for $72,500. Jlr. AV. H. L. Sniith has become the owner of property on the west side of JIadison avenne, extending from Ninetj--eighth to Ninetj--ninth street, 201.10x300, and other property on Fourth avenue, paying therefor §122,000. It is reported that the Willet Stevens estate has sold two lots on the north side of Fifty-first street, com¬ mencing 150 feet west of Fifth avenue, for S:J0,000, to George Mosh, of Pavenstedt & Co., who intends to erect on them a mansion of extra size. It is also re¬ ported that Jlr. R. T. Au'^hmuty has bought the plot of land on the west side of JIadison avenue, between Sixty-second and Sixty-third streets (200.10x70) for §77,000. The important legislation at Albany during the week affecting city tax-payers, is the reduction of about S7IX),000 on the tax levj' of this city. The rate of the State tax, which last year was 31-6 mills, has been reduced to 2 6-10 ni ills. The Com mittee on Cities reported favorablj- the bil for repaving Fif th avenue from Fifty-ninth to Ninetieth street and Seventh avenue from Eleventh to Fifty-ninth street. In another column tax-payers will find a list of all assess¬ ments received from the Commissioner of Public AVorks as well as those sent to the Board of Revision and Correction of Assessments during this year up to March 30,1878. The nature and location of the im¬ provements and the amount to be expended are also given. AVithin a day or two fresh assessment lists have been received in tho Bureau for Collection of Asscssinent.s, which are iirinted elsewhere. AVe again direct attention to the Important partition sale to take place on JIaj- 17tli, when Jlr. Harnett will dispose of 30O lofs on One Hundred aud Flfy first, OneHun- drctl and Fiftj--second, One Hundred and Fifty- third, One Hundred and Fiftj--fourth. One Hundred and Fifty-fifth and One Hundred and Seventy-flftb streets. Eighth, Ninth, Tenth, Elovpiith and New av¬ enues, w-ater fronts ou Hudson and Harlem Rivers, villa plots at High Bridge Park, including the elegant residence of the late Richard F. Carman. A full de¬ scription of the property appears on our second page Another important sale in partition isalso announced for the 15th day of Maj-. Jlr. .Tacob Cole under the di- rectiun of H. C. JIurphj-, Jr. referee, at the Commercial Exchange, No. 389 Fulton stfcet, Brooklyn, will then sell oil lots in the Twentj--third AA'ard of the City of Brooklj-n, situated on Nostrand, Jlarcy, Tompkins and Putnam avenues, Halsey, Hancock and Jefferson streets. It will be recollected that this tract belong¬ ing to the estate of Leffert Lefferts, deceased, which is now the choicest vacant propertj- in Brooklj-n, was sold in December, 187-2, for 5894,000. A legislative act, however, which it wassupposed relieved the title from all objection was declared unconstitutional by the Court of Appeals. Since that decision, by means ofa new rcinedj- in the nature of a fricndlj- suit in parti¬ tion, the title has been tested in legal proceedings and adjudged valid. T\ventj--one plans, embracing thirtj--two buildings, the estimated cost of which is S45(i,000. have been filed with the Superintendent of the Department of Buildings during the week ending Maj- Oth, inst. The noteworthj- buildings to be erected are two fourstory frame store houses on Fiftj-eighth street, between Fifth and Sixth avenues; two five-story stores at No. 377 Broonie street; three four-story brown stone dwellings on the northwest corner of Jladisou avenue and Eighty-first street, and three four-story brown stone dwelliugs at Nos. 2"}, '2(3 and 28 East Forty-ninth street. The following are the sales at the Exchange Sale room for the week ending Jlay 9: Broadwaj-, w s, 81.9 n I'lSth st, twostorj-1 franie dwelling, 28.1x90.2.............i Broadway, w s, 56.6 n tiStli st, two-storj-1 frame dwelling. 28.!x.VJx-,'5.x7l.lO.........j lo Union Dime Savings Inst, tplaintiff). (Amount duo about §10,273.)___....... §19,812 Beekman pl (No, 39; s ecor Slstst, four-storj- stoue front dwelling. -20.5x100, to Jlargaret E. DeForest (plaintiff). (Amount due about §16,000.).................................. 5.000 Broome st, s e cor Elm st, 26.9xn6.x-26.6xll7, No. Ill Broonie st, three-storj- brick store and dwelling. No. 175 Elm st, two-story franie factory and dwelling, and one-story frame dwelling, to Janies Suydam (plain¬ tiff), (Ainount due about §17,175,)........ 19,750 Cherry st (No, 17), s s, two-story frame house, 2-2.9.X65.11, to AVilliani Finn (plaintiff). (.Amount due about §4,800.)................ 3,500 Lewis st (No. Ill), w s, 180 n Stanton st, five- story brick store and tenement, aud three - storj- brick dwelling in rear, 20x100, to Jacob Jleyer. (Ainount due about $9,000.) 9,750 Jlary st, s s, 250.3 e Jlorris av, frame house, 25x 100, to Sylvester Hunt (plaintiff). (Amount due about §500.) .......................... 700 Thompson st (Nos. M3 to 150). e s, 122.33 Hous¬ ton st, five twostory- brick houses, each 'i0.5xl75 to South 5th av, to G. E. L. Hyatt. (Public auction.)........................... 49,600 7th st (No. 199), n s. 37,3 e Av B, three-story brick builuing, 21.0x88.8, to Thomas S. Clark...................................... 4,700 19th st (No. 427), n s, 328 e 1st av, flve-story brick store and tenement, 24x92 to F. C. Goldsmith.................................. 8,550 49th st (No, 340), s s, 175 w 1st av, flve-story stone front tenement, 25.'cI00.5, to F. S. Dresler, for a partj- in interest. (Amount due about §5,-200.)......................... 10.150 58th st (No. 5:J-2), s s, 400 w 10th av. five-story brick store and tenement, 25x100.5, to Joseph N. Ireland et al (trustees and plain- tiUs). (ilmount due about §12,000.)...... 9,000 67th St. n s. 300 e ;M av, vacant, 2ix77.3x25.2x 79,6. to Patrick Tallon (plaintifl). (Amount due about S-2,800.).......................-.. 1400