Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 88, no. 2270: September 16, 1911

Text version:

Vol. LXXXVIII SEPTEMBER i6, igii No, 2270 A TYPICAL APARTMENT HOUSE DISTRICT Morningside Heights Furnishes Examples of All Styles ol Multi-Family Houses, From New-Law Tene¬ ments to Palatial Apartments—A Development that Has Taken Place Entirely Within Eight Years. lyi ORNIXGSIDE HEIGHTS, which iVl comprises the hlocks between 110th and 125th streets, from Morningside Park to the Hudson River, has heen in the last eight years the seat of a most remark¬ able building acti\'ity. W^th the exception of the buildings ol Columbia University and St. Luke's Hospital there were no nicdern structures on the I-Ieights eight years ago. To-day there is very little vacant properly, and the small amount remaining is rapidly being ab.sorbed. The section is ideal from a residential standpoint and offers unusual natural ad¬ vantages to the homeseeker. No other portion of Manhattan Island of equal area is so bountifully supplied with parks Morningside Park, forming the eastern bo-undary, is a beautiful bit of nat- nue and Broadway, It was expected that the settling there of so large and famous an institution would have an immediate effect m the upbuilding of the territory, but the inaccessibility proved too strong an obstacle. The nearest elevated station was at 110th street and Eighth avenue, and the only other means of travel was afforded by the Amsterdam avenue and Broadway surface cars. The advent of the subway removed this objection en¬ tirely and the effect was immediately felt. Long before the completion of the road, land values took a"decided "jump and this territory furnished one of the most striking illustrations which the city affords, of increase in values due to sub¬ way construction. 1 The most valuable property in Morning- wifh small suites and these have proved fiuite profitable. In fact, one of the best paying houses on 116th street contains only suites of three to five rooms. This house was sold sometime ago on a 17 per cent, net income basis, Morningside Drive, which runs along the crest of the hill overlooking Morning¬ side Park, is next in value Irom a resi¬ dence standpoint, but the fact that it is more remote from the subway has tended to lessen the land values there. Con¬ siderable vacant property exists north of llOth street, but "this "is being gradually taken up. The houses now there are' mainly of the six-atory elevator non-fire¬ proof type, and the rents are somewhat- less than on the streets before mentioned. From ten to twelve dollars a room is the m-. M . M^m n- -^^H^ :5F -J^H Hr^BH^^^^^^B^BBMB fer-^^^^ ^^^^r^-^-.. '■ 'iJ' i 116TH STREET. LOOKING WEST PROM BROADWAY. COLUMlil-\ COLLEGE GROUNDS AT IIOTH STREET. ui:al woodland, which looks as if it might have been transplanted from the suburbs. The boundary toward the west is River¬ side Drive, which at this point attains a considerable elevation and affords a splen¬ did view of the Hudson River. The Colum¬ bia University and Barnard College grounds arc in the center of the district and are very well kept and sightly. A large part of the Columbia campus is open to the public and is laid out with shaded walks, . provided with benches, where one may sit and read in comfort. Besides the numerous breathing spaces, the altitude of the entire section is suffi¬ cient to make it very healthful. Mor-' nmgside Drive at 117th street is 1.52 feet above tide level audi at Amsterdam ave¬ nue and 110th street, the elevation is 138 leet, the highest point on the Island- south of Washington Heights......- The improvements are neaiiy aU apart¬ ment houses and this in spite of the fact that a strong effort was made to prevent this form of building. A large part of ths Heights, west of Amsterdam avenue, was long owned by the New York Hospital,- and when it began to sell its holdings the land was restricted for twenty years against tenement house building. In this re;itrictRd district, a few fine residences ■p.-ere put up and one or two rows of dwellings were erected by speculative builders, but outside of these, the land was held vacant until the restrictions ex¬ pired a few years ago. Another great drawback to tbe early development .of the section was the lack of ^decjuate,transit.. The university was moved to the.Heights about 1S90 and its holdings at thaLtiJpe.' 'd'ere; bounded -by 114th. 'and 12QtH.Vstrfets, Ji-----'-■•■-......^ Am sterda^-,,^vle- side Heights is on Bros^dyvay from llOth to 110th street, and tlie greatest increase in value has fallen place along this thor¬ oughfare. The huildings are nearly all tweive-story apartments of the best class and very few vacant sites are to be found. The last plot of any size was recently sold to a builder and he has had plans drawn for a sixteen-story struc¬ ture, lo cover the entire bloclt front be¬ tween 115th and 116th streets. If this project is carried through, the Heights will be able to boast of possessing the tallest apartment house in the city. The ground floors of most of the buildings contain stores which are generally well renj;"ed. The rents range from ,'i;i,5UU to $2,500 and for some of the large corner stores as much as !p3,500 is obtained. One store at the corner of 110th street, near the subway entrance is rented for -HOOO. Tile next most desirable streets, are Riverside Drive, Claremont avenue and 116'th street, west of Broadway. The Drive is almost entirely built up with twelve-story houses, and land is esti¬ mated to be worth from .foO.OOO to $5.").- 000 for single inside lots, while corners are worth nearly double these figures. Claremont avenue starts at 116th street, and as far up as UOth street is con¬ sidered very choice. Inside lots here are worth from $40,000 to $45,000 each. About the same values also hold on 116th street, from Broadway to Riverside Drive. There are no stores on any of these streets. Most of the buildings contain apartments of eight or nine rooms and the rents range from .fl,500 to. $2,500. On Broad- ri^aw, a few-§uites bring as high as $?.,- ■■■mO.- Here and' the're one finds a'house average price for six, seven and eight- room apartments and the houses are well rented. Were it not for its remoteness from the subway land would be much more valuable than it is, as the outlook here is extremely good. From the street one has an unobstructed view of all Har¬ lem, and the Sound can be seen from several places. The Cathedral of St. John the Divine and St. Luke's Hospital take up a number of blocks at the lower end and until recently much of the remaining property was held in large ownerships. The largest recent sale involved the entire block between 119th and 120th streets, from Morningside Drive to Amsterdam avenue. This was a part of the Pinkney estate holdings and was acquired by a firm of operators at the auction sale of the estate's holdings last spring. This block has since been parceled off and will all no doubt be improved before long. Lots on the Drive, near llOlh street, are worth ahout $S00 a front foot on the in¬ side. On the side streets in this neigh¬ borhood, lots are held at about $15,000 each. An effort has been made recently to have another sub-n'ay station estab¬ lished al 122d street, and if this should be accomplished it would make the north end of the Drive much more accessible. The poorest avenue on the Heights is Amsterdam. This is fairly well built up, but the class of improvements is not nearly so good as on the other streets. The houses are mainly of the five-story walkup type, many of them being little more than new law tenements, A few six- story elevator houses are to be found, but some of these were Tiot modernly planned or extremely well constructed, 'ran'd'on'this account have not proved very