Morris tribune., 1881-11-03
GROWTH OF NEW YORK'S WEALTH.
Costly New Buildngs-what Central Park
Has Done.


Has Done.
Thirty years ago the total valuation was
under $500, 100000. At that time we had
no Central Park. Yorkville was out of
town and Harlem far away. There is no
doubt that much of the increase in real es-
tate value is due to Central Park. The
park itself has cost up to the present time
interest on the original outlay included,
about $40, 100000. The cost of the land was
Sc, 666, 900. If the same land Was now cut
up in building lots it would probably bring
nearly 5000, 100000 A plot that was sold
in 1852, just before the park was laid out,
for $4,000, is held to-day at 81 ,250, 900.
The same rate of increase has net of
course, been maintained all through-only
In the best neighborhoods. The three up
per wards, comprising the part of the city
above the lower line of the Park, were
valued ~ years ago at
about 100000. None of the
land was then improved. The value of the
same section is Low estimated at 1910, 000,-
600. As large part of the land is still va
cant, there is room for further increase of
value that can be reckoned only by millions.
It is not at all unlikely that at the end of
another 20 years the total wealth of New
York will run up to $4,000, 600, 100. Mon
ey Is accommodating very fast, and great for
tunes are going up almost as rapidly as
enormous houses. At the present time
great deal of money is going into buildings,
and will remain there, as no other form of
investment pays better. 1t is poor prep
erty that does not yield g OFT per cent.
over all expenses.
New York never knew such time as the
present for putting up enormous buildings,
at a tremendous cost. The number of
buildings was greater in some other years,
but single building now may cost as much
as q dozen 20 years ago. Four or five
stories then was high; now we are not sur
prised at nine or ten stories. Mention
may be made here of few Of the larger
new buildings. Mr.. Clark, # the Singer
Sewing Matching company on the west side
of Central park, an apartment house for so
families, at cost of 81, 500, 900. The Ma
vorra apartment houses on Fifty. ninth
street, facing the park, will be the most
elaborate buildings of their kind vet put
up, and will probably cost about $4,000
600. In the same neighborhood is the
Windenere apartment buildings, now near
~ finished, and costing 1850, 900. The
Hamilton, also an apartment building, on
Third avenue, and on part of the ground
once know as Hamilton Square, represents
an outlay of $4,000. Severed other large
flats are going up at a cost of 800, 900 to
100000. 1t is not necessary to speak
again of the Vanderbilt buildings,
which have been described sever
al times. In the same neighborhood
with them work has already been be-
gun for an apartment house to be called
Kemp's hotel, and which will cost $780,
600. Ogden Goelet's new mansion on the
avenue is nearly finished. Its cost will be
about $500, 600. Half dozen other stylish
residences, varying in cost from $4,000
to 100000, are going up between the
Windsor hotel and the Lenox library. The
most costly of the new structures down
town Will be the Mills building on Broad
street, which will represent at least S., 900,
900. The new Produce Exchange at Bow
ling Green will cost altogether about So, 000,.
900. Near by a Boston man is putting uI
an Office building on which the outlay, not
counting he cost Of land, will be $500, 900
CYRUS w. Field intends to invest about the
same amount in his new building on the
site Of the Washington hotel. Eugene
Kelly's building on Beekstreet, just back
of the new auarters which Jay Gould is
putting up for the World, will hot be fin
ished for less than $3.50, 900. Anew build
ing that Orlando B. Bolton is putting up at
Astor place ard Broadway will cost $780,
coo. It is calculated that the total cost of
the new buildings this year between the
battery and Harlem river will be about
$35, 0Oo, 900.