The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-07
How New York is Growing.

How New York is Growing.
The impulse which has been given to
building in the city this spring is due to
three cause.-the low price of materials and
labor, the great accumulation OF capital
seeking investment at even low rates Of in
tercst, and the partial establishment Of
rapid transit, which will tend TO keep pco-
pie on Manhattan Island and bring back
some OF those whom high rents have driven
to New Jersey and Long Island. Unqucs-
tonably II a man whose business Is In New
York during the day can house his family
in the city where he can reach them at night
without too fatiguing journey, his situa-
tion Is better than that of one who must
cross a ferry to get to his home. and even
then pass half an hour or more on horse cars.
1t Is the appreciation Of this fact which is
inducing capitalists and speculative build
ers TO now enter so largely into the bust
ness Of erecting new dwellings in the upper
part Of the island, where lots are obtainable
at comparatively low prices. The cost Of
building these houses is so moderate that
they may be rented at small prices for New
York, and yet yield the owners fair inter-
est on their money. This movement for the
erection Of residences In the more northern
wards indicates the probability Of an in
crcasingly rapid peopling Of that region with
families of moderate and large incomes
when the tide Of prosperity for which men
now are looking begins to swell. We must
not forget that twenty-five years ago what
is now the most elegant aud fashionable
part Of New York contained only scattered
dwellings Then the Forty-second street
ahuts on one Of tho most frequented streets
OF the city-a street which promises before
trade OF the best sort-nnd is not relatively
SO far up town as was tho old Hppodrome,
on whose site the Fifth Avenue Hotel now
stands.
What the city is greatly in need Of, as
everybody knows, IS a sufficient supply OF
handsome and convenient dwellings which
may be rented at from $500 to $1,000 a year.
and even less. The present prices Of
real estate and building, and the present
rates Of interest on money, AFFORD the OPP
portunity for the erection Of houses Of this
sort while rapid transit furnishes the means
OF reaching them, for only in the upper part
OF the island is II possible TO put mp such
dwellings 1t Is reasonable to expect that
the success which has attended the expert
ment Of the elevated railways will lead TO
the building OF other and perhaps different
means of rapid transit during the next ten
years, and thus new and further encourage
ment be given to the business Of developing
the vast unoccupied spaces on the island
between the Central Park and Spuytcn
Duyvel Creek as places OF residence. Tho
rapid growth OF London in all directions
where now habltations can be put up, so
that in a decade it furnishes house room for
an increase of population large enough in
itself to make city Of the third or fourth
rate, suggests the possibilities, and proba-
biltics, too, Of this metropolis
The effect Of rapid transit on the locations
of business is likely TO be different from
what may have been expected of it, 1t was
supposed that it would do serious injury to
Sixth avenue and the Bowery, and when the
elevated railways were first built the
owners Of property on those thoroughfares
were violently opposed to the new means OF
transit But now after an experience OF
these roads, we find the voice Of objection
almost silenced, and see that business pro-
ceeds on those avenues as of old, while in
some situations along them it has been
greatly improved by what was year ago
looked upon as a nuisance. Yet the elevated
railways are In many respects a very objec-
tionabc method of rapid transit They also
furnish entirely inadequate accommodations
for the vast number Of people who desire TO
get up town at night or down in the morning.
They have, however, produced or assisted
in producing the noticeable activity in
building above the Central Park Of which
we have spoken, They have assured the
continuance OF Wall street as COM
mercial and financial centre and may aid in
restoring the lower part of Broadway, be-
low Trinity Church, to something Of its old
importance as a business locality. Unqucs-
tionably they will ten to make OF keep the
vicinity OF the City Hall Park Tor many
years 10 come one Of the most prominent
business situations in town. We have seen n
great clothing house reach the conclusion to
abandon IFS store further up broadway and
concentrate its business IN this vicinity, and
retailers on that thoroughfarc from Hous-
ton street upward 10 Fourteenth street are
soicly complaining of the diversion Of trado
from their neighborhoOd, while the number
Of rcdc-t ians aud omuibuscs on the street
has declined. Indeed, it may be taken for
granted that the glory Of Broadway be-
tween Fourteenth street and Chambers
street Inns departed, and that along that
stretch it Is not likely ever again to be-
come either fashionable promenade or
the scat Of an elegant retail trade.
Fourteenth street and Union square,
Twcutythird street and Madison square,
lmrty-fourth street, and Forty-second
street aud Reservoir square are the ad
'anc'rg centres of retail trade and City
Hall Park TO the southwark must continue
to Toe one OF tn" busiest quarters of the city.
Prophecies regarding the directions OF the