Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 62, no. 1603: December 3, 1898

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December 3,1898. Record and Guide 821 TNE PRIVATE SALES' MARKET. When the private sales' season opened, two months ago, there was some doubt as to the complexion which the market would as¬ sume. Brokers of bearish tendency were inclined to undervalue the disturbing efEect of the war, and to ascribe the exceptional dulness of the summer chiefly to overbuilding. From this premise it waa argued that, even with a partial cessation of building operations—of which there appeared to be little actual prospect— a long time would have to elapse before the private sales' busi¬ ness could recover its normal tone. On the other hand, signs be¬ speaking a prompt and lasting improvement of the market were not wanting. General business, whether gauged by the exports of the port of New Tork, the activity in Wall street, bank clear¬ ings, the earnings of railways, the production of pig iron, or any of the accepted barometers of trade, had enjoyed substantial prosperity for a length of time sufficient, it would seem, to war¬ rant the expectation of a sympathetic movement in real estate. According to the Merchants' Association, the number of out-of- town buyers who had visited New York in August and September was upward of 30 per cent, greater than that for the correspond¬ ing months the year before. True, the building statistics for the last four years had been large. But, as was pointed out in the Record and Guide, the growth in population had pretty well kept pace with the increase in residential housing, while some six months of quiet in constructional work, aided by an expansion movement in local commerce, had resulted in the practical ab¬ sorption of the new downtown mercantile accommodations, par¬ ticularly in the wholesale section of Broadway, The consequence had been an unmistakable stiffening of rents. In new leases of business property rents were being graded so that, in the last year of five-year terms, the rent would be about on the plane which obtained four years ago. Furthermore, the renting season for residential housing, which had just terminated, showed a per- eeptably larger business to its credit than that of the preceding year. Nevertheless, despite circumstances susceptible of a favor¬ able interpretation, there was a fundamental difference of opinion as to the state of the supply of and demand for investment real estate, and, consequently, as to the immediate outlook for the private sales' business. It is worth while, therefore, to ascertain what light, if any, the experience of the first two months of the market throws upon the subject. The season of 1S9T-1S9S, which came to a premature termina¬ tion on the outbreak of the war, was, by common consent, decid¬ edly above the average since the panic. The business of the past two raonths has been larger and of a more promising nature than that of the corresponding period last season. The total stated consideration of the purchases reported in the Record and Guide's gossip columns in October and November last year was some $10,327,000 for 161 parcels. This year it has reached upward of $10,519,000 for 114 parcels only, showing a larger average on the individual operation. It is true that the total number of transac¬ tions reported is somewhat smaller—357 against 387, But this trifling numerical loss is amply compensated for by a decidedly more frequent recurrence of big deals, , Among the notable business properties reported sold in October and November of last year were the southwest corner of Broad¬ way and Houston street, purchased by Chas, A, Gould for $350,000; No. 470 Broadway, running through to Mercer, the Rhinelander estate buyer; and Nos, 733 and 735 Broadway, bought by John Downey for $480,000. This year the list of similar properties comprises the Stock Exchange purchase on Broad street, $825,000; No. 078 Broadway, Leo Schlessinger, seller; No, 601 Broadway, bought by Frederick F, Ayer for $145,000; and the Flake Sc Dowling purchase on Broadway and Walker street, $425,000. A comparative list of other transactions involving over $100,000 each, prepared for the purpose of this article, is found to be too long for insertion. It will have to be sufficient to say that the comparison falls out very distinctly in favor of the present year. For such transactions as the sale of Nos, 509 and 603 Sth ave. to ex-Governor Flower and Mrs, Bmma K, Schley, respectively, the William Waldorf Astor purchase of 5th avenue lots, near 56th street, from the Bonner brothers; the Harlem Casino sale; the Columbia College trade, and the million-dollar deal in Bth avenue property, extending from 90th to 92d street, last year has no counterparts in respect of sensational interest. In two important particulars the market has undergone a marked change. The properties in the new mercantile district between 14th and 23d streets sold for reimprovement are more numerous, while the activity in expensive sites, adapted for apartment hotels and high-grade apartments is so much greater as to leave no room for comparison. In Central Park West, for example, one transaction was reported in October and November, last year, as against eight this year, involving 39 lots. It is difficult to escape the conclusion that the private sales' market has recovered a permanently healthy tone, and that the volume of business is bound to experience a further expansion. Last season business continued to grow until for the week ending March 19, the stated consideration reached nearly four millions of dollars. The improvement of the past two months has been made in the face of active speculation on the Stock Exchange, which did not exist last year at this time. Eut the activity in stocks has unmistakably begun to decline. And there never was a time when the interest rate on real estate loans was lower than at present. DELAVED SEWER WORK. At a recent meeting of the. Board of Public Improvements, a letter was read from Jas. Kane, Commissioner of Sewers, trans¬ mitting a list of sewer improvements for which he desired or¬ dinances prepared and forwarded to the Municipal Assembly. If forwarded now the ordinances would probably not reach the Mayor for his action before April or May next. By that time Mr. Kane anticipates there will be a large balance in the hands of the Comptroller to the credit of the Street Improvement Fund and in other ways the city will be relieved from the embarrass¬ ments of the debt limit and the work can be done as soon as ap¬ proved. The list of improvements referred to in the Commis¬ sioner's letter is as follows: SEWERS. 15th St., bet. Amsterdam av. and Boulevard. 45tli st,, bet, 3d and Vanderbilt avs. lltith St.. bet. Sth aud Bradhurst avs. 2Gth St., North River, outlet and overflow sewer with alterations and Im- pi'ovemeots to sewers in 2(!th St., bet, Sth and 13tli avs. 56th st, het. Lexington aud Park. avs.. alteratious and improvementi. o:id St.. bet. Bast River and Av, A. 125th St.. bet. Lenox 'and 8tli avs. 3(Jth St. bet. East River and 1st av. Washington St., bet. Cortlandt and Fulton sts. Wastiington st,, bet. Park place and Vesey st. Washington st., bet. Park place and Murray st, Washiugton St., bet. Murray and Chambers sts. 2d av., bet. 2d and 3d sts. University piace, bet. Waverly place and 8th st. University place, bet. 12th aud 14th sts, 171st St., bet, Arasterdam and llth avs, Washington st., het. Hubert and Laight sts, Washington st., bet. Duane and Frankiin sta. St. Nicholas terrace, bet. 127th and 13Uth sta. St. Nicholas terrace, bet, 130th and ISuth sts. St, Nicholas terrace, bet. 137th st, and Convent av. Amsterdam av., west side, bet. 113th and 116th sts, Edgecombe road, bet. 102d and lG7th sts, 7th av., east side, bet. l^Tth and liiSth sts. 12i)th St., North River, etc.. outlet and overflow, Jackson st,, bet, Boston road and Front st.; and to outlet under Pier (old) 54, aud new sewers in South st,, bet. Jackson st. and Gouverneur Slip. Audubon av., bet. IGDth and 172d sts. 13£ith St., bet. Boulevard and Hamilton terrace, llth av., west side, bet, 170tb and 175th sts. llth av., west side, bet, 175th and 17Sth sts, lllth st,, bet, Hudson River and Boulevard. Naegle av,, bet. Academy and Dyckman sts. Ninth av,, bet. ISth and 2M sts. ' Itiltb St.. bet. Amstefdam av. and Kiugsbridge road; and in Kingabridge road, east and west sides, bet. 162d and 175th sts. 7th av., west side, bet. 147th and 153d sts,; and east side, bet. Harlem River and 153d St. BASINS, firlth, 65th. 66th sts., southwest corner Central Park Weat. 122d St., southwest corner Sth av, l.jr^th St., nortliwest corner Edgecombe road. 120th St., southwest corner Boulevard, ID^th and 106tti sts., soutlieast corner Riverside av. JilHth St., northeast and southeast coruers Riverside av. Cathedral Parkway, s. c. and n. e. corners lllth st, and Riverside av. n2th, 113th, 114th sts., northeast corners Riverside av. !1(lth St., north and south side, bet. Riverside av. and Hudson River, lOGth and 107th sts.. northeast corner Riverside av. Scammel st,. northeast coruer Water st. Notice to Property Owners, ACQUIRING TITLE FOR STREET OPENINGS. Public place bounded by 138th st, Mott av, and Railroad av East. 13Sth st, frora Harlem River to point 493.22 w of w s of Alex¬ ander av. Public place at junction of 192d st, Kingsbridge road and Grand Boulevard and Concourse, ■ ■ Bills of cost will tae presented to the Supreme Court for taxa¬ tion December 8 for public place at 192d st, and December 12for the others. Concord av, from 141st st to Kelly st. Estimate and assess¬ ment completed and report filed with the Bureau of Street Open¬ ings for inspection. Verified objections must be presented on or before December 17, and hearings will begin December 19, Re¬ port wiil be submitted to the Supreme Court for confirmation January 9, Area of assessment: Beginning at a point formed by the intersection of the e s of Trinity av with Westchester av 100 n w from n w side thereof; running n e to "Wales av, 100 e from e s thereof; thence s to the Southern Boulevard 100 s e from s e s thereof; thence s w to 138th st 100 from s s thereof; thence to Robbins av 100 w from w s thereof; thence n to n w of West¬ chester av, thence n along the e s of Trinity av, to the point or place of beginning. 187th st, from 3d av to Southern Boulevard; estimate and assessment completed and report filed with the Bureau of Street Openings for inspection. Verified objections must be presented on or before December 22, and hearings will begin December 23. Report will be submitted to the Supreme Court for confirmation January 16, 1899. Area of assessment: Beginning at a point formed by the intersection of e s of Webster av with m 1 of blocks bet ISTth st and 189th st; thence e to the m 1 of blocks bet Web¬ ster av and Park av or Railroad av. West; thence n to m 1 ot blocks bet lS7th st and Pelham av; thence e to the Southern Boulevard 100 e from the e s thereof; thence to its Intersection with s b 1 of the area of assessment, said s 1 and n I of assess¬ ment being equal distant from 187th st; thence w .to 1 of blocks bet Park av or Railroad av, West, and Webster av; thence n to its intersection with s boundary line of the area of assessment, said s 1 and n 1 of assessment being equally distant- from 187th st; thence w to e s of Webster av; thence n along said e a of Webster av to the point or place bf beginning.