Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1890-11-07
SINGLE TAX DEPARTMENT.
COLUMBIA COLLEGE LANDS.
New York Standard.)

viously raised Ivy lottery, George II
gave charter to Kings college in 1854,
and on May 10, 1855, the rector and in
habitants in New York in communion
with the church of England" conveyed
I to the governors of the college of the
province of New York, for considera-
: ton of ten shillings, lot of ground now
: bounded on the south by Barclay street,
on the north by Murray street, on the
east by Church street, and on the west
/ by the North river. Park place now
runs through the center of the property.
On portion OF this land the old college
buildings were erected and they con-
! tinued to be used for college purposes
until the institution was moved to its
present site in 1851. At tho time Of the
grant by Trinity this land was valued at
about $4,000, and it appears not to have
been regarded by the early managers of
/, the institution as an important source
OF revenue.
Tho first leases were for merely nom
inal sums. For instance, o number Of
lots between Greenwich and Washing
ton streets were conveyed to Frederick
Rhinelander forever, partly by the re-
gents OF tho university. in 1856 and 1857.
and partly by tho trustees OF the col
lege in 1902. in consideration of per-
petual yearly rent of S371.59, to be paid
| to the college. How foolish bargain
this was on the part OF the college is
now too manifest for comment In 1912
a lot 40X125 feet, near the cornerof MUIR
ray and Greenwich streets, was leased
for fifty-nine years for six peppcrcorns
a year. Hence it brought to the college
no revenue whatever until 1871. II was
not until 1925 that leases began to be
made that promised u substantial in-
come to tho institution; but even then
the consideration was such that it
would now be regarded merely nomi-
nal. A lot 25X15 feet, on Murray street
near College place, was leased at $3.50 q
year. Two lots on the east side of
Chapel street (now College place. were
each leased for five years at S1O0 a year.
In 1880 two lots 2sX114 feet, on the
north side of Barclay street. were each
leased for twenty-one years at $500 q
year. A 25X75 lot on the west side of
College place was in the same year
leased for $500 y year. 1t was these
twenty-one year leases at low prices
that made tho colleges short of funds at
the time of the Legislative investiga-
ton in 1855, when this property, inclnd-
ing that then occupied by the college
buildings. was estimated as worth about
Sl.O0O,OO
By that time there had come consid-
cradle increase in the rental value of
land, and we find that in 1855 piece of
ground fronting SO feet on College place
and having depth of IS feet, was leased
for sixteen years at 81, 100 year, and an
adjoining lot Of 25 feet front and but "A
feet deep was leased for twcnty-one
years at $40 a year. Considering the
depth, these appear to have been good
prices ut that time. In 1854 two lots.
each e9x75 feet on Murray street, east of
College place, were leased for twenty
one years at 81. 600 year each. Next
year lot of 100x45 feet, at the corner Of
College and Park places, was leased for
$500 year. In general, rents were in
1855 moro than four times as great as in
1875, and the demand for lots was far
greater, even at the enhanced prices.
1t IS difficult to ascertain the advance
since that time, because of the system
attic neglect OF the college authorities to
record leases. In 1872 lot on Barclay
street, running through Park place,
159x29 feet, was leased for twenty -one
years from May for 81, 500 year. In
1875 a lot 29x16 on the south side of
Murray street WAS leased for twenty-one
years at $1,000 year. The average
price for 25x75 lot on this property APP
pears to be about $1,000, giving an ag-
gregate OF 100000 year. This is, of
course, an estimate based ON the price
J of the small number of leases recently
recorded. 1t is, however, believed to be
quite within the mark, and in very
few years renewal of leases will increase
the sum.
In 1914 the Legislature gave to the
college DIR. Hosacls's botanic garden, ac-
quired by the State in 1910. This prop.
erty extends along Fifth avenue from
Forty-seventh to Fifty-frst streets and
westward to line parallel with and
about 100 feet from Sixth avenue. For
many years the college derived no bene-
tit from this property, but at the time
J OF the legislative investigation, already
referred to, it valued it at from $3.50, 600
to 100000. In 1867 eight lots 1T the
corner of Forty-eighth street and Fifth
avenue were sold to the Collegiate
Dutch church, the consideration FAMED
in the decd being one dollar and amort-
gage for $4,000 The tract solo was
200 feet square, and hence included
the whole avenue front from forty
eighth to Forty-ninth streets and
the Forty-eighth street front for
200 feet back toward Sixth Avenue.
The church occupies but eight of
these lots, and most of the reminder
have since passed into tho hands If pri-
yate parties and they have inceased
enormously in value. A single lot from
which the house has been removd, on
Fifth avenue, just above the chuch, is
now offered for sale, the price being
$40, 900. To appreciate thisit mustbe re-
membered that the whole tract coitain-
ing s4s full lots, was vainly offer,d for
sale at 600 in 1925, and in 1854 + was
estimated as worth $3.50. 900 to $40, OoO
while, at the average price for alllots.
| indicated nv the mice Of That IN AZ; Ell,