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.

r 830 The Record and Guide. October 37, 1888 road, but in September it earned all its fixed charges and more than enough to pay a dividend on the income bonds. An extension to Bloomingto'J, some forty-five miles, will give it a Western connec¬ tion, and another short line is all that is necessary to put it into relations with the Terre Haute, which has St. Louis for a termini. THREE trunk lines are competing for Erie & Western, and the stock will sell for more than double its present price before many months are over. The Seney people have nothing now to do with this roadj and its management ia honest and excellent. MR. JOHN McGINNIS says that North River Construction Company stock ought to be worth $135 a share. The division will be made when the West Shore road reaches Buffalo. THE terminal bonds of the West Shore road are being offered in tlie London Market. There is no quotation for them on this side of the water, nor is any effort made to market them here, INSIDERS say that the Grand Trunk haa come to a full under¬ standing with the managers of the West Shore and Buffalo. A separate company is to transact the business between New York and Chicago, Tbe Pennsylvania is a party to the arrangement with the West Shore road. The spurt in Wall street seems to have helped the real estate market temporarily at least. Brokers and builders at the close of the week all report a better inquiry. The fine houses now in the market cannot, at the present price of labor and material, be dupli¬ cated for what is asked for them. The Prospect for Apartment Houses. A well-known promoter of companies for building and selling apart¬ ment houses paid a viiit to The Record and Guide office last week. He was asked if the businesa was overdone. " No," was the reply; " apartments suited for the market commanded a ready sale. Really desirable suites of rooma sell for largs premiums and find numerous purchasera. Take the Gramercy apartment house, for instance, which is not a co-oporative institution, but was built to be sold. I understand that some of the suites have advanced in price fully two- thirds over the original cost, A change has taken place, however, in the way of doing buainess. The Hubert Home Association were originally orgauized on the co-operative plan, and were based upon tbe designs of architects, each member choosing bis suite of rooms and agreeing to pay a certain price for them. But tbe average investor does not understand ground plaos, nor realize what an apartment looks like when he surveys the drawings of an architeot. So tbe most popular plan now is for capitalists to erect the apartment house, and then sell out the suites of rooms to the future co-operators. This, for instanco, is what Mr. Navarro has done with his Fifty-ninth street apartment houses. I hear that he has sold every apartment in tho four structures alreadv erected, which bas given him a magnificent return on bis original investment. He ia now at work on the other four mammoth apartment houses." "Does that account," said the writer, "forthe number of buUding and land improvement societies wbich are now being organized V "It accounts for quite a number of them," was the answer. " There is, by tbe way, a large enterprise now on foot, involving an expenditure of $5,000,000. Tho plan is to take a whole block in the neighborhood of Central Park and build the finest structure of tbe kind in tbe world, but tbe undertaking is so big a one that I am afraid it will not go through." " What was the reason of the failure of tbe Fifth Avenue Plaza Houae Club enterprise ?" " Well, tbe story among builders is that the promoters were anxious for too large a profit, The organizers of the affair were a clergyman and his sons. They bad made a great deal of money in previous schemes, especially in two well-known apartment houses, one on Fifth avenue and another on Madisou. They would have succeeded in the Plazo enterprise in all probability, but tbeir own share of the benefits was to be so extravagant that the would-be investors with them couldn't see it. IC the capitalist who built the Gramercy apartment house should take this location, as it is said he thinks of doing, he would make a very handsome profit out of it for he knows the market and would build an attractive property. He would be satisfied, too, with a fair return for bis outlay." " What is the largest co-operative buQding scheme now under way?" asked the writer. "The 'Chelsea,'" was the reply. "This will really be a novelty; it will in-fact be a co-operative hotel; that is to say, the co-operators will own apartments of four or moro rooms in what will substantially be a hotel. They will be furnished with gas, beat and service, but will pay for their meals like at an ordinary restaurant. Should this succeed, as I believe it will, othsr hotels of a like kind will be constructed. The number of peo¬ ple who come to New York wbo would like to own their own apartments and not have the worry of housekeeping, is steadily increasing. An estab¬ lishment sucb as tbe Chelsea will meet a. real want. I am convinced that we are only in the beginning of a change in our domestic economy, due to the co-operative principle aa applied to apartment houses and family hotels." A petition of the property owners witb map aud plau for changing the grade of 120th atreet, bet veen Eighth and Ninth avenues, is now peadtne before the Common Council. All persona interested in the above change of gride, and having obiectinus thereto, should present the same in writ- ine; to the Commissioner of Public Works, on or before November 6th 1SS3. The maps showing the present and proposed grades can be seen at Eoom t, No. 31.Chambers street. Home Decorative Notes. —The increased interest in architecture and interior decoration leads us to closer Inquiry into everything that may add to the embellishment and beauty of our homes, and in our selections we must remember that complete success ia only achieved by the skillful blending of such colors and forms aa will produce rest and harmony. —A pretty head rest is of green plush, creacent shape, and embroidered with golden rod and daisies, the gilt cord crocheted gives a very pretty finish. —A very choice and interesting collection of antiques may be found at tbe warerooms of H. J. Duveen, of Ho. 827 Broadway; rare and beautiful pieces of Sheraton furniture now so popular and eagerly Bought after, side-boards of Dutch marqueterie, very beautiful desks of the vernis- Martin order. A very choice rock crystal pitcher, wrought of one solid piece, with silver mountings, is valued at $350; a rather important piece of ivory is a crucifix, most exquisitely carved; it was formerly tbe prop¬ erty of Pope Pius IX. —Table-covers banging over the edge of the table are no longer used, the newest ai.d handsomest ones scarcely cover the top. —Egyptian cloth in red, blue and crimson colors, with curious and fan¬ tastical designs, makes a very effective covering for parlor furniture. —The crazy quilt fever has almost become an epidemic, the fan design wrought in each corner is exceedingly effective. —The Austrian bent wood furniture claims some littlo attention both for durability and beauty. The wood is cut in the direction of the grain, and then bent in one solid piece to the desired shape, the parts are united by screws, no glue being used, it may therefore he easily taken apart and put together. Thonet Brothers, of 326 Broadway, are the in¬ ventors and manufacturers of these goods. —Une of tbe newest and popular designs for table-covers and sofa. pillows ia tbe geranium, pansy or wild rose crackle pattern, —Quite unique cane-racks are in the form of whiffle-troes, with silver mountings. A pair of stirrups is another novel design. —A peculiar device for a paper-cutter Is the head and hill of a crane in bronze. —Very beautiful and choice productions in plated silver wars are being constantly introduced. The Derby Silver Company of No. 3 Union square, have some very beautiful pieces—vases and placques of silver and gold, most tastefully combined— odd dishes for fruity cake, nuts, etc. The dis¬ play of lamps is also very fine. —A miniature umbrella of aUigator is rather odd, yet useful as a pencil- caao. -Almost every species of earth, air and water in metal serve ae paper¬ weights, —Iron ornamentation has come of late years into remarkable promi¬ nence. The bluish black oxide of iron ia formed upon either east iron, wrought iron or steel, the surface then being polished with oil takes a beautiful lustre. The hall lamps or lanterns of iron scroll work ornamen¬ tation and colored glass are extremely beautiful in effect; some pretty examples were seen at 1. Cezilly's, of 1808 Broadway. —An exquisite mantel lambrequin is of delicate blue plush embroidered with wild roae design. It is drawn perfectly straight across the front, with festoons of plush arranged over the top, and graceful drapery falling quite low at the sides. —Japanese glass is a late and novel production, it is in all colors and decorated with fanciful designs. —Flush palettes are among the numberless secretive devices for the whisk broom. —Strips of gray linen embroidered In crewels ara used to insert in door panels. —The growing popularity of brass fnrnitore is sufficient evidence that It is thoroughly appreciated by those who desire to furnish in good taste. A brass table or cbair adds brightness to tbe apartment, giving it also a decorative value. Varied are the designs of tables witb the tops of ma¬ hogany or ebony, with brass legs in imitation of bamboo, others have panels set in open brass work, and again entirely of brass, delicately chased—exquisite chairs with plush seats and the brass work in bamboo style. A large variety of these goods may be found at the Hew York Furniture Company's warerooms, Ho. 3 East Fourteenth street. —Scarlet and gold colored flowers form a beautiful decoration for a black door, while the more delicate shades of pink or blue have a more pleasing effect upon an oak colored one. —Amorg the new importations of fancy glass, Amberina claims a place, it shows every gradation of tint from a bright amber to a delicate ruby. —Much attention is now being paid to tapestry, which is coming rapidly into use. Deeply recessed windows are capable of receiving an added beauty by the placing of panels of tapestry about tbe casing, forming thereby a frame-work as it were, it presents a picturesque effect when tbe window opens upona lawn. This style of window decoration has been quite recently introduced by L. Marcotte, of 398 Fifth avenue, —Velvet, representing alligator skin, is used as a covering for pedestals, statuettes and stands for clocks and vases. —The polar whita furs, leopard and tigar skins edged with black fur, are much used for hall rugs and mats. —One of the casts in plaster to be seen in the workrooms of Evans & Toombs, Boston, is that ot a fire-back for the Court of Appeals at Albany, to be cast in iron, and the design of which shows salamanders approaching fiames. In tha same place is a cast of a slab with a representation of St. George and the Dragon, which is to go qyer a hall fire-place in the resi¬ dence of Oliver Ames, Esq.