The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-10
Value Of Real Estate I'm New York-Buildin,
Ia the City.


causes have contributed to produce this result '
Among them we mention the following
In The ordinary course of things, the price of
cant lots up town must necessarily advance, else
thew will be held at loss, because interest, taxes
and assessments regular and as certain as the
tide. and must be added to the original cost But
for two years past the price OF lots has remained
very nearly stationary High up town, beyond the
bounds of immediate improvement, the price Of lots
is in fact nowhere, there being no demand because
there is no speculation and OF course no sales Oh
the apparent sales at the Merchants Exchange we
make no account, they being generally Peter Funk
affairs, unless made under the sherffs hammer, by
order of CONT or of executors, or other similar
cases. On the east side of the town above Thirty
fourth street. in localities at all suitable for building
prices have neither advanced nor receded to any
very great extent. In the central portions Of the
city, above Fortysecond and below Fftynnth street
prices are pretty firmly maintained. Between
Forty-second and Thirtyfourth streets, on what is
commonly known Murray Hill, prices have firmly
held their own, and in choice spots slightly advanced
Below Thirtythird street, and for five hundred feet
west of Fifth avenue, prices have positively adj
vanced No first class lots be bought for less
than 1000. West of Sixth avenue, prices Of lots
have remained about stationary. But, as we have.
already remarked, in consequence of the constant
emulation of interest," taxes &C., it follows that to
remain stationary is really to recede And therefore
conclusion is that the whole, vacant lots
cheaper row than two years ago. This fact, toge.
Their with the fact that building materials are de-
cdedy cheaper and labor abundant, and provisions
likely to be more rcasOnabe-these facts say, are
favorable to builders who want money at seven per
cent
Another favorable circumstance is-the European
war seems to have done it's worst regards the in
terests of this country Capitalists have the
monster, heard his roar, and witnessed his doiugs.
And business and capital seem quietly to have ad
justed themselves to the "war term Confidence, if
not restored, is in convaescent state. Its future
condition will depend almost exclusively upon the
doctors of government at Washington.
In word, the time has come once more when
capitalists are willing to loan money at seven per
cent on bond and mortgage. Cautiously we know;
and to prevent mistake, we will state on what de-
scription Of real estate money can and on what it
cannot be got at this present time. We do this in
order that builders and spectators may not rush
heedlessly and reckessy into unsafe and dangerous
operations. will be understood, as general rule
that the amount of money that can be got will not
exceed half the fair valuation Of the property to
be mortgaged.
Any amount of money, them can now he had at seven
per cent all first class stores in the old aud well
established business portions Of the city. Even in
such Streets however, the question will be raised by
the money lender, whether in the course Of time
the course Of business also may not change, and
property depreciate. We cite the history of Pearl
street as an example. Twenty years ago il was the
leading mercantile street now, il its glory has not
departed it is certainly eclpsed by the streets west
of Broadway, between Liberty and Chambers, both
inclusive The mercantile spirit to be as tickle
migratory as il is expansive and capitalists ac
cordngy make the most sagacious calculations the,
able as to what will he the course of business at
least during the period which their mortgage
to
The higher up town you go the less confidence
capitalists feel in the stability of business and rents
and the reluctant they are to loan. Those who
design to depend on getting certain amount o
money, especially on avenue property up town.
would do well TO enquire into the matter little
before they get their foot in too far, and whether
so much money can be got such and such descrip-
tion Of property. We know Of some persons who
are building stores the avenues above Thirty
fourth street, who very seriously disappointed
in getting the amount of money they require to
go on and finish their buildings. And above
Forty-second street, whoever undertakes 10 build
without knowing to a certainty where the sinews of
building are coming from, is preparing for anxious
days and sleepless nights We know score Of just
such sleepless mortas.
In our remarks thus far we have had our eye main
~ on avenue property, generally devoted to stores
We shall now speak Of getting money on dwellings,
The class of dwelling houses on which it is the
easiest to obtain money on bond and MORTGAGE, is
houses and lots under $4,000 in localities where the
value OF the lot approaches nearest 10 the cost OF
the house. by way of Illustration, we will specify
all such streets between Eighth and Ninth avenues,
as Twenty-eighth, Twenty ninth, Thirtieth, Thirty
first, Thirtysecond, Thirty-third and Thirtyfourt.
Such streets are all well built up with neat, tasty
looking houses-no nuisances, no tenement houses,
no work shops scattering dirt and noise. no vacant
lots with stagnant water and dead cats; the streets
are not filed up with files of old carts and platoons
OF broken wagons, and stacks of filth and garbage.
On the contrary, these streets are Clean the air il
comparatively sweet and pure, and every thing looks
cheerful. Even the little children feel and show the
difference. On the shady side of the street you will
see them in happy little groups all dressed neat and
clean, and al! with smiling faces, trundling their
hoops, playing tag, keeping mimic schools telling
Sh"'' SUITES, anu III that sort OF thing: while halt
concealed behind the curtain of the front basement
window sits the contented and still handsome mo.
Their, hall industrious, and half proud OF the little
ones she Is watching. Such scenes a. these NAV h.
witnessed and enjoyed any day, not only between
Eighth and Ninth avenues, but also between Fourth
ma Lexington avenues, on, and all along
below Thirty-irst street. These are sightabe
streets. They are the streets in which capitalists
owe to loan their money. They proud 10 takes
walk along such streets, and feel aud tell! la that
house my money is inyested-isn't it handsome
property"
ANOTHER and different class Of dwellings Is 10 be
ound on tho line of Fifth avenue, and on the side