Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 25, no. 637: May 29, 1880

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXV. NEW YOEK, SATURDAY, MAY 29, 1880. Published Weekly by m Seal €BhU Serortr %%Batmimx, TERMS. OJVE YEAR, in advance___SIO.OO. Communications should be addressed to C. W. SWEET. No. 137 Broadway LOUD DEMANDS FOR PUBLIC IMPROVE MENTS. There appears to be an increasing disposition now on the part of owners of vacant lots in the upper sections of New York to impro've theii- prop- ert}', the recent decline in material and the con¬ stant influx of a new population favoring this do- sire. But what is the use of constructing houses ou streets that are not curbed, guttered and sewered? On Tuesday last, au avalanche of petitions were poured by property owners into the meeting of the Board of Aldermen, all of these petitions containing demamis for improvement. In all instances they were referred to committees, no doubfc for the pur¬ pose of " seeing " somebody about it, thus creating delays that are, indeed, hurtful fco the interesfcs ol' owners. The lafcter are willing and anxious to bear their due share of the cosfc of these improvements and now is the time to make them. To bury these petitions in the pigeon holes of commifctees simply results in the continuance of a state of affairs which has been too lonL' a drawback, especially to the We.'-t Side. The city authorities are bound to encourage enterprising owners in all matters of improvement^ and not to stand by fchem in a season like this only delays for another year building operations tha't should be attended to this year. From the Twenty-third Ward, also, we have ni- thentic information thafc there would be four fcimes the amount of buildiug if the Park Department having charge of the annexed District, would only attend to its legitimate duties instead of keepinc^ a constant wrangling about small matters. Sewers are wanted in many places in the districfc, in fact a regular system of drainage should be at once agreed upon by the Commission. Property owners in the Twenty-third Ward have for months past petitioned the authorities to begin certain im¬ provements that must precede building opera- tions, they have even offered to pay the entire cost of these public improvements out of their own pockets, and yet a deaf ear is fcurned to these ap¬ peals. It is of no use saying this man or that man will build while city authorities are in a state of lethargy most provoking, not only to owners, but to fche great public that stands ready to fill every i)art of this island and the suburbs with habita¬ tions of larger or smaller dimensions. BRING ON THE WATER CARTS. Would it not be well for the Park Commis¬ sioners to drive through the Central Park and have their good clothes and clean linen spoiled just once by the clouds of dust that abound there ? Or have they a private under¬ standing with the tiilors of New York that Cen¬ tral Park shall only be sprinkled just enough to make people believe that those engaged in that work are doing their duty. The entire sprinkling No. 637 business is simply a fraud and a sham. The very worst is near Stetson's, where, on one of the warm days of the past week, there was no water¬ ing worth mentioning, and where the "Pleasure Drive," owing to the clouds of dust, made man and beast decidedly more uncomfortable than if they had remained in the hot city streets. MARKET REVIEW. REAL ESTATE MARKET. ^ For list of Iot.s and lionses for sale see pages iv and v of advertisements. The atmosphere in the Exchange Sales-room dur¬ ing the torrid days of last week was such that no one remained there longer than was actually necessary. Some of the best known frequenters were absent durmg the entire week. The public sales, though more numerous than during the previous ^'eek, were however, most of them unimportant, with slight ex¬ ceptions. Two lots on the north side of One Hundred and Tenth street, between Tenth avenue and the Grand Boulevard- a street that has probably a great future before it-were sold for $4,800 each, by Mr Harnett. Considerable East Side property was dis posed of by Mr. Bleecker, among others tvvo small houses on Ludlow street, near Rivington, for S35.750, and some Mulberry street houses, by Mr. McGuire! for about $9,000 each. The southwest corner of Tentli avenue and One Hundred and Eighth street (lOO.llx 100), was sold on Thursdav by Messrs. E. H. Ludlow & Co., for $13,950. The Hoffman property, on Jerome avenue, at Yonkers. was sold by Mr. Bleecker for $3,100, and Richmond County, Staten Island, property was sold for $-ir.£0 per acre. Con.'^iderable satisfac¬ tion was expressed at the Exchange Sales room dur¬ ing the week when it became known that all of those who purchased lots at the great Mutual Life sale had taken title, without a single default. The next sale of importance will be the Supreme Court sale of Riverside avenue, Eighty-eighth and Eighty-ninth street lots, over flfty in all, which Mr Harnett will sell on Tuesday, June 8. The best re¬ sults are anticipated from this sale, as the property is to ba disposed of without reserve. GOSSIP OF THE WEEK. There has been a marked change for the better in the various broker's offices during the week. Not withstanding the worse than midsummer weather of the past few days, there has been remarkable activ¬ ity in the sale of vacant lots, especially in Harlem. Other districts also jjive evidence of the determina¬ tion of investors to buy while yet the figures are rea¬ sonable. This renewed state of the market must not be considered as being tbe second chapter of the re¬ cent boom, but as an indication that the real estate market is in a thorough healthy condition, with steady, honest business transactions. The fact thai; prominent investors have recently begun to improve property that has long remained vacant, and that, slowly but steadily, their example is being followed by others, gives an undertone of strength to the mar. ket which has heretofore been absent. It is really only just now that that the people at large begin to apppetiate the effect of rapid transit on Manhattan Island. While iet the elevated roads were in their infancy, there was an ample supply of houses in the upper part of lhe city for those who wanted them. Now, not only the increased population, but the shift¬ ing up-townward of our own people has reversed the situation. There is more demand and less supply, and hence those who build in certain localities find remunerative retui?ns'fOr their investments, Mr. E. S. Higgins, the carpet merchant, who for years has accumulated vacant propert.y without sell¬ ing anything, has at last begun to build seven eighteen feet houses on One Hundred and Thirtieth street, be¬ tween Sixth and .-seventh avenues. His example, it is reported, will soon be followed by Mr. Simeon Bern¬ heimer, who owns property on One Hundred and Twenty-ninth street, between Sixth and Seventh avenues. BIr. Henry L. Pierson, we understand, will also build shortly twelve three-story houses on One Hun¬ dred and Forty-first street east of Willis avenue. Mr. Edward Clark has purchased six more lots, during the past week, on the north side ot" Eighty I fifth street. 100 feet east of the Ninth avenue, for «36.000. These identical lots were sold on March Sth of this year, by Mr. Salem H. Walei to Dan B. Alger for 82,5,000, and the latter has. therefore, made a profit of $11,OUO in less lhan three months. The disposition to build, nov.^ noticeable in various localities, is shown, for instance, by a sale of lots.made at private contract during the flrst days of the week to Mr. Van Duzen, a builder, who has already begun to improve them. He bought four full lots on the southwest corner of New avenue and One Hundred and Twenty-third street, west of Mount Morris Park, for $40,000. and intends to erect some fine houses there, Mr. Ketchum and Powers having fine buiidings on the adjoining block. The northeast corner of Fifth avenue and One Hun¬ dred and Twenty-nintn sfcreet, 50x110, has been sold at private contract during the week, for $23,090. Mordecai & Bellamy have sold, at private contract during the week, for Mr. John A. Monsell. ten lots on the north side of One Hundred and Twelfth street, 150 feet west of Seventh avenue, for $3,900 each; also seven lots on the north side of One Hundred'and Eleventh street, 200 feet eastof Eighth avenue, for $2,9f,0each Thesame firm has sold one lot on the south side of One Hundred and Fourteenth street between Fifth and Sixth avenues, for $2,700. ! [Siegmund T. Meyer & Sons have sold to investors considerable improved property at private contract during the week. Among others, 49 East Fifty-sev¬ enth street, 2Px92, for $12,-00. and five houses In Crooklyn, viz : 173, 175, 177. 179 and 181 St. Mark's avenue, between Carlton and Vanderbilt avenues all 20x15x131, for $9,000 cash each. Benner & Zeller, who have recently moved to Cedar street, have sold six lots on the south side of One Hundred and Seventh street, near Second avenue, to Deane & Chamberlain for $11,400. The same firm is negotiating for the sale of ten lots on One Hun¬ dred and Sixteenth street and fourteen on One Hun¬ dred and Nineteenth street, east of Third avenue, on the basis of $95,000 for the twenty-four lots. At'the time of our going to press there was every indication that the contract for the sale of these lots would be signed. Benner & Zeller have also sold at private contract the following apartment houses: No. 82 East beventh street, between First and Second avenues, 25x68, five-story brick, for $1.3,000, to Daniel Gundall; also, 306 East Eightieth street, near Second avenue. 25x100. a flve-story Philadelphia brick house, for $12,300, to a wealthy young lady. Scott & Myers have sold one lot on the northwes corner of Sixth avenue and One Hundred and Thirty- first street, and one lot adjoining on the street for $9,000. The act providing for a commission of six persons —Mayor Cooper, Comptroller Kelly, Commissioner Campbell, John S. Lawrence, Daniel Lord, Jr., and George H. Andrews—to modify, reduce or vacate as. sessments, will, no doubt, be signed by the Governor, when the commission will at once organize for active