The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-04-15
CITY Real Estate.

How completely the interests Of real estate
overshadow those OF every other species Of
property in this city, will be understood
when we state that the total valuation of
taxable property in 1876 was Sill, 1854, 3i3,
of which the major part, viz, $500, 42s, iG5,
was real estate A cursory examination
Of tho relative assessed valuations of
different wards shows that the Nineteenth
Ward bounded north by Eighty-sxth
street, cast by East river, south by Forticth
street, and west by Sixth avenue, was as
scsscd at sl19 lG6, jjj, being the highest on
tho list, and exceeding tho Twcnty-irst
Ward the next highest, by siGIj9,755. The
Nineteenth Ward above Fifty-ninth street.
is sparscly populated, being largely com
posed Of building lots yielding no revenue
and yet this ward Is called upon to furnish n
heavier quota to the tax levy than any other
ward in the city; In fact, with the exception
Of tho Twentylirst, Invent -sccond, Eight
ccnth, and Twelfth Wards its valuation
is more than double that Of any other ward
In no other great civilized city Of the world
does unproductiyo property bear such iutol-
cradle burden.
During the period " speculation and in
ilatiun, when up town vacant lots passed
from hand to hand at constantly advancing
| prices, when the real estate Exchange was
controlled and used 10y a band Of reckless
real estate spectators, who operated In city
real estate very much as Wall street opera
tors speculate in fancy stocks, money was
so easily made, and profits were SO largo,
that no one felt the burdens Of taxation. Now
everything is different; not only real estate
spectators, but u very largo class of real
estate investors who do not come under that
head have been utterly ruined. Foreclosures
of mortgages have been steadily going ON
for more than three years.
Those unfamiliar with uptown real
estate matters can hardly realize the
llightful losses Of the last two years. In
one case We know of five Fifth avenue lots,
bought some four years ago which il sold
to-day at public auction would lose the
owner about 100000. one Of the great real
estate salos mado during the year of aud
about four months previous to the panic.
was the sale of the block between seventy
first aud Scyonty-sccund streets. Madison
and Fourth avenues, sold by Mr. JAMES
LEMON to WILLIAM LABOR. THOMAS GRIM
MINIS. and JoHN -. CEtMMINs for Si7j.nuO:
since then the interest on the purchase
money amounts to about $4,000. and with
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al. lii.,,,,t. l, choose. l,i- lo..,ti.n NM ih,i.
down and reserves li, ul..,l.. a. nntu, his
luilHr.-s
M.-t If tho sroonl,,iv, lntllin, nov,
pro-r... -inr i'm H.. n,,.t.yn di-tri,t h.
d.neon iuillinr loans. rl.4. who h,u,,li
land and Dnilt m.,lhim--I,.l h.u-ns t,-t
year. or during the past winter have. ha.n
ouito successful. We cam citn onn ,v,n.
known firm which has r.aiiz.d over s2oooo
net in about six months ON the building of
seven houses. This firm has built steadily
through all the hard times. and i. now ou.
gagged I'M a very cxtou -l,,. ,t,. ,t,i,,n which
from present APPEARANCES. is likely TO prove
oven more -uccc--m than the last ven.