Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 25, no. 626: March 13, 1880

Text version:

Real Estate Record AND BUILDERS' GUIDE. Vol. XXY. NEW YOEK, SATUEDAY, MAECH 13, 1880. No. 626 Published Weekly by Cbe Ecal (Estate Eecorl) l^ssoctatton. TERMS. ONE YEA It. in advance.. ..SIO.OO. Communications should be addressed to C. W. SM^EET, Nos. 135 AND 137 Broad'awv. BUILD UP THE WEST SIDE. Would it not be well for several owners of West Side property to talk less of the future grandeur of that section and build more. Improvements I e absolutely necessary, and now is the time for a few enterprising men to set to work and go at it. We know of two owners ready to form part of any combination that may be f jrmed lo begin at once and build. Tlieir efforts simple and alone would be fruitless, as it requires several owners to buill up one or two blocks, but they are willing to co-operate with others so as at least to make a beginning. The necessity for the immediate con¬ struction of houses west of the Central Park was forcibly broughc to our notice during the past week by a gentleman now residing in Brooklyn, and anxious to change his domicile to this city. He does not wish to live in Harlem, but in the vicinity of the Park. Upon enquiry of several up-town agents, he found that there were no suit¬ able houses to rent in tho locality he had selected, and hence made up his mind to remain in Brook¬ lyn for the pi'esent. Enterprising owners will lind it to their immediate pecuniary advantage to build along the Eighth avenue, or the cross streets. It is of no use to say that this or that street is not in a condition for immediate improvement. The Department of Public Works is disposed to come to the rescue of owners wherever and whenever the proper application is made therefor, and the Boardof Aldermen are in a mood just now to stand by the Department. Combined action is all that is required on the part of a few owners to start the ball. The shanties of the disti-ict will be removed by the fir^t of May, but they might as well remain if their removal is not to be followed by immediate improvements. Only a few weeks intervene, and if anything is to be done at all in the line of building after May 1st, now is the time to make the necessary preliminary combinations and preparations. SECOND SOBER THOUGHT. It is a matter of satisfaction to The Record that several of the leading dailies, which for weeks past raised the cry for five cent fares, have during the past few days seen the hollow- ness of that cry and embraced, the views so elaborately set forth in these columns several weeks ago. True, the change of base on the part of the Heraid especially, was very much like that of a skilful acrobat, sudden, sharp and decisive, but in the field of common sense there is always plenty of room for a repentant sinner. All the arguments printed in The Record have since been used with effect, not only in Al¬ bany, but elsewhere, and whateyer may be the ultimate fate of the bill pending in the Senate one thing i-i sure, there is very little chance that any¬ body will ride, for some time to come, from the B.ittery to Harlem for five cents, except during the commission hours. Should the bill pass and be signed by the Governor, we understand that the elevated railway companies will at once ap¬ peal for protection to the Supreme Court of the United States on constitutionat grounds, because the new law would impair the obligation of the solemn contract entered into between the State and those holding the franchise, which is specially forbidden by Federal law. It is to be hoped, however, that Governor Cornell, even if the foolish bill p.■^s> the Senate, will stand between constitutional rights and popular clamor—if such thei-e be—for in the Senate, at least, it cannot be passed over his veto. This would save litigation and remove all barriers which now impede the progressive construction of the roads on the upper part of the island. The people of the annexed district will be virtually deprived of rapid transit to the lower part of the city if the companies are driven into expensive litigation. Already there is a partial suspension of work on the Second avenue line abuve Sixty-fifth street, and with the slow methods that characterize all our law courts, there is no telling how long the citizens of the West Side will be deprived of additional facilities and termini for which they are clamoring, and which the managers of the road are willing to give them, if they are only let alone. It is to the interest of propertj^ owners on both sides of the Harlem that the Manhattan Railway Company be permitted to work along, as it has begun, exploring regions of the city hitherto unoccupied, and -satisfying hundreds and thousands of our citizens by fur¬ nishing them with a mode of quick transit, un¬ paralleled in the annals of travel, either in this country or abroad. would have to be proved to uphold the title, and that the court might hold that an attorney had no power to waive anything—that his duty was to watch and to defend. In the case of Lyon vs. Lyon, 67 N. Y. 250, the Court of Appeals held that an attorney could not waive an irregularity after judgment, and consent that the clients should be bound by the decree. An extension of this rule might.break up the practii^' of attorneys st.pula- ting away the defence of their clients before judg¬ ment, and throw upon the party seeking to up¬ hold the rule, as in that case, the necessity of es¬ tablishing the attorney's authority. Secondly, the process of constructive service of the summons by publication has, beyond doubt, been taken as against many defendants who were entitled to personal service. The carelessness of attorneys and their unwillingness to take trouble has no doubt, in tnany cases, led thera too readily to resort to the order of publication. In such cases the party thus irregularly served is not bound by the foreclosure, and still retains his interest in a lien upon the property foreclosed. It may be very difficult for a lawyer now examining a title to ascertain the facts, but a great risk would be run if a mistake of this sort were made. These are two only of the many questions de¬ manding a critical investigation in the examina¬ tion of a judgment record in foreclosure. CARELESS FORECLOSURES. During the past seven years there have been a great many foreclosures, and many lots are now held and offered for sale by. parties who n ake their title through such foreclosures. They are therefore receiving a sharp scrutiny from the lawyers, who are examining titles on the sales now making. All the rules of law surround, with thei protection, a purchaser who takes title by deed from his vendor, but this is not so strong¬ ly the case with a title taken by hostile proceed¬ ings from the owner. Questions of regularity are more carefully looked into, and if there is any outstanding interest in a person who is not made a party, or an infant or absentee is not brought within lhe jurisdiction of the court, a serious ques ion may arise. Two classes of these questions ore now receiv¬ ing attenti n. First: whether the common prac¬ tice can be upheld, where an attorney appears voluntarily for a defendant, and waives service ' of notice of the ordinary proceedings in the pro- g^ess of the action. A client is bound by the acts of his attorney in performance of his duty to pro¬ tect the client's right; but is ho bound by his waivers and consents ? If a case should arise where a defendant had suffered an injury and the attorney was not responsible, it might be that the authority of the attorney to appear for hina MARKii:T Rh^VlKW. REAL ESTATE MARKET. ^f" For list of lots and lioascs for sale see pages iv aud v of advertiseluentm. Considerable property was offered at public sale during the past week, but whetner it was the storm that made itself felt on Tuesday, as well as on Thurs¬ day, the total result is that the transactions of the week in the Exchange Salesroom were not of the most cheerful kind. Of course, there are always ex ceptions. and so there were during the week, but- taking at this closing day a survey of the market there appears to be somewhat of a pall hanging over the energies of buyers, and a languor that aside of the weather, betokens a desire on the part of some.capitalists to wait for something new to turn up. As to sales of speculative property at auction, we merely record the fact that during Tuesday's storm, Mr. Harnett withdrew from sale the twenty- six lots on Lexington avenue, One Hundred and Second and One Hundred and Third s reets, arter having te.sted the views of bu3'ers, who were not disposed to come up to the ideas of the owners of property. They are now^held at private sale. Some valuable business property, on Greenwich and Reade streets was withdrawn on the same day by A. H. Muller & Son. The same flrm sold, however, on Thursday, by order of the executor. No. 39 West Twenty-eighth street, for $23,000. The well-known Mr. Plaiiiiiff was also around during the week, and of course, secured sundry bargains, but the most notable one was the sale of 236, 238 and 240 William street corner of Duane, by A. J. Bleecker & Son This property now rents for 82.700 per annum, and was disposed of by order of the Executor for S23.200. The sugar refinery block, on Water and Cherry street, including machinery, also was sold by Mr. Camp at a far lower figure than anticipated.. This same auctioneer disposed of thirty-six acres of land at McComb's Dam to Fordham, for $100,250, to Mr. Thayer, representing it is said, the plaintiff. This sale, however, it is rumored, is preliminary to tbe sale of an adjoining strip of land, all of which we are told is now