The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1890-11-12
SINGLE TAX DEPARTMENT.
COLUMBIA COLLEGE LANDS.
New York StandardA

New York Standard)
Money for the establishment of col
. lege in New York City having been pre-
viously raised by lottery, George II
gave charter to Kings college in 1854,
and on May Is, 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 considera-
i tion of ten shillings, a lotof ground now
bounded on the south by Barclay street,
! on the north by Murray street, on the
j 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 sit in 1857 At the 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
The first leases were for merely nom-
inal sums For instance, number of
lots between Greenwich and Washing
ton streets We're conveyed to Frederick
Rhinelander forever, partly by the re-
gents Of the university, in 17SG and 1887,
and partly by the trustees of the col
lege in 1899, in consideration of per-,
petual yearly rent of $S7l.59 to be paid
| to the college. How foolish a bargain
this was on the part of the college is
now too manifest for comment In 1912
q lot 40x125 feet, near the cornerof 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 DO regarded merely nomi
nal. A lot 25x75 feet, on Murray street
near College place, was leased at $50 a
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 a
year. A 25x75 lot. ION the west side OF
| College place was in the same year
| leased for 5000 a 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, inclnd-.
ing that then occupied by the college
buildings, was estimated as worth about
| 81, ZOO, 000
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 33 feet on College place
and having depth of As feet, was leased
for sixteen years at 81, 100 year, and an
adjoining lot Of rs 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, were leased for twenty
one years at $4 600 a year each. Next
| year lot of 1O0x45 feet, at the corner of
| College and Park places, was leased for
| $500 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
years from May for $500 year. In
1875 a 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-
gregate of $lO2, 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.. Hosack's botanic garden, ac-
quired by the State in 1910. This prop
erty extends along Fifth avenue from
Forty-seventh to Fifty-first streets and
westward to line parallel with and
about 100 feet from Sixth avenue. For
many years the college derived no bene-
| a. from, tb;u y,roporfy INIT a %ha t;,,,n
of the Legislative investigation, already
referred to, it valued 1t 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
tho 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
$70 000 To appreciate this it must bere.
membered that the whole tract contain.
ing 24s full lots, was vainly offered for
sale at SIS, 900 in 1925, and in 1854 it was
estimated as worth $3.50, 600 to $500. 600
while, at the average price for all lots,
/ &s,1i koI 1.x IL LII 4