The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-29

Tho attendance was very slight in the Exchange
salesroom yesterday and no important business was
transacted.
A. j. Blocker 4 Son, in foreclosure sold gore
lot between Forty and Fortysccond Streets $50
feet west OF Fourth avenue 5olox23r25x24 about to
George V. Hecker, the plaintiff for $1,000 This plot
situated in tho middle Of block, has, OF course, no
value except holder Of the adjoining street lots
II IL said however, that the liens upon IL amount 10
moro than STA, 900.
F. H. Ludlow & Co. sold in foreclosure. house and
lot on the north side OF East sxtyhrd street. % feet
wost Of Madison avenue 25xoo5, to the plantn, for
Sll $50 The other announced sales wt.e adjourned.
FORECLOSURE
Shortly after the panic OF 1873 became apparent that
the then high prices for city real estate could not any
longer be maintained At that tim, here existed
class OF shrewd real estate spectators ao had fore
seen pronted by the great rise in land which took
place from 1867 to 1919 They bought large lines
property paying little cash AZ possible and
leaving the portion OF the purchase money ON
mortgage Operating on constantly rising market,
all OF them made moncysome amassed large fortunes
In the fall or 1873 came the crash. Houses
and lots became almost impossible OF sale; those
holding heavy blocks OF encumbsred real es-
tate found themselves in very embarrassed
position; interest money had be met, under penalty
forecosure--taxcs and assessments might be LETT to
accumulate at the of twelve per cent per annum
The Of the lee made every cxertion to save Oh
foreclosure proceedings In some cases they paid oui
their whole substance in interest money, hoping con
tinually for change In the market Meantime values
steadily declined. Equities for the most pnrtwt
speak OF The speculative class OF real estate holders
worthless at the best OF doubtful value About May,
1874 foreclosures commenced 10 be unusually frequent,
and they have continued with undated vgor from that
dag this. In the OF these foreclosure sales t
difficult dispose OF property at private sale
n ut
to sell, was willing 70 meet the Ut
tcrly ruinous rates obtained 1t legal saieA
weak holders have failed gone into bankruptcy, made
assignments been foreclosed Great bargains
have been made during tho last twelve months BY
those who watch the foreclosure sales the Real Es
tate Exchange. Meanwhile an actual decline OF fully
building lots IN the line OF improvement, say from
sixty nth TO EightysIxth street and from Madison "a
o. has Seen N Tsoss
who watch the growth OF the city will have noticed
that it invariably follows the line of city railroads;
thus Third Second and Madison avenues have
10 these facilltles OF transit The great decline
in vacant lots, coupled with the decline in labor and
building materials has had the effect OF giving life
to building interest," which tor the past three
has utterly saenant In several Of the streets
buildings in process OF erection while UGH diggin
out Is being done for other similar enterprises abou
starting--notably In Fifty-fnh Fifty-sixth, Fifty
eighth Sixiy-sccond, Sixtyhrd, Sixty fifth, seventy
first. Sevcnty-ourth, Seventyfth and other streets
Madison and Lexington avenues and on Madison
avenue There arc in this region quite q number Of
WHICH are encuwbered with rst and second MORTGAGE
to the OF $4,000 The owners get enough rent
70 pay interest and taxes Now at the price q which
lots be bought Immediately opposite or in the same
vicinity now buildings can DO erected equally
good in every respect and placed ON the market oi
$4,000 or $4,000. Under these circumstances thu
inducement to build can readily be The com
mencemeut Of building would seem to indicate that w
had in the opinion OF those calculated judge
ooanth a
as be made Immediately available for the erection
OF stores, apartment houses. tenements or DWELLINGS,
for very nearly three years seen uccession 81
failures, assignments and NEUTRALITY-SUSPICIOUS. Of
banks individuals and corporatons-the whole accom-
panied by steadily declining values, such as has not
been known In this country since lSS7-lS40 That
other foreclosure sales and failures are ssill 70
1873 Is certain; hut that they will be sufficient
in number or Importance TO further dcpress the gen
eral of city real estate arrest the move
ment in building which is about commencing We very
much DOUBT
The revival Of building would 20 far toward rcstor.
ing the general prosperity Of the CITY, II would give
work 70 class who for the last three years.
slSe TIA. building should flourish to tho extent is did
previous 10 the panic without tho owners OF vacan,
lots in good localities come down and meet the mar
kct-that is, to sell at from thirty TO forty per cen,
less than former prcea
Active building and remunerative rents IN New York
proach Of better times viii be hailed with delight BY
all classes Of the community
TkANsFkkS
ii poo ~. and Vie q SsS T.. 5000
G. vce.snE and wife TO n Kcehler 1900
I'd av .. s., 592 n s. or 1l3th st., l6.SxiuO.5; F.
listh IT.. n =. $40 Il. .. Of 4th Az, aixioo; +.
10th is =. Mc so sss ia7s Of I'd iss. "
2o.S st. $50 q y p 4si w. aS.sa; n Jsivi; M
2s ana Wy: sa $ w. Of ssS as a4xss to
Corsisndt av . o., So n . OF wavcrley st.. 5oxi0o
esd ward A. Banks and husband to Hutchinson Nom
nan ana wife II. r. Fitsgibbon. .....:.:...... soc
o'Nsi and wife 20 i. Troy ................ 1850
same to same ] $4,000
B. O. Riggs and wife 10 A. G. Fox. .............. Nom
Thos Kelly and vile Il Higgins 500
LIST av.. e. s., TAN H. Of Goth St. "a s,4 xl0O; J. A.
81. s..ss and sis,o a u Murray s;;,oss.; i74sa
II. Wagner and wife to i. Lyons. $50
64th st.. II y, 1911 n O. OF I'D av 25xl022; r. ~.
Joschmssn UeIeres) to NJ Brudiein. $3.50
124th st.. n 265 n east OF 4th 25xlOu1l;C q.
H. Hiidreth (referee) TO }. H. Strong. 46O0
MoRrGAGrs.
McNeill Michael and vito 10 E. Barker, 1871 and 16S
West Houston st.. 1000
Shaw Il. L. d.. to O. q. 0renneii, n. >. Of 127th st.,
Jackson. 4. NJ. TO Greenwich Insurance Company,
9th and a2d st.; year........... 1890
Clements Emily, to A. W. Greenleaf s. Of 49th st..
Pehsm ann. X and wife K hull v. >. u Valentine
s,emmcrmsnn, Charles. 10 u Ii. Weeks, 8. v. corner
and 73d s. years. 300
Mcsiean, james and wife to Emgrsnt Industrial