Columbia University Libraries Digital Collections: The Real Estate Record

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.

1118 The Real Estate Record. December 3, 1881 vault the remains of David Provost were interred. Thisis the vault whicli Washing- on Irving so vividly describes in his legend of the search for the hidden treasure of Cap¬ tain Kidd. This old burial place was removed about twenty years since to make way for the opening of streets. In 1806 John Jones died and the estate went to his children, John, Isaac C. and James I. Jones, who was the distinguished general of revolutionary fame, Frances M. wife of Edward F. Pendle¬ ton, a relative of the well known Ohio statesman of our day, William Henry and Helena M. Jones and Sarah the wife of Peter Schermei'horn. In 1814 the property was partitioned into six equal parts, running parallel with each other from what is now Third avenue to the East River. Parcel number oue of the estate comprised the i^roperty that has been known in later days as the Hamilton Park and Garden, extending from Sixty-eighth to Sixty-ninth streets east, of Third avenue, and was assigned to Mrs. Sarah Schermer¬ horn, wafe of Peter Schermerhorn. Ou April 20, 1845, Sarah Schermerhorn died, leaving four children, John Jones, William C, Edward H., and Peter Augustus Scher¬ merhorn, who inherited the property. Eight days later Peter Augustus Schermer¬ horn died, and his wife, Adeline E., became the owner of his share in the estate, aud with the other heirs conveyed the same to their father, Peter Schermerhorn, who was, as we have already seen, the owner of the old Hardenbrook estate. In 1852 Peter Schermerhorn died, leaving both estates to his sons and the children of his deceased son, Peter Augustus Schermerhorn. Since this time there have been several partitions, but the bulk of the property remains in the possession of the Schermerhorn family. Nearly the whole of this property has been improved from time to time except that portion bounded by Second and Third avenues and Sixty-eighth and Sixty-ninth streets, and now this last remaining land¬ mark on Third avenue, of the old Boston Road, is to pass into history, and what was formerly the magnificent entrance to the Schermerhorn mansion, (Avhich is still stand¬ ing, and was occupied until twenty years ago by William C. Schermerhorn), will soon be covered with handsome stores and fine dwellings. On this plot of ground may still be seen the commencement of the magnificent winding avenue of elms that led to the house of old Peter Schermerhorn. The artists of some of our illustrated con¬ temporaries could not find a more interest¬ ing subject for a sketch than tliese sturdy elms, many of whom have doubtless with¬ stood the storms of a hundred winters. The old-time New Yorker will recall the famous hostelry known as Flynn's, which stood direct opposite to the entrance to the Scher¬ merhorn estate, on Avhat is now the north¬ west corner of Sixty-ninth street and Third avenue. In the days when " 2.40 on a plank road" was mythical speed, this was the great resort for the drivers of fast teams, for, of course, in those days the old Boston road monopolized all the trotters, as well as being the fashionable drive. If this old landmark, so rich in the reminiscenses of the New York of a century ago must be des¬ troyed, it is at least some satisfaction to know that the improvements to be erected are to be of a substantial character, and that the property is not likely, at least in our day, to pass out of the possession of the old Knickerbocker family who have possessed it for so many generations. Jay Gould seems to be slowly adding to his real estate investments. The Grand Opera House is again in his possession. The Erie Company have given it to him in ex¬ change for certain coal lands. Gould, it will be remembered, is also a stockholder in the Opera House that is underway on Broad¬ way. Can it be that he expects to bear the stock of the latter company, by giving rival performances in the establishment he com¬ pletely controls ? Jay Gould once told a re¬ porter of the Real Estate Record that he needed his money for his railway enter¬ prises, and had none to spare for invest¬ ments in real estate. Yet he owns what ordinary people would consider a good deal of real estate. The Wo Id building is his, the house he occui^ies in Fifth avenue is worth a good deal of money, and his Tarry¬ town property is quite a magnificent do¬ main . Perhaps this great operator, knowing the certainty of fortunes based on land, is about to change his investments gradually, so that his fame and name may be perpetu¬ ated like the Astors and other great holders of realty. Gould, Field and Sage are sus¬ pected of being willing to take a hand in a real estate deal on the upper end of this is¬ land, in connection with their elevated rail¬ way programmes. ---------«.t ♦ ^ .--------- The verdict delivered by the jury ou the Grand street disaster, is just wiiat it should be. The recommendations are right to the point. The Superintendent of Buildings should be the head of an independent bureau, answerable only to the Mayor, aud the law should be so changed as to give him authority to put a stop to the erection of houses which are a danger to the safety and health of those who live in them. No doubt the coming winter will see a far more striugeut building law passed. HOW MATTERS LOOK OUT WEST. A gentleman, just returned from the West, was asked by the writer what he had to report of interest. "I was struck," said the traveler, "vidth the general activity of real estate everywhere that I have been, and particularly in Chicago, Denver City and Kansas City. The growth of the latter town, especially, is simply wonderful. Four years ago, a well-known merchant of this town lost, by death, a child twelve years of age. He im¬ mediately took it into his head that in some way God had unjustly dealt with him. So he closed up a prosperous business, realizing some $10,000, all of which he put into some land in the suburbs of the city, which he declared should be his grave¬ yard, and then foi-eswore communication with all humanity. Latterly he has emerged from his retirement, and two months ago sold for $100,000 one-half of the property bought four years ago for $10,000. As a rule the most profitable invest¬ ments have been made by Eastern men; the old residents cannot be made to believe that such prices are real. JN^ature could hardly have de¬ signed the site for that of a city, but it has been made such by railways, which converge from all points of the compass. It will, I think, in time be the most populous city between the Missis¬ sippi and the Pacific Ocean." "And how about Denver ?" "That, also, is destined to be a very large place. It is at the foot hills of the.Rocky Mountains, and is the natural entrepot for the vast business of the mining region and the mountains beyond. It is strange how conversation varies in each city you visit. In Chicago all the talk is of wheat, corn, and the crops genei-ally, as well asj of hj^jaal .lanbir. Ia Sb. Lja cotton, corn, wool, and the iron industries are uppermost in the minds of people. The crops and the railways form the basis of con¬ versation in Kansas City; but in Denver, Color¬ ado Springs and Pueblo, mines and mining inter¬ ests are the standard topics. Denver is splendidly located for doing the business of the mining re¬ gions in the mountains beyond it. Some day the vast plains to the south and east of Denver, .lovv arid and unproductive, will be irrigated by the waters of the Platte River and by the streams which are fed by the snows in the mountains to the west. All that is needed is water to make a wonderfully productive region. South Pueblo will also be a very important town. Its business will be manufacturing of iron, .steel rails and the smelting and management of ores. There are great chances in all these places for people who buy properfcy and can afford to wait." " What," asked the writer, " did you think of the Denver & Rio G-rande road and the Colorado Iron Company ?" " I shouliinot care," said the traveler, " to hold Denver & Rio Grande stock as a permanent investment. It cost when first laid some $8,000 a mile, but was stocked and bonded for $30,000 a mile. Having a monopoly they charged what they pleased, and the investment proved so prof¬ itable that tho insiders have been overdoing it They had a monopoly of the business to Lead¬ ville and charged extravagant rates, but the Union Pacific, by a cut off, now also runs to Leadville by a much shorter route, and will shortly be in the Gunnison region. To make up for this certain loss the Denver & Rio Grande is constructing other lines in the direction of Salt Lake City and other points, which cannot pos¬ sibly pay. I think, however, there is likely to be a contest for the possession of this valuable road between the Burlington & Quincy people and the managers of the Atchison, Topeka & Santa Fe. The Uiiion Pacific has lately opened and operate what they call the Julesburg cut-off, which short¬ ens the distance between Denver and Chicago some 140 miles, and of course that gives ifc the cream of the travel. The Burlingtin & Quincy, however, will within five months have a line completed which will be some 130 miles shorter than the Julesburg cut-oft", and they will then want to get into the mining regions, which they cannot do excepfc by way of the Denver & Rio Grande. As for the Colorado Coal & Iron Com¬ pany, I was very much impressed with what I saw of it. It has the two varieties of iron which make the best of Bessemer steel, and its coking coal is equal to any in the world. The company seems also to be well and honestly managed. Still, it will take some time to develop all the capabilities of this fine property, and then who can answer for the management of auy corpora¬ tion ?" " What else struck you on your travels ?" " I was astonished at the number of deadheads on all the Western roads, with the exception of the Union Pacific. I should certainly say thj.t three persons out of four, on the Denver & Rio Grande, who travel in parlor cars had passes. It was the poor people who had to pay for their tickets; ali the weU dressed and the well-to-do seemed to be riding free. There is enormous ac¬ tivity in every department of business out Wesfc, but it would soon come to a stop, if anything went wrong in New York, for there is where the money comes from after all. I should say there was to be a great development of the mining in¬ dustry, due to the building of railway lines through the mineral regions. By the way, the Black Hills do not seem to come up to the expec¬ tation. They are building,'another road to Deadwood, but there is too Kttle business for the branch of the Northwest, which is now near that city. As yet, the production of the Black Hills is confined to a few mines, such as the Home- stake, Deadwood, Terra and Father de Smet, owned by Haggins of San erancisco. But noth¬ ing that will pay has been found outside of a few square miles." " What do people say about the railways out that way?"