New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-30
LANDLORDS AND TENANTS.

MAKING A GENERAL ADVANCE IN ""A'AS
now TIE CHECK IN BUILDING OPERATIONS 10
WORKING AGAINST occUPANTs-wHAr HhAL
ESTATE MEN SAY ABOUT TIVE MATTER.
The landlords and tenants of the metropolis are
dseply absorbed At this time In the subject Oh
Vhstber 70 bear the ills they have or to fly to oth-
arr that thew know not Of is question for consiue-
ra.,on IN both sides The landlords in most IN
stances have settled the matter by demanding mort
rent preferrng TO run the risk II there Is any Oh
rettng good tenants at advanced rates. rather IMAM
adbsre tn last wears prices The tenants occupying
Office and store property and desirable houses nave
GENERALLY acceded to the demands as matter Oh
necessity This especially true of the lower part
pf the city. but in Harlem and in some other parts
there is disposition shown TO await events In tne
hope of a satisfactory compromise. The threatened
,beck To buildng operations by the demands OF
mechanics and laborers for increased pay is having
.one effect on the rent market. Building opera
tions have been very active for two years, ana the
past winter has been open that the work mas oee
continued almost without cessation. A great many
dwelling houses and buildings of all Kinds I'fz1
in number, have been erected within year, but
there has been no cessation In the demand. IN fep
ruary l6S new buildings were begun, az an eSVi-
mated cost Of So 305 $50. against $50 az cost OF
81 $50 265 during the same month last year. Inc
cost of all kinds of building materials. however
Isl general movement under way by mechanics
and laborers for an advance in wages, owing 70 the
Increased cost of living Paserers 6ricklayers and
carpepters will probably demand on Aprll an ao-
vance of so cents per day, 81 50each. Painters,
hod-carriers and Others engaged In the oulldnhe
trades are expected TO join In the movement In al
dition 10 this owners of unimproved property ask
very high rates and builders assert that this will
tend 70 check building operations. and Will thus
aid landlords obtaining higher rents
Notwithstanding he large number of new offices,
estimated at 800, which has been erected WITHIN
year in the lower part of the city, the demand for
eligible offices still greater than the supply. Inc
rents of this class of property have been advanced
from ten to fifteen per cent over last years prices
In some instances where two years leases are expr
ing the advance has been fifty per cent. This has
been due 10 the levellingup process rather than 10
n general advance Almost all large corporations IN
the country that do other than merely local ousl-
ness now find necessary profitable to have OIL
res in this city. There has been a wonderful IN
crease in the business of the Exchanges since the
revival OF business activities In 1879 ard constant
influx of capitalists and corporations ms
has caused such a demand for Offices that
rents have advanced the vicinity of the
Stock Exchange from 100 to 200 per cent within
three years The elevated railways have also con-
tributed in no small degree to this rise in the value
of property in the lower part OF the city as well as
in the upper wards. The completion OF the Brook
iyn Bridge and the Hudson River Tunnel will also
add largely TO the value of downtown real estate.
Already the early completion OF the bridge and the
prospect of a rapid transit system In connection
with it have had stitfening effect on the
yalue of real estate near the New-York
terminus. Capitalists beginning 10 realize
the effect on property in this vicinity
of the vast tide of Brooklyn population that will be
discharged az the entrance TO the bridge as business
fourishes best where the population is the greatest
Under the contemplated system of rapid transit,
passenger will take his seat at the NewYork ell
trance 10 the bridge bound for the station nearest
his residence in Brooklyn bnt when he takes his
seat in the Brooklyn car for the New-fork side he
will have to get ont at the City Hail. and will then
walk to his Office place of business. This Will IN
aonbtedly greatly enhance the value of property
in the vicinity of the City Hail. both
for Offices and for retail stores, while 1t
will have Ike effect on residence property in
BROOKLYN. The change that this system of rapid
transit to Brooklyn will have on property in the
vicinity of the bridge Is looked forward TO by real
estate dealers as similar to that brought about by
the elevated railways which have caused an Eager
demand for downtown business property al greatly
advanced rates.
from Maiden-ane 10 the vicinity of Union Square;
Since the completion OF the elevated roads almost all
crease in rents, finding II advantageous 10
their Wholesale business 10 remain downtown
wel-known retail hosiery store and one or Two
other stores about TO be removed from Union
SQUARE TO the lower part of the city. The propre-
tor of of these stores gives as reason for the re-
,noyal that his best customers now pass him on the
elevated roads. They make their purchases near
their places of business Still there has been large
increase III tie number OF stores Ia the vicinity OF
Union Square. FOurteenth-st ~ almost wholly
taken up with stores from Union square 70 sixth
ave A number of furniture dealers formerly on
Canal-st. have. removed to this street, and rents
have advanced in consequence The transforma-
fiun of Twenty third-st between broadway and
Sixth-ave. from residences to stores Is almost com
pleted. Al. 49,,
is light according to real estate agents, Is high
priced dwelling houses. Medium-prced and small
fopses are rented rapidly at good figures. Store
property in Broadway is IN good demand, and In
many instances was rented this year AT an advance
of rs per cent over last years rates.
VIEWS OF REAL ESTATE DEALERS.
A member of the firm of Z. H. Ludlow & Co., of
Pne-s in speaking of the subject of rents recently
said There has been a considerable increase LII
rents generally. In Office property, however, 1t has
been more of an equalizing-that is, raising the
lower rents to correspond with the higher.
That has been done in the Boreel and some
other buildings Many persons took out leases at
higher rates in February, VINO, had they waited
until this time, could, think, have easily made
compromise. The only houses we find difficulty in
disposing of are furnished houses. Ihere Is no de-
inand for them" 90,
Adrian H. Muller. of Pine-st., said " There has
been an advance in rem s. but II would be difficult
70 say how much. 1t has not been regular ad-
vance es il was last year"
Irving g. Co.. of No. 20 William-st.. who represent
the Astors downtown, said: There has been an
advance OF 10 per cent average in the rates on
dwellings,. The rise in office property has been
based on the rates obtained last year Where old
leases are expiring and where there was not much
of az advance last year, there has been consider
able increase the rates this year There has been
O. neral increase in the selling prices of property"