Columbia University Libraries Digital Collections: The Real Estate Record

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1554 The Record and Guide. December 18, 1886 The Improvement of Seventy-second Street. In the process of development and growth of a city it often happens fchat buyers and buUders neglect one or more important avenues for a considerable time, because, though they recognize the fact that the property is valuable, they do not know, after all, how much higher prices they could afford to pay for it than for other lots in the neighborhood, or what kind of improvement it would be best to make, if they had ifc. This is the case with Eighth avenue above Fifty-ninth street, to-day, and to some extent with Riverside Drive. The lots on both these streets are doubtless intrinsicaUy very valuable, while real estate operators do not seem to know exactly what to do with them; but as soon as a few courageous people step in and set the fashion of improvement they wUl have followers enough, and the day of uncertainty and hesitation will have gone by. Nobody is in doubt, to-day, as to the value of lots on West Seventy- second street, where a plot of four lots was lately sold for $105,000, and no uncertainty prevails with regard to the kind of building that is suited to the streefc. Yet the improvement of this sfcreefc was delayed, for a long time, after the buUding of a row of houses by the Clark estate gave an impulse to improvemenfc both on Seventy-third street and fche streefcs below Sevenfcy- second street. BuUders who hesitated then, now wonder that they did not foresee the importance of Seventy-second as an elegant residence street, and improve their opportunity. It is only another illustration of the provoking difference between foresight and "hindsight." Those who bought in recent years now find themselves in possession of property of greatly increased value on one of the choicest streets in the city, every foot of which is sure to be elegantly improved, and where prices are established about as firmly as the bed-rock on which the buildings stand. As a picturesque example of the varied fronts of flaished and unfinished houses which ornament the street we present a view of the five houses of Roberfc Irwin, a little west of Ninth avenue, which are nearly completed and attract a great deal of attention, baing decidedly unique as well as rich in appearance. They were designed by Thom & Wilson, and con¬ tain elements taken from different architectural styles, united in such a way as to produce a novel and striking effect. They are four stories high, with basements and cellars, and 22 feet wide. The sidewalk in front of the row is unusually solid and handsome, being of broad planed flags, each of which extends across the entire width of the walk. The fronts are of stone, rock-faced up to the second sfcory, and have prominent tower bay and oriel windows with much ornamental carving, some of which is quite elaborate in detaU. The rooms and halls are handsome, light and spacious, and the arrangement shows the ideas of an experienced and conservative builder, who is not too ready fco adopfc new and experimental plans for the division of interior space; bufc, the floors being large, has given rooms of generous size, arranged, for the mosfc part, in a simple and well-tried plan for convenience, cheerfulness and comforfc. The parlor floors are finished in mahogany, wifch some stong confcrasfcs in whifce and gold in the trim, the floors above in cherry and ash and the basement in ash. The stair¬ case is mahogany. The bathrooms and closets are at the ends of the halls on the second and third sfcories, are spacious and have fche beneflfc of direcfc Ught and air, and an abundance of them. The front rooms on the dif- fON BEVENTT-SECOND STREET, WEST OF NINTH AVENUE. ferent floors are especiaUy cheerful and handsome, the south windows, facing the hundred-foot street, being of choice French plate glass, on which the mark of the St. Gobain, Chauny & Cirey Company stUl remains. There are very large dressing-rooms with marble lavatories and ample conveniences between the front and rear chambers. The basements con¬ tain weU-Ughted dining-rooms of good size, as weU as all the kitchen and laundry conveniences and heating appUances that are usuaUy found in first- class modem houses. The cellars are unusuaUy weU Ughted and spacious, and their waUs of massive stones laid in hard cement indicate the soUdity of the foundations on which the buUdings rest. The whole neighborhood in which these houses stand is certainly one having advantages such as are not equalled afc many points in the city. Close by, at the head of the block, is a station of the besfc equipped and pleasantesfc of aU the transportation lines, that of the Sixth Avenue Elevated Railroad. The choicest pleasure grounds and boulevards in the city are but a few steps away. Western Union Telegraph and American District Dispatch offices are on the avenue in the immediate vicinity. Good private schoDls are esfcablished iu the neighborhood, pubUc schools are near, churches of fche different denominations, good markets and the stores of a thriving business avenue are right at hand, whUe the cross streets are really very handsome and fashionable for residence. Seventy-second street, protected as ifc wUl be from rough traffic and kepfc in order by the Park Commissioners, elegantly builfc up and with all the supremacy that has ever been claimed for ifc fully recognized, will soon be wholly occupied by solid owners, who will nofc, under any ordinary cii'cumstances, think of offering any property fronting on ifc for sale. The move made by Charles Buek & Co. in purchasing a plofc afc Ninth avenue and Seventy-second street, and preparing to build upon ifc afc an out¬ lay of a quarter of a million, has been talked about in real estate circles wifch a great deal of interesfc, on account not only of tho importance of the pro¬ jected improvement, but of the character of the firm as long-established easfc side buUders of large capital and influence. The views and actions of the firm are known to be generaUy conservative rather than speculative, and its operations have been in quarters which were beyond dispute firsfc- class. They wouild not be likely to go into any new aud unformed district, even though it were a very promising one, and take chances as to the sur-' roundings that might arise and all the risks of such a movement. Their recent action is therefore regarded as an important recognition of the estabUshed status of the west side as a first-class residence and business quarter, and people do not hesitate to name one or two other leading east side buUding firms as Ukely soon to follow them, though nothing at all is known as to their intentions. It is a little like the case of a brUliant and graceful young matron who has had the misfortune to be something of a parvenue, when it becomes known that one or two of the veteran leaders of society have accepted invitations to her next assembly, and the New- combs and the Oldcombs and all the people who have shown a little of the cold shoulder are ready to swarm about her. Recent indications have all shown thafc the west side is appreciated at last, and is becoming equal fco any parfc of the city for fashionable residences. Mr. Buek, in answer to a,n inquirj'^ as to the reasons which governed the firm in its action, said that he was not to be classed with the extreme parti¬ sans of the wesfc side, who regard it as superior to the elegant quarter east of Fifth avenue, and likely soon to take the lead of it in value. The ideas thafc have influenced the firm may be compared to the principle that water will find its level. Various causes have long retarded inprovement on the west side, and these have lately been removed. He believes that population and wealth will fiow into the streets west of the Park just as they have into those east of it, and without any injury to the east side. While recog¬ nizing all the different causes which have given new life to the west side, Mr. Buek considers the elevated road as much the most important, and the residents wUl have the benefifc of a pleasanter line of transit, and one which is more pleasantly accessible from their dwelUngs, than people have who walk from their fashionable east-side streets to the Third avenue ele¬ vated road. Financial Points. The " racket" of Wednesday last put an end to the bull campaign for the time being, and it looks as though trading will very largely fall off, and that we wiU have a brokers' market. But there is nothing in the general situation to keep stocks down. With time enough, say forty or fifty days, we ought to have higher quotations than obtained yesterday. The Vanderbilts oughfc to lead in the recovery. The last quarterly state¬ ment of the New York Central was exceptionally good; hence, tmder ordinary circumstances, that stock. Lake Shore, Michigan Central, Canada Southern, Northwest, and C, C, C. & I. ought to be a purchase at present figures. But, after every panic, people who have good stocks are apt to seU them to average their losses or to keep up their margins on less desirable securities. The Eries and the Coalers are likely to be favorites when the tide per¬ manently turns toward higher figures. The Reading scheme may not add much to the value of the stock, but it strengthens the sifcuafcion of the roads which carry anthracite coal. The Erie road is doing a fine business, and Is always a favorite security with London traders. Jersey Central was very strong all through the panic of Wednesday lasfc, which shows it is in hands which can take care of it. This fact wUl commend it to operators for a rise: Western Union is probably on the up track. It wiU almost certainly resume dividends in the next quarter. It will reduce its obligations, and, as aU insiders know, the plant was never in such good condition. It can pay dividends without any compromise with the B. & O. There wUl probably be some disappointment at the VanderbUt dividends. These corporations are conservatively managed. Notwithstanding the " sliunp" in mining shares, sagacious people believe the mining market wiU be very attractive to speculators and investors. There is seventy-dollar ore in Con. Virginia, and plenty of it, and there is good reason to beUeve that Best and Belcher has a smaU bonanza on band. Bodie wUl probably pay a good dividend, as wUl Mono. Indeed, mining property generally looks very tempting. Were it not for the money market and the disturbance in stocks, cotton wotild see much higher figures. The situation of tlmt " floculent fibre " Is very strong, and spot cotton ought to sell for lOJ^ cer.ts. It is local causes which is keeping down wheat. Europe is taking aU we can afford to gi^e, and is steadUy advancing quotations. But the pressure to seU on this side of the ocean is excessive. The Jewish dealers were the greatest sufferers by the panic ofllast^week.