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Real Estate Record and Builders' Guide

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Real Estate Record and Builders' Guide REAL ESTATE RECORD AND BUILDERS' GUIDE. VOL. XXIX. NEW YORK, SATURDAY/MAT 13, 1882 No. 739 Published Weekly by The then unless we have very heavy crops. Madison to Washington square. The mar­ Then the banks are contracting their curren­ ket value of the property would increase for, REAL ESTATE RECORD ASSOCIATION cy; wheat holds its own in Chicago, and corn although fashionable private houses would TERMS: is working higher. Production continues no longer be looked for in that quarter. Fifth ONE YEAR, in advance - - - - - $6.00 unabated, while consumption", is falling off. avenue from Forty-second street down The demand for iron has ceased, which would be a headquarters for clubs, first-class Communications should be addressed to shows a stoppage of construction and a ces­ apartment houses as well as great ware­ e. W. SWEET, 191 Broadway. sation of the demand for new tools, always houses for the sale of substantial and fancy J. T. LINDSEY, Business Manager. a bad sign. Everything depends on the goods of an artistic character. The Grand crops, ana there will be nothing certain Central Depot is an argument for the devel­ While not so many new ^dwellings are about them until July. We will probably opment of a great retail trade centre around being put up this May, there is, after all, a have less cotton than last year ; wheat does Reservoir square. In view of the travel be­ great deal of activity in altering old houses, not xjromise more than an average crop, but tween the elevated station on Forty-second in providing accommodations for new busi­ if the weather is favorable more oats and street and the depot, it is surprising that be­ ness enterprises, and in starting or com­ corn will be grown than in any other year fore this private houses have not been con­ pleting large apartment houses. Times may in the history of the country. The falling verted into stores. ' A horsecar track on be bad in general trade, but it is evident off in the demand for coal and iron must in Forty-second street is very much needed, that our mechanics will have all they can time have its effect upon the price of the coal while an elevated railw.ay from river to river do for tlie year to come. Plumbers, masons, stocks; in short, the immediate future, ex­ along that street, would be a real accommo­ house painters, plasterers, all are busy, while cept in real estate, looks dubious. The in­ dation. It would improve the value of the house furnishers and decorators are vesting public are not in the stock market, the property, but the private houses would pretty well assured of constant work until but there is still a great deal of money in the rapidly disappear to give place to the store the winter season. Still there will be not so country, and in times like these it is seeking and the warehouse. many new private houses as were erected real estate for an investment, Governments last summer, but the increase in the num­ giving.too small an interest for the average THE NEW TRUNK RAILROAD. ber of apartment houses will doubtless make investor. up for the lack of increased accommodia- Referring to our article on the New York, tious. Despite the croakers the country is West Shore & Buffalo Railway in the last growing, while the percentage of increase is A NEW BUSINESS CENTRE, PERHAPS. number of THE RECORD a correspondent greater in New York than in the country at A short tine since we published the opin­ asks whether tlie business of building new lai'ge. ion of a real estate expert that the time railroads, and especially additional trunk would come when Reservoir square, from lines, is not 'being overdone. THE RECORD All who have watched the transactions in Fortieth to Forty-second street, and from was one of the first journals to warn people vacant lots on this island, will have noticed Fifth to Sixth avenue, would become a great against the speculative railroad fever, but it many changes in ownership on "the West business centre. At that time it was sup­ seems to us that in reference to certain rail­ Side, above Fifty-ninth street, between posed that the reservoir would be removed road enterprises the general indiscriminate Eighth and Ninth avenues. It 13 the unani­ and a iDark created of the whole two blocks. cry against. too much railroad building is mous opinion of experts that the next build­ It is now very doubtful whether the reser­ unjustified. It has been shown, for instance, ing movement of any magnitude will be in voir will ever be removed. Open spaces at­ that in the case of the New York, West that locality. Brokers say that the majority tractive to pleasure seekers, build up in time Shore & Buffalo Railway, an entire new of the new owners are people who intend to a lucrative retail business, as witness the country, one of the richest and most fertile build within the next three years. There City Hall park, Union squ.ire and partially regions of the state, lying immediately along would be more signs of it to-day, were it Madison square. This must have been the the west shore of the Hudson River, will not for the advance in the prices of labor view of ^Pottier^& Stymus, as they have pur­ obtain the first direct railway communica­ and material. The activity at present, so far chased a portion of the ground now occu­ tion with New York it has ever had. The a5 dwelling houses is concerned, is more mani­ pied by Rutgers Female College on which to New York Herald, in its financial article of fest on the central zone above the park, be­ erect a splendid warehouse to exhibit their last Monday, very correctly prognosticated tween Second and St. Nicholas avenues; but furniture to those who wish to purchase. that the development of the west shore of the class of houses going up in that quarter This movement is significant, especially in the Hudson would even be more wonderful are not of a choice variety. They are in­ view of the presence of Brewster's .carriage than that of the east shore was, as soon as tended for people of moderate means, and warehouse on the corner of Fifth avenue the New York, West Shore & Buffalo Rail­ some are apartment houses'of a rather cheap and Forty-second street. Some years since way would be running. This it is to be kind. There are as yet no signs of any there was a general impression that Fifth rejnembered is a growing country. Between building movement on the heights, west of avenue, between Madison square andThirty- 'Gland '81 the three trunk lines, the Central, Morningside Park. Brokers report a quiet foiu'th street would become the seat of a Erie aud Pennsylvania, increased their earn­ movement going on to absorb West Side certain retail trade. It was supposed that ings from 130,000.01)0 to $80,000,000, to use property by persons who are intent upon jewelers, art and bric-a-bi-ac dealers, confec­ round figures, or SCO per cent. This is a speculation. While the houses on the flat tioners and other departments of what is yearly increase of 17 percent., and the West­ land immediately north and south of One known as the carriage trade, might grow up bound freight business, from New York Hundred and Twenty-fifth streec are not of in that portion of our fashionable avenue, City, which is much the most remunerative, a costly character, the contemplated struc­ aud there are certain such establishments increased from 715,000 tons in '78 to 1,198,000 tures west of the Central Park are fine there which seem to do a profitable business. tons in '81, or 67 per cent, in three years, apartment houses. • On Ninth avenue it is But it is evident that dealers of that kmd although the rates from Boston and via believed that large structures will be erected think that for the present there is more Canada w ere less than the New York, rates. for families above, with stores below. money to be made in ^Twenty-third street. People forget that the existing trunk lines Sixth avenue or even Fourteenth street. But were all opened nearly 30 years ago, and Pottier & Stymus and Brewster may create chat since that time the population west of The outlook in the general markets is not a new break upon this fashionable quarter. Buffalo and Pittsburg has already increased particularly brilliant, indeed, it may be said The opening of a few similar establishments from 5,782,400 to.1.9,132,800 or nearly 300 per to be blue. Gold is beginning to leave our below Forty-second street would soon make cent, up to 18S0, while the miles of railroad shores in large quantities, and there does not that section of Fifth avenue as unfashionable which arc the feeders of the trunk lines have seeni to be any likelihood of a stoppage of ^ns is the portion which .now/extends from giwyn from 6,000 to 53,583 or over 700 per the drain until September next, and not 476 THE REAL ESTATE RECORD May 13, 1882 cent., and yet no new trunk lines has since children in their spare hours from school Fifth avenue by 100 feet on Thirty-eighth street, been built to bring to Neiv York the traffic may assist in contributing (to the general and the stables adjoining 25x100 on Thirty-eighth of these additional 13,500,000 of people and support of the family.
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