New-York tribune., 1870-10-13
RISE IN REiL EST1TE.
AN EXCEPTION TO THE TENDENCY TO LOWER
PRICES-FIFTH-AYE. LOrS-THE DYCkMAN
SALE-FORECLOSURE.

AN EXCEPTION TO THE TENDENCY TO LOWER
PRICEs-FIFTH-AYE. LOrS-THE DYCkMAN
SALE-FORECLOSURE.
While the real estate market generally has
for many months been declining some localities have
not shared this tendency. Ffhave. lots, which one
would naturally consider the most likely TO suffer I'm
time OF sagnatOn and depreciation, have steadily adj
yauccd, although already high that the prices they
commanded ast0nishcd people who have lived in New
York few years. They have been sold at prices very
much higher than those prevailing two three years
ago. The reason Of this state OF affairs twofod. First
The high prices occasioned by the rapid change TAX
ns place IN the character Of the avenue below Twenty
thrdst This portion Of the avenue, so long he head
quarters OF most wealthy and fashionable society IS
undergoing Transformation into business street The
palatal mansions changing into stores Carriage
warehouses, restaurants, clu-houscs, taor5 shops,
prntsellcrs establishments picture galleries, dancing
academies, and bookstores are now found in the very
structures occupied elegant residences only the other
day. Second: The diminished number of lots available
for rstclass dwellings between Twentythird-st. and
the Park This portion OF the avenue has been invaded
TO much less extent than the lower portion, and here
sti TO be found many o the most wealthy Of our citi
zens The avenue Is still Te Avenue" here and other
street. yet has been found TO suit the arstOcracy"
WELL Madson-avc. and the cross streets are consd
cred very desirable, but they have not the pres
tge Ffhave Tho creation OF the Central Park added
immensely to the value OF property in It's neghbOrhOOd,
but 10 no street than to Ffhave. The lots below
the Park have been improved very rapidly by the cree
tOn OF 1rstclass dwellings and but few vacant lots
remain. These have naturally acquired additional
value from their scarcity and from being surrounded by
such valuable improvements. Besides, the whole
IS affected by it's prospective business street
Owners regard the street rst for series of years. as
the most desirable of all for dwellings and afterward
stll desirable for stores. Store property where
the money TO support elegant establishments is made,
always commands than the best dwelling property
similarly situated A house and lot Fifth-ave were
sold but few years ago for II transform
ing into store, and has been leased for $4,000 per
mum, that the rent for 2t years will equal the
comparatively recent date Many such examples might
In the future, when some speedy means OF access to
the upper end Of the island shall have been devised,
much OF the wealth now ccntered in the avenue VIII be
transferred to other locations and the abandoned
10 trade Then the broad avenues and bOuleyarSs
Others will seek such streets the broad central avenue
OF Westchester County the approach from that quarter
$50 feet wide with trees each side and through the
center of the roadway with the Central Park
hal, VIII then ne as ar ahead 0f fthavc as that il
now In advance OF other streets But for "A time this de-
scrpton Of property is under cloud and people prefer
10 make investments that viii yield quicker return.
Moreover, much money has been expended on these
cred from the effect OF the heavy assessments II
wise foresight to place the upper end OF the island under
control Of the Central Park Commission and lay it
u WIN IJeitnee 10 Tue Iutule needs OI the metropolis
noticeable feature OF tie market during the summer
"a
extreme northern end Of the island. in these
localities property has been hard TO dispose or except
az material reduction from former prices In the early
summer, nearly 100 acres Of the Dychman property,
located on and Broadway and extending nearly to
hngsbridge, were disposed OF az auction Tie sale was
The most successful and satisfactory of the season.
ana me price realized were even higher than those OBJ
tanned year before, during the reale,tate excitement
at sale OF nearly the number Of acres OF the
same estate.
Ii Is a question whether New-York City property, in
lhe aggregate, ever depreciles except in great
financial Crisis Sooner or later the depression now
IStihR VIII ne overcome and healthy Investment de-
mhhd 'pfug up. such eXctements that of 1865 and
1907 carry people beyond the bounds Of prudence and
te prices they pay are in advance OF the then value OF
tne property purchased. A reaction necessarily takes
pace, hnd the market must be dun and transactions
moderate uht tie advance Of time brings the value of
property up 10 the ncttiOus standard created during the
eNcInent The market has yet reached this point.
ln only exceptional localities the prices OF eighteen
months ago be realized Shrowd operators In real estate
look fOr further reduction In city property, in general
before any upward movement takes place One good
reason FOR such anticipation s that since the close OF the
war an Immense amount OF property has been purchased
by weak holders, VINO have contracted tU pay large
prices but have left most OF the amount on mortgage
small cash payment only having been made These
mortgages have generally three five years be-
fore maturity Ins time has now nearly passed since
result in hundreds OF will be that the mort ge
Will be- iurcclosed, aud the original will get back
his property, beside the cl-n payment made Fouiug
property on tle market u TINS manner Will, of course
aHcDt prcta uutiNura and prevent lOI tIAe any
~ VI talt