The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-02-01
AN INDUSTRIAL CENTRE
The Lower City North of
Ninth Street Has a
Great Future.

Real estate dealers appear to be of one
mind on the bright future of all that
tract Of land extending from Ninth street
to the Hoboken lire north and south of
Grove street. Excluding the handsome
dwellings in the immediate vicinity Of
Hamilton Park. the property included
within the tract mentioned has ten
dency to be cheap tenement property.
But the time Is rapidly approaching when
it promises to become covered with tene-
ments, in which will reside the great
bulk of the city's population.
At the present time, extending from
Jersey avenue aud Tenth street to the
Hoboken line, there is nothing but waste
meadow land, useless for building pur-
poses and exceptionally poor for rental
property. even if building were possi--
bility.
THEN AND NOW.
Five years ago small dwellings. tene-
ment houses. rental property of all kinds
did not net the owner more than two per
cent. on his investment. There was noth-
ing to encourage an outlay in real estate.
There were no prospects to assure spec
ulators that at some time the land would
assume value abreast with prices Sc
cured for land in oJher parts of the city.
Real Estate Dealer Frank j. Matthews,
however, saw q future Tor such property
The region described above
he considered excellent property
| for manufacturing purposes and neces-
| sarily a good investment i'll certain
| classes of tenements. He managed to at
| tract the attention of a number of sDecu-
lators who t-ade purchasers, and who
| subsequently offe red inducements to
manufacturers. he result is astonish-
| ing. That waste land has assumed d
| remarkable value. Lots which were
being confiscated by the city for taxes,
or which could have been purchased for
$50, $100, or $3.50, are now being held back
when offers of $400 to 5000 are being
| made. The primary cause of this advance
| is the establishment of manufacturing
houses. which employ hundreds of men.
Agent Matthews, alone, has been instru-
mental in locating in the midst of that
| thinly populated district, A j. Cor
coran's windmill factory, the Colum-
bus Rolling Mill Company, Atlas
Iron Construction Company. Henry Will
| ken's tank factory, the Erie Street
| Foundry c. Apany, Jersey City Sheep
and Wool Company, Frederick Schaeffer's
| Bottliu. Concern, and The Edward
| Schroeder Brass Lamp Mandatory.
| The esJa ablishment of these five concerns
| has given real estate Il noticeable boom,
| but greater one is in prospect.
On Grove street, from Ninth street
| every specuator who now erects build
| ing is careful to place spacious store on
| the ground floor. This has tendency to
corroborate what Agent Matthews says
| that the locality, SO long neglected aud
out of the sight OF spectators, promises
TO become q great business centre. On
| side streets, cheap tenements are being
erected, but as soon as they are com
pleted, the old rookeries which formed
| the only improvements" OF the dis
trict ars being deserted. Then the
rookeries disappear in short order and
still more big tenement houses take their
| places, while with every new tenement,
| there is an Increase in the value or land.
CAUTIOUS HOLDERS.
| Holders of land do not ask real estate
| dealers to get buyers for blocks of fifteen
or twenty lots at time, just now. They
want TO sell one lot 25X100 feet. at time,
| and no more. They expect to see house
| built on it, and then they ask hlgner
price for the adjacent one. This fact was
! emphasized during the past week, when
| Agent Matthews endeavored to secure a
number of lots on which to locate a large
spice manufac. c.uring concern Inc
| bargains to be found three to i've years
| ago in the locality described, are no more.
| Owners are beginning to realize the value
| of their holdings.
The paving OF Grove street has ten
| deDcy also to enance the value of prop
er5y on that street, but it cannot be
| truthfully said that it has materially
affected property either north OF south
it. But the location of factories has
made change and spectators are build
| ing teuements for the employees whose
wages average 50. so per day.
The boom in real estate i'll that section
of The city has begun. aud it is highly
probable that what is now known as the
| receiving basin OF the hill top sewers,
will soon be the liveliest kind of specu-
Lot + 10 oil i'm
| of railroads and not far from the water
front. 1t is a tempting location for manu-
| facturers aud will, before many months
have passed. II gobbled up.
Building in the locality is slow, but
Agent Matthews reports healthy de-
mand for medium grade flats and small
houses.
Real Estate Mates.
Real estate agent F. G. Wolbert this morning
passed title on the properly known as Wards
Folly" located on the corner of Jersey avenue
and Montgomery street, to State Comptroller
W. c. Heppenheilner. The transaction took
place at eleven O'Clock in MIR. Wobert'S office.
The sale is considered one of the greatest ever
| made in the city. The price paid was $3O,oOo.
Real Estate Agent Frank j. Matthews reports
the sale of the four story brick k fiat at No 4Il
Grove street, lot 25xl00 to Troll Brothers for
S15,0]0 The former owner was Patrick Keary
| Mr. Matthews sold the adjoining houses a year
ago for $4,000 and S14,50O respectively. The
advance in price is due to the growth of the city.
He also sold to Julia c. Smith for S4,500 the
frame dwelling at No. 3&7 Fairmount avenue.
He was the former owner.
Wl,hin the past two years, Real Estate Agent
f. c. Wolbert has made sales public and private
| and trades in property facing Van Worst
Park, amounting to $158,000 He has
sold to Thomas Hines three lots
| on Bergen avenue, south of Belmont avenue, for
| 81 500 each. The lots were formerly owned by
| William Brinkerhoff Mr.. Hines is having plans
prepared and intends erecting handsome pri-
| vate dwelling. It will stand next to the new
home of Mr.. o. H. Perry now in conrse of con-
struction
Real Estate Agent James Cannon has pur-
chased the old Bacot property on Mercer street,
above Jersey avenue. The price paid was 5000.
1t was big bargain. There is urstory
| brick fat with all improvements on Pahsade
avenue near the elevator, offered for sale for
$4,000
Dr. E. a. Pyle has purchased handsome
piece of property at No. 3S8 Bergen avenue, from
the Bonnell estate. He intends to remodel the
house in the colonial style and will make it his
residence.
OLD AND BEGGING.
Henry and Kate Mesctonn, an old couple,
were found yesterday by Policeman Barry max
ing house to house begging canvass through
the Second precinct. When arraigned this
I Nh Ill &HN