Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 25, no. 628: March 27, 1880

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXV. NEW YOEK, SATURDAY, MAECH 27, 1880. No. 628 ■ Published Weekly by TERMS. ONE YEAR, in advance.. ..$10.00. Communications should be addressed to C. "IV. SWEET. Nos. 135 AND 137 Broadawv OUR SUPPLEMENT TO-DAY. Under this head we propose to tell truths about some of the mining properties offered on this mar¬ ket. The newspaper literature on this subjecfc is very large, bufc nofc one solifcary paper, daily or weekly, so far as we have seen, is published in fche infceresfc of fche invesfcing public. Ifc is unwhole¬ some that all the newspapers should be on the side of those who have properties to sell, and not one journal committed to the interests of those who have money to invest. The Real Estate Record has no infceresfc, bufc to tell the truth. Ifc solicifcs no mining adverfcisements; it has nothing to do with the promoting or marketing of mining shares. It does not propose, however, to run a muck upon the mining business, which it regards as perfectly legitimate, but its editor is conscious thafc somehow fchere is a peculiar danger afcfcach- ing to mining invesfcmenfcs in fche form of stock companies. There has never been a time in any country where disaster did not flnally come upon the community that gambled largely in the shares of bullion producing mines. Our object is simply to warn the public to tell the truth, about mines, with a view of showing that the business of mining can be conducted legitimately by private flrms. syndicates and corporations, who do nofc care to put their stocks upon any of the Exchanges. We print to-day a supplement devoted to this subjecfc. Any subscriber interested in this mafcfcer can procure addifcional copies of this sup¬ plement atthe rate of 5 cents per copy. ELEVATED IDEAS. By referring to an article in another column, it will be seen how Brooklyn is benefitting by the shortsightedness of some of our uptown, notably Harlem, owners. The reiits of small houses, owing to the supposed influx of people consequent upon the completion of a system of rapid transit, have gone up to such an extent that a large num¬ ber of those who like to dwell in our midst are once more seeking homes in the quiet Cifcy of Churches. The elevated roads have given some landlords elevated ideas, for which there exists no warrant whatever. How much wiser Brooklyn landlords act is shown by the increased demand for quiet unostentatious houses. Ifc will not do to say, "Oh, you cannot compare Brooklyn to New York;" and yet we cannofc close our eyes to the fact that these cosey little dwellings which abound in our sister city are the very ones required by the army of clerks and mechanics constituting our ine" ustrious middle class. Neither will it do to say in the face of rapid building ope- ra,tions that there is too much of a scarcity for such class of houses in New York proper. On the contrary, there are quite a number of them, but they are held at flgures not within reach of the class alluded to. Their income is no better than it was last year, though their work may be more continuous, and everything aside of rent in the shape of necessaries of life has gone up and is still going up, Brooklyn landlords, at least, seem to understand fully the law regulating supply and demand and, while they have a good num¬ ber of small comfortable houses at their disposal they do not drive the new comers away by fright¬ ening them with exorbitant rents. Let our New York landlords take a lesson from owners across the river. It is better to secure tenants, even at short leases, at a small return on the investment, than drive them off Manhattan Island. We are glad to notice that Mr. Edward Clark, whose broad views of the requirements of our city enti¬ tle him to be quoted frequently in connection with such matters, has lowered the rents of his new houses on Seventy-third street since the first of the month, and has been the very flrst to set a proper example in discarding elevated ideas. This, indeed, is the only manner in which New York can ever be filled up with a working popu. lation, for which there is ample room, and also with a class of houses, which, if only held at mod¬ erate rents, can be easier disposed of here than in Brooklyn. WEST SIDE ENCROACHMENTS. While commerce is New York's first interest, and every facility should be granted not only by men in authority but also by citizens generally for this great and first element of fche cifcy's prosperity, there is yet and always will be a neqessity equally apparent for placing upon com¬ merce those restrictions which involve the health of our city. Therefore, in looking forward to the acquisition by the Hudson River & Central Railroad Company of the large area of territory along the Hudson River, reaching, as is supposed, to the southerly limit of Riverside Park and avenue, ifc becomes a mafcfcer of fche ufcmosfc im- porfcance that the Commissioners of the Sinking Fund, in the exercise of the grave responsibilities devolving upon them, while granting to the railroad company all facilities that may be needed for the increase of traffic, shall act with caution. It should be distinctly understood that the acquisition of any more territory by this corpo¬ ration shall not involve the possibility of a colossal nuisance in the shape of a cattle yard, oil depot, or whatever may cause this nauseating fluid to fill the atmosphere with an odor that will spoil the value of property within a radius of at least three miles. What action have the owners of property liable to be damaged taken in these premises, or what actiondothey propose to take? A few days of time, even a few hours, may make it impossible to prevent the calamity that has been here fore¬ shadowed. -------•-------. Property owners in the upper part of fche city do not intend to be deterred by the recenfc deci¬ sion in regard to assessments. Building improve¬ ments will go on just as readily. On Tuesday last, for instance, nearly all the property owners on Eighty-second street, between Eighth and Tenth avenues, signed a petition for a sewer in that street, preparatory to building. It is claimed that the paving, curbing and fiagging can be done just as well after the houses have been builfc as before, and in fche'meanfcime relief will be ob¬ tained from the Legislature. MARKET REVIE^^^ REAL ESTATE MAREIET. ^P" For list of lots and liouses for sale see pages Iii, iv and v of advertisements. The week, which opened with- numerous transac¬ tions pending, closed with considerable activity, but yet with the much talked of "boom" at a conveni¬ ent distance. Numerous causes combined to dictate a Fabian policy on the part of investors as well as holders. The fact that a large amount of real estate \^as to be made subject to the hammer of the auctioneer, had a good deal to do in a market which, in the language of a shrewd observer, needs not only " careful watching but considerable nursing." There was no lack of interest whatever in the market; but tbe waiting policy, nevertheless, predominated until the very end of the week. The auctioneers could not complain of the lack of attendance, their stands being continually surrounded by an eager crowd watching every phase of the bidding and the final results of the various sales. The sale of the Grand Boulevard and One Hundred and Eleventh street property oc Monday last cannofc be called a success, it being doubtful whether the parties to whom some of the lots were knocked down will ever be asked to take title, for reasons best known to them¬ selves, though the corner lot, secured for Mr. Wood by Mr. J. Romaine Brown, is said to be an exception in this regard On the same day the plaintiffs in the foreclosure sale of property lying around Fifth and Sixth avenues, One Hundred and Thirty-eighth, One Hundred and Thirly-ninth and One Hundred and Fortieth streets, bought it in for $4,000 less than the incumbrances. This was also the case with the im¬ proved property sold under foreclosure; No. 150 West Forty-sixth street, only flfteen feefc front, was sold by Mr. i^cott at auction for §14,650, and at an assignee's sale, held by Messrs. A. H. Muller & Son, No. 104 Easfc Thirty-seventh street, was sold for $29,250. Minor sales of the same class were held during the week with varying results, as will be readily ascer¬ tained by the list at foot. Still, if only to show the exact temper of the market, we ought to call atten¬ tion to the fact that the Messrs. Muller withdrew from sale on Tuesday two lots on One Hundred and Forty-second street, betw en the Boulevard and Twelfth avenue, and that the Messrs. Ludlow sold on that day a lot on One Hundred and Thirteenth street, between Fifth and Sixth avenues, for $2,600. The sale of property forming part of the Aronson estate. by the Messrs. Muller, resulted it: the disposal of two lots on Fifty-seventh street, between Eighth and Ninth avenues, for $4,850 each to Mr. King, of the firm of May & King, the same purchaser securing the Seventy-fourth street lot. Mr. Josiah Jex made an auction sale of his property on Wednesday, and at this writing even, it is difflcult to say whether Mr. Jex still owns fche property he placed before the public or not. It was knocked down energetically by the auctioneer, but the future will tell whether title will be passed to the gentlemen mentioned in the auction room, with the exception, perhaps, of Mr. John Farrell, who secured a good plot