Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1890-12-05
SINGLE TAI DEPARTMENT.
COLUMBIA COLLEGE LANDS.
New York Standard

gave a 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
TO the governors of the college of the
province Of New York, for n considera-
ton of ten shillings, a 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 1857. At the time of the
grant by Trinity this land was valued at
about So, 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 1886 and 1887,
anu pa Wy ny bHc tTubbtto VI tub COL
| lere in 1902, in consideration of a per-
petual yearly rent of S37l.5 50, to be paid
to tho college. How foolish bargain
/ this was on the part of tho college is
now Too manifest for comment. In 1912
los 40x125 feet, near the corner of MUIR
ray and Greenwich Streets was leased
for fifty-nine years for six peppercorns
year Hence 1t brought to the college
DO revenue whatever until 1871 1t was
not until 1925 that leases began to be
made chat promised a substantial in
come to the institution; but even then
the consideration was such that it
would now BIO regarded merely nomi-
nal. A lot 25x75 feet, on Murray street
near College place, was leased at $3.50 q
year. Two lots on tho east side of
Chapel street (now College place. were
each leased for five years at 500 year.
In 1880 two lots 2sx114 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-
ton in 1855, when this property, includ-
ing that then occupied by tho college
buildings, was estimated as worth about
81, 900, 900.
BY that time there had come a consid-
erable increase in tho rental value of
land, and we find that in 1855 piece of
ground fronting 80 feet on College place
nd hnx rivre 1n, -
for sixteen years at 81, 100 a year. and an
adjoining lot OF 25 feet front and but A
feet deep was leased for twenty-one
years at $40 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, wero leased for twenty
one years at "a, 900 year each. Next
year lot of 100X45 feet at tho corner of
College and Park places, was leased for
10 200 year. In general, rents were in
1888 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 tho system
attic neglect of the college authorities to
ANN'C''
street. running through Park place,
150x29 feet was leased for twenty-one
years from May for 80, 500 year. In
1875 a lot 29x76 on the south side of
Murray street was leased for twenty-one
years at So, 900 a year. The average
price for 25x75 lot on this property APP
pears to be about $780, giving an ag-
gregate 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, beloved 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. Hosack's botanic garden, ac-
quired by the State in 1910. This prop
crty 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-
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 tho 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, tho price being
$40, 900. To appreciate this it must be re-
membered that the whole tract contain
ing 248 full lots, was vainly offered for
sale at SlS 900 in 1925, and in 1854 it was
estimated as worth $3.50, 900 to $4Oo, 900,
while, at the average price for all lots,
indicated by the price of that on Fifth |
avenue, the selling price Of tho whole
tract would be between SIS, 900, 900 and |
So, 900, 000 The college still owns three
fourths of the avenue front and all the |
street fronts. The selling value of its
property, then, must certainly DO moro |
than $1,000 600.
From 1860 lots were leased on this |
property, the first leases being for rents
that would now lie considered low Lots