Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1890-11-01
SINGLE TAX DEPARTMENT.
1 COLUMBIA COLLEGE LANDS.
Mew York stnndnrd.N

Glew York standard.)
Money for the establishment of col
lege in New York City having been pre-
viously raised by lottery, George II
gave q charter to Kings college in 1854,
and on May 13, 1855, the ''rector and in
habitants in New York in communion
with the -.surch of England conveyed
to the governors of the college of the
province of New York, for considera-
tion of ten shillings, a lotof 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 a 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 1857. AT the time of the
grant by Trinity this land was valued at
about e3, 900, and it appears not to have
been regarded by the early managers of
the institution as an important source
Of revenue.
The first leases were for merely nom-
inal sums. For instance, number of
lots between Greenwich and Washing
ton streets were conveyed to Frederick
Rhinelander forever, partly by the re-
gents of the university, in 1856 and l7S7,
and partly by the trustees Of the col
lege in 1902, in consideration of a por-
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
lot 40x125 feet, near the corner OF Muir
ray and Greenwich streets, was leased
for fifty-nine years for six peppercorns
a year. Hence it brought to the college
no revenue whatever until 1871. 1t was
not until 1925 that leases began to be
made that promised substantial in
come to the institution; but even then
the consideration was such that it
would now be regarded merely nomi-
nal. A lot 25x75 feet, on Murray street
near College place, was leased at $3.50
year. Two lots on the east side of
Chapel street (now College place. were
each leased for five years at 500 year.
In 1880 two lots 2sxl14 feet, on the
north side of Barclay street, were each
leased for twenty-one years at $500
year. A 25x75 lot on the west side of
College place was in the same year
leased for 5000 year. 1t was these
twenty-one year leases at low prices
that made the colleges short of funds at
the time of the Legislative investiga-
tion in 1855, when this property, includ-
ing that then occupied by the college
buildings, was estimated as worth about
81, 900, 900.
BY that time there had come a consid-
cradle increase in the rental value of
land, and we find that in 1855 piece of
ground fronting 33 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 twenty-one
years at $40 4 year. Considering the
depth, these appear to have been good
prices at that time. In 1854 two lots,
each 29x75 feet on Murray street. east of
College place, were leased for twenty
one years at 81, 600 year each. Next
year lot of 1o0x45 feet at the corner of
College and Park places, was leased for
So, 200 year. In general, rents were in
1855 more than four times as great as in
1855, 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, 800 year. In
1875 lot 29x76 on the south side of
Murray street was leased for twenty-one
years at $4,000 year. The average
price for 25x75 lot on this property APP
pears to be about $1,000, giving an ag-
grcgate of Sl02, 900 year. This is, of
course, an estimate based on the price
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 DR.. Hosacll's botanic garden, ac
quired by the State in 1870 This prop
erty extends along Fifth avenue from
Forty-seventh to Fifty-first streets and
about 100 feet from Sixth avenue. For
uluHy years INC CollePe uerlNeu no DeHc-
fit from this property, but at the time
of the legislative investigation, already
referred to, it valued it at from $3.50, 900
to 100000. In 1857 eight lots at the
corner of Forty-eighth street and Fifth
avenue were sold to the Collegiate
Dutch church, the consideration named !
in the deed being one dollar and mort
gage for $4,000. The tract sold 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 remainder
have since passed into the hands of pri-
vate parties and they have increased
enormously in value. A single lot, from
which the house has been removed, on
Fifth avenue, just above the church, is
now offered for sale, the price being |
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