The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-02-13
4 TROLLEY BOOM.
Real Estate on the Hill
Advancing = New York
Eyes on Jersey City.

city's water supply has had more to do
with the depreciation of real estate values.
than the deficient means of conveyance
from the ferries to the outlying districts
Of the city and the antediluvian methods
of reaching the hill section from the
lower portions. This fact is clearly
proven when, upon the universal state
ments of prominent real estate men it Is
shown that the operationof the short rapid
transit line from the ferry up Montgom-
cry street to Bergen avenue has given
real estate boom that has not been
equalled in years.
This short line of rapid transit has adj
vanced the value Of property more parttcu-
larly on the Heights than in the lower
section of the city. All that territory
street, from Newark avenue to Communi-
paw avenue, has been affected by the
rapid transit, and in the outlying districts,
property is being kept off the market in
anticipation of the extension of rapid
transit over all the lines formerly owned
aud operated by the Jersey City and Ber-
gen Railroad Company, but now in con.
troll of syndicate, which promises rapid
transit facilities and the running OF cars
under shorter headwav
NEW YoRK's CONFIDENCE.
That New YORK speoulatOrs believe In q
great future for the city Is demonstrated
in many ways. Bankers seek after Jer-
sey City bonds put on the market, rail-
road magnates now control Its surface
car system and real estate speculators
are gobbling up every inch OF improved
and unimproved property they can get
their hands on.
1t has been very noticeable fact since
the Montgomery Street Electric line has
been In operation that, morning and even
ing, travel over the Court House aud
Cornmunipaw avenue lines has fallen
off, both going to and from
the ferry. while every Montgomery street
electric car is crowded to overfiowing.
New York business men prefer taxing q
''bluep car at the Five Corners, and
reaching the ferry over the electric l1ne
than waiting for ''red" one. and gong
down Newark avenue. This may also bs
said of business men who used TO patron
ize the ''blue" cars at the Junction, They
now board ''Pedn car and go down by
way OF Montgomery street. Que reason for
this, they say, is that travel is rarely
impeded on the electric line. truckmen as
O rule keeping off the tracks. Another is
that it appears a shorter time is con-
sumed, even If such is not the case.
Whatever the reasons are, it Is very evil
dent that rapid transit is neeaed and de-
sired, and with its further introduction,
real estate in this city will assume
value on par with property in neiRhhor-
ing cities, where rapid transit facilities
are afforded, Perhaps no fraternity is
better acquainted with the virtues of
rapid transit than the real estate dealers.
WHAT DEALERS SAY.
Warren & Nugent. for Instance, have
control of considerable property on the
y, III ia "a aflt tr n
holders of property In the vicinity OF
Montgomery street nave raised the prices
which have been burdens on the market
for several seasons past. The belief that
better prices should De obtained Is solely
the outcome of the operation OF the
electric line.
President Frank Stevens of the Real
never knew of such a demand for property
on the Heights. He knows of instances
where properly has been taken or the
market temporarily In expectation or a
great boom in prices when the season is
fairly open.
Emmons & Co.. who control extensive
properties on the Heights, say tnat the
demand for houses for purchase and for
rent is something enormous. The great
difficulty they are experiencing now is
in inducing persons to sell, who for for
months have bad property or the market.
Rapid transit Is the cause.
D. Van Wink.e & Co. perhaps control
as fine grade of houses AS any dealers
on the Hill. They nave long lists OF ap-
pltcants for houses ranging in rental from
$25 to $45, but the houses cannot be Sc
cured to supply the demand, which Is
due, they say. to the moving Oh the Hill
OF large number of families from the
lower sections of the city. who all want
houses within few blocks of those lines
where rapid transit is to be operated.
Agents Halsey & Laney, =. M. Eoye,
E. j. Matthews, ID. w. Lawrence, Q. Q.
Jewell s. Co., i. G. Wolbert, w. 5. Her
Merseles, B. f. Horth & Co.. and many
other agents express themselves as being
confident that the operation OF a rapid
transit system in this city will increase
valuations at least 25 per cent.
THE IL" ROAD. TOO.
The elevated road from the Court
House to the Hoboken ferry has also had
it's good effect upon property north Of
Newark avenue. Instances are known
where property on Central avenue cannot
be purch ased for sum within $500 as
cheaply as it could six months ago
Building in that section OF the city Il
picking up and small houses are being
erected.
The real effect Of rapid transit upon
proven when the spring sales begin.
Agents say that higher prices Will rule
this year than have been seen for many
seasons.
Notes.
The congregation of Temple Beth Ell, the Rev
Sweitzer, pastor has decided to erect new
synagogue. A plot of ground has been bought,
which is located on York street, between varicl
and Monmouth streets. Plans submitted bJ
Architect Sailer have been approved. The new
edifice will cost S150GO, exclusive oi
the ground, which was purchased from
Real Estate Agent Cannon tor $1,000
The new building will be frame one, Moorish
style with an ornamented galvanized front.
There will be two turrets on the front corners oi
the building The main room of the church Is
calculated to seat four hundred people. In the
basement there will be four large rooms which
can at any time be thrown into one. The
synagogue will probably be dedicated at the
Passover.
President Stevens of the Real Estate Trusts
Company will sell the property of the job Male
estate next Thursday
Emmons Co. are offering houses on Brink
erhof street for ST., 200 and dwellings on Bergen
avenue for $500.
Agents Holmes & Cogan are offering Green
Vile property at a low figure.