The daily gazette., 1875-10-23
"HARD PAN" IN CENTRA L
PARK LOTS.

In order TO arrive at the views OF the
public as regards the present value of
Central Park lots, one of our largest
up town real estate owners offered on
the Goth inst. at public auction, al the
Exchange, about eight acre Of land or
one hundred and twenty eight of the
choicest building lots on this island
The announcement brought together
the largest assemblage which has been
seen at the Exchange in these three
years, composed of real estate owners,
builders, brokers and buyers, who all
showed the deepest interest in the pr
ceedings 1t was looked upon as a last
sale.
The lot on the northeast corner of
Fifth avenue and Sixty.fifth street,
25. 5x1O0 was bought by W. l. Terrell
for $40, GOO. Before the panic it would
have been thought cheap at $70,C D
Three inside lots adjoining on Fifth
gveuue, each 25x1O0 brought respec--
lively $25, 900, $26,C)0 and $26,5 '.
Three years ago they could readily
have been sold at $50, 900 apiece Going
over to the west side of the Park We
find four lots on the northwest corner
of Eighty fourth street and Eight ave-
nue., together ia size 102 2x1O0, selling
in one plot for SOL 600; tney would
three years ago have commanded $780,
600. Four lots on the southeast
corner of Sixty fifth street and Madi-
son avenue, l00.5x106, were sold
in one parcel; they were the sub
iect of very spirited contest and were
finally knocked down to Jacob Roths-
child at 100000. The plot diagonally
opposite to il, on the northwest corner
Of Sixty fourth street and Maids on
avenue, 100.2x9j, was sold within four
months to one of our richest real estate
owner and closest buyers for 500, LOCO
cash. Four lots in East Sixty third
street, south side, within 1U0 feet of
Madison aveaue, each 25x1C0. 8, sold in
one parcel for S45, 10o; they were mort
gagged to the extent of S44,c90, and
thus only brought 81, 100 over the
mortgage. These lots werc valued at
$15, 600 up to the tine of the sale.
The quick and rapid bidding on the
Fifty.seventh street and Foufth 81
| Park ave. e. which was finely knock
ed down TO A. Barnett for S22 800
showed the high estimation in which
the public holds these fine hundred
foot cross streets. Nine lots on the
north side of Fifty seventh street, com
mencing with the one adjoining the
| corner Of Fourth avenue, and running
| westerly towards Madison avenue
sold to different buyers ut S11, ,0V
each. This prop erty showed less de.
probation than anything offered, anc
vet the terms were 90 per cent. cash
which would not be considered easy
even in flush times. Harlem anc
Grand Boulevard lots were slaughtered
to q degree that will make many OF tn
holders Of this far up town and mucl
assessed property, who are laborini
lundcr heavy mortgages, ask them
selves if it is wise to continue to pa,
the interest on these mortgages. 1t
very much like pouring water INTO
willow basket. While this sale doe
not in any manner fix values, for
would be impossible to procure az
jacent properties, even though 10
sale, at similar rates--it will at leas
give some sort of basis to start o
between buyer and seller. 1t canno
fail to exercise healthy influence o
, the market. 1t is the beginning OF
new departure, and the very considel
. able profits which will undoubtedl
accrue TO the plucky buyers at tn
sale must naturally stimulate and Civ
renewed activity to all branches
business connected with building an
real estate. 1t was said that tho FIT.
seyenth and Sixty-third street 10
/ were bought for immediate improv
ment. Among the crowd were notice
:, several of our most prominent built
ers. All the lots east of Fifth avenl
and south of Seyenty-ninth street a
: susceptible of advantageous improv
ment at the present price of materia
and the probable low cost of lab
, this winter. The sale has had
cheering influence OIL the holders
IN town lots now ready for improy
. ment. 1t is generally conceded tn
it would be better to come down fro
=, the clio oLds to sell at a sacratce, me
" the market and pocket loss which
inevitable for those who are forced
sell rather than TO hold on till asse
ments, taxes and interest eat up wh
little equity may still exist in the
+ heavily mortgaged properties. 1t
. always darkest just before day. II
Il sale has Indeed brought us down
hard pam World.