The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-10
TnE REAL ESTATE MARKET.
BROOKLYN PROPERTY.
Growth in Population, Expansion in Area
and Character Of Development
Of the Sister City.
ITS RELATION TO THE METROPOLIS.
Reason Of Extravagant Assessments and
the Remedy Proposed.
XIS NC Wills.
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What is Wanted to Stimulate
Fresh Activity in Real Estate.
PR ESSIN NE EDS.
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e KS T IN G E vi L s
What is Wanted to Stimulate
Fresh Activity in Real Estate.
PR ESSING EDS
Better Ferries and More Frequent
Cars the Great Desiderata.
INSUFFICIENT INFORMATION

INSUFFICIENT INFORMATION
In considering the subject OF real estate from the
standpoint Of this market 1t Is not permitted to
cOnfne our remarks to property within the cOrpo.
rate limits for this city. The influence OF New
| York values is far wider than the mere political
boundaries OF the metropolis. On every side,
within o radius Of twenty-five miles, is felt the &C.
ton OF metropolitan growth. ana Long Island,
Weslchester county, New Jersey and Staten Island
real estate Is all affected, in greater or less de.
gree, by the causes operating to excite movement
and appreciation here, directly, 1t may be said,
within the area mentioned. fundamentally beyond
that circuit First in order Of these suburban dis
trlcts and greatest In the extent to which 1t has
received and developed the principle OF
growth and expansion from New YOrks over.
flowing population, Is the sister city, and
BROOKLYN PROPERTY
to-day In It's marvellous appreciation offers an
almost parallel instance with that Of Manhattan
Island itself. The growth of Brooklyn as city Is
remarkable, and Is, In fact but the growth OF the
metropolis itself, making OF the East River mere
marine street. In 1910 the population OF Brooklyn
only 80, 900; 1t is now 400 00O At that time be.
yOnd the immediate vicinity OF the Fulton ferry,
Brooklyn was y mere struggling settlement, with
IN the possession OF descendants of King Georges
Hessians. who deserted in whole companies during
the famous campaign on Long Island In the war Of the
Revolution and settled there. When the wave OF
metropolitan population sweeping up Manhattan
Island attained such force and volume as 10 be no
longer controllable within that area 1t burst into
food ana spread over The adjoining waste places of
Long Island and New Jersey like an inundarOn.
With reference 10 Brooklyn the great attractions 1t
has presented, which have simulated its settlement
have been ease OF access, convenience to the busl-
ness portions OF New York city and cheaper rents.
Thus its expansion has been steady and constant,
extending back from the river front and the ferries
into the interior Of the island with a rapidly In.
creased area that, by keeping down real estate
values, still stimulated the movement OF population
thther. In THIS way has the city spread itself over
cy WIN nan THAT 1he or sE% in
TINS rapid expansion, and the opportunity for the
same TO an almost unlimited extent still afforded,
we lind the explanation OF the great difference be-
tween New York and Brooklyn real estate values
IN 1,ner ne SUBJECT OF reai estate
aspect The growth OF New York Ii imperial in
sense 1t Is the growth OF the commercial capital OF
the country, the centre or trade and finance, the
great 'Change OF the Continent. Its future points to
Q period OF magnificent Improvement OF winch
there are abundant signs already, and com.
petltion for place within It's limits tnat
win extend throughout the entire country. Brook
Ign, the contrary, Is but a suburb and while pre-
sentng signs OF brilliant future and the promise
OF much increase In wealth and grandeur sill 1t
Will always remain suburban In ITS character and
condition, and even II finally annexed TO New York
city Will continue to bear the stamp OF social IN
investments In brooklyn, except along the water
| iront-properly regarded as part OF the shore
costly improvements chan In New York. Be-
| sizes, such investments are usually OF
| more permanent character Brooklyn and
more freev distributed among small capitalists. 1t
| Is probable that there are five to one as many
| people own the houses they live In In Brooklyn as
IN New York, the former city having been Tor years
the favOrite Locality with thousands OF men Of mod
| has also been less speculation In real estate In
| Brooklyn than In New York. the prospective profits
| the employment OF capital In that way. We are not
| to be understood, IN speaking thus Of
| THE CHARACTER OF BR0oKLYN's GROWTH
and improvements, to INFER that Its inlerorlty to
New York is such as to rob IL OF all excellence OF Its
own. on the contrary, Brooklyn has many fine
avenues and NOBLE streets, built up with splendid
residences, and Offering numerous attractions to
persons seeking quiet, healthlul localities 1t Is
| provincial however, In the sense that 1t Is not
metropolitan and that Its wealth and the stimulus
to It's prosperity the product not of local acLvi-
TIES but It's vcnage TO the great city, and Is upon
much lower plane Of values from the absence OF
national rivalry We have already spoken OF the
the interior OF the island. THIS expansion has, In.
| deed been too rapid and affords an explanation OF
the heavy assessments for street opening sewerage.
laying water and gas mains and other local i'm.
provements that have operated somewhat as q
| check upon improvements. Population mas been
| PLAYING LEAP FROG
along the avenues running back from the city
proper As last as new house built on the out
| skirts extending apparently TO the built up limits
| somebody else came along and built couple Of
blocks further on and so in regular succession, re.
| curing miles OF improvements of the kind men,
toned In LOCALITIES totally incapable bearing their
expense. thus, while the extended area OF Brook.
yn mas had the effect OF cheapenng land and Keep.
| ing down rents, IL has also Increased assessments
although as the works assessed lor are OF perma.
| nent character this drawback Is only Temporary
| one. In the end the aggregate value OF the real
| estate Of the city VIII be increased.
REMEDY FOR THE EVIL
more direct and prompt, IL, however, now proposed
In q bill recently introduced into the state Legisa-
ture by Senator Murphy, which VIII have very
| important influence upon Brooklyn real estate.
Bonds to the amount OF ten millions or dollars ad.
vanced by the city to pay for local Improvements,
| are now outstanding. Mr. Murphy's Dill provides
tnat hereafter the amount shall exceed ave mil.
! lions. Under the local improvement act OF SCI
bonds having three years to run may be issued to
an amount to winch the law likes no limit. The
proceeds Of these bonds are applied to pay for
Murpby's Oll PROVIDES tnat the amount ie, Of
bonds issued to the credit oil this account
the amount now outstanding, and no more
bonds can he issued under this act until those
now out are redeemed The expense Of regarding,
repay ing and improving streets now met by the
SAFE OF bonds Issued Tor these purposes There are
now outstanding about S., 100000 worth OF bonds
no street can be improved until the city gets back
an amount sufficient TO pay Tor the Improvement.
i've millions for local improvements. The capital
can DC Turned over again ana again. but the city
mas the security tnat ITS obligations shall not ex.
| coed liked and reasonable amount This Is a
| measure OF genuine reform, and Will do moro 10
stimulate enterprise IN real estate in the neighbour
Ing city IMAM anything else that has been proposed
| through Ine various committees that nave recently
| SAT IN Judgment upon the administration Of anairs
there.
! BROOKLYN HAS OTHER NEEDS,
however 70 supply, In which the spirit OF REFORM now
| so active, may be probably employed The local
| Journal III recent article upon "Rents and Real
Estate, mas some observations which, by their ex-
aggefailon point out what these are ssThe more
rapid growth OF Brooklyn, as compared with New
lork." IL says, us owing, not merely TO the fact
that tnls CITY offers more attractive homes In more
orderly ana better governed community, but that