New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-27
LANDLORDS AND TENANTS.
prvrs FOR THE COMING YEAR.


REAL ESTATE AGENTS.
A. the season approaches when leases are re-
,cwabc the subject of rents cnliss the attention Of
y.rv man. whether he lives palace or howell. does
,,.iness under the sidewalk or bohnd marble front
rbe oacslion OF higher lower rents so long and
anxosy discussed passing to some extent opt % the
limit, o: speculation aud within those of actual knowi-
lor very large number OF leases Of business prop
sr,v are renewable Feb. l. and many agreements have
-, already signed The general indeed the almost
universal date the renewal OF leases OF residences ia
Nov l. and there is as yet comparatively little
,vy in this branch of the real estate business Agents
Nser LARGELY in their opinion 10 the probability Of
nher reductions in house rents. Cheerful and hopeful
mon and maGy too whose experience has been long
ar0 varied and whose Judgment is highly esteemed
er, confidently that rents have touched bottom and
moi with the settlement OF the Presidential question
,hv will advance proportion to the revival of BUSH
ss Others less disposed TO look the bright side,
a,ebv no means that further decline OF or 10
,,er cen. ought not to he expected
s.is n gentleman atoly who for about 80 years has
,r familiar with the real estate market and the subject
q, CITY leases 1.-The real question: it seems to me. is this
u,vc rents dropped I'm proportion TO the decline In the
,,s ~ merchandise and in the cost of huildngl 1t
ds not seem 70 that they have. They are siil from
ten per cent higher than they ought to he i'll view
a, m nrcc of goods and the condition of trade. Ii is of
oo,re hard upon who built at atimc when expenses
-. lar r. and now find themselves threatened with an
o,,t, house or a reduced that it is wretchcd
onrn for their Investment but such mSfOrtuncs do not
of tlc question. know that great many landlords
hoe voluntarily lowered the rent of houses the leases
an which have xpred, out of consideration for their
,onis Who were mauifCstly unable to pay longer what
r,, h,d been waving | believe that this indicates
r,r aunreciation Of the fact that rents s too
i, and must decline with the 1st of May.
ere arc constant attempts 20 keep up tho
crcc OF real estate and thereby the rent
~ fictitious scales A. and b. hold pieces OF property
which tncy regard of equal value and which would
b,uq IN omen market say $4,000 each. A. sells his 10
T. for $4,000. and b. sells his to A. for the same
monnt whereby neither is directly prOhtcd. but both
atampt TO deceive the public, perhaps successfully
High r4lts and hard times have brought about very
unfortunate of things in this city nv turning New
York into a biz boarding house. Hundreds OF men with
Cm,, nave given up housekeeping and gone to board
Fit an equal number who would have to give up house
ee.pne If they did take boardcrs, 1t is possible
with new President firmly seated in his chair COR
G encc may rapidly return, bringing with 1t increased
aiu.ss and 50 great relief from the present stagna
tim that rents viii remain firm but fully expect gen
e-al and considerable decline"
8usnas, leases were formerly. as a general rule,
neyaa on the LIST of May. but of late years Feb has
become the more usual date their expiration. There
IA a difference III this respect between the upper and
lower part Of the business portion OF the city Above
W,rth-t business leases expire more commonly on the
earlier date; below Worth-st. the later. For mer
Giants IN the dry goods and some other lines, May
would naturally be an incOnveDent time for transfer
OF their business 4 general belief which often finds
eYpre,on prevails that an unusually large number Of
stores in various parts OF the city are unoccuped AMI
thai Broadway especially lacks tenants it certainly
- who walks about the city with hls eyes
Oprn that empty stores alum liant. Real estate
agents however generally claim that tins is tdse IN
preston; that the memory Is bad guide i'll matters OF
member OF The firm of William A. White & Sons Of
few, II any, more desirable buildings to rent
business purposes now than year ago rms might not
perhaps indicate tHat times were not so hard after all
Tor Il was always atieQdant upon nara times anu oW
that merchants DONG substantial ohsibess I'M
proved the opportunity to move into better stores III
more convenient places Business rents. ne tEOush'
had touched bottom. There were indications OF return
INK prosperity. and IN lines of business rs with the
cot on commission merchants. there now unusual
activity. Owners OF buildings did NOT anticipate any
They were, however, making very short leases. gen
eiaiiy only for a. single year. business iehis
Is72, and further reduction was scarcely
60 be expected, though many tenants SKI .i
decline IN the prices of merchandise Regarding re-
duclyu Of rent PRIOR 10 ne expiration OF 'nc lrasei ne
done. he knew OF one instance where Inc REM was 10.
Guced last Fail from $4,000 to $4,000 by request Of
tho e,c but such cases much less frequent under
t,r,ir. =. am cnnVinrnd that brighter times are in
prospect aud that viii be surely though probably
Immediately higher. am equally sure that there
arr fewer moccuped buildings III the business part OF
thc city than is sometimes supposed have seen or
heard aln,ions to Worth and BrOomc-sts. partially
deserted Tie fact is that WOrth-St IS full OF commission
men and BrOOmcst. OF importers. nave not known OF
single instance TINS season where building between
DIaur ard Piincess Broadway has been lett by one
tenant without another taking his place"
\ Broadway real estate agent who has been In the
busuc, Tor 20 years stated lately that, his Oiln-
io. had touched bottom. There was good reason
believe that business would generally aud largely re-
the spring; in fact, now ONLY walIlnS 1"f
settle, ,rt the Presidential question In the nel.
time leasing them Tor very snort
From IS to 30 cent Of the leases Wlllcb ne
had made during the Fan and Winter were for single
year Ii was entirely false. in has opinion. tnat an
usually number OF stores on broadway were WILL
OFT occupants. On the contrary Broadway was more
full tEan year ago II was d.fncAlt 10 say dennSy D
how large per rents were lower now than -FOUR or
i've In the dry goods pOiuOn OF e cry thc5
variable, While in other sections there had been
conn ,lYey uniform decline. On the DINER manu-, on
such the BOwcry, ana Front ana NattfSts,
lust about the after year. ana were
now probably scarcely any higher than 2OycaTs ago.
ii l. generally conceded that very little money has been
mad past IN transfers OF real estate nut
uumber blocks have been erected 10 tho substantial
advantage of their owners. One building, costing F1O-
900 been erected land which cost $4,000, which
for $4,000. Another large building, in de-
srab!e sitJttion put up about niue months ago cost
with the land $4,000. ana now rents for 1il,oOO
These figures indicate that rents not low IN plOiOf
ton to the present cost OF erection 1t Is believed That
~ materials, Il said. Is unusually low, ana Work Is
mhdini aud cheap. stores put up under thFoe COhl-
ms could therefore be prOhtably leased at hgurts
IN winch those who built at more expensive
O. ne could not compete without loss. AS has been
already lated. inquiry among real estate agents ana
dealers fails 10 elicit much positive INFORM itloh upon
The question Of lower higher rents Tor the ensuing
year Their stated opinions vary, though ono cannot
help believing that general they believe that there
will be 10 further material reduction, whereas Others
rot ia the business whose views are based up0l the
knowledge empty buildings, the complaints OF ten
gls AM the general prosration % trade, look Tor still
tGfiatr decline