The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-04

in twenty minutes, or in short tine ne could
walk from the City Hall to Blocker street The Pc
euliar formation Of Manhsttsp Island, will eventually
drive the bulk Of the population above Union square,
and have not the slightest doubt but that In less
than twenty years. the population above that square
will be greater than below.
This result we have no doubt win be realized from
the natural growth of the city and increase in
population; but there are influences at work
entirely independent OF those which have heretofore
been the cause of our prosperity. We alude to the
transfer Of portion Of the passenger traffic from the
lower to the upper part othe city, from the docks the
North River the Fourth avenue at Twenty seventh
and Thirtieth streets The termination of the New
York, Harlem and Albany and the New York and New
Haven Railroads. at that point must when these lines
completed, create great deal of activity in that
vicinity and make it the centre of large and active
business 1t is estimated that at least Eve thousand
passengers will arrive at and depart from that point
daily, during the travelling Of the year. and
have doubt Of the largest and most magnificent
hotels in tho city WILL in less than three years. be To-
Gated in that part the Fourth The of
those which have already been built in that section
has been such WILL without doubt induce capitalists
and others to turn their attention to this desirable
and profitable mode of investment. There is no part
Of the island afTordng greater advantages for such
enterprise than the neigh b0rhOOd OF the depots
of the Harlem and New Haven railroads.
Property in that vicinity is low, compared with
what it will be five years hence, to what it in
the vicinity of Union square. The value of lots on
the square is about ten thousand dollars and from
that there is decreafe of about FIVE hundred dollars
lot for each and every block 1--WE allude more parti-
cularly to the line of the raroa up to the depos of
the railroads. bove named 1t is therefore, that
the higher up you co. the cheaper the lots and for
those doing business In the lower part the city thew
might well, if they the railroad at ALL go to its
termination, as to stop half way. We have been
thus particular in pointing out the advantages
of living in the upper wards, for the purpose of
turning public attention to the Improvement and
extension of our city, and attracting it from Brook
Ign, Jersey City, and those places beyond our
limits and out of the reach of our tax collectors.
AS New York increases in extent and in wealth, our
taxes will decrease and when the city reaches
double its present size, the amount raised by tax
alton will not, or, more properly speaking, ought
not to be much larger than the now raised
AS the upper wards become populated, the revenue
from Croton water will be largely increased as every
house put up the avenues and cross streets is
literally provided with the Croton. There would be
no very important increase in any item Of expense
while the increase in the amount Of taxable property
would be great the average rate of taxation would
materially reduced Owners of real estate in the
wards deeply interested in the improvement of
the upper part this account There is very little
danger of real estate down town" depreciating in
value that "up town. being at any time
ably purchased than at the present time There may
be instances where of the splendid palaces on the
Fifth avenue may be brought to the hammer at some
sheriGs SALE and purchased at great bargain but
general thing real estate in this city is probably
..s.r H.
many localities might say lower than it will
be again The commercial revusion which has
proved disastrous in many parts of the world has
not been without its effects here and prices for
species of property from house lot down to yard of
tape, have been enormously deprecated and all who
can hold at present rates, must as the money
market 10 relieved from the pressure now weighing
upon it, realize handsome profits