The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-14
Real Estate In 1858.

Real Estate I'm 1858.
WHAT RENTS WILL BF DURING THE PRESENT YEAR
DECLINE IN TIE VALUE OF LARGE STORES AND
BROWN ST0NK FRONTS CAPITAL sEEKIN0 INVEST
MENT IN REAL ESTATE.
II Is usual on the first of February for landlords
~ understanding with their tenants rs to the price Of
their tenemonts from the May following Usually this
quarter day looked forward to With fear trembling
by all honest bouse hrer- often brings with D
ration that 10 per cent 10 be added TO the yearly
This year. however, 1t the landlord whose
to be alarmed. Now good tenants are in derani and
any change in the rent must be for their benefit
We have made extensive inquiries TO the probable
rate of rents and price OF real estate FOR the coming year
and find that there very complex interests at work.
which producing anomalous results. 10
rents advancing and In others recedng while the price
Of real estate viii experience very little variation from
that which obtained last year.
The owrers OF down town stores vii. suffer the most
conceded that the o. all the Broadway
below Duane street, viii fall one-quarter third.
Stores that merchants eager 10 hire last year at
SC 900 per will DO procuTable at 81 o00 The very
heaviest depreciation will be in the lower part Of Broad
way from whence all the dry goods dealers depart
ing the put any other for
the storage Of goods and Is for tina. purpose that so
many Of them hired. In fact all Of bust
sr dua;ly creeping up the island enhancing val
or property where settles and deprecisDg that which
nom The lower third OF thc island be
coming immense warehouse for the storage OF gouds,
and Cor that purpose will always command iar price
but the great dry goods trade which enhances nofdnae
Iy any property uses, bas lett ii forever We
peot therefore, constant depreciation "a property tho
First, Second and Third wasds and enhancement OF
value towards the contre OF The city.
II is the opinion OF sagacous real estate dealers that
property in Park place. Barclay Warren and adjacent
would not ulnand within twenty per Of the
prices wbioh readily given las, year would the
storos rent for much by twenty per cent But unio
tnnsely for the storekcepers that part OF the city has all
been built within three years past and long leases have
gercry been given TO the tcnant This particularly
the with stores in Park place which have
rents FOR lse and ton years We're the bar.
gains 10 be made this year the tenants could twenty
per cent in their Fents.
rere viii be an ouusua nunbcr OF vacant high priced
stores this year. This VIII be OF the number
gfms that have got of business jorug the revuon
and tho tho part OF others economse their eK
pona,ures By the Of cheaper Already pass
ns through tho business part of the city olnons
words "to let" visible many n fms store.
This not however with the retail and second
cas, stores throughout the CITY They are hold al al
vanced rates There will certainly he dnlinu,io1 in
their value
The class Of buildings affected by the tlIios are
the fronts FAC, all houses that for
than 5000 poo Property holders have gon.
rather extensively this class OF houses aEd tho thing has
been entirely oyerdcne even there were DO hard times
~ check the der and for them.
In walking through tho upper part Of tho
city one Ia struck at the number OF splendid
private residences thai sbouod and IL matter or
wonder where tbs money comes from 10 maintain
many establishments proposly This class or houses has
deprecated in value at least twenty ave PEI ceat
With regard 70 houses tina: rent for fen 800 10 5000.
prices have either stood still or advanced trne This
due TO tie fac, st the wealthy elias. will this year
themselves with cheaper ACKNOWLEDGEMENTS
and economy being the order Of the day The mid.
die class Of the city will therefore, have pay rs much
rent usual for their residences.
There another class Of houses from which time
large profits were realized, that DO not pay All.
These the tenement houses % these. landlords say
they are the uhproducive species propcrty sthe
poor the past year have unable to p1y suy rent;
In the meantime the price OF real estate CONTINUES 20
keep ~. Tore is abou; much usual 10 III market
prices have been well sustained from the tact iha,
capitalists have turned their attention This description
IT property in view OF the insecurity or railroad and
bank stock developed by TIC Revision The only real
estate ina, has deprecated hns bccn the lots in tho vcni
quarter IRON the fancy prices they commanded
summer Brooklyn property IL also quite NV, but ~
there Is likelihood Of large exodus oc NV Workers
across the river during the coming year, no doub,
the property in sister city viii be in A. high
favor az ever.
4 r,sunt OF the above will giyo ~ the following
facts -
l. That high priced down ,o~p Nil ren, Cor from
ten to twenty per cent less than received for
Them last year.
2 That sores worth 81 500 year and under viii com.
mabd - high price a. formerly.
?. That brown stone fronts and all houses renting ror
over 500 Per year, have suffered depreciation Of
twenty i've per cent, with corresponding reduction u
rents.
That houses worth loss than $500 per year used 10y
the MIDDLE classes, viii, nythiue, All, IN p,ce
O. Thai the price OF real estate will average about
much usual notwithstanding the hsrd times owing 70
a., dsttr IN