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Real Estate Record
AND BUILDERS' GUIDE.
NEW YOKE, SATURDAY, AUGUST 26, 1882.
Nc. 75 i
Published Weekly by The
Real Estate Record Association
Oi\K YEAR, in advance ..... $6.00
Ucimuuaications should be addressed to
C. W. SWEET, 191 Broadway.
J. T. LINDSEY. Business Manager.
If we elect a Mayor this fall who will recomÂ¬
mend to the Legislature aud secure the passage
of a bill allowing the Commissioners of the SinkÂ¬
ing Fund to cancel and stop further payment of
interest on all city stock and bonds purchased by
the Commissioners for redemption of the city
debt, the rate of taxation will be reduced fully
25-100, or about one-tenth of the total taxation,
thereby reducing this heavy burden on property
owners of the present decade, and increasing the
value of their realty.
This system of paying interest on a debt funded
and paid off out of the city's revenues is very
unwise, and is one that has long been abandoned
by all sound financiers. It operates very much
in the same manner as in the case of a man payÂ¬
ing his note, putting it in his pocket, and continuÂ¬
ing to pay interest on the same instead of destroyÂ¬
< t >----------------
It will be remembered that we recently reported
in our news column the sale, by Mr. William
H' Vanderbilt, of the three-story brick house No.
5 Bowling Green, on private terms, the price,
however, we now learn was $110,000, at which
figure it was not dear. In this connection, it may
be of interest to recall the fact that this property
was sold at auction on February 13th, 1821, to
Samuel War<l, Jr., for $24,750, and that it was deÂ¬
scribed in the atiction announcement as *'one of
the best and most convenient houses in the United
States, and exceeded by none in beauty of situaÂ¬
tion, and chasteness of architecture." The propÂ¬
erty at this time (1831) was rented for $1,5C0 and
the taxes, while the present owners have just reÂ¬
fused an offer of $12,000 per annum.
The American Forestry Congress met in MonÂ¬
treal on Monday and Tuesday last, and a large
number of interesting and instructive papers
were read on the best way to conserve existing
forests; climatology and forestry ; forests in
their relation to water supply; how to promote
the extension of timber bearing lands in districts
where timber is scarce, and how best to introduce
it into the treeless regions of the West, as well as
on a number of other subjects bearing on this
important matter. The preservation of our
forests is a matter that has been too long neÂ¬
glected. Public health and the preservation of
our present climatic condition demand that
something should be done and done quickly to
stop the destruction of our forests. After all the
cost of tree planting is so trivial.that, if the imÂ¬
portance of this matter were brought before the
public, they would doubtless do much to assist in
this matter by planting more shade trees about
their houses, along the country roadsides, and
wherever land was available for this purpose.
The contractor for the joiner work ;to be done on
the new revenue barge ofBce. at the Battery, gave noÂ¬
tice yesterday to Superintendent Dady, of the Bureau
of Construction and Repairs, that he could not carry
out the contract. He gave ;as a reason that he would
sustain a loss on the job at the contract price. The
Qtire contract amounts to only $5,076.
THE NEW REAL ESTATE EXCHANGE.
JOHN D. CRIMMINS.
In my judgment, a Real Estate Exchange in the
City of New York could never be mac', e a pa* ing insti
tution. In the first place, there is no unity of action
or opinion between real estate brokers; secondly, there
are not enough people dealing in realty to support
such an institution; thirdly, real estate cannot be sold
short, like stocks, grain and other commodities, and
it is the seUing short of these that establishes an unÂ¬
failing market for them; then, again, nearly all great
speculation are caused or maintained by shoi t selling.
Real estate is slow to move, all the world over, and
people always wish to look closely to their title before
accepting a deed. Doubtless, an exchange, such as
has been suggested, would greatly benefit the brokers
and if it would lead to the more ready transfer of tl
ties, would enhance the value of realty.
For my part, I am in favor of a new salesroom,
where some information could be obtained when
property is to be sold. The present exchange is in
decided bad odor, whether justly or unjustly, I do not
say. In a room of this character, which, by the way,
should be above ground, there should be maps showÂ¬
ing the elevations, water supply, improvements, etc.,
in all portions of the city, so that, when property was
offered for sale, all these matters could be seen at a
TBOMAS t KOKERSON.
The most important thing in establishing a Real
Estate Exchange is, to get only flrst class men for
membprs, and for this reason it seems to uS that
there should be an entrance fee of, say J500, and a
stringent constitution and by-laws. One of the difft
cutties in starting such an exchange as that proposed
by The Real Estate Record, is the well known
jealousy that exits between real estate brokers in
business matters, but this wUl doubtless be overcome.
When we go to the present salesroom, it is with the
intention of making a purchase for one or more of
our clients, but it is not a pleasant place to do busines?,
and the constant adjournment of sales is very vexaÂ¬
tious. If an exchange is started by well known subÂ¬
stantial business men we will certainly become
members of it. The success of the new Bui'ding ExÂ¬
change and the facilily with which business is transÂ¬
acted there, shows the great advantage to be derived
by the different business interests in establishing
associations of this character.
AN ADVANCING MARKET PREDICTED.
In a conversation between a representative of the
Real Estate Record and Mr. Jefferson M. Levy, who
has been operating in real estate iu all parts of the
United States since his boyhood, and who has been
connected with ex-Mayor Smith fely, Jr., in many of
his largest operations in city realty, Mr. Levy exÂ¬
pressed himself in this wise: In regard to real estate.
New York may be said to consist of a number of cities,
for, so manifold are the influences that affect values
that property in different sections fluctuate almost
without regard to the others. New York City realty alÂ¬
ways moves higher and higher. In each succeeding
panic we find that values are not so much depressed as
they were in the previous one, and that when the reacÂ¬
tion comes the market always goes a little higher than
before. As business meh in every other section of the
country, from Maine to California, become wealthy,
they as well as their vtives'become desirous of living
in New York, and the time is not far distant when New
York wUl be to the United States what Paris is to
France. While residing at Monticello this summer, I
received visits from many prominent men from all
parts of the nation, and they all agreed that we
would have the largest crops of wheat, corn and cotÂ¬
ton ever raised; in regard to corn, this is particuÂ¬
larly true of Tennessee, Alabama, South Carolina and
Georgia. That this will greatly enhance the wealth of
the country goes without saying, and I believe that a
very large percentage of it wiU be invested in Ne\ir
York real estate.
Investors in'improved realty have always looked
for a 10 per cent, return on their investments, but as
money is now only worth from 3 to 4 per cent, they
j wUl soon become satisfied with 5 per cent, as a return
j from tbeir real estate investments, and then as a nat-
^ ural consequence it must double in value.
In regard to the advance in real estate that ,has alÂ¬
ready taken place, I may say that it has been largely
due to the great manufacturing interests that have
been centering here. The electric light companies, the
steam heating company and the cigar manufacturers
alone have absorbed real estate running into the milÂ¬
lions in value.
One of the great needs of this city, at the present
time, is more hotels, the largest-one in the course of
construction now is the Murray Hill, on Park avenue'
extending from Fortieth to Forty-first street, which
when completed will be one of the finest hotels in this
country, and it is estimated that $1,COO,000 will be exÂ¬
pended on it. There is room in Nesv York for three or
four more hotels of this character.
I believe that we will have this autumn one of the
most active real estate markets ever known, and l
predict an advance of 25 per cent, in well located
OUT AMONG TUE BUILDERS.
E. Gandolfo has prepared plans for the exterior im
provemeot of Mr. W. S. Livingston's residence. No. 113
East Seventeenth street.
Mr. W. H. Vanderbilt proposes to erect a mammoth
hotel, similar to the Charing Cross in London, on the
southwest corner of Park avenue and Forty-second
street. It will extend as far west as the Lincoln NatÂ¬
John Brandt has commenced the plans for the
erection of two three-story brick stores and dwellings,
25x50, to be erected on the west side of Baxter street,
.54 feet south of Walker street, by Jacob Cohen, at a
cost of about $16,000. It was the original intention of
the owner to erect five-story buildings.
Mr. George Scott proposes to erect a handsome resÂ¬
idence on Rumson Neck.
The Schermerhorns signed contracts on Wednesday
last for the erection of the six large five-story flats with
stores, on the west side of Third avenue between SixÂ¬
ty-eighth and Sixty-ninth streets. The corner houses
will each be 30 feet and the inside houses 29 feet Wide.
This will be one of the finest improvements yet made
on Third avenue. Mark Eidlitz will do the mason
work, and James Elgar will be the carpenter.
J. M. Pinkney wUl erect at once a first-class four-
story brick and brown stone flat house on the lot just
purchased by him on the south side of One Hundred
and Twenty-fourth street, 225 feet east of Eighth avÂ¬
enue. It wUlbe trimmed in hardwood and wUlbe
75 feet deep.
J. M. Horton proposes to erect an ice cream manuÂ¬
factory on the two lots on the south side of One HunÂ¬
dred and Twenty-fifth street, 100 feet east of Fourth
COMMISSIONERS TO BE APPOINTED.
Mayor Low has announced that he wiU appoint by
September 1, the three Commissioners which, under
the Compensation for Damages Act passed by the last
Legislature, he has been petitioned to appoint by the
East River Bridge & Coney Island Steam Transit
Company. The Commissioners will estimate the
amount of damage to property along the proposed
route of the contemplated road, and a sum of money
suflBcient to compensate tor such damages must be
deposited with a trust company named by the Maj or
before the company can commence to buUd.
The Board of Estimate and Apportionment met in
Mayor Grace's offtce on Thursday and authorized
Controller Campbell to issue $300,000 assessment
bonds, and $197,000 bonds for the improvement of
Westchester avenue. The application recently sent
in by the Fire Commissioners for money to increase
the force and plant of the Fire Department was
referred to the Controller.
The contract for the construction of the iron viaÂ¬
ducts and station buildings at either termini of the
new Brooklyn Bridge have been awarded as follows:
The Pittsburg Bridge Company, for New York, at
$117,117.50, and Messrs. Jones & Benner, for BrookÂ¬
lyn, at $117,842.50.