The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-13
TIIE REAL ESTATE hlARkET.|
Late but Certain Activity in City
Property.
REVIVAL of Speculation in
e. Boulevard Lots.
E -
Hsaturss and Characteristics Of the Real Es-
r., tate Marktt as Compared with Those
g. Of the Stock Exchange.
r ~
Similarity Of the Modes Of
i Dealing.
~.
taa
upper FIFTH AVENUE.
n ~
The Solution Of the Rapid Transit Problem
Stimulating Transactions on
the East Side.
The Future Owners Of New York
Similarity Of the Modes Of
i Dealing.
UPPER FIFTH AVENUE.
The Future Owners Of New York
Real Estate;
COUNTRY PROPERTY

TRY ERTY.
At last, after some months Of waiting we have a.
genuine excitement In the real estate market. This
has come principally az was predicted In the
HERALD at the opening of the season, In the direc
taon then Indicated, viz, on the west side. along
che line OF that magnificent drive known as the
Deulevard and the streets adjacent thereto. This
splendid roadway starting at the Circle corner off
Fifty ninth street and Eighth avenue, running In
nertherly direction, crosses Ninth avenue at Sixty
DoHrth street, Tenth avenue at SEVENTEEN street,
and, after o slight curve, runs midway between
Tenth and Eleventh avenues to 103d street, when
h again assumes obique direction until 1t Joins
avenue, forming an open plaza between
706th and l08th streets Thence II continues over
Washington Heights and Macomb's Dam. Promis-
ing to become In time the most attractive car.
Siage road in this city, 1t is not tol
De wondered at that from Its COM
nencement 1t was marked as the scene Of real
successive sections Of the road were completed and
opened to the public broke out into excitement all
along its line, plotting out the irregular bounda-
yies OF old estates and substituting therefor the
rectangular form Of city lots. Marvellous instances
given Of the rapid appreciation Of this descrip
tion Of property, which has certainly been very
narked but there have been intervals Of reaction.
airy feeling when nothing like the prices paid at
the latest previous transfer could be realized and
when anything like serious monetary disturbance
would have crushed many holders. Fortunately,
No such disturbance occurred and as the property
had mostly passed into strong hands little of It
came on the market at such times. And here 1t is
worth while to note how closely dealings In the
real estate market have assumed the
CaARACTRRIsTIC FEATURES OF THE STOCK EXCHANGE.
We have in the real estate market almost Q par
aale to the stock market. First there are brokers
whose business 1t is to buy and sell, and who make
their commissions whether the market goes up or
down, but who frequently. having an interest as
well, take sides, and are "buIn or ''bearn
- their profits lie. Again, there are the
heavy capitalists behind these, the regular
speoulators, who form pools and combine
scarcely sell shortly when the market is down and
prices low, to sell when new speculative fever
making profitable turn, Is O small army of minor
SPECTATORS, who purchase on q margin or buy al
contract expecting to sell early at the first advance
The stock list itself offers further instructive
comparison. Take, for instance, this
BOULEVARD PROPERTY,
now so active. This may be likened to New York
Central and Hudson stock. 1t is virtually the high
est priced of the active list and is both specula-
tive and an investment stock 1t can only be dealt
IN, however, by men of means, recurring such al
large margin to carry it, especially II any tempo
duce decline, while those who purchase 1t ont
and ont for an investment are, II able to hold It,
sure OF their dividends Boulevard property Is sim
liar in great many respects requiring large capt.
tai to handle 1t to any advantage, offering sure re-
turn to strong investors but presenting an nm
the 1t s satisfactory to learn that In the pres
ent excitement the principal buyers are the large
capitalists who are gradually absorbing the whole
Of this district. This is well for the future OF the
west side as only such are capable of carrying for
ward the improvements necessary to place it on O
par with
To carry ont the parallel noticed above property
stock as Illinois Central, but little Of which ever
comes upon the market and In which the dealings
last YEAR similar movement to that now GOING on IN
Boulevard property placed nearly all of upper Fifth
avenue In the hands OF men who purchased 1t as a
Imply that they do not intend to sell. On the con-
trary that s their ultimate object; but the prop
erty Is nevertheless virtually Withdrawn from the
market. There are numbers OF persons every year
some from other Cities many from other parts OF
our own-desirous OF obtaining location in this
avenue to whom the price Is matter OF little con-
sequence, as, desiring a permanent residence which
shall remain in the family, few thousand dollars
they want. These are the people to whom the men
who own the major part OF upper Fifth avenue now
'o9k FOR pr upon ss their f
"a presenting the most prominent evidence OF the
manner in which dealings on the Stock Exchange
are rejected In the real estate market but might
carry the comparison much further to show other
l0wcr-priced but safe diyidendp paying stocks GER
tain Of ultimate appreciation, with their parallels In
various kinds OF real estate notably, on the cast
side, presenting immense possibilities OF profit In
the future, as, for instance, well located and
speculation In them find companion picture in the
sales ofacree OF unploughcd fields In New Jersey and
Long Island alternately disposed OF in villa plots
comparison for Erie in the real ' estate market nI
unless II be Staten Island, which at one time
foremost field OF speculation but has since suffered
> temporary eclipse. In the meantime the island
has been greatly beauti1ed and improved, thereby
enhancing the Intrinsic value OF its real estate II
~ equally certain, to, IN the OF the revolu
sion IN Erie, when more liberal feeling prevails
among the properly owners of the island and
greater enterprise Is exhibited, with increased ia
cilities for COMMUNICATE on with Manhattan Island
OF New Jersey, 1T will again grow largely into public
favor.
ON tho Stock Exchange, when a movement IN
stocks is contemplated, tits generally based upon
some circumstance OF Importance expected OF al
character TO AFFECT the value Of the stock TO be
dealt in, whereupon those hS,ing the holiness to
speculate upon the consequence buy or sell largely
n the fun confidence that the result VIII Justify
Iheir calculations, aud very rarely are they disap.
pointed. In similar way the
PRESENT ACTIVITY IN THE REAL kEsTAIE MARKET
Rapid Transit bill by the last Leglsla {. ,re-a meas.
are certain when completed and even when begun,
. ensure a rapid advance in real estate values
throughout the whole of the upper part OF the
Stand as well as in Weschester county. Thus
here Is now In progress q movement Son the
EAST SIDE OF the city corresponding to that on tie
west side. With the chances OF rapid appreciA ton
ander thesc circumstances purchases are ba 'ng N
made there quietly, but on an extensive scale, tn
,,uyeIs mostly prcicrring not to DO known JUST \
rev I'D these transactions. The reported pur-
,hase OF s20o0,Oo0 worth OF real estate along the
nc OF the Boulevard by prominent capitalists =
Nthln The last ten days suggests the prospect Of Is
hoic open market there this summer or, at all ~
csehtb, next ial. Eyon men or great wealth can II
.oe snofd 10 let $20e0,000 lie idle very long 81
~. ~ "nproduciiye property upon which taxes "
Sni,e h m,isSe are constantly accommodating, ~
',na ppunohg must certainly be checked for some ~
liiDe by the enhanced cost Amounting to about VI
nv Nun imposed thereupon by the curfailment OF ~
NC hoois I" labor In the same proportion, not only x