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

Fourth ave- and Third-ave. ere held about the sao
their best houses and stores but lave not made
general advance over last years rates and
same in true OF the RhlnelanoeI auu
other estates In some cases where notlce was
gwen on February OF al increase OF rental on Nay
/, ard tenants refustd to snbmt. the nouce nas
since been withdrawn. 1 THINK the 'eiOeno' n'"
is TO advance slowly.
w. II. Gebhard who owns seventy houses IN har-
lem In the neighborhood of One-hundred-and-
eighth-st and Loxington-ave., said: Rents Ill
Harlem have advanced about 10 per cent. houses
which rented for $3.50 last year VIII bring @ooo
this year | have had no trouble in renting my
houses at this advance, and could have rohteu ioo
more at the same rates or could have oDtalheo
larger advance, but preferred to retain goou Veh
ants. This property would have been dead excep:
for the elevated roads, Vacant lots have Increased
in value 40 per cent within year OF Two peoalso
of rapid transit Owners of houses in Harlem now
get about and per cent on their invest
Inent. Investors are buying this properly degarur
iYr il as a safe investment. Own no HaIs.
think in ten or twelve years they will become uf,
popular aud many of them will have to be changed
into houses or stores am puidng more houses S o
but the pasterers are talking of demanding % OH
April l. and other mechanics want an advance l
will have to stop work if these demands are lnSiS'ou
upon" g, - NJ
Henry p. DeGraaf president of the Boweery Ma
tiona Bank, took different view Of the subject OF
fat houses from that of Mr.. Gerhard :" own
class said Mr.. DeGraaf, and consider them bet
ter investment than trstclass apartment houses OF
private houses They pay better PGdTfGnags r Un
uured to keep them in order The net return on tue
capital invested is from to IL per cent. On me.
dun private houses the return on eapltai is MOI
more than per cent, and on frst-class houses not
so much There continues To be very great increase
in the number of flat houses but the supply does 10,
exceed the demand. nor does 1t lessen tbe demand
for tenementhousea in the old portion OF
the CITY. As 20 rents, l did intend to
10 per cent ,s"d TN, this 5PTRs Old SnI
found that dG 80 YOU'D adT os9 aan In Su new
fat hcnses whioh have purchased. however, nave
no Utouble in procuring tenants at the advanceu
ing the hard times, the decline not exceeding 80
per cent while Fifth ave. property declined 90
per cent Flats of seven rooms rent Tor 30 10 Soo
u reply to a question as to realty in the annexed
district, Mr. DeGraaf said am very largely In
terested In real property north OF the Harlem River
and east of Third-ave bot cannot do much with
il until have rapid transit AS soon ts Tue Iap,d
transit system reaches that property stand reaqy
rent from $3.50 to 5000 per annum. Ire plans
ar all ready and work will begin as soon a. rapid
transit il assured. If park Is lald out IN thal s
trct az projected it viii enhance the value oil prop
erty there. Now is the time to lay OUT such
park n;.,.
and he 4wner Of considerable property, IL speaking
on this subject sad AS 10 rents, you are saIt III
saying that the tendency is upward Ihls Is not
only because Of che increase IN business ahu PoPu-
lation but because Of the fey of New-lork realty
as an investments. which makes it in demand | am
o large owner Of West-SIde property, and peueVe
there is a great future for that property IA
demand now. While stocks tumble and become
almost vaueless. and cotton and gram are suDJcct
to wide fluctuations, real estate IN New orh al
present prices Is permanently safe investment;
The excessive cost Of transferring small pieces OF
realty in NewYork lnterteres III some degree Win
it's purchase by small dealers. The transfer OF realty
shoulc be IS easy that of stocks and bonds. me
cost fox searches and the Registers fees generaIy,
beyond all reason. We want reform in the laws
in that respect, and also the abolition OF he tax
OF 2la per cent on mortgages. Money, is
now loaned at per cent on really, out
of course the tax is more often evaded than paid
II should be abolished, and then money could De
hired on real estate for a less percentage rents
would decrease ID consequence and more persons
would become owners of their own homes"
The Staten Island real estate agents say they can
not supply the demand for houses on the island.
They are of the opinion that the number OF city
people who will make their homes the island
this summer will be larger than ever before