The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-25

Only the very rich have been able to hear
up under the crushing burdens 80 wantonly
imposes, on New York city real estate Thou
sands Of industrious men who had invested
the savings of years in the purchase of an
uptown lot, on which they paid, say one-half
cash, leaving the balance on mortgage, have
been utterly ruined 10y Assessments and tax
alton. practically amounting to contscation.
And we make this statement without taking
into consideration the great decline in up
town real values. Tho melancholy record Of
foreclosure sales which for now nearly four
years have daily taken place at the Real
Estate Exchange, fully bears out all we adj
vance.
Weak holders Of choice property have
been mostly overwhelmed, or, as BLAND
would say, "sponged out" The real
estate now advertised under Supome
Court foreclosure sales consists chiefly
Of second and third class property or
west side lots Great bargains have been
made during the last eighteen months by
those who watch foreclosure sales Here IA
in Boston the low price of land, labor and
materials has greatly stimulated building.
The speculative builder Is fast creating a
new city above SiXty-fourth street on the
east side. Madison avenue, and the streets
between Madison and Fourth, from Sixty
fourth to Elghticth street, present a scene
Of great activity. 1t will be realized how
cheap land and labor now are when we state
that charming little brown-stone houses,
lG.s front, lot IS feet deep, situated on Madi-
| son avenue near Seventy-ilfth street, are or
were recently offered for sale on favorable
terms at SIS, 800 each These are indeed
panic prices. In this city, after periods Of
| prolonged depression. the resumption of
building and more especially the appearance
| Of the speculative builder, have always been
Indicative Of revival in real estate interests.
II owners Of vacant lots in choice locations
| will meet the market and sell at present low
rates without waiting for an advance, We
| may look from this time out for continued
and increasing activity In building interests.
| The revival of building on a liberal scale
would go far toward restoring the general
prosperity of the city. 1t would give work
| to the labOrcrs, and stimulate many indus
tries which for the past three ycare havo
lain almost dormant.
There has been since May last an mpor-
tant increase in the wcll-to-do population of
the Nineteenth Ward. Small flrst-class
houses in fashionable localities have been
sold and rented at such very low prices as to
induce many who since the panic have lived
in hotels aud boarding houses, to 90 to
housekeeping in the uptown region. That
tho time, are propltious Ton building il
shown by improvements in various part7 of
the city
MI. EDWARD MATHEWS. who at one time
rnnGcd among our great tcai estate mag
mates owning n considerable portion OF
Broad street aud lower Broadway. IL now
building on tho northeast corner ol
Fourth avenue and Eighteenth street
a nr,t-Glas9 scvcn-,tory French flat
hotel. to- be- called the Florence. at Al
estimated cost of nce!iy S2)noM The
FlDrcncc will front 900 feet on Eighteenth
street ant - fert on Fourth avenue. Every
modern Improvement j. to bc adpptcc
to make tho building attractive for Che
u-a Of small families. the rooms being -
arranged that they can !" rented according
to the desires of the applicant, Tho Flor
cAor when completed, will be by far th'
most perfect apartment ls,u,c IN TIL, cit.
below Madison square We understand i
IL contemplated Ia erect on Fourth or Madi
! son avenue not higher up than SrVcnt Y
Q second street, al apartment house 200A2ot