New-York tribune., 1893-10-20
REAL ESTATE PRICES FIRM.
THE FINANCIAL STRINGENCY AFFECTED
THEM LITTLE.
SOME TENEMENTHoUsE PROPERTY FORCED OK
THE MARKET. But MOST OWNERS

One Of the oldest forms OF property is real
estate. II is In sense. .he basis OF all other
property. and its fuctuation is OF the truest
indexes of the financial situation. So If the ulti-
mate facts as to the condition OF the New-1orK
| real estate market cxanined. a more accurate
idea OF just where 1--WE are at regards the fran-
cial depression could be formed than from study
OF the stock ticker or OF the reports of the mer-
camille agencies.
Inquiry among real estate men reveals the fact
that the situation IL at all bad in fact not nearly
bad II feared It would be when the
agony OF the sringency was upon the land last
summer.
As to prices there has. OF course. been decline
but the decline has not been break. Where real
estate holders have been affected by the preVa-
lent depression force the sale OF their hold
ngs this has lowered the valuation OF the partcu-
lar pieces of property forced upon the market and
the rippes radiate from the centre OF disturb
ance the surface OF a smooth pond so the rehex
action OF these sacrifice sales has been felt In the
diminished valuation of the property of the Inn
mediate neighborhood.
WHERE THE EFFECT Is GREATEST.
OF course this sort of thing has occurred most
frequently among those classes of dealers who
are most on the speculative order and do business
on the smallest margin. This. Of course Is always
in any line the class Of business which Is the most
disagreeable and uncertain. but which pays the
highest dividends when 1t pays al all In real estate
these characteristics are best presented py
tenement-house property. Successful tenement
house management requires a landlord VINO mas
neither heart nor sensbilities. When handled by
managers OF this description II pays 10 and 20 per
cent interest. This tcnpts spectators with small
bank accounts who buy and give mortgages ana
build and give more mortgages. Naturally Hiaiy
OF this class Of operators have been driven to the
wall I'm the ''late unplcasantncss and their prop
cry has gone under the hammer.
I,,,t al
and the rate of interest descends through the
better classes Of residence property. hotel property
Office buildings and business property the eHec'S
of the monetary disturbance become less and less
apparent At the other end Of the series in office
buildings and business property. nearly all the
holders are large corporations. estates or wealthy
families. who have large reserve resources, ana
can afford to hold through many lean years
of financial scarcity. and consequently there ~
little falling Of In the price list at the lower ehd
of Manhattan Island
AS TO OFFICE BUILDINGS.
OF course there Is temporary lull In the pur-
chase Of large blocks of downtown property ana
the projection OF new office buildings or the
heaven kissing variety. Il wouldn't undertake the
erection Of any Office buildings now. said
Spcncer Aldrch manager OF the AlIrich estate.
to Tribune reporter yesterday. because should
expect to have them half empty on my hands ior
a year or two. This would not be que 20 inucn
| office buildings in the city. As FAR a. hard times
| larry. We are renting Offices quite rapidly "a, AZ
present. We have rented more In the last month
| the hard times will result in our ultimate n"n"il,
| In shaking out an uncertain class OF tenants anu anu
replacing them BY more trustworty tenants even
| though al little discount In rents; pernaps
The putting up Of big oiice building mas ,sc ac
| last Few Years which has carried 1t beyond the
| demand The superlor inducements IN ihc shape
new buildings like Aldrich Court or the Columbia
Building. attract tenants from the oih strue,rrs
| The proprietors OF these must either content
| themselves with reduced incomes resul,ins rom
empty offices and lower rents or % ,,sr uIwn bmldrs r,s
now In operation. however, DO not pay NOR 'n1s ,hs
from to per f'V wh@n en- The the compeiiion Of
| dozen large structures now approaching com.
Pe'ion Is et 80 ,h,s "ou Sociss OF Investment at
esent. the advice OF Mr. funch 10 'hose "'ou'
| TO marry. DON'T
DELAY IN FINISHING STRUCTURES
zone source Of loss at the outset IN b"i'o'nes
., this class IS the delay In getting them up
We began on the foundations OF the columbia
| puiding in February and only By the greatest
eoor, rot II ready for occupation by May OF the
next year II II had run over INTO thc sec"hu
year as has been the case with most on inc
other large buildings. II would nave cost Us S'''
| IN rents and taxes. The usual uncertainty OF
hu,,dcrs coIculations IS heightened IN IN" case oi
such structures by unforeseen diiicultes WIN ,nI
the mpossbty Of driving ,hSFS w}sre er deiy .ia
contractor evades the r-.pohsn',nhs , ~. o,hcr
'' An Interesting comparison Of the present sua,
ton in Ciy ~ Tsa a was Ssa made G BY r R~and the
0rm Of Rutland x Whiting. VINO ihun"sr ''nip' ."i't
Court and much Other no,hins compared to
that OF 1873" said Mr.. Rutland On" reason " ~ VI VI
course that We are on a gold basis now whiie tnrn
yee h,d 10 stand the ENORMOUS shrinkaGe IN cur
rency values In 1873 the fall In real estate values
Cases ~ my own experience 1T was 20 per cent The
present shrnkase Is not much more than 10 lrr
however that the usual reaction Is going 10 'T,r, en-
S e9Ts Tces %h Went Sac h%% aSo9e
in three or four years refnrnn,n , y, a sacri-
i 9ce of - Der cent in is7s which up prices
in Is77 which would have paid Interest taxes ana
| a profit on the original investment. II my custom
er had held on instead OF selling ,Sa Sa ,S,s Was
lust the time to invest In city real estate
RENTS on BUSINESS PROPERTY.
o1r tho matter OF rents. we find little difficulty
with Office and business property. thouGh un''r-
stand there are more arrcaragcs in dwelling house
property We have to keep after our Office ten
ants a little more closely. but the rent - iorth-
| There Is and will be material decline In oilcc
building property. for nearly al the big builliss
mrn,s. and the holders prepared TO weather
any storm. 1t would BE- long tiiac before before they
were seriously affected by an inactive marHet or
/ falling of OF rents
| A FINE. DEMAND FOR UPTOWN FLATS
The demand for fats has been exceptionally large
this fall particularly In the upper part OF the city
/ II Is rumor,d that Andrew Powell has traded two
private thrcc-story dwelling houses valued at S'2co
/ for a large apartment house valued at $1,000 In
4 Columbus-aVc. near Seventieth-si.
! civ lois between s;eventicth and Eighieth SITS
have increased from 500 10 5000 per foot 'front.' IN
| tn. last year. - A.,
| A valuable hot.l site Is offered for sale by the
| Hoffman estate on the southwest corner of Am
! stsr,lam m-ave and Seventieth-st.
| B,akey & Dodd have sold for j. NJ. Gano the
| two flve-story brick dwellings. GxNxlo. Nos. ~
! and 232 West sixty y-fourth-si, for S+ow
| Iittl. bnslnes H. being done In the downtown mar
kct though pric as GOOD as Usual.
| ne PAINTED At THE SALE or MS HOuE
/ Inc.