The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-28
QUARTER DAY.
The Annual Discussion OF
the Rent Question.
REAL ESTATE AND RAPID TRANSIT.
How the Latter Affects Prop
erty and Business.
WHAT HOUSE AGENTS HAVE TO SAY


Non Of household business expenses is rent and the
rental value real estate the subject OF interest and
discussion over all others among tenants and owners
II this season Of the year Thursday next will be the
day set apart TOR considering the subject the usual
quarterly notice beng exchanged and terms proposed
Tor renewals or cancellations Of leases AZ times like
the present, when business is very dull and future
prospects coudcc, tenants naturally look ipr reduc-
ton Of prices the appearance OF the market
there is doubt tina. there will be one. The prcpara-
lions for spring trade will be delayed by tho unset
lied political situation and capital remain shy OF IN
vestment until some better assurance OF remuneration
10 offered
RENTS ALONG BROADWAY.
Broadway the main artery OF travel between the
upper and parts OF tho city, is naturally least
Affected and the rental value OF property thereon holds
up bettcr than in less irequened portions oil the city
William r. Lloyd Co., Tor many years engaged IN
leasing exclusively business property, are OF the opn-
ion that store rents on Broadway will remain about the
tame as they last year They were very low last
year. landlords believe they have reached bottom
Their belief in this is shown by tner refusal to
mako long leases at present prices, while, on
the other hand, tenants seem DESTROYS OF ex-
tending their leases over Longer terms The principal
reductions haze taken place in the renewals Of ex-
piring leases made three. four and five years ago,
when rents were much higher tnan they are
now Renewals Of last years. leases made ut about
the same Agures varied only by the desrabilty OF tho
locality Wholesale houses from Broomc to Worth street
are In good demand, while both above and below this
locality there is slight depreciation Lofts in close
proximity to Broadway in the same neighborhood are
readily rented 10 importers and jobbers, who have
gradually moved upward with the flow OF business on
Broadway. The number OF unoccupied stores at the
present tune than last year. and hopeful feel
ing is expressed Above Fourteenth prices vary
t,ttlr H. firm Iuetv
been made show about ten per cent reduction
LOWER PART OF THE CITY,
In that portion OF the city below Chambers street
there Is comparatively little property unoccuped,
especially IN the neshborhood OF Wall and Broad
streets What there is in the market is held at about
last years. prices Those in search OF properly keep
the price asked and as landlords are afraid Of
having their houses unoccupled concessions are me
rule. A large number Of leases expiring In May have
yet been renewed and will probably not be before
that time unless .he unsettled condition OF politics
passes over.
J. W. Denham Co.. one of the Oldest real estate
nrms VINO deal in west side properly. say that land
lords seem inclined TO out for last years prices
notwithstanding the dulness OF times aud complain
Of high taxes and living expenses as against reduc.
ton The demand for smaller houses has increased
over year. and flats looked Tor by number OF
people who formerly lived privately. Dwell.
1egs up but. beyond that price it is din din
cult rent them. There is an evident effort at re-
result Of necessity. The middle class OF dwellings,
bring poorer rents than formerly on account OF the
facilities offered IN flats Tor much less price
Numbers families forced by the strlngency OF the
times have the change and c0ntcnted themselves
with The partial privacy thus afforded. A large num-
Der OF commodous dwellings, heretofore occupied as
boarding houses. are thrown on the market through
the failure OF those who kept Them This is another
and very convincing proof Oh inc anpara'elea dul'
fcrred boarding to tho trouble of hoIsekeepng in
small quarters have been compelled to cut down their
living expenses and the number OF clerks and sales
men who lived at boarding houses and are now uneD
ployed have likewise felt the necessity OF retrcnch-
inent and sought cheaper lodgings and iarc
RETAIL STOKES.
AS natural result of the dulness OF business gener
ally tue demand Tor stores along tho avenues for retail
business has fallen OF greatly since last year.
The price they command IN the market Is governed
entirely by the condition OF trade When 1t brghicns
rp applications increase, not 70 UGH among the resi-
dents the city from people IN Brooklyn, Hoboken
and Jersey City, who are tempted TO locate in New
York whenever the prospect of business brgh,cns.
No such temptation at the present lime, but
The contrary many OF the retail storekcepcrs are los
ing money and inclined to discontinue business unless
The same IS the case along the avenues tho cast
side of the city, where there are now more than twice
the number OF TO let than there were last year.
A GLOOMY PROSPECT.
Mr. V. X. Stevenson, Jr., who deals largely IN real
estate throughout the city, gives as bis opinion that
there must DO reduction OF rents generally .Busi
men. he says, are everywhere losing money ana
sannot continue to pay the present prices so long as
remain they He believes that onethird
Of the tenants OF business houses are
Tor rent and that many OF them VIII OF business
rather than stand the year Mr. Steven
son mentioned instances where money had
been spent improving good store property in
Tho best part OF the Bowery and for
which IL next to impossible TO find ten
ants The better class Of private residences, too In
the desirable parts of the city we're brnsug very
moor rent. AS instance he quoted one OF
house Tor which $4,000 per annum was asked. and
which was finally leased for 81, 0U0 revival OF bns-
check the downward tendency which now exists, and
will until merchants find 1t profitable 10 remain IN the
business
REAL ESTATE AND RAPID TRANSIT
The principal directions offered 10 tue various
schemes rapid confined 10 horse railroads
and real estate owners along the lines OF route pro-
posed 10 be used The opposition is of course natural
on the part of those corporations which anticipate
consequent falling of in business, and the objcc-
the belief that their property Will suffer de-
probation That property holders should object any
proposition which might thus Affect them is not to be
wondered at but me question arises, in what manner
they would suffer. We have no home experience upon
which to determine what elect The construction Of an
elevated road would have the property bordering
Its route, except on the line OF the New York Elevated
road and that IS scarcely fair standard by wnch
TO judge oi the matter. That structure Is
slightly and along the sidewalk up 10 the
windows OF the houses, while the proposed lines
to the street ana the plan of their construc
ton is ornamental The line OF the pres nj On legged
road. besides, Is not In locality Of business
forests, nor IN part Of the city very desirable Tor
private residences BY inquiry IN Greenwich
street II does not appear that business there
has suffered TO any extent since us introduce
lion. Above Fourteenth street, along Ninth
avenue, there are lever stores, aud the dwellings,
houses bring very ialr rents Whatever damage to
property may have been incurred along the immediate
line OF The route the eject on neighborlng
property has been beneficial. one. When the New
York Elevated road went into Operation, residences IN
the streets along the line OF It's route fell of
rental value aud the fact attributed 10 the pres
snce OF that institution. II took but short tmo
,ver to show It's advantages, aud now the demand Tor
houses in the neghborhood OF the is great and
hey command better prices than before. Merchants
and business men who were heretofore compelled to
from half hour TO hour IN cold and crowded
horse were not long 10 discovering the advan-
tages offered by the elevated road both saving
time and giving them comfortable journey to and
from bu siness Along the line OF the proposed Gilbert
road aud especially on Sixth avcnre, house owners
alarmed al the prospect OF the road gong through
Their fear is not much based upon any know ledge
of what effect the OF the road would have
upon The stand taken by their tenants. Many OF the
latter declining TO entcr INTO leases and hrsatng
for fear their business Will he seriously injured Should
the road 20 through they say Eignih avenue Will be-
come the west side uptown business thoroughfare
no property owners. the other hand without cens
ing 10 object the introduction OF rapid transit along
9Th axen ne claim TINT u Il docs lhrough mAnY