New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-23
REAL ESTATE AND RENTS.

iIP MARKET FOR STORE PEOPERTY-RETAlL
STORES-DWELLING PEOPERTl-BRoOkL1N
JERSEY CITY-THE MARKET DUIL-RENTS
LOWER FOR BUSINESS PROPERTI-DWELLlNG
PROPERTY TUE SAME AS LAST YEAR.
AS the time approaches when New OrKers
consider their duty TO look around them forneW aDoues
for the coming year. interest centers the subject oil
rents and prices Of property and around the city
very large portion Of population Of this city ana It's
suburbs tenants OF property not their oWn paying
yearly Landlord OF money for their places oil
residence and business that carefully graduated III
too many instances absorb nearly all the money
absolutely needed for the other necessary expenses
sf living and conducting business. smaller ana more
fortunate class of the community the owners OF inc
they occupy To both OF these classes the ioo"
ing account OF tie and prospective condition Oh
the real estate ,llrkct will prove interesting ana III
structivo:
Before giving an account the present condition OF the
market however il is necessary look at its past ana
10 note some facts having direct bearing on the SUBJECT
10 seems difficult now, in looking back 10 ahte"ar tcs
TO understand how ont Of the way we're the cacuIa
tons OF the informed Them in regard 10 he eect VI
the war on values Few had any conception OF tue vast
changes which were take place in the values OF every
assof merchandise and of real No one in lsCO
would have believed in short time the value of
property in the Southern States would so greatly de-
crease that OF property in and around the large ces
Of the North largely increase In 1860 the country mad
fully recovered rom inc depressing VI
great financial crisis Of 1857. At this time the
trouble with the sOuth began TO assume dangerous
proportions and when business men came TO
make their ARRANGEMENTS for the following year,
the danger Of stared them in the face, ana adnon
shed them To exercise caution III their engagements
eng scd Southern trade saw the probable entire
extinction OF their business and the loss OF their capital
from bad debts already contracted in the South Those
having Northern and Western trade feared dimin'
ishcd business from the OF the Southern de-
maud for goods manufactured in NewEngand the con-
Guen sOppaSe OF the factories and the inability Of the
rcratiycs, owners and merchants 10 buy and pay for
RI chan the necessarcs Of life The consequence. in
large cities the reduction Of the value and rents
% real estate minimum Stores, in eligible locations,
which IN more prosperous were always in de
Inand could scarcely Obtain tenants and the owners
realized but small incomes their investments The
most visionary did not dream that period OF
Initiation and speculation was so near at hand.
Even those who had leased stores on broadway at prices
which 20 ia would seem ridcuously low. were
frightened at their contracts, and in many cases would
gladly have renquised their leases and even have paid
the landlords good bonus to release them One case Is
reported where tenant. having obtained the lease for
ten years Of large building in the most valuable part
Of Broadway for about $4,000 year besought his land
lord 10 release him from his Obligation Offering to pay
between and ten thousand dollars for the release
The application was rejected and the tenant held to his
bargain The building situated the heart OF the dis
trctn which the large dry goods concerns have since con-
cregated and long before the expiration OF the lease
brought to the unfortunate lessee the handsome sum
Of from $4,000 TO $4,000 per annum Another store
with basement and sub-cellar situated in White
st between Broadway and Church-st. now
one o; the best business blocks in the city, was
leased for of years AT 5000 year the store had
frontage of 80 Before the expiration OF the lease
The tenant could have obtained $4,000 year for his
premises. sull another case On Broadway in the same
vicinity building Is feet front ana nearly ieet
IN depth then offered for 5000 ana WIN great 9I-
Guilty was rented at all The lofts al one or the building
now command $500 and considered cheap at that
This period was however the darkest for both Land
lord and tenant. The commenced and' contrary 10
the expectations OF all an Immense tano spl t up
speculation rampant. goods rapidly auNanceu, every
body made money. The great unoOkedIOr lhnatoh o,
profits Of all engaged IN trade Merchants were enaDeu
salaries their clerks, who in turn were enabled 10 pay
advanced rates for their houses ana LANDLORDS again
ceyed reinuneratve for their investments Real
~ CO.. s3ne t,nc ofter be heavy profits incident TO
war times were realized by merchants landlords did not
pprecate their position aud take the opportunity 10 IN
] their rents 10 the extent Justified by the profits of
business 1t was until the was endC d. and trade
rad started the dOwnhll road. that tho ghest rents
were realized Al the beginning of 1865 owners of desr;
able stores In many cases, doubled the rents they had
previously obtained and succeeded IN retaining tenans
at this great advance or the tenant moved Was u
eth higher priced store. a., -,
The extremes of prices Of store proPery-he min
imun in 1850 and 1861, the maximum IN sty aha iSoo
are Neither represented the true value Of the
property the being below and the other above what
II should BE- The minimum pLice was induced % Se 81
atOu aud fear OF the future the maximum obtained ny
the eXtravagaut ideas Of merchants who did not fully
realize the necessities Of change from war times AT
gradually declined and with the fall the profits Of the
merchants have kept pace until at the opening oil the
sty OF looking closely their expenses one OF the
most important items Of which is aud always must be,
rents
IL this city the leases OF store property expire either
on February May /, the greater proportion at the
former tme at that season trade is dull and mer-
chants can much more easily than later in the
season when trade brisk and stocks heavy. This year
before February holding off the part OF tenants,
whose leases about expiring, was quite general
During November and December, the months, "1en
usually the number OF contracts are made, nut
ltte business done III renting wholesale stores the
tenants being in every instance unwilling To pay Iast
years prices and the owners being quite as unwilling TO
accept any reduced rate In some local. local.
Of the change Of times was noticeable, but in the
dry goods district GeaS ~
ness part OF both parties in interest TO make con-
changes AS the LIST OF February drew near however,
decisions must be made, and brisk business was zone
IN renting during January WIN ABOUT 'ne iolo"ins
In streets recently occupied by the dry goods trade
but deserted by IL in its uptown march, large reouc
ron took place this category are warren CnamDefs
Reade and Duane-sts An average reduction OF from p
10 "a per cent made to tenants in these streets
though come were enabled to Obtain sun iIoime g
educton One sors for sS se%ee eao WoTh ans
Broou1ests.. Broadway and Churehst; Ihe dry goSas
that the highest paid Here reduction Oh ~
10 2j per cent was made the average rental OF hrs
class stores. A handsome store on broadway, DeloW
Wortht having frontage Of Az feet and deplh OF lV
formerly commanded $4,000 per annuln Inc owner
placed in the market at $4,000 ana nnaIy accept5u
$4,000 for 1t, which was considered iar IN
the same vicinity very large store, that nau
commanded between $4,000 and 5000, was
leased at $4,000. fine store corner OF Whltest ana
Broadway. by us feet, formerly commanded $1,000
wear Int was ths leased at $1,000 Another corner
was rented $4,000, being tho same that had been
charged 10 previous years LITTLE further up stores
mat had commanded higher, during the past
few wears were rented about $4,000 while one Store
rs by I75, in good nelehborhood tBroadway httle
same neghborhOod IS hy 100, with basement and sub