The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-23

Mclean Co. sub-let portion Of 1t to another firm.
THE HIGHEST RENTS or BUSINESS PROPERTY
are obtained from the dry goods trade. Leases
here generally run for seven years. and sometimes
a 1 tue be eni oSs Of e dt sSa So pa
leased, with interest on the money invested, will be
realized subsequently rentals are ALWAYS on q
securing the return oil the capital out Of the rst
lease. Spring. or at most Prince, street marks the
the wholesale trade.
BEYOND PRINCE STREET AND Up TO STEWARDS
values are unsettled this part OF Broadway being
In transition state. passing from tue occupation
Of retail dealers ana not yet wanted by wholesale
business now located here Is OF nature 10 afYect
properly unavorably.vlz., gambling nells ana DIS
desirable locality at present Following
IN THIS WAKE OF THE DRY GOODS HOUSES,
as they move up town, come in regular succession
0.her branches OF business, 0beyng the same gene
raj law which seems TO direct all the grow OF the
CITY, Coming first are the cloth and wooIlen houses,
and Immediately after them Inc manufacturers OF
ready-made clothing, the same buyers from the
south anu west seeking each trade. Rents IN the
case OF these trades as was before noticed. are not
as good as among the dry goods houses proper, ana
decline 10 proportion as the distance Is marked from
cneny located IN warren street. following behind
the ready clothing, has also commenced an
are now located IN White street.
TIE HARDWARE TRADE,
which has so long appeared fixed in tue neighbour
hood OF Beekman. Clr and Gold streets. Is rapidly
shifting to the west side OF brOadwaY and locating
IN Warren. Chambers, Reade, and even high up as
trade, Hermann Boxer i Co., Of Nos. As and 50 CllG
street, has just completed building IN Duane
street, on tne hospital GROUNDS SoXioo ieet Uhan.
nearly all hardware. TINS movement in particular
Affects values IN the localities where the trade was
formerly located. and IN the case OF the buildings
vacated ON the east side rents have decreased
thirty, and even IN some cases sixty per cent
MINOR MOVEMENTS
are noticeable also in the case OF the drug trade,
which appears to be shifting from Cedar ana William
streets to Liberty, Dey and Cortlandt Streets west
4
the movement, at no distant period, OF the Jewery
o JS ss ana ~ an Co the
nelghborhood OF Bond street.
MORE IMPORTANT CHANGE,
however, than these last mentioned Is proposed as
consequence OF the decided tendency which mas
been exhibited during the past lew years Of whole.
OF some OF the movements above noted has been to
depreciate the rental vlue OF buildings on the east
Peck slip to Broad street. There being NOT
sui1lclent business TO create demand Tor these
buildings, even for use as stoehOuSeS the Brooklyn
and Red Hook stores aLOrdlng ample acCommOda-
ton OF that DESCRIPTION II Is proposed to alter them
into tenement nouses as the means OF turning them
again to profitable use. rne Idea most excellent
one ana should he carried out immediately. That
and, indeed. It is about the only chance Afforded
while 1t would be great reei 10 many Iamiiles
compelled, IRON the nature OF Their avocanons. 10
GOWN town, Tor which miserable quarters they are
| charged eXorDiLant rents.
MORE TENEMENT HOUSE SPACE
down town Is "a great need In New YORK, as any one
realize uy stroll at night past the great tene-
ment houses III The First Fourth anu Sixth wards;
| or standing al the Hamilton avenue Jerry VI All
| evening in noting the crowd OF laboring men VINO
that ferry TO almost as miserable quarters In
| South Brooklyn. There are thousands or men VINO
cannot i've any distance away from their work
down town, at present without the means OF OBJ
tanning the proper lodgings which the enforcement
| OF STRICT sanitary system with respect to the
| dwellings OF the poor would require them to have,
and measure looking to an amelioration OF their
condition III THIS respect would De public benent.
AS we said before, the scheme proposed cannot but
result profrably, and can scarcely be too ex-
tenslvely carried out. The bill,
''OFFlCES TO LET
In this building" is likely to be u prominent Sign
board this year IN the neignborhood OF the CITY all
The location OF the new Post Once In the Park for
! some mysterious reason has moved property owners
In that vicinity alter their buildings into Oices
while many new buildings now going up are being
| fitted up IN that way. Among these IS a building,
| almost completed on the corner OF Park place and
College place; also building belonging to the Secu-
rtv Fire Insurance company. on the corner OF PARK
| place and BROADWAY; also q building on the corner
OF Reade ana Broac way also building on the
corner OF Pearl street and Broadway; also build.
! ing belonging to Judge Whiting, 50xi25, on the
| corner OF Leonard street and Broadway.
Every man In Fulton, Vesey and Murray
streets PARK place ana Chambers street. west
his fortune, renting oces when The Post Office Is
completed. Whence the illusion Il is difficult to tell
but that 1t will be speedily dispeed there M
doubt. Some few offices may find tenants, but
tainiy not more than nine-lenths OF those being
| prepared, unless, as Is proposed, the Real Estate
| Exchange should remove TO the Ast0r House. The
rolunda OF that building would maze q fine sales.
Pine and Cedar streets; but even these would not
be many. AS an evidence OF how little benent may
toned That PINE and Cedar streets now ofier among
the cheapest rents IN the city. These vacant
| ofiices however. might still pc put to profitable
use, fitted up as apartments for superior class
OF tenants TO those who usually cOngregaJe In
| ment houses who would be glad OF desirable resi-
| q reasonable rent There are many such, and many
q lott now vacant in fine buildings down town
| GENERAL OBSERVATIONS.
Having In view the facts above mentioned. the
ductIon. This has reference OF course to business
! property, which only at this time furnishes the
necessary data upon which to found an Intelligent
| Judgment. Although the LIST OF May occupies the
same prominence in the matter OF removals In
business circles as among h0usehoders yet in the
leases entered upon on the LIST OF February deter
mine the general character OF the rent MARKET.
| Judged by this standard we find that
| RENTS HAVE NOT DECREAsED,
| nor do they show IN general any immediate
disposition 11at way. av Ine new dry goods leases
upon the previous rentals as the trade moyoJ
upward As Asa. sample Of the feeling IN tins
numbering about one hundred, show generally q
slgmt increase. me proportion OF February leases
TO the yearly rentals is ABOUT onetEird OF the whole
| number. In respect to the May leases parties are
| yet holding OF.
| LOFTS
are dincult TO rent, even In the best localities,
| wnere the stores and first floors are rapidly taken
| up. ManyOf these lofts have been empty for three
| years, and yet ind no bidders In this connection
| the suggestion given above concerning apartment
houses Ia the neighbOrhood OF the City Hail Is also
| pertinent
WALL STREET RENTS
do not seem to promise any important changes. and
| 1t Is probable there Will be fewer removals this
| year than last The proposed erection OF a man,
moth building in Broad street, opposite the Stock
Exchange, to extend from all street to Exchange
place. Is yet without influence upon rental values In
tins neighb0rnOOd. We are not Of those who regard
this new enterprise as Offering such certainty OF
| profit Others There Is ample Office room Conve.
nlent TO the stock Exchange now for ali the require
| ments OF the men who do business there, and the
new building Is likely to offer more room OF that
kind than Will De needed. The upper stories Ger.
tainlv cannot be- regarded as desirable for brokers,
or bankers offices. Notwithstanding this prevail
| ing steadiness we cannot but think that
THE OUTLOOK POINTS TO A DECLINE
in nearly all rental values In the city at no distant
day. This Will be brought about not from any TALL
ing of OF the commercial prosperity OF the CITY, but
as consequence OF the settlement OF business into
localities farther MP town, admitting OF freer ex.
pausion, which Will ultimately result from the sniff.