The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-09

Island to the great benefit OF the real estate in
| terests there.
! THE SAME CONDITIONS, ALTHOUGH NOT, PERHAPS
IN THE SAME DEGREE EXIST TO-DAY,
and can only be changed by rapid transit. With
our newly-annexed territory rapid transit is to us
to-day what the great continental railroad was to
the national necessity. Already, in anticipation
OF further failure in the Legislature this year. or
some other abortive scheme OF which
we have already had so many, we hear
| OF preparations for extensive offerings OF
Jersey and Long Island property In the
hope OF making fresh diversion OF capital in
stimulating improvements in, and the growth OF
these sections. We not so silly as to regard that
with the existing jealousy experienced by some
! OF our real estate owners here for the growth 4
these sections Is, after all, metropolitan growth; ;
| but we need our capital nearer home Just now,
and, in view OF the improvements required In the
newly anne xed district should aim to keep it here
for the settlement OF that district. This can only
! be done by rapid transit.
IMPORTANT REAL ESTATE OPERATION
and one likely TO have an important bearing upon
/ values not only in the immediate neighborhood but
also upon the entire realty OF the city. is a recent
! s525,o0O purchase on the part OF Commodore Van
der6it, on tue west side of tue city, between Six
tieth and SiXty-ourth streets and Eleventh avenue
and the Hudson River. 1t has also an important
reference TO the solution OF the rapid ques-
tion--nrst IN regard TO the Commodore's interest
IN tnat matter, and secondly, as to trade results
/
! lolows:-
All the lands commencing line 200 feet west of
avenue extending from sixtieh to Sixty first
street. running thence west TO new bulkhead line OF Hud
Eleventh avenue southwest sixty-second street.
News YORK cenT ana Tq a seT r east SIDE Ct Lands
henge southeast along SAID lands until the same inter
Commencing at land Of the New York Central and
Heiding rom siAtyhrst 70 sxy.second street. extend
Eleventh avenue West side extending fr rom sixtyseo
central anS uSon yr roa New
Gommenc.ng at land Of New York Central and Hudson
siXtysec9nd street runs north along said lands
SHY third street to Hudson River extending "s heuSe
s 20 so of
WAFER Tgat 5Sha Paine end William BlOdsss to
same Property .WIllsn Labor to William H. Wander
third to sxtylourh street extending ives, to Hudson
New YORK Central and ASdsen River Sailroad COM 4
s snaI} John Paine to william Labor October 20 1873
same property William Labor to william II. Wander
THE STORY CONNECTED WITH THIS OPERATION
Is that this property was originally purchased
the expectation that the ground on the he
east SIDE OF the city, then and now occupied
Tor such purposes, would be taken up by the IN
dustriai Exhibition Company. Upon the failure Of
ing their PROJECT the plan Of removal Of the cattle
yard to this point was also abandoned, and the
Commodore took the contract Of purchase on
himself. 1t will be observed that water rights''
obtains special mention in the record OF
the transfer. 1t Is stated that the object OF
the Commodore In making this purchase Is with
view to meet the pressing need OF New York,
| as expressed through the subcommittee OF the
Committee Cheap Transportation appointed at
the Cooper Institute meeting last fall Tor IL creased
terminal facilities. 1t Is TO be the complement or
his double track. He intends the erection OF grain
elevators, and, there being deep water in front,
from the cars to the ship thus cheapening very
materially the cost OF transshlpment and taking
large step forward TO preserve New fork Ia lts COM
other Cities He is further stated to be III negotla-
ton ior another very important property IN the
the official record OF transfers will in due time give
notice.
Inc inference of this is, first, that may almost
dismiss expectation Of aid from the Commodore in
obtaining rapid transit as here is sufficiently
his vast resources (but, then, money is cheap III
Europe) and, secondly, the Improvement here
give additional financial strength and encourage
ment to any scheme OF rapid transit agreed upon
but render that agreement the more necessary by
still further increasing needs.
THE QUESTION OF RENTS
also enters largely into any discussion OF the
I matter oil rapid transit Nor can our people hope
for much II any relief that direction this year,
except at the sacrlhce OF accommodation and COM
potency, OF the Secretary of the Treasury-whO,
sented;" who opposed the issue Of any
portion OF the s44,000,0 900 reserve at the
consultation that was held at the Filth
Avenue Hotel OF a Sunday in the first week
OF the panic when the President came from Long
Branch 10 New York to see the bankers and the
Secretary came from Washington to meet him; at
time when a comparatively small amount would
have tlded over the crisis, the same Secretary be-
ing afterwards compelled to issue s26, 900, 000-op
crates here as elsewhere to unsettle values.
LANDLORDS MAY BE SAID, THEREFORE, TO BE HOLD
in the uncertainty OF what the result Of the fnan-
clal debate ia Congress may be. This interrupts
dealings IN real estate, OF course, as well. The rent
market is thus subjected to two influences. One
the imitation OF the currency which Is thus far I'm
Jdtt GccontpH, urging owners to ask higher rents
The other the Inability OF the people to pay higher
rents at all events, next year, owing TO the recent
panic and the stagnation that has followed from
the action OF the Secretary and the inaction OF
Congress- with the possibility OF contraction Sug-
costing that lower rents might pay, inducing
hesitation where the offers do not come up to their
demands The result, If no change be made in the
financial situation, is simple arithmetical calcu-
iation, VIZ, the increase IN the rental OF small
, houses or houses suited TO two families, with a
multiplication OF the latter Offering, and a further
reduction in rents Of high priced houses let only to
single families. Houses suitable for DoarderS VIII
be subject, as always, to local influences.
communication which We PRINT below contains
some further thought upon questions relating to
/ rapid transit. Coming from one whose own in-
} tefest is involved In the subject he discusses it
has the value OF being reflective.
HOW TO MAZE ANNEXATION PROFITABLE.