The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-14

REAL ESTATE IMPROVEMENTS IN THE Cry
UNSAFE BUnDNGs.-The 1st of May has given
an additional impetus to the work of extending
the limits and increasing the decorations of our
city. During the whole OF the past year, in
all seasons and in all weather, this work has
been going on with almost lightning-like rap-
dity, and the noise Of rolling wheels, the hustle
and din of trade, has been to great degree
deadened by the ringing of hammers swung by
the strong arms Of carpenters, stone cutters and
builders. Mechanics have, as 1t were, walked
through our streets, from river to river, across
the city; and, at their command, have sprung
up, as the fountain burst forth beneath the
tread of the winged Pegasus, huge buildings
and blocks Of granite, the living and lasting
commentaries upon our commercial greatness.
Our knowing" anniversary presses on this
metamorphosing Of the metropolis even more
rapidly than ever. Leases expiring and tenants
removing to new domiciles, leave landlords
free to tear down and rebuild, which thou
sands are now doing with all the energy at
their command. In some parts Of the
city whole blocks Of dwelling houses have
| been demolished since the first Of the month,
and stores and warehouses are going Up in
their stead. Workmen, in great demand before,
! are now still more needed, and almost any man
who can drive q nail or handle trowel can
obtain constant employment Speculations in
real estate for the last few years have been
very extensive, and the amount of sales under
the hammer Of the auctioneer, within the last
eight months nearly approaches ten million
of dollars, to say nothing of the private sales.
This sort of speculation has been found to be
very lucrative and very safe, and perhaps
within the last five years, more fortunes have
been made from this source than from any
other. Men of small capital, but with shrewd
business capacities, have entered into the occu-
patton Of buying and selling real estate, and
are now men of wealth. The modus operandi
is this:-A mechanic, with only one or two
thousand dollars at commqDd, purchases lot;
by mortgaging this he n enabled to raise
sum sufficient to put up a building,
which, in the constant advance of real
estate, he is almost sure to sell at q
| great profit. The chances are on the side
of success and, even if the Spectator
miscalculates, and his property is sold under
foreclosure of mortgage, it will always in this
event bring its real value, and secure the mort
gagor against loss. If one operation is success
full, another is attempted, as much greater in
extent as the profits on the last will permit; and
| SO the builder, the mason, and the man of only
few hundreds of starting capital, have of late
| years gone on to fortunes The assessed valu-
alton of the city is the best criterion of its pro-
| gress. Twenty-Five years ago, the amount tax
ed was counted up by thousands, but it is now
enumerated by mllions and this island, which
was originally purchased Of the Indians for
twenty four dollars, is now valued at over
| three hundred millions.
This fact that speculation is the principal in
fnence now at work in raising buildings and
| improving real estate, impresses upon us the
| great Importance of a strict watch being kept
by our public authorities upon these buildings,
to see that they are put up with proper regard
to strength and public safety. Speculation is
selfish and narrow minded, and looks not beyond
tic means and chances of pecuniary success.
1t is not the spirit to be depended upon for
doing strong and substantial, instead of weak
ard deceitful work. when the latter sells as
rapidly and brings in as much Threefourths,
perhaps, Of all the houses now being erected,
especially those up town, are in the hands of
these spectators, who build to SELL and have
no further interest or care
Many of our large down town warehouses,
to which we have already referred particularly
need looking after. Although huge and mag
niicent in their appearance externally, we
fear they will not bear too close inspection.
x1,o,o II, l..
The merchant contracts with the builder to put
him up store of certain dimensions for q
stipulated sum. Of course, the contractor
goes to work, with the one absorbing idea, to
make the most possible out of the bargain
and naturally enough, durability gives way to
cheapness and care is lost in the hurry to
complete the job. Monstrous buildings go up
around US, with speed that is in keeping with
this telegraphic age; but a close examination
turns the towering block into ricketty pile
of timber, bricks aud mortar, floors imperfectly
laid, walls about as thick as sandwich, with
an external veneering of marble or stone, alto
gcther a capital continuance to promote the in
terests of undertakers and grave diggers.
In consideration of these facts we call upon
the fire wardens to examine closely every new
building. Let the policemen, while on their
daily rounds, keep their eyes about them, and
Immediately report to the proper authorities
any house work which they may consider IN
safely performed. 1t is a good old saying IAN
ounce Of prevention is worth pound of cure;r |
and while we lament the loss of those who were
snatched away by the late Broadway calami-
ty let us show the sincerity of our lamentation
by doing what we can to prevent the recsr-
renee of similar catastrophe. Let these IN
safe buildings be reported and razed to the
ground and but few lessons will be needed |
before SPECTATORS and builders will learn to
pay some regard to strength in rearing the
walls to six and seven stories. This is the |
reformation most imnnrtant at the nresent time |