New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-11-26
CHEAP HOMES AT GOWANUS.
RENTS LOW AND ACCESS TO THE CITY EASY.
EFFECT OF rHE PROPOSED FERRY TO SOUTH BnooE-

before III years 1t has been "gllteueen sc0'o'
for the dealers and their customers. many Oh
whom have realized or are in the way of making
comfortable fortunes from their investments
But while there has been marked advance
IN real estate Throughout the city, and in fact the
county, the great boom has been in the new as
tricts. along the line of the Brooklyn Elevated
railroad, East New-Yor< now the Twenty slNih
Ward and South Brooklyn in the region OF 90
wanus Bay. The amount of building and the
extent of real estate speculation in the lastnaned
district since it was definitely understood that
rerTyboats to ply between Thirty nintl-st. ana
the Battery were actually being built are some
thing amazing.
Land has risen in value with suddeuness and
to a figure that the Oldest resident admits TO ne
almost without parallel IN the history OF BROOK
lyn. What a few years ago little more thah
a barren waste. with few struggling houses scat
tered over it, has been converted into part of the
great city, fun of teeming life and activity.
RIvALLISG THE RAPID GROWTH OF THE WEST.
The rate at which lots have been reclaimed.
streets cut through, graded and built up with
blocks Of stores and dwellings, almost equals the
tales that come from the Far West Of towns and
cities that almost grow up, like Jonah's gourd in
a night. No frontier town advanced more rapidly
than this long neglected corner of the county has
in the last year or so.
All the way down from Twenty-eighthst. new
buildings are going up as if at the command OF
some mighty magician, while along the shore such
marked Improvements have been made that the
entire waterfront presents an altered appear
ance.
Third-ave., which five years ago had only stray
house here and there between Fortieth and tliW-
fifth SITS. is lined with business and residence
blocks. 1t Is estimated that at least 400 build
ings have been put up between Twenty fifthst
and the city line within the last twelve months
and there scores more in process of constIic-
ton. One capitalist alone. Mr.. Bush. of Denslow
d Bush. has Just built forty small brick houses
in Fortiethst, which rent at SIG month.
When the ferry gets in operation, as IT probably
will by New Years, these houses VIII be WITHIN
fifteen or twenty minutes ride of New-iork.
Nearly all the cross streets now open are being
built up with houses for single families. Forty,
sixth and Forty-seventh SIS are nearly hned
with them. Forty -c1ghth-st. has several and
Forty-ninthst., almost desert year ago, Is now
an open and partly graded thOrOuglfare from the
water TO the COney Island Boulevard with many
houses near 1hrd-ave already finished and ten
anted. Fifty-second-st is cut through and made
and even Fifty-third-st has in one block over a
dozen houses completed
WHAT AN ELEVATED ROAD MAY DO.
While the new ferry is the prime cause Of this
BOOM the prospect of elevated railroad in Fifth
has also assisted in a marked degree TO in
crease property values along the proposed route.
How they have increased and how they continue
TO rise may be inferred from few instances Jere
Johnson gave s25 900 for 700 lots at Bath Beach
Junction. He has already sold 800 of them for
$50 900 and has 400 Of the best OF them left. AS
far down Sixtiethst. he sold lots at $3.50 each.
while in the railroad avenue four brought sl,7OO.
Some corner lots went high as $500.
The owner Of a vacant lot on the northwest
corner of Third-ave. and Thirty ninth-st which
was sold two years ago for 81 200, refused an offer
of $4,000 for it few days ago. A lot in this
avenue at Forty -ninthst. bought year AGO
from the Hunt estate for $1,000. James +.
Abrams. the agent of the estate. tried not long arc
To buy il back again for $4,000, but the owner
refused the offer. Lots in Fifty secondst. bought
a few months ago for $500 each. now held at
900, with S95O offered. For a site of the
corners Of this street and 1hlrdave., bought
wear arc for 3 500 the buyer now refuses stand
ing offer of $4,000 cash.
Another corner lot in this avenue three blocks
further north. which was purchased at the eXecu-
tors sale of the Hunt estate year ago for sll75.
sold within few days for 81, $50. Three contlgu-
ous lots bought about the same time for $4,000.
were sold again recently at 81 900 profit Henry het
tleha u bought nine lots about twelve months arc
for 81 800 He disposed Of them easily at $4,000
some time since Several out of sixty lots near the
proposed Thrty-ninth-st ferry recently sold. have
already been lesold at an advance OF twenty-five
per cent
Is IT SPECULATION
How much Of this is the work of SPECTATORS
When this question was put to one Of the largest
real estate dealers of Brooklyn he said
IL am perfectly aware that great deal Of nror-
erty from Bay Ridge 10 Bath Beach is being bought
for purely speculative purposes. but l deny that
owners arc rigging the market to unload. As a
matter of fact they hold on tight There is the
Hunt estate. for example which consists Of 1000
lots, not one Of which is for sale. The Bereens
have about 400 lots for which they are refusing
all offers. and the same may be said Of McDougall.
Pool Day AMI the other owners. Why, Fourth
ave. would soon be the principal thoroughfare TO
New trecht If the large along II, such as
Cyrus W. Field the Bennctts. the Van BTlnts and
Gibson could be induced 10 sell. But they hold on
tight Gibson. who owns from Fort Hamilton TO
Fort IIamiltOn-ave.. won't even sell lot.
"Now why do these owners hold on? Simply
because they know that property has been advanc-
ing steadily for five yea and that II IS bound 10
90 higher still Most Of them orc rich and can
good many speculative transactions. yet the ma.
ioritv OF the corners who buy lots build
houses and live in them. Furthermore, they are
South Brooklyn viii he within fifteen twenty
minutes ride Of Now York and this ride is not in
crowded elevated or surface cars. but in hand
somely built ferry Oats over one Of the loyehest
sheets Of water in the world Is il anv wonder
that New-YOrlz capitalists a'r now turning their
attention this way from Harlem and MGrr1sana
Is il any wonder that property from sleepy old
Gowanus to Bay Ridge is fairly jumping up IN
value ?
"Ncw-YOrk capitalists who never thought OF
coming 10 BROOKLYN before are making invest
mcnts here. Just think Of wOrkingnan being
able to get whole house n himself for from $40
TO 500 a month within twenty minutes ride o.
New-Yorl Besides this there is the elevated rail
road in Fifthave.. which is bound 10 come sooner
or latcp The present rrosreritv OF South Brook
lyn rests. tell you, upon a solid foundation and
has come TO stay"
BUILDING PIERS AND WAREHOUSES.
The improvements along the water front are
being pushed along vigorously. At Twenty-eighth-
st. David s. Arnott is building large piers and
warehouses, running almost out to the Atlantic
Basin. The South Brooklyn Improvement Com
ranv, which owns ali the front below him to
Thirty -ninth-st is preparing to line it with
wharves and warehouses extending far into the
bay Work on the new feTyhouse at Thirty
ninthst. will be started in few days. Two
dredging machines have been digging away in the