The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-25
REAL ESTATE MATTERS.

Causes Of Property Advancing So
RaPilly-The Herald Influence ON the
Rise Of Riverside Park LOts-Marked
ImprOvem nt in East Side Real Estate.
1t has been a matter OF surprise to everybody
that the present week should pass of so extremely
dull, since it was confidently expected that con-
siderable business would be transacted as the
present month draws to close. Whatever reasons
are at the bottom one thing is sure, and that Is,
holders OF property are to-day irmer In their de-
mands than they have been at any time since 1866.
To account for this is very easy. The demand for
building sites exceeds the supply. We cannot
EXTEND MANHATTAN ISLAND
except by annexing Westchester county or bridg-
ing over the East River (which operation is now
like Mohammed's cOfiin-suspended in the air.
and even then the value o. the property, as being
situated in Gotham, wOuld not lose its identity and
appreciate value. Hence every lot now owned
on this peninsula is worth all the money asked,
and as soon as rapid transit becomes reality
instead OF a mooted question: property in the upper
portion OF the island will be held several hundred
per cent higher. These expressions are by
no means exaggerated, nor intended to enhance
values. What we state are facts-hard, solid
facts, which cannot be controverted. few weeks
ago the HERALD was the first To announce The de-
cision Of the Court of Appeals which firmly settled
the establishment OF
the RIVERSIDE PARK.
Only q day subsequent to this announcement one
OF our leading brokers disposed OF two parcels of
land on the line OF this Improvement at prices
which the ..doubting Thomases', of the real estate
business pOoh-pOohed But in last weeks trans
fers at the Registers Onlce these same two parcels
were duly recorded. names, dates and particulars
given, and what is the lesson conveyed TO the scep
tics First, that the influence OF the HERALD
has made an appreciation OF property in this
eligible locality. and second, that there are abso
utey no lots 10 be had in this same vicinity, not
alone for The prices at the time OF sale ridcued by
opposition brokers, but npurchasabe Tor fifty per
cent additional Thus we may ascribe
THE APPRECIATION OF REAL ESTATE
to the establishment OF Riverside and Morningside
Parks. which, when completed VIII form no mean
auXiliares 10 our grand noble Central Park. While
we give all due credit to the rapid develop
ment of the west side (or which reasons may be
by no means slight the immense Importance OF
property east OF Filth avenue. The
SCARCITY OF AVAILABLE LOTS
in this portion Of The city partially causes an alb
sence OF quotations Irom the fact that very little,
business is done here. The few remaining plots
not built upon command full prices. and the pro-
Jected Industrial ENpOsltion-which from present
appearances promises to become a positive fact
has enhanced property already very materially.
River, by clearing the channel OF the dangerous
HE'LL GATE DISTRACTIONS,
and thereby giving us clear entrance to the sea.
with saving OF thirty miles distance, has its solid
influence on east side real estate, from
the fact that on the completion Of General
NewtOn's Undertaking our cramped down town
docks will find relief In new wharves built all the
way up on the East River to lleth street. Any
water sites above Thirty fourth street VIII then
ring their present value several times over. To
do the
SUBJECT or REAL ESTATE VALUES
justice one publication does not sutilce. This
terest has assumed such immense proportions that
at present IL Is only second 10 the financial opera
tons in our city.
The only business transactions occurring yester-
day were sale by w. H. Raynor OF four lots on the
southeast corner of st. Nicholas avenue and I56th
street street closed, each 25X90 feet, to i. ].
nj I no -
change, by Hugh ~ Camp, OF TOUR story brown
stone house, ON the west side OF Lexington avenue,
sixty-nne feet north OF Fitieth street. lot 2OxS0
feet by order OF r. NJ. Harrison, referee, to r. J.
Brown, for $l7,s70.