The New York herald., 1868-03-28
A NEW FAUBOURG.
Expansion Of New York City N0rthen sterly-
improvements i'm Westchcsier County-The
Hell Gate Instructions.


Hell Gate distinctions.
The week which has just closed has been generally
successful in real estate operations as those that
have preceded 1t since the opening OF the market
Surprise is sometimes expressed that the real estate
market should display such great activity. with an
unmistakable tendency to still higher prices, while
depression and stagnation have prevailed In most
other branches of trade. But this excitement In real
property, and the present anxiety to 1t In and
our city, is a matter of easy explanation New
York is the great mart of commerce, as well as the
centre OF the wealth. refinement and fashion
OF the continent and attracts itself only the
greater proportion OF the higher classes OF foreign
immigrants, but large accessons OF the wealthy, in
teectual and enterprising of the people from all
sections Of the Union, making 1t, in fact imperial
city, dstinctively cosmopolitan from the diverse
character Of the elements composing its population,
yet who blended into one homogeneous people
by the liberaty of its Institutions as to be the
metropolis not alone Of the United States but OF
the entire western hemisphere. The increase OF
our population being rapid and the wants
Of our spreading commerce SO exacting that the
buildings erected or In process OF erection are
readily ascertained TO he entirely inadequate for
wants, and from the limited OF the cy's site
but little prescence IL required to or It's in
evitabe absorption IN toto for purposes OF trade. and
hence forced to adjoining suburbs for sites
for dwelling houses, In Brooklyn, Jersey City West
chester county. Real estate unlike dry goods stocks
and other descriptions OF property, cannot be
produced or multiplied, and hence appreciates
with certainty in value from the constant de-
mand and limited space. In no other place
has this been 80 clearly demonstrated within
the metropolitan district. In other towns and
especially In Europe. although the population there
Is much more closely confined In cities than here,
churches are generally preserved as landmarks no
matter what changes may occur in their immediate
neighborhood: but here reverence accorded
them. First, they are elbowcd into corners. their
burial grounds, II such attached up into build
ing lots, and they finally either taken down and
moved, to sites less IN demand for purposes OF trade
or converted as best practicable 10 manufacturing or
commercial uses.
Another cause that undoubtedly exerts potent
influence In stimulating speculation in real property,
quoted by many, and certainly with degree OF
reason Is in the unsettled financial condition Of the
country. IL cannot be denied that great uneasiness
exists among the holders Of government securities,
particularly Of the hve-twenty bonds. the payment
Of which In currency instead Of gold ~ earnestly
Insisted upon by large portion OF our people. One
OF TWO things appears 10 be nevable-naIncly pay
Of interest. Many investors instead Of stocks OF any
description, for safety prefer real property which can
neither be stolen, overissued nor repudated But the
price Of real estate the island ~ high Illus
traed in recent sales Of improved and unlmproved
property rents so enormous and the cost Of living
expensive that only the rich afford to live In the
most desirable localities, witnn city limits.
those Of moderate means must, therefore, seek
homesteads in the suburbs. The tendency of the
developments thus occasoned has heretofore been
across the rivers which wash the shores OF New York
island on either side, mainly In Brooklyn which has
grown 10 the third city OF the Union In consequence,
while In reality II Is only the dornitory OF New York.
The convenience OF access viz, by snort ferries OF
course determined TO great extent progress In this
direction, aud now when, owing TO the rapid growth,
their conditions 0f Inconvenience, similar TO those
operating here, are beginning TO anect residence
there such nigh rents the river. and indfer-
ent communication with the back districts, the other
and more natural outlet for New York's increasing
population, northerly To the mainland, ~ growing
rapidly In favor and exhibits indications Of
appreciation which clearly foreshadow its future des
tiny. The great desderatum Is rapid means Of CON-
mlincation, whether by underground or elevated
railroad, which would result in approaching the
land on the last river nov, now only one.third Of Of
on the line OF the Hudson River Railroad. With
the establishment OF an underground or elevated
road this difference would no longer exist, and when
the time required 10 accomplish the distance from
Harlem bridge to Wall street IL reduced to that n)w
required TO reach the same point from Madison square
a new iaubourg VIII spring up along the shores Of
Harlem river and Long Island Sound, embracing
within its bounds the towns which now dot that por
ton OF the map, companion quarter, approachablc
by rail-, water and road, to the future aristocrac re-
gion Of fManhattanvle and Fort Washington. The con-
tempated accomplishment OF this is exhibited In the
many projects OF Improvement now In progress of
development, and suggested while the Character OF
the land, the stuation and certain inc pent signs Of
the people now resident there all show that even at
that distance the wave Of speculation In real estate
over Manhattan island, to the great satisfaction
and profit Of It's capitalists, Is breaking over this
region Vi touHtrNs 30 lOHR Win ctT-
tainty OF engulilng 1t at no distant time. West
chester county on the east SIDE IL accessible by the
Harlem Railroad and by the new Iron Harlem bridge,
which spans the Harlem river at Third avenue,
removing all interruption to travel at oil seasons by
reason OF Ice, fops or storms. The new bridge-onc
OF the finest and most expensive In the country,
recently competed-is approached by the Second
and Third avenue cars, as well as by the Harlem aud
New Haven Railroads. Crossing the bridge the
traveller IL In Westchcster county. Besides
the approach To this natural but yet compare
lively undevelopcd metropolitan suburb by rail
and the city cars boats run at short intervals
| to Harlem bridge from Peck slip, and a new line IL
projected for the coming season, to start from some
point near Fulton ferry, touching at BrooSlyn and
To land on the Westchester side near the bridge An
other line II likewise In contemplation TO run mp
the East river, stopping at Port Morris above the
mouth OF the Harlem river, and at the various
| towns on the Sound as far or beyond New Ro-
| chee. In addition to these improvements, calcu-
lated 10 hasten the development OF this section by
bringing II ifAo closer and more varied coinunica.
tton with the city, roads are being constructed
! In all directions. Immediately beyond the Harlem
bridge at 32d street hegins the southern Boulevard
40