The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1875-02-26
RENTS IN NEW YORK CITY.

troduced." Her papa knew better.
RENTS IN NEW YORK CITY.
Some Of the Great Real Estate
Men OF 1he City.
Correspondent of the Cincinnati Gazette.
New York, February, 4.
AMOUNTS OF RENTS.
This island of Manhattan 10th
erwise called New York; contains
10000 dwellings, besides stores
and warehouses, the latter num-
bering 10000. One-third of the
dwellings referred to are tenement
houses, each of which is meant to
hold fiom six to thirty families.
In such narrow quarters a popu-
lation of 100000 is contained. OF
the better part of our inhabitants,
a large portion live three families
in a house, this being considered
q rather "roomy" accommodation.
The number of those who enjoy
sole occupancy of a house cannot
be more than $4,000. The Fifth
avenue contains less than 700 fam
lilies. The best of streets and
squares below Fifty-fourth street
(where population is in solid
shape) show an equally limited
number of "self-contained" hous-
es. The value of rented property
on Manhattan Island is 81, 900,
600, 900, which brings, on an aver
age, 10 per cent. This gives the
amount of annual rent 100000
600. Wall street rents are about
20 per cent on the valuation.
Trinity building. which is 4Ox16O
feet, rents for 100000. 1t cost
$25O,OOO in 1850, and would now
bring thrice that sum. For nearly
two miles above Wall street
Broadway property brings 20 per
cent on cost, and the rental of this
street alone is not less than $500
per running foot, which, in two
miles, makes about $15,000,O0O.
Just think of this in connection
with the fact that the best part OF
this street was once a negro quar-
ter. Stewards wholesale ware
house now occupies the site of q
former colored "burying-ground,"
and human remains were discov-
cred when the foundation was laid.
l found among the old Conveyance
es in our records q deed of q lot on
"the Broadway" to Simon, a ne
gro, for 100 PAGES front. If a lot
were to be measured thus at pres
ent what long steps men would
take! A three feet pace in the
street is now warth $4,000.
SOME RENTALS.
The new Drexel building, corn
er of Wall and Broad streets,
probably yields better rent than
any similar property on the CONT
nent. The owners are not willing
to let their rent-roll be seen, but
it is estimated at $4,000. They
paid for the plat at the rate of
$14, 100000 per acre-a price
which has never been equaled in
America. Next in this vicinity is
the property of Edward Mathews.
He is a man of sixty-five, and has
been of late years accumulating a
grand estate chiefly in the money
ed neighborhood. His rents in
Broad street near the Stock Elk
change are estimated at 100000 a
year. It is q peculiar feature m
Mr.. Mathews views that he advo-
Gated the levy of all taxes on
real estate, and total exemption OF
personal property. This shows
breadth of view. He holds that
taxing mortgages prevents loans,
and thus impedes the increase of
the city; and hence he concludes
that it is best for the common
wealth to place the entire civic bur-
den on the land. Near Trinity
building, on the opposite side of
Broadway, stands the Equitable
Insurance building, which has re-
Gently been enlarged to double the
former size. It contains more law
offices than any other building in
America, and its rental is not less
than 100000. The structure cost
81, 800, 900, and is q good invest
ment. More than 1900 persons
are carried daily up and down
the elevator. Gilsey's building,
corner Broadway and Corlandt
streets is worth $4,000 a year.
This is one-fifth of the estate left
by Peter Gilsey, a Danish emf
grant, who landed here penniless
about forty years ago. He laid
the foundation of his fortune in a
cigar shop, and invested the pro-
fits in real estate until he became
worth $I,5OO,O00.
THE WORK OF FOREIGNERS.
Directly above Gilsey's building
is the Aston House, which is now
under a thorough alienation in
order to increase its rental. This
building was erected in 1845, and
was then rented for $25, 900. of
which one-third was divided from
eight stores on the first floor.
These stores alone have of late
rented for $4,000 apiece, and the
entire building is worth $4,000 q
year. The improvements will add
$4,000 to the rental. I may OBJ
serve as a peculiar fact that New
York owes much of its best archi-
lecture to foreign hand. OF Gil
sey, the Dane, I have spoken, but
I may refer to the grand hotel
which he built in upper Broadway
as a part of his work. The Ger
man Aster is remembered by the
house of that name. The Scotch
man Bennett built the best print
ing-house of his day. The New
York Zeitung has also built a
printing house worth $500, 900.
The Irishman Stewart has built
two immense warehouses, one
wholesale and the other retail, to
which he has added his Fifth ave-
nue. palace. This is the finest
residence in America, and cost
81, 10000 It is a nice home for
q .childless couple. 1 may add
that John Jackson, the plasterer,