The New York herald., 1879-03-09
A Glance at the Present Value Of
City Stores and Houses.
PROPERTY OWNERS ACTION.
No Decline in the Price of First
Class Residences.

to different localities on the of May
in advance reduction Of rent This season. indeed
Is the real estate agents harvest when he secures
abundant commissions. but not without o severe
struggle between the tenacious owner on the one
side and the unwilling tenant on the other. During
the past two days HERALD reporter has visited
numerous offices of real estate agents in
all parts Of the city and also the head
quarters Of vast estates. Everywhere ne found
clerks busy in making out permits for
ladies and gentlemen anxious to inspect new domi-
Giles that to rent. and it in many instances
with difficulty that the agents could spare few
moments to converse about the state of the rent
market. Most Of the new leases must be signed and
delivered about the 18th of April For the first time
since the panic OF 1873 the tenants Of the
Astor estate find themselves faced by determination
not grant further reduction of rents This affects
large number Of uptown residents. and also several
localities in the extreme western part of the city.
The is different with the business property be-
longing to the estate. where considerations not at
all affecting private residences must naturally come
into calculation.
RESIDENCES.
From conversations with Messrs Ludlow. Harnett.
Morgan and other real estate agents is evident that
there is to be reduction this year in houses
ing for from $4,000 to $4,000 per annum. especially
those in the Murray Hill district and tho choice
quadrilateral bounded by Fortysecond street the
south Fourth the east. Fifty ninth street
on the north and Sixth avenue on the west. man
who has made his money in Chicago St. Louis. Cali
fornia or New Orleans. bringing his family to New
York. generally it is said seeks for quarters in this
particular locality though in other neighborhoods
he might get house for from s2.5OO to s2.sOO per
annum.
SECOND CLASS DWELLINGS,
The second class residences. Of course. are far
more numerous. and the rental asked for them
affects the bulk Of the population. The Astor. Lor
lard. Fish and Rhinelander estates comprise large
blocks Of these houses. renting all the way from
81 200 to $4,000, whose occupants clamoring for
o reduction; but the decision taken by the Astor
estate is being followed by numerous other land
lords who have thus far succeeded in having many
leases signed at last years rental especially of dwell
ings in decent neighborhoods. between Sixth and
Seventh avenues. There is. however one exception
to be noted. A Twenty-third street agent said to
the reporter :--'Several boarding houses and a
few small hotels have been leased at ten
per cent less than last year. These people suf
fering more than is generally known. and they can
not pay the rent Of previous years. As to boarding
house keepers they all camoring for lower rents
And what do After house has been
once occupied as boarding house it is difficult to
let it to private family. and are compelled to
accede to the demands of the actual tenant. These
people are not to blame il they don't succeed in
making money. With the exception of hrst class
boarding houses. which charge enormous prices,
not any OF the low rows Of houses along the
cross streets pay. The competition is unprece-
dented. and hence the majority of them are COM
PEELED to take boarders ut low prices and are run
ming at loss. Their offers for renewals Of leases
in many instances ridiculously low. owing
families now take one or two boarders to
lessen the expense Of housekeeping Then. again. the
habit ot going to the country every summer has re-
ing to take lease for whole year. rs they all
claim that their houses are virtually empty between
the months OF June and October People now go to
the country earlier than this in the spring and
return to the city later in the fall"
FLATS rRNEMENTs.
Rents for first class French flats apartment
houses remain somewhat in sdta quo, with leaning
toward lower prices The mania for hats renting at
$50 to $75 per month. universal during the past
few years, appears to have somewhat abated. but
there is corresponding increase in the demand for
and hence it is that numerous owners having houses
the west side all the way from Eighth street to
Thirtieth street. too old and ungainly for private
residences or even boarding houses. are changing
them rapidly into flats.
Following immediately the second class fats come
the regular tenements. where occupants pay rental
of from SlA TO SIS per month. Their number is
legion, and everywhere 1.-The horny nyhanded Of
toll occupying these domiciles are clanloring for
lower rents They are the mechanics, clerks and
small salared workingmcn whose earnings have been
cut down during the past year. Among these. ac-
cordng to one real estate agent arc nearly all tho
policemen Of the city, most OF whom live in tene
ments. They claim that since their salaries have
in rents Taking general survey OF the rent mar
ket far residences in the central part of the
in the words Of real estate agent doing business
near Fifth avenue. "Rents.' he said, "will not go
OF the island or owing to larger supply of houses
but simply because OF the actual want OF money
prevalent among the people,"
Il AVENUES
The stores along sixth avenue arc renting this year
at the figures as last with the exception of
tain localities near Fourteenth and Twenty third
streets where higher rents demanded. II is ad
mitted by several real estate agents that buildings
along sixth avenue, the upper stories OF which are
used as dwellings, have been damaged so far AS rents
concerned by the Metropolitan Elevated Road,
but the business parts have not been affected. IL
must be remembered that with the exception of q
few large establishments nearly all buildings
along sixth avenue have stores on the
al have eighteen buildings along Sixth avenue"
said real estate agent, "but the rent get
for the stores will make up for the smaller amount
get for the dwelling part; in fact. the stores will
carry the buildings. And yet most OF my tenants
admit that the noise of the road does not disturb
getting accustomed to it or whether the noise is
actually less know not: but certainly the COM
plants not so universal rs when the cars were
started last June"
Property in Eighth avenue. especially between
Fourteenth and Thirty seventh streets is renting
generally at the same rates last year. while in
instances. where new fronts have been put up
and other improvements made. the rents have been
raised. The Eighth avenue storckeeper is dis
posed to acccde to last years figures. rs he magnes
that sixth avenue business has been affected by the
Nevertheless. he his clear of all oh
structions and business steadily improving in the
midst of west side population that is continually ON
the increase and which purchases most OF it's sup
plies in that popular thoroughfare Hence he is
happy and readily signs his lease a the old hg
ures. Only one noted Sixth avenue establishment
has moved TO Eighth avenue since the introduction of
rapid transit along the former road and according
to real estate agent well posted in such matters. he
"has made mistake" But he appears to be quite
content with his surroundings. Forty stores
along Eighth have thus far been rented 1T the
same figures as last year.
Landlords of Third avenue property are satisfied
with the condition OF the rent market thus far They
claim side stores rent we'll this year
heretofore. and that the business of the street IL not
at all affected by the elevated roads. The same OBJ
servation made to sixth in regard TO the
dwelling part of the buildings holds good to Third
avenue, and there IL corresponding decrease in the
floors stores in parts or that popu-
.Were IL not that nnnpln cnmucll.d