Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 26, no. 645: July 24, 1880

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXYI. NEW TOEK, SATURDAY, JULY 24, 1880. No. 645 Published Weekly by TERMS. ONE YEAR, in advance___SIO.OO. Communications should be addressed to C. W. S^ITEET, No. 137 Broadwav THE $215,000 PURCHASE IN MADISON AVENUE. When it becaine known in Pine street the other day that Mr, Pierrepont Morgan had purchased the house of the Hon. Walter William Phelps at the nortlieast corner of ]\Iadison ayenue and Tliirty-sixtli street for $215,000—the proiJerty fronting 65.8 on the avenue and 175 feet on the street—would- be experts as to vahies freely exjiressed their opiiaions in regard to the purchase price, Avhich the majority considered excessive. Now, it is well, even for brokers and experts, to be reminded of what The Real Estate Record has often told them, that the prices of New York real estate depend not only upon future values, but mainly, where hard cash is at play, upon the personal pref¬ erences of the buyer. We will, therefore, as far as lies in our power, give a succinct his¬ tory of this property and its immediate sur¬ roundings. The front on the east side of Madison avenue between Thirty-sixth and Thirty-seventh streets was purchased about thirty years ago by Messrs. J. J. Phelps, Wm. E. Dodge and Isaac N. Phelps, for al¬ most nothing, so to speak. Messrs. Murray and Olyphant about the same time purchased the northwest corner of Madison avenue and Thirty-sixth street. These gentlemen sub¬ sequently built a residence which finally be¬ came the home of Bishop (now Cardinal) McCloskey. Mr. Olyphant also built a house adjoining, and the two houses have since been occupied by Messrs. Oothout and Lucius Tuckerman. The one hundred and ninety- seven feet constituting the east front on Madison avenue, between Thirty-sixth and Thirty-seventh streets, above alluded to, was divided in three good and equal grants of Qo% feet each. Mr. Walter WiUiam Phelps, the lieu- of Mr. J. J. Phelps, has now sold his corner for $315,000 to Mr. Pierrepont Morgan. The latter gentleman, who had for a long time contemplated the idea of purchasing this corner, was in London Ayhen he made up his mind to give a fair consideration for this elegant mansion. The adjoining pala¬ tial residences are still occupied by Messrs. Wm. E. Dodge and Isaac N. Phelps, and the sale thus effected through Mr. Homer Mor¬ gan reflects credit not only pn the broker but clination leads him to prefer a residence in the immediate neighborhood of other bank¬ ers and capitalists. On Thirty-sixth street, immediately adjoining, resides Mr. James M. Brown, of Brown Brothers & Co.; on Thirty-seventh street are the residences of Mr. Norvin Green, President of the Western Union Telegraph Company, and of Mr. Lan¬ ier of the firm of Winslow, Lanier & Co. Commodore Garrison resides on the north¬ west corner of Park avenue and Thirty-sixth street. It will thus be seen that it is worth some¬ thing to reside in the immediate vicinity of such neighbors, and while the Hon. Mr. Phelps receives an excellent price for his pi'operty, Mr. Pierrepont Morgan may be congratulated at having secured such an excellent domicile, which really cannot be duplicated on Manhattan Island. ---------------------------H*^--------------------------- We understand that, in the course of very few days, General Newton, in obedience to an act of Congress, passed at the recent session, will begin to survey the Bronx River, with a view of improving it and making it a navigable river throughout. The Bronx is only navigable now from the morocco factory in West Farms to Long Island Sound, the remainder being shallow and full of rocks. Considering the steady influx of pop¬ ulation on both sides of the river, especially the increase of manufacturing establish¬ ments, it wiU readily be seen how great will be the advantage to the adjacent property that will follow in the wake of the improv- ments, which it is generally believed will be set on foot as soon as General Newton shall have reported the results of his surveying expedition. will render the upper wards as free from malaria as any other section 0|f the city. We print to-day in another column the new act providing'' for the proper drainage of lands in the City of New York," which hav¬ ing been introduced by Assemblyman J. L. WeUs, owing to his energetic efforts received the signature of the Governor, and became a law, the importance of which all property owners will appreciate. The necessity for this act arose from the fact that during the early part of this year the Court of Appeals decided the drainage act then in force uncon¬ stitutional, as it was in direct conflict with Section VII. of Article 1 of the Constitution, which provides that when private property shaU be taken for any public use, compen¬ sation must be made therefor. The new law is especially applicable to the new wards, many portions of which sadly need a proper system of drainage, where sewerage is too expensive, 4-s ^ sanitary nieasure the act is pf ^vmt Yfiluis p4 if PWp!?4 piif faithfully There appears to be somewhat of a misap¬ prehension in regard to the manner in which the World's Fair Commissioners will go to work when they meet for organisation in this city on August 10th, The general be^ lief has been heretofore that they will at once appoint a sub-committee to select a site. This, we are now authoritatively informed, is premature. The only work expected from the Commissioners after their organization is the granting of authority to raise the re¬ quired funds. For that purpose they will order books of subscription to-be opened for at least six weeks. At the expiration of that time the subscribers to the fund w^ill meet with the Commissioners, and a Board of Finance as well as a Committee on Site will then be appointed. It is, therefore, not likely that anything in regard to selecting a site for the World's Fair will be done until October, and perhaps not until November. Builders and material men will be inter¬ ested in the information furnished them to¬ day in another column in regard to the con¬ sumption of pine lumber, and the importa¬ tion of cement. It is but natural that with the vast improvements going on in this seC' tion the West should be anxious to watch closely our supplies on hand, and perhaps take advantage of a supposed decrease in the stock. Our market reporter, however, as usual sets them at rest on this score. The extraordinary increase in the importation of cement footing up 96,000 barrels thus far in 1880—an increase of nearly 40,000 over 1879 —wiU arrest attention, and satisfy builders generally that with this immense supply in the market, there is, at least for the present, no chance for a corner in cement. The proceedings taken by the mechanics at the Rockaway Hotel were of the Higher Law order, not at all in accordance with the Mechanics' Lien laws of our State. Even the British consul who advised the Canadian workingmen to retain possession of the prem¬ ises would have done wiser if he had taken counsel from an ordinary American lawyer. Of course the great public sympathizes with the mechanics, but they should look to their boss mechanics for their pay. The latter are under contract to do a certain work, and the law gives them the means to recover by at¬ tachment in accordance with legal process. To permit, however, a mob of workingmen to t'ake possession ot property, without due pep^SI pf JaWj ipi ,so^?}f|i]ii|ig that eye^ ^vf^,