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Real estate record and builders' guide: v. 28, no. 714: November 19, 1881

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXVIII. NEW YORK, SATURDAY, NOVEMBER Id, 1881. No. 714 Published Weekly by The Real Estate Record Association TERMS: OHfE YEAR, In advance.....$6.00 Communications should he addressed to C. W. SWEET, 131 Broadway. J. T. LINDSEY, Busmess Manager. NEW AND OLD NEW YORK, The figures given by Mr. Samuel Cohen of some of his former purchases and sales of vacant lots in New York City, show how rapidly property advanced in New York in the olden times, before the street cars were established, or the elevated steam roads were thought of. But Mr. Cohen makes the mistake, which elderly gentlemen in any specialty are apt to do, in thinking that the chance for making money in the pur¬ chase of realty to-day is not as good as when he was in his prime. The fact is, there is twenty times the chance to-day of making money in real estate than thei'e was between 1850 and 1860. New York progresses as much in one year now as it did in five a decade since. There is an abundance of property to be purchased in the Twelfth, Twenty-third and Twenty-fourth wards, which before the close of the century will increase ten and twenty-fold in value. It is, however, true that the steam roads have destroyed the old monopoly in choice residence lots. By making larger "populated areas tributary, the elevated roads and steam roads have vastly enhanced the value of the business portions of New York, but fancy house property cannot bring the same mar¬ ket price as it did before the construction of the elevated roads. This is because there is greater liberty of choice in the selection of eligible ground suitable for fine dwellings. But still the fact remains, that, in no spot on earth is there so good a chance for an in¬ vestment in unimproved property, as within the limits of New York City. Our popula¬ tion is growing rapidly and can only spread northward. The advancing tide of houses- in the Nineteenth and Twelfth wards knows no retiring ebb, and wherever there is com¬ petition for ground there is sure to be a rapid enhancement in values. The great¬ ness of New York is only just beginning, and the purchaser at present prices will realize a larger advance than any which took place twenty-five and thirty years ago. The old Walton House in Pearl street, near the Franklin square elevated station, is now being torn down to give place to a factory for making belting. This house was built in-1754, and if any of our modern New York builders would look at the work of those days and compare it with his own, they would feel ashamed of themselves. The Walton House used to be the finest mansion in the city, if not in the country. All the material came from abroad, including bricks, tiles, mantle-pieces and interior adornments. The house to-day, as far as foundations walls, beams, &c., are concerned, is as good as when first erected. There was no slack work in those days. THE BUILDING TRADE. Below is a recapitulation of the tables that we have published from week to week show¬ ing the number of houses and flats erected for the present season, together with the location, name of builders and numbers of houses sold. There have been some few sales of completed, buildings since these tables were compiled and where it was not possible to obtain information as to whether a house was sold or not it has been computed as not sold. It must be remembered that the major part of the new buildings are now nearing completion or have just had the finising touches put upon them, which fact in some measure accounts for the small number of houses sold. It should also be remembered that a number of these build¬ ings have been erected as an investment and are consequently not in the market. This table shows that houses erected on the West Side have sold proportionally faster than those erected on the east side. EAST OP 5th AVENUE AND NORTH OF 43d STREET. Built. Sold. Unsold. 1,150 137 1,013 WEST OF 5th avenue AND NORTH OF 59TH"sTREET. Built. Sold. Unsold. 303 43 S60 It seems that there are twelve hundred and seventy-three new unsold houses east, west and north of the Central Park. This, in addition to the new and old houses below the park in the market, ought to give buyers an advantage until the demand develops next spring. It is notable that it is the very valuable houses which have had the most ready sale. The cheap houses have not been in demand, but all vacant houses can be readily rented. The stock market seems to be in an unde¬ cided condition. Towards the close of the year the tone of the street is apt to be bearish, due to a variety of causes, the locking up of money in payment of taxeSj the settling up of bills and holiday purchases. A decided rise is not expected till between the 10th of January and the end of February. The street is full of points to buy this and that stock, and the probability is that, those who do buy now, and hold their stocks till the 1st of March, will see better prices. The railway war must come to an end before a a great while, the government will be forced to disburse some of the surplus funds on hand, and the national banks are steadily increasing the circulation. The vast combi¬ nations made by the railway magnates of course affect values, and there are powerful influences at work to advance the market. Still the fact remains that some accident always intervenes to check an advance, when it looks as if one has been established. The manipulation in the elevated stocks still continues. Gould, Sage and Field are very anxious that the stockholders in the k Metropolitan should endorse some scheme which [deprives them of the; guarantee of 10 per cent. Field, who a short time since declared vociferously that the Manhattan was worthless, now offers to bet tliat it will sell for 75 within a year. Undoubtedly the triumverate have some plan by which they expect to enhance very greatly the value of that one of the elevated stocks in which they are the most interested. Although the number of transactions in the way of conveyances and mortgages has been larger in other weeks this fall than dur¬ ing the past week, yet, as will be seen, the amount of money involved in both purchases and mortgages is much the largest of this season so far. But the mortgage list of the past week is swollen by one very large trans¬ action, a $3,000,000 mortgage having been given by the American Heating and Power Company. A mortgage on the St. J.imes Hotel for $475,000 is to'be noted, also amort- gage of $335,000 on some Fifth Ward prop¬ erty, west of Hudson street, to a Boston cap¬ italist. But these transactions will seem small when the great real estate speculation sets in, which it must do before the present general enhancement in values is over. Week N.Y. Am't. No. No. 2.3d Am't. No. end City in- Nom- & 24th in- nom- ing. Cons, volved inal Wards, volved. inal. Sept. $ $ 14 75 809,074 25 12 21,450 .... 21 111 1,381,992 36 16 4.5,928 6 28 89 1,355,333 21 19 90,593 4 Oct. 5 157 3.200,444 34 15 15,400 8 12 157 2,007,448 39 21 38.289 3 19 159 1,696,607 52 18 64,000 6 2i> 146 1,720,325 44 21 213,871 6 Nov. 2 192 3,103,469 44 20 25,725 4 9 151 2,952,416 37 14 71,300 1 16 185 3,078,525 45 35 S.6,953 7 Week Mort- end- gag¬ ing, es. Sept. 14 21 28 Oct. 12 19 26 Nov. 2 9 16 108 149 117 169 152 174 298 241 204 196 Am't. No. in- Five volved. perct. % 79S,153 13 1,159,231 29 1,076,874 29 1,310,982 35 1,531,856 28 1,486,930 36 1,741,258 35 1,866,805 53 2,331,630 42 5,413,650 36 Am't. No. to Am't in- T. & in¬ volved. Ins Cos. volv&i. 224,700 17 227,900 235,681 28 464.450 469,100 27 562,500 a34,900 31 378,700 385.611 29 549,175 334,038 30 480,250 377,632 51 687,000 466,500 41 375,000 787,250 85 ari.Syill 595,200 39 3,748,300 For the putting out of fires it is urged that salt water should be used. It is com¬ puted that $10,000,000 would be amply sufficient to build the necessary apparatus to throw a stream that would reach the top of the tallest buildings. This water might be used for sprinkling the streets and cleaning the gutters, as well as flushing the sewers. Our store of Croton water could then be reserved for domestic and manu¬ facturing purposes. Salt water is preferable to fresh for street sprinkling and cleansing purposes and does not damage goods so much at a fire. By all means let us have plenty of salt as well as fresh water. No unusual features have been brought to light on the various markets for building material dur¬ ing the past week. Some fluctuation on v.ilues has taken place, but only through the influence of ordinary and natural causes, and iu the end sell¬ ers as a rule retain the advantage. A large pro¬ portion of the current movement is for actual consumption, as there is a natural desire to get