The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-02-21
City HALL Site.
Effect of the Great I'm
proVement on Property
Big Projects.

But few Of the thousands of people who
pass the City Hall site daily on their way
to and from business are aware of the
investors are carrying on with the prop
erty in that immediate neighborhood.
Since the day the present site was de-
cided upon. properly for two blocks in
every direction took great big jump in
value, and there has been a
steady, healthy increase ever since.
This fact was made more
apparent when 1t was decided
to acquire so feet more on Montgomery
and Mercer streets. The holders Of the
property placed fancy" values upon
their holdings. and though they did not
exactly get them, nevertheless the prices
paid were higher on an average than
were paid for the plots first acquired. AS
soon as the site had been made two
hundred feet square, there was another
boom in prices on property on the re-
mainder of the block.
On the whole, the houses standing up
on the remainder of the block have very
little value.
But lotsl Welll
Where Thousand dollars would figure
conspicuously two years ago, five thou
sand are now laughed at. The prices are
bill authorizing the issuing OF mora
bonds to the extent of S250,000, it is very
likely that wholesome part of the sum
will be dispensed In securing the re-
mainder of the block,
The Commission will find that 1t has
business men to deal with who are up to
date, and awards for business losses will
ant % uv,in firrTru fh1 Il hc
for compensation. Merchants of old
standing are established on the block
and will fight small awards in the courts.
One business man with view to netting
nice award intends removing his busi-
ness to building owned by him.
Repairs have been made TO houses, and
If the City Hall Commissioners imagine
for moment that they are going to have
an easy time of it. they will find out diff
ferently to their sorrow.
When 1t was believed that the site
would be only two hundred feet square,
scram bic was made for corner houses,
both on Montgomery and Mercer street.
adjoining the Hall. The result was the
payment OF remarkably high prices. An
instance of the boom the selection Of the
site gave real estate in the locality ap-
peared when the Mckenzie heirs deter
mined to purchase house which would
be on the corner Of Montgomery street
and the driveway to the City Hall. A
few years ago they could have purchased
the property, upon which stands three
story brick house for $4,000 They de-
clined to take it chen, but when the site
was made 200 feet square. they wanted to
buy, and the price asked was SIS, 900. A
bargain was made at S14.500.
SURROUNDING SITES.
Property surrounding the site has also
taken remarkable jump and every par
,r.ti 10 vol In nd of nj q n ~ md
dollars more than it was year ago. This
is particularly true Of the property ON
Montgomery street. on the block
between Henderson and Grove
streets. 1t is well known
fact that as soon as the City Hall is be-
gun many OF the ramshackel buildings on
this block will be torn down and fue
grade of apartment houses erected. On
the Henderson street side, at least three
of the houses will be converted into
apartment houses with stores on the
ground floor. On Mercer street the
buildings will be remodeled and in
creased In size. On Grove street
but one improvement is known
call on plot of ground 50x100 feet. The
frame building, which stands upon the
property now, will be torn down. and in
its stead five story modern fiat house
with large stores on the ground floor,
will be erected.
The property on the corner of Mont
gomery street and Grove street, which
Is owned byWillism Baron, and used as a
Jewish church, and which Is said to have
cost $4,000. is now valued at $4,000.
Baron has refused an offer of $50, 900 for
it. There is some talk of an immense
apartment house being erected upon this
corner.