The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-27
s6,5O,2U
Total. .sR. 1j6. 300


Increase value of real estate in these four wards.
sl7, o93,97O.
A large portion Of this increase of value in build
ings however, may be attributed to the cost Of tho
expensive banking houses, warehouses, and other
edifces, which have been erected since the great
fire Of 1895, and ether improvements which have
taken place down town-for it is fact that there
has been great decline in rents in such streets as
Pearl street, Greenwich street, and other sections
Of the lower wards, within the last twenty years.
In Pearl street, for instance compare the rents
paid Mt present, with those obtained for the Same
warehouses in 1882 and 1884, taking the whole
| range from Peck clip to Broad street, We find the
decline from fifty TO seventy per cent We may
name one store in that street. which formerly rent
ed for three thousand dollars, and which now rents
for nine hundred dollars only.
Pearl street, it is well known has been for MANY
years the great mart Of the dry goods trade and il
Is mainly in that business that most Of these great
changes have taken place; and this decline in rents
in Pearl street has been going on, while the trsds
IN dry goods has increased in common with other
branches Of commerce. If We inquire into tho
cause OF this apparent anomaly, we believe IL will
be found mainly in the propensity to change-which
Is common to all human afairs-which causes the
influence Of fashion to operate as we'll in trade, a.
in the social concerns Of life The first great change
In the course Of the city business which withdrew
much Of the dry goods and other trade from Pearl
Street, occurred after the improvements which took
place after the great fire Of December, 1885, largo
number Of extensive warehouses having been erect
ed In other streets in the First ward after that
event. In consequence, many merchants removed
from Pearl street TO those locations somo Of which,
again. in turn, losing their share Of popularity
as favorite stands; and Mt the present time,
broadway, which, a few years ago, was prin-
cipally confined to the retail business, Is tho
most fashionable street for the Wholesale fancy
and staple dry goods trade, and the highest
rents in the city are paid for the new aad
costly warehouses In that quarter Fulton John,
Nassau and William streets, may also be said to
have improved as business streets, within few
years. Courtlandt street has materially changed
its character, and property for business purposes
that street, has greatly increased in value. Dey
streets, ut present. undergoing great alterations,
by widening the street, and the erection Of many
spacious warehouses, calculated for the Wholesale
trade in various branches.
The lower part Of Greenwich street was formerly
occupied as residences by Of the most fashona-
bic families in tho city. IL snow principally tenant
ca ny boarding house keepers, particularly by those
who accommodate German and other emigrants,
which has the effect, generally to drive out tho
American population. In that part Of the city,
rents are lower than they thirty years since;
and dwelling houses which then rented for $500,
may now be had for twenty Ave per cent less-ssy
sCG0.
The following shows the low valuation placed by
the Assessors upon some Of the dwellings 10 Green
wich street,
No. 50, a large building formerly the residence Of
the late William w. Woolsey, ......... $1,000
No. 81 assessed 10 Dr. Hhby, ............ $500
~, X Il. Morris, ......... 800
81, J.P. Storm. .......... $500
The elegant row OF dwelling houses fronting tho
Bowling Green and State street, now valued at
considerably less than they would probably have
erected They estimated by the at from
$4,000 to $50 600 each; and IL appears from tho
sales Of the lots which they built, made by
order Of the cooperation in 1915. that they pur
chased ~ the persons named at the following
| prices;-
No. I. John Hone, ACKNOWLEDGEMENTS lo $50
z. Peter Remsen,. .................. $50
3. James Byers, ................... $3.50
=. Ebert Anderson, ................ 1000
.. Abijah Weston. ................. 10000
o. Dominick Lynch, ................ 1i.i5O
7. stephen Whitney, ............... 5000
| Z. A. Weston, ...................... $50
=. Thos. r. Mercein, ................ $3.50
| 10. Robert Lenox, $40
| ~. JOS. Blackwell,. .......... s,SOO
| IL. John Swartwout, ................. 20,0O0
Most Of these houses are still occupied by old
New Workers, and are considered fashionable resi-
dences but u j. not probable that they can with
stand the progress Of Improvement and the desire
Tor change, many years longer. II j. certain thai
the lower part Of Broadway, Bowling Green, state
street, and vicinity must be occupied only Tor
warehouses, hotels and boarding houses Il, 49,,
be facts we have stated clearly show tnatrea
| eiah, even in the most prosperous commercial
cites s subject TO fluctuations In value from causes
| nut easily 10 be foreseen by the most shrewd ana
careful Observer, but often governed by the whims
and fancies Of individuals engaged IN trade, or ~.