The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-27
Their Views on the Prospect OF
Cheaper Rents.
DECLINES AND ADVANCES.
Effect Of Rapid Transit on
Property in 1873.
LEASES AND RENEWALS.

With the approach OF qnarter day, February l, the
subject Of rent becomes once more topic OF i'm
porlance nearly all the citizens OF New York not
residing in their own houses. and their NUMBER, OF
course Is legion The well to do business man as well
the poorly paid clerk the well provided for widow
as well as tho constantly narasssd boarding house
Keeper, all Of them pay at this season OF the year
diplomatic visits 10 their respective landlords or their
authorized agents to ascertain show rents will be"
during the coming year, from May !, 1873, TIL May l.
1879 While, in accordance with immemoria CUSTOM
the Arst day OF May is the general moving day In this
metropolis the LIST Of February and subsequent days in
The month invariably taken advantage OF TO rencw
She treaty for tho coming year. For more than two
weeks past the managers Of leading estates In Now
York. such as the Astors, Lorards Rhinclanders and
Goe,ets. have sent out notices 10 hundreds of ten
ants inquiring to their desires In regard 10 re-
newal OF the leases they now hold, and which must
be attended to in February. Agents oil minor es-
tates have discussed this important question with
their customers preparatory to either drawing up a
new lease or cancelling the old one. Though most
landlords and tenants do not generally come 10 IN
agreement as to the exact price before the 10Th OF
February the writer ascertained, In conversation
With numerous owners and agents, that on tho part
OF The landlords the policy that Is to guide their
tion for tho coming rental year has already been
fully decided upon and that the tenants in certain
lOcaltes OF inc CITY are not so BACKWARD IN renew
ing their leases, rather in securing eligible bus-
ness places as they have been since tho panic
Of 1874 More has been done this year. SO far
In this line than during either 1876 or 1871 and while
'he bulk of leases OF course will only be made out
and signed week or ton days hence, sufficient un-
derstanding has already been arrived the part OF
lessons and lessees to give, aside from negotiations
Already concluded clear indication oil the state OF
The rent market in the city Tor tho coming year.
NEW YoRK's TRANSITION STATE.
While some agents ana landlords regard the rent
market considerably mixed they attribute this state
Of affairs much to the hard times to the transit
lion state OF leading avenues and streets the CITY,
Rapid transit now tho eve OF realization, appears
10 have confused the calculations of many who are
now figuring in quite an opposite direction to what
they did ono year ago. Sixth avenue for instance.
where property owners have expended thou.
sands OF dollars 10 resist the building of
the Gilbert Elevated road, Is being sought
after by energetic traders and housekecpers more
than ever Even the streets traversed by the
town horse railroads moro and more being appre-
cated for residences, while the continued influx of
new residents from all sections Of the country, aud
the still inadequate supply Of low.prced residences,
enable agents und owners to dispose easily of modest
sized houses at the Same prices III last year. As
against this tho constant sprinaing up OF new busi-
uess enterprises Is crowding the retail business
above Twenty Broadway aud also
Filth avenue, with an eager desire on the part Of
many to obtain eligible places tho avenue lar up
rs ThIrty.fourth street.
The invasion OF Filth avenue and upper Broadway
% already regarded by many as the leading cause OF
me stagnation now prevailing along Broadway below
Fourteenth street, which Is considered To-day In q
greater transition state than any other street in
York, and which Is really the eve of being abandoned
BY the best retail trade, though not quite ready yet for
its occupancy by the wholesale dealers, winch bids
iar 10 take IN all that part OF New York lying below
Union square. IL will thus be that hen all tho
rapid transit roads IN active operation New York
Will he almost revolutlonlzed lar as its business
centre and private residences are concerned and IL is
with these views constantly in their minds that both
tenants and landlords now about making arrange
ments Tor permanent leases.
SIXTH AVENUE sToREKgEPERs
''Last year." said MIR. ). +. Jayne, OF the firm of
street, 'nost OF the storekeepers in Sixth avenue
would only take years. lease. They were afraid
that The Elevated road would njure their bust.
ness. To-day they want them for three and five years
IN TACT, longer than VIC care to give them They
all have the impression that the road instead of
injury, going 10 be a benefit to them. The ten
dency part is 10 ask rent tor sixth ave-
nuc Stores but We have pretty we'll made up our
minds TO mold on to the same prices. Tnero cannot
however, be tho least DOUBT bu. rents will be higher
there next year, as there is quite demand Tor
along that avenue. or course IT must be understoo
that should certain unforeseen circumstances arise
such extraordinary and stu greater depression
in business these matters must be taken consid-
GRAFTON. as they always affect rens but II Thugs 90
they do now there Is bright future Tor sixtn
avenue property. know OF one lease on corner a few
NOR A of Will "a tcu .nas
expire Tor two years, where the lessee only week
desired 10 have 1t prolonged, but the owner Insisted
aud still dOes insist, upon an advance OF 81, 900 pef
annum"
HOTELS AND LIQUOR SALOONS.
gentleman well known along Twcnty-thir street
here entered Mr. Jayne's Office aud stated that tho
lease Tor tho northwest corner OF Twenty-eighth
street and sixth avenu, had Just been taken Tor Two
years by gentleman from Philadelphia at $4,000 per
hnnu WIN ue the privilege OF three years more al the
rae OF $1,000. The building has frontage OF thlrty
feet on The avenue. lie added that whenever tho
Elevated road was running there would DC u number
Of s.cona class hotels alons tue avenue.
Boorn's THEATRE.
Upou inquiry IL was ascertlined that the negota-
tons recently going On between stern Brothers and
the Aes estate IN regard TO Booths theatre had pecn
broken Oh, but the writer was assured that within tho
last lew Gays new negotiations win other parties mad
boen entered into, II these are perfected Booths
would be transformed IN a manner 10 'astonisn tho
natives" Upon requesting more dcnnile particulars
ia regard 10 the proposed negotiations they were
refused on business grounds There Is no doubt, how
ever, mat the corner OF sixth avenue ana Twenty
Ihird street VIII become great RAPID transit centre.
LEASES RENEWED AT OLD RATES.
Richard '. uarnytt, real estate broker, informed
the writer Ihat all stOrckcepors aioug sixth ave-
nue. we're ANXIOUS get ihe:r properly at tuc same
last year. Tue lease oi "a tour story dry
goods store near wcnty street, which rented
last year Tor So UUO bau been renewed IRON May
The lease oil fancy store near fhirysixh street had
been renewed ~ e. 900. tho same last year.
Negotiations were uIso pending Or TIE renewal tho
lease oil store near Fi,vth street AT 81 100 also
same rate last year. Mr., HaInett knew several
siorekoopers who were pleased at Inc prospect
the rapiu transit road would Increase theIr business
instead OF dimiu shIbg H. rs was Of urst anticipated
some people, however, mad the Impression that u
wuuid take away large amount vi business
from Broadway. y large number VI people III Sixth
avenue were making srcuuous Efforts 10 get stations
placed al or near tncir corners, anu no had been
sureu by General horaue Por,er that the company
was run uoan WITH applications Tor these stations 10
be placed In their mmoaiate vlCnity. IL tho
same WIN the Battery. Properly there had Doeu
gOiug down OWING 10 tue absence VI proper communi-
Gallon with other parts Ol The CITY Dut now IL I'M
proving and st0rus there would tent during ths year
Tor more money than ever before IL Is the same WIN