New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-02-23
ACTIVITY IN REAL ESTATE.


tion.
ACTIVITY IN REAL ESTATE.
IMPROVEMENTS IN PROPERTY DOWNTOWN AND
on THE WEST slDE-0FFICEs FOR bANAEh@
Avn BROKERS' IN GREAT DEMAND AZ AID
vANcED RATEs-wEALTHY RESIDENTS or ihh
PACIFIC COAST SETTLING IN NEw-YoRk'
pool estate agents anticipate much business
this spring The demand for offce-rooin I'D tue nes"
rho,d N, valst seems 10 greater than the supply
ana those who have satisfied with slnaliaparens
heretofore because their incomes seemed 10 require 10
have had such unexpected success wlth tuc ia'' !'
owing TO the revival of business, that they pow thnK
thar they must have more Bankers and brokers
have made money aud feel more liberal There were 30
many business apartments wanting tenants or TWO OF
three years below the City Hall that rehls "cie 10
duced and thus tailor shops and mems iurnsnG s'oies
which before obliged 10 seek quarters iur'
u,town where rents were cheaper, were attracted 70
the peighborhood OF Wast Several firms which oou
leases that do expire for one two or three years
have been offered bonus remove before May l. III
one tailor within three blocks OF inc oocA
Exchange whose place is held a lease for $l'ooo'
was offered bonus of 81 800 to give 1t up Inc leaso
expires May /, 1881. and he declined the oh'r'
Not since 1870 has there been such uehahu io'
offices Rooms in Nassau-st, near the stock Exchanse'
which have rented heretofore for $1,000 vii! now DC
rented az 81 goo year. and those which rented at
tl 500 can readily be rented at $1,000 or SZ'oVV EA
brilliant offers made for hcorSn new buildings OF
In those which being repaired The offices III the
NOW Stevens Building Nos. II and 10 Wallst ana no.
Nassau-st which is nearly ready for occupancy are
with two or three exceptions all rented at very hSh
figures In this building there are several apar tnehs
of three rooms each which are leased TOT year
60 profitable an investment does the erecuon vi ne"
buildings this ground seem to De that eer''" o'u
buildings near by TO be torn down ana larger anu
inner buildings are TO constructed on the SITES
No A PM
40 and A New-st., the Bank OF the Republic Buding
and two structures In Pine-st, between william ana
N,ssausts Lawyers who have rented desirable oihcos
et low figure particularly front Offices, are begin
ming to complain of the advance III rents aud say tha
they have been obliged to accept the premiums
offered them TO remeve, and will go further up town.
ADVANTAGES OF ELEVATORS.
O6cesin buildings Supplied with elevators are greatly
sought er and high rents arc paid Tor upper rooms
IN edces thus provided that many OF the owners VINO
stood out against these improvements for Time nave
had az length to YIELD and have additions made 10 her
buildings Among structures improved with elevators
may be mentioned that occupied by the Bank OF Now
York Extensive alterations made, elevators were
put In and additional stories were added the john
ston Building at Brosdst. and EXchangepace looms up
story higher and two elevators have been put In Next
ia the building occupied by August Belmont which has
had an additional story built on and has been supplied
with elevators The new Queen Building, on what was
once known as In Wall Street is provided
with one of the best elevators In NewYorS ana there Is
great demand for offices In IT, with none TO rent Other
buildings might be mentioned Offering equal advantages
the offices In which are all taken
There Is great demand for front offices In Broadway
and NassaIst. by mining companies Others who have
had sua rooms are removing to extensive apart
nents thus increasing demand for lofty and conmo-
dlous buildings. The Central Trust Company which
now occupies the first floor OF the Clearing House build
ing has recently leased the entire basement for ten
thta nnrfaf mn aaa
transfer and registry department The other part viii
he held IN reserve for improvements later in the year
The leasing OF this basement was surprise 10 us occu
pants, some OF whom sell mems furnishing goods ana
The renting and sale OF houses, aud the sale Of I'M
proved and unimproved property are also exciting
lively interest particularly the west side OF the CITY
The action of certain associations 10 driving on inc tro
blesome sauatters. aud Ia dscu sing improvements I'D
aud Psvemens has attracted me attention n 0
Men Of wealth from inc Pocc coast bv he
influences of Kearney, Mayor kaloch and htlr lrehus
Snst the Pacific slope OF forever The demand
for houses great and there Is large number OF puF
Inc from $4,000 TO S25, 600 Houses valued at from
s35 600 to $4,000 do not find buyers 20 quickly.
There is a growing inclination 10 bud on the west
aide and owners OF estate there are generally par
tcuiar to whom they sell ana as 10 %nst G,ss oi
to be made Large a h arc ss1
Ing of the Riversde the Mornngsldc parks will lend
additional attractions TO tue west sue An owner hS
been oefed $4,000 for them and nc has not accepted
the Offer ,,-,.,- u 49,. ., -, o,os. y,
There is great disposition on the part OF class OF
persons IN New-YOik especially those OF middle age
who remember NewYors diy years i ago: to
to return this old locality: Many OF the memDets Oh
Grace Church are looking for such propery, houses
near the line elevated roads also sought Tor 10
a great extent, both for rent aud purchase $500 ,
just present there Is deadlock III some parts Oh
the city between landlord and tenant The landlords
want higher and the tenants are hodnG on hoping
from fifteen twenty per cent when the houses nave
respectable and modern appearance IL 10 tnousnt
for apartments the East side there VIII De h'te OF
change IN prices from last year
WHAT RSAL ESTATE BROKERS SAY.
prominent real estate broker i'll Finest, who has
been engaged real estate transactions for many years
talked recently to TRIBUNE reporter
There is a boom in lots" said the broker. and
IN rents too Many croakers pretend not to 1t.
have been eroakcr mVsef bu; the fact cannot be dis
gused The improvement In real estate began twelve
months ago ak months later 1t began TO look stl
brighter ahead After the first OF February the market
opened up suddenly that it surprised even the most
sanguine it was like the opening OF flower Every
thing IL now in favor of great activity There ia over
f,v of money-any amount OF tin the hands o: men
whom nobody suspects of having money for invest
ment."
What ia the history Of the real estate after
the great depression In 1887 -
B,ieay this After a lapse OF FIVE years there began
10 be slight STIR aud two years later. in ls4o STEADY
,mprovemeu had set ill., From 1s45 there was steady
inward movement until enormously high point WAS
reached In 1873 The failure OF Jay Cooke puncturec
The bubble and II collapsed"
Is the present Improvement In New-Iorx confined
TO any particular part OF the city y
Tbere create? activity IN some parts than IN others
bnt there is general Improvement all over the Island
The greatest rise In values has been along the lines OF
The elevated railroads. Especially is this true the
West Side between Sixth aud Seventhaves Large saes
have been made the lines OF bOth roads and many I'M
provements have already been made Lots that lew