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

day set apart considering the subject the usual
quarterly notice beng exchanged and terms PROPOSED
lor renewals cancellations Of leases Al times IKE
The present. when business is very dull and future
prospects cloudcc, tenants naturally look pr reduc
ton of prices and from the appearance OF the market
there doubt thai there will be one The prcpara
lions for the spring trade will be delayed by tho unset
Ned political situation and capital remain shy OF IN
vestment until some OF remuneration
offered.
RENrs ERoApwAY
Broadway, the main artery OF travel between the
sppcr and lower parts OF tho city, is naturally least
Affected the rental value oil property thereon hoius
up bettcr than less requented portions oil the city
william r. Lloyd Co., Tor many years engaged 10
leasing exclusively business property, are OF Inc oph-
lon that store rents Broadway will remain about the
sams as they we're las. year. They very low last
year. and landlords believe thoy have reached bottom
Their belief in this is shown by their refusal to
mako long leases present prices, WHILE on
the other hand, tenants seem DESTROYS OF ex-
tending their leases over LONGER terms. The principal
reductions have taken place IN the renewals OF ex-
hiring leases made three. four and five years ago,
when rents much higher than they are
now Renewals of last years leases are made at about
the figures, varied only by the desrabity OF tho
locality Wholesale houses from Broomc to Worth street
are in good demand, while both above and below this
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 oil unoccupieu stores az tne
present time Is than last year, and hopeful ieel
ing Is expressed Above Fourteenth street prices vary
hui little from last year and what lew new leases have
been made show about ten per cent reduction.
TIN LOWER OF THE CITY.
In that portion OF the city below Chambers street
especially IN the neishborhooi Of Wall and Broad
streets What is in the market is held at about
below the price asked and as landlords afraid Of
having their houses unoccuped concessions are the
rule large number Of ieasis expiring IN Az May nave
that time unless The unsettled condition OIL pohics
passes over.
J. W. Denham Il Co., Of the Oldest real estate
nrms, deal in west side property say that land
lords seem inclined hold for last years prices
notwithstanding the dulness OF times, aud complain
Of high taxes and living expenses a. against reduc.
ton The demand for smaller houses has increased
over last year. and fats looked Tor by number OF
people who formerly lived privately. DWELL
nss up to s2O PER pn,t a nree are IS 'd d
cult rent them. There Is an evident effort at re-
trcnchment partly due TO wise Judgment but more tho
result OF necessity. The middle class oil dwellings,
bring poorer rcnts than formerly account OF the
facilities offered IN flats Tor n much less price
Numbers Of families, forced by the strlngency oil the
times have MADE the change and c0ncnted themselves
with The partial privacy thus Afforded large num-
Der Of commodious dwellings,, here'oiore occupied as
boarding houses, are thrown the market through
the failure of those who kept Them This Is another
and a very convincing proof of the unparalleled dull
ness OF times Business men with families who pre-
fcrred boarding to tho trouble OF housekeeping in
small quarters have been compelled TO cut down their
living expenses and the number OF clerks and sales
men VINO lived ut boarding houses and are now unem
ployed have likewise felt the necessity OF retrcnch-
inent and sought cheaper lodgings and arc
STORES
As natural result OF the duncss business gener-
ally tue demand Tor stores along tho avenues Tor retail
business has also fallen of greatly since last year.
The price they command IN the market Is governed
entirely by the condition OF trade when 1t brghteDs
I'D applications increase, not 70 much among the resi-
dents OF the city as people Brooklyn Hoboken
and Jersey City, who are tempted to locate in New
York whenever the prospect OF business brIghtcns.
No such ptation the present time, but
Inc contrary many OF the retail slorekcepcrs are los
ing money and inclined to discontinue business unless
their rents are lowered
The same the case along the avenues on tho cast
side of city, where there are now more than twice
the number let than there were last year.
PROSPECT
Mr. " X. Stevenson, Jr., who deals largely IN real
estate throughout the CITY, gives II rs bis opinion that
there must be reduction OF rents generally sBusi
ness men, he says, are everywhere losing money ana
lines remain as they are He believes that third
Of the tenants OF business houses are IN arrears now
Tor and that many OF them VIII go out OF business
rather than stand the strain another year Mr. steven
son mentioned instances where money had
been spent improving good store property in
which IL was next to impossible 10 find ten
ants The better class Of private residences too, IN
the desirable parts OF the city were brDsing very
moor rent As an instance he quoted one OF
house Tor which s., 600 per annum was asked. and
which finally leased for 81, QUO reVivai OF Dusl
ness Mr. says, is the only thing which viii
check the downward tendency which now exists and
will until merchants find IL profitable TO remain IN tho
business.
Tho principal objections offered 70 tue various
schemes OF rapid confined TO horse railroads
and real estate owners along the lines OF pro.
posed be used The opposition is OF course nat ural
on the part of those corporations which anticipate
consequent falling of in business, and the objcc-
lien made BY property owners Is grounded on
the belief that their property VIII suner de-
1hutrr ~ hn In nj
PROPOSITION which might thus Affect them is not to he
wondered at but ,he question arises, in what manner
they would suffer We have no home experience upon
which determine what elect the construction Of an
elevated road would have upon the property BORDERING
its route except the line OF the New York Elevated
road, and that is scarcely lair standard by which
10 Judge oil the matter. That structure Is an un.
slightly one and runs along the sidewalk close up 10 the
windows OF the houses, while the proposed lines are
eonDned to the street ana the plan of their contruc
s,on Is ornamental The line OF the present one legged
road. BESIDES is not In locality OF great business m
terests III part OF the city very desirable Tor
private residences By inquiry IN Greenwich
street II does not appear thai business there
has suffered TO any extent since introduce
ton. Above Fourteenth street, along Ninth
avenue, there are lever stores, aud the dwellings
nouscs bring very fair rents. Whatever damage TO
property may have been incurred along the immediate
line OF The route, tho eject on neghborns cross street
York Elevated road went into Operation, residences IN
the cross streets along the line oil It's route fell of in
rental value aud tho fact attributed TO the pres
rpce OF that institution IL took but short time.
syer TO show It's advantages aud now the demand Tor
in the neighpornooo OF Tue ROAD Is great ana
hev conn m and better prices than before Merchants
and business men who were heretofore compelled to
mss from half hour an hour IN cold and crowded
horse cars were not long 10 discovering the advan-
sapes offered by the elevated road, both w saving
time and giving them comfortable journey TO aud
from business Along the line OF tho proposed Gilbert
vcad aud especially on Sixth avenue, house owners
are alarmed al the prospect OF the road gong through
Their fear Is much based upon any knowle ledge
~ what effect the existence of the road would have
unon the stand taken by their tenhnts. Many OF The
latter are declining entcr INTO leases and Insulating
.tosr tuc.p u :
The rosd 20 through they say Eignh avenue Will be-
coma the west side uptown business thoroughfare.
Tho properly owners on the other hand without ceas
d. =, ontect TO the introduction OF rapid transit along
s,rtb avenue claim that II II docs go through many
o.onIe who now 60 TO the Ninth avenue road would BE-
gs.rrrxow ard SIKH avenue. Eighth avenue depends
s,ssnIv for lis business upon the population 0 the
.cs. streess wcst OF ana they have already the nc
com mediation OF rapid rans. WIN ns 'nsrouao,,on