The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1888-11-01
REAL ESTATE BY TIE SQUARE FOOL

The possibilities of usefulness 70
society inherent in land are dependent
on the labors of individuals or Of cor
porations. The greater the eXpendi-
ture of labor, the higher is the estl-
mate of value. This is the rule of
civilization. Land has reached its
highest price on this side the Atlantic
in the lower wards of New York.
When the Drexei Building, at the
southeast corner of Wall and Broad
streets, was erected, theprice per square
foot of the ground whereon it stands
was the highest paid up to that time.
When, in 1882, William H. Wander
bilt gave $40 per square foot for the lots
on Fifth Avenue, Fifty-second and
Fiflv-third streets, on which the fam
ilv mansions stand, that was the
highest price ever paid for residential
purposes. For store sites on Fifth Ave
nue., $65 per square foot were paid III
March, 1856. D. o. Mills paid $S5 per
square foot for the area occupied by his
magnificent building on Broad Street,
the Astors 500 per square foot for Nos.
S and 10 Broadway, and the Williams
burg Fire-insurance Company Sll5 per
square foot for the site of their equally
impressive structure on the northeast
corner of Liberty Street and Broad
way. In the neighborhood of the old
Jumel estate prices rose from % to l0o
per cent. between 1882 and March, 1856.
The ceaseless and costly industry of
the commonwealth will undoubtedly
raise prices to higher figures, and entail
heavier taxes upon owners. These
will continue to profit by the unearned
increment of value; to sell, mortgage,
donate, and bequeath as usual and
how this can or ought to be otherwise,
under the ordinary operation of demand
and supply, and of the natural desire
of possessors to make the best possible
use of their own property, is q ques-
ton that the vast majority will not
pause to consider.
SOME BIG TAXPAYERS IN NEW YORK.
On the 3rd of October, 1887, Receiver
of Taxes George w. Mclean received
from the Consolidated Gas Company,
S223, 80; estate of ". H. Vanderbilt,
Sill, l24; New York Central Railroad,
S343, ,613; Mutual Life-insurance Com
pany, 1854; Standard Oil Company,
S2S, 100; estate of Robert Goelet, SlO1,-
396: John Jacob Astor, S235, ,040; Will
liam Astor, $4,000. Real estate
owned by the city rarely comes into
market, nor is it available to any great
extent for the reduction oftaNation. In
1871 A. J. Bleecker, A. H. Muller, and
Cortlandt Palmer were appointed by
the Commissioners of the Sinking Fund
to appraise all the real property belong
ing to the city and county of New
York. This they did, including parks,
public buildings, station and engine
houses, wharves, docks, markets, ETC.,
and estimated the value Of the whole
at S244, 100000, basing the estimate on
the number oflots, 25 by 100 feet, into
which it might be divided. Central
Park, together with Manhattan Square,
on which is the Seventh Regiment
Armory, was appraised at S73,275,oOO;
Madison Square at s2,25s,oCO; Union
Square, 81, $780, 900: Washington Square,
81, 23o, 900; and Reservoir Square at ST.
$4,000. In 1887 the Commissioners Of
Taxes and Assessments estimated the
value of the city property in New York
exempt from taxation at sl9o,S4l' 'lSo;
that of the United States at SIG, $50, 600;
of the churches at 81, ,230,3OO; and of
schools, charities, etc, at S34 ,23l, ,62o-a
grand total of S2S3, ,S53,o50.