New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-05
FIFTH AVENUE PROPERTY.
IS IT DErERIoRATING OR IMPRovING'
THE INFLUX OF BUSINESS DRPLoRED DY SOME,
WELCOMED Ely OTHERS.

matters land in this city, as well ne real estate
dealers closely interested in the problems affecting
the present and future OF property IN Fifth ave- No
factor I'm the matter has exercised potent nflu
ence of late than the recent sale of Fhave property al
th FL IN yseventh Eighty fourth and Eighty
fifth and Ninety NTH SITS for prices ranging from SoOo
TO 800 700. These prices have been regarded by real
estate men exceedingly low and much indignation bas
been expressed over the forced sales OF thc property
as the term goes.
Dealers in real declare that they are scandal
lied over the low prices and they visit condemnation
upon those who they forced the sale OF tue properly
at q time when only low prices could be obtained In
the main they declare that the prices are unrcasonaby
low and are far from Indicating depreciation in Fifth
ave- property only illustration Of bow par
tcuar evil can injure property The peculiar evil COM
planned the stables OF the horsccar company run
ring in Fourth and Madison and generally spoken
OF as the Madison Avenue Railroad Company in reality
the New-York and Harlem Railroad Company.
THE AVENUE IN TRANSITION STATE.
" X Stevenson Il Coz real estate dealers, deny that
there is any general railing off in the value Of Fftavc
property; on the contrary they say that prices are
certainly increasing The recent sale OF uptown prop
erty they say. forced and az with such sales
generally. the property went at sacrifice. Ffthave
property" said member OF the firm. Ia In transition
state from residential t. business purposes The lower
part OF it, and in fact far up Forty seventh St. has
become Ia becoming undesirable for dwelling houses
But that does not nure the value or the property which
II anything Is worth more for business purposes.
The do not meet the demand for travel In That
thoroughfare and only horserailroad can supply the
need The West Side Association of PrOperyO wnerS mas
pat forth such great efforts that attention has been
attracted thther AMI they just have the advantage
over the East side Upper Fifth-ave is bound to follow
lower Flfthave street for business but this VIII be
DELAYED as long AZ such the Goeles, Russell sage
and the Vandcrbilt hold on bnt they will sell out Dee
many years have passed They are all securing lots on
the Riverside Drive To which they move when they
arc obliged TO leave Ftave, they will be in time Al
present there is hardly block below Fifty-nnth-s on
which you will not the Sign: 10 let for business
PURPOSES Below Forty-seventh-st almost every occu
pant is willing to let his house for business purposes
the proper person snail present himself. The Goeets
have bought property Mt Thirty seventhst for S2ooooo
as an investment, showing their faith in the increasing
value OF property the avenue George Kemp Ii as in
vested at Fiftyeghth ST. in property OF the Weekes
estate, and he knows what he is about
"Fifth-ave. property above Forty-seventllst has
maintained its dignity. But how long will this last
,ot long, I you One step In the direction OF
business has already been taken by the Union Bank,
which located just above and opposite to the house OF
Cornelius Vanderbilt. which is at Fifty-seSenthst
BUSINESS ONLY PUTS UP THE VALUES.
Below Forty ST. prices remain firm because
the propery-owners well that their property
will bring big prices for business purposes At Nine
feminist the Methodist Book Concern has just paid
n
part Of the is going and more to business
IA increasing in value The sales for the purposes of
residence Ffthave below Fortyseventhst are com
paravey few. Aside from strictly business uses these
houses being used for apartment houses bachelors
apartments, boarding houses, ETC. Whenever lot Is
ssld for dwelling house it Is done because the owner
well knows that he can square himself Dy tranSlorh
ing it into "A business place.
"Then again as accounting for the present stiff prices
OF Fifth-ave. property the owners are men who can
afford wait They have abundant means and they are
not obliged sell They know that AL they nave TO DO
is to hold on and ultimately they will reap harvest
Tn avenue Is gradually going over 10 business uses,
Between Fourteenth ana rwcnty-third SITS this Is so
true that ne lot there brings decent price for
Has the bottom gone out lof Ffthave. property T."
the subject Not a bit of it, his answer to bis own
question: and then no went to prove his statement
h n me Eas side little IN the shade There wa
special for the low brought by property ut
the recent sale and that he said was me ave
built early in 1856 AMI they extend 30 feet west from
MadsOn-ave Property in that neighborh0oi SAD
Mr. Read has been injured by those stables and they
had more to 10 with low price brought at the recent
sale than anything else Business in real estate above
stables have affected the value OF property above
Seventy unquestonably The sale the other
dav however, abomnaby low. The prices aDeye
Fifty ninthst. slim just Low because or the West
Side BOOM"
THE OTHER SIDE OF THE QUESTION
:
st. desirable for residences now az before the
avenue was given business He thought that the
effect OF these business inrOals would be falling OH OF
80 3 per cent in value One reason for this was that
there horse railroad in the avenue for the con-
yenence OF shoppers besides 1T would be impossible to
make Fifth-ave retail street. since that trade was
already settled in Sixthave, Fourteenth and Twenty
third sts Mr.. Reads summary that property In
Ffthave. be low Forty seventhst. was not worth az
much as it and that it would be still less valu
able. lot Of people," said he, have gone into Firth
for business purposes have failed and gone away
horsecar stables as regarded by Mr. Read was Upheld
low as at the recent sale you must look for special
cause. That Is the stables at Eighty sxth-st Car
stables you know Increase in size instead of diminish
ine and they generally create tenement house district
around them. These stables extend to within half u
street is affected unavorabIy The general market for
Fifth-ave property, however, Mr. Poe said, was good
The transformation OF Fifth ave. he held-as opposed
TO Mr. Read-had no effect the value property; II
might have had little at first say two or three years
yo when business places began to creep in, but now
prices had reacted The change OF tine street into a
business lie thought would not extend above Forty
seventbst. AS long as Jay Could the Goelets, the
Vanderbiis. Mr.. Whitney. Mr. Gerry. Mr. Rockefeller
Fifthave will not be transformed iptoa business neiu
Tho Union Bank. between Fifty seventh and Flty-
Tones estate which owns tho whole front between the
two streets and it will probably become hotel or some
there IA chance for business between Forts seventh
and Fftyninth SITS The whole avenue below Forty
] -
erty are getting TO be better every day. Property
reached lOwwater mark there two years ago The feel
ing is As instance OF the value OF property
higher mp the avenue, whore there Is special draw
back stables there Is the OF the Progress
Cub which recently bought four lots Sixty thirds
and Ffthavs. for $4,000 This is good indication
that there Is falling on in prices. One for any
Sepef that property IN upper Fifth-ave is falling Oft in
value Is due to the fact that has had its real
value correctly quote1 II has been nominally higher
than it really Lots there bring fully as high
prices ever, even II not higher on the average"
THE AVENUE, LIKE TENDERLoIN, Is LIMITED.
George Kemp. who owns the Buckingham Hotel and
other property in Fifth believes in the present and
future OF that thOroughfare. have property to
sell" said he. Theu he added. Do you know of any
one in Ffthave. who is sick financially II you do you
know than do. No. sir. Fifth-ave. property Is
worth to day than before DO you think Il at
Mr. Whitney would sell for less than he gave for his
| property Or that Cornelius or W. X. Vanderbilt
would or Mr.. Bonner OR the Goele,s Not at all.