The New York herald., 1875-09-26
GREEN'S BASEMENT SALES.
Views Of Pine Street on the
'NoiselesS Panic"
Rents Sympathizing With the Decline
in Real Estate.

All agree that there have not been for years 90 few
sales at this season of the year few offers made
for property by capitalists who driven out OF the bond
and mortgage market, explained in the HERALD last
Sunday by the monopoly given the savings banks
insurance companies are ready to take advantage of
tho decline in values and purchase parcels the moment
holders discover that their interests will be subserved
by releasing portion of what they have carried in
pectaon of rise. member of one large firm,
being questioned to the condition of the market
turned away from the letter he was writing with the
remark
''What did you say sir. have you property to self
"Oh no." said the writer, 81 merely called not to-
scll-but-to learn whether thcro is any chance To-
'Chance to sell my God! nobody wants to buy
There Is marketn
''But want to inquire what the prospects arc Of
rise in the market have taken"
s'You have taken chances my dear sir to speak
plainly, there Is no chance. The market is dead
the devil and"
s'But sir, not fast There must be future in tho
real estate market and wish to know from you
pers whether there is any chance for capital to be
probably placed" i"
''No, SIR no, sir Haven't you read the HERALD's
review of the panic of 1867 and what led to it, We
can't sell anything That article told the story All
say Is to beware OF the lguro ''7' Evory year
ending the sevens you will see has been fatal
Take seat, sir if you wish to remain, and hear mo
further I'm just closing letter and will be happy to
chat with you in moment if you wish to offer very
low terms"
When the letter finished, this gentleman waS
informed of the nature OF the visit when he stated
that at time within his recollection had the sltua-
tion boen less bright 81 havo hope" said he,
&c Of the market withsandng panic unless the per
sonal tax mortgages is removed so that capitalists
advance upon property and, by improving it, In
crease its value
Another said L." Tho market is duller than 1t
is inclined to bo 'pancky, If may the word The
HsRALD's revival of tho rocOections Of 1887 has
checked the few who disposed to venture into
purchases and caused those whose property Is not
mortgaged and who have means to pay the taxes to
hold on to it, My own opinion is that coming
back to specie payments, and capitalists, who have
money lying idle, could proftably buy at reduced
values, with inflated currency
Mr.. Anthony J. Becckcr the oldest operator on the
street. takes very gloomy view of tho future and ap
prehends that repetition of tho OF 1887 noar
far spectators in fancy lines OF property
cerned yet he hope, that the holders OF valuable city
property that has not in past years been Inflated will
be able to hold it and weather the threatening storm
Mr. Williams, Of Williams Raynor, bore testimony
to tho dullness Of the market and the disposition Of all
operators hold back In his opinion there trouble
ahead, unless relief by taking Off the personal
tax
RENTS.
While property has gono Off one-third in value rents
have sympathzcd with the decline to the same ex-
Yet is admitted that leases given this summer
and fall uptown and residences on the busS
avenues tenement houses and residences in and
about West horrisana, fremont, Mott Haven Fordham
West Farms and portions of Brooklyn have
fallen all the way from ten to fifty por cent according
TO locality and facilities for reaching the city Ono Of
the finest villa seats the depot at Melrose valued
$40 600 and last year hold rental OF ST. 200 was
rented in May last for $3.50 Some hnc two story and
basement brick houses the hill about 139th street.
Mott Haven, held in May at $500 are still empty and
there are few taken at tho prcsont price of $4O0
These are but few instances that might be given Of
decrease in rents In Hunters Point, Greenpont and
williamsburg rents arc falling gradually and landlords
who held their houses and floors at high prices find
them empty and unable to get reduction OF
twenty five per cent from the figures of May last 1t
is estimated that in Greenpoint there over
$50 houses and 300 floors, while in williamsburg ac-
cording to population compared to Groonpoin there
is nearly as large a percentage OF vacant tcnemens
The severity OF last winter in blockadinQ the East
River with ice has doubtless had much to do with
bringing down rents in the places reached by ferry
boats, and greater fall will likely take place next
spring
While the salos made by the city Of lands and tene-
ments for of taxes and has no vs
BILE effect upon the real market it is feature of
real estate sales that property owners should know
about Every year sales of this nature are held
in dngy under the Comptrollers Office and tho
next sale will take place October g. Usually property
to the valuc of from 81 $50 900 to 500 900 changes
hands ostensbly owing to the neglect Of the to
pay taxes and special assessments levied upon it, or TO
their ignorance of such until their property
has been sold by the city for such default in payment of
assessments. Under chapter 3Sr Laws of 1871 the De-
partment OF Finance is empowered TO charge twelve
per cent interest upon all unpaid up to tho time
of sale, which shall be advertised in the City Record
and an addition of SIS for advertising every piece
For instance, if the pieco Of property
is $780, the interest Of twelve per added Is $50
and the advertising $5 makes total of
$685. recorded against the parcel or lot at the time of
sale. The bidding is according to the time and not
to the amount The purchaser agrees to pay all
monts for the ras and bids tho property or for 200
500 100, so less years. 1t Is knocked down TO the
bidder who accepts II for the shortest period After
the sale the owner has two years which to redeem IT,
but he must pay the purchaser all he has invested in
the property and interest thereupon at the rate Of four
per cent per year When the two years have ex
prcd the purchaser must notify tho that unless
he rcdccms II In six months and pays the additional in
eros OF fourteen per cent per year deed will be taken
out If the still defaults deed is given by the
city authorities Mr.. Cady Clerk OF Arrears reports
that about vc per cent only Of the parcels sold eventu
ally change hands ninety nvo per cent redeemng holr
property within the two aud half years or acquiring
title to their property later by special agreement with
the purchaser.
These sales afford spectators fine opportunities for
investment and there about the City Hall and
the Comptrocr's Office who take special pains to at
tend these sales and capture ali the property they can
get They are styled 'tax sales scapers.n As the /
time approaches for these sales they withdraw their de-
posts IRON the savings banks where they only receive
per cent, and invest in these sales where
they are of realizing fourteen per cent per year
at that rate for shorter period Beside the ''soalp
ers" who attend are many persons who hold mortgages
upon property to be sold, who bid upon II with view
OF strengthening the title. Sometimes two parties |
may have liens upon tho property, and warm compe-
ton resulting to get an additional lien, the property
goes down 10 short period, but seldom below 100
years Mr. Cady assigns as one of the for so
many defalcations in payment Of assessments that
the heavy assessments made against unproductive
property renders 1t difficult for property own
ers to meet them in time The sales are
very profitable to the city aud the greater
tho number who default the more tho city realizes
Abundance Of money be borrowed at seven per
cent TO run the city government unit these sales re-
alze the city principal and interest So that IN the
end the city makes five per cent of every deauer
The sale Of last December realized about 81 500 000
and there being 1891 parcels advertised for sale on
October s. II Is believed that the will be
larger this year than last and that many who never
before scaporS, that there chances at
W wit