New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-23
HOW THE RENTS GO.
REAL ESTATE DURING THE YEAR.


Tho ls of MAY Is considered perhaps the best line
Of wear for reviewing The general movement III rem
estate values and rents in Ncv-l ON clN' i"'' -
fer the reason that many leases end on MAY anu
nrr bling renewed and bccan'e ar-cr 'm'u''' -
capital scrls investment here In Tra! c'ate al ''
tine Of the year than gnv other, an VIM 81"
OF these causes .as direct nhuenc" on NHi"'' ''
atrac, attention 70 city p!Opert, III s"lrIal-!'' P'''
md renting value. The lnbun" E'N ''c"''N Wv
opinions OF IA number Of the leading zeal estate m"h''s
aud dealers regard 10 value II! Te'' 'a''' "' '''
time The following statement, arc based 'poA 'h'
Views Of such firms rs George l.. Read Has ! How
A. Co BENJAMIN Hariwick. J. Roman" bfc"h' H.
II. Drew. Horace = Ely. Porter Il Co.. and n"ii"'r
Of other lesser dealers In various parts ~ int 'iN
II The or!nicn OF the president Of the Real Estate
Exchange, George H. Read. be taken rs acc'"'l''N
stating the condition Of affairs in The trade in wm'"
he is one of the best informed men In the city, raj
estate value, throughout New York are no' materially
changed rom those OF last wear al The oorl' spending
date. vi. Read. in m interview. sad
~ You may say OF values of property IN New
York speaking Of the city a. whole, that prices
are holding their own. without any noticeable rise
over prices of last year. There has bee. 4 general
RISE but no than Is consistent with tn" h"'nru
growth and progress. In sections OF the cry nc
prices asked for property and rents charged al.
higher this year. but not enough 50 to cause srle'i
note. Real estate of late years has come 10 W.
commodity In which real values do not hucl"'''V "
greatest amounted capitasccking investment In TINS
line bu, even this demand for real estate alters
prices only slightly IN that part OF the city "hich
the Il extension and rapid transit viii shortly open
prices 81 property have risen most noticeabiy' ana
many sales being made
The opinions of many individual dealers, however
and the statements made by them do not wholly CO.
iucidc with MIR. Reads views. OF property downtown
q Broadway dealer said
at Is mighty Sigh and mighty hard TO got NJ any
price The difficulty In obtaining prop'ry any
where downtown is to get the owney to put price
On IT. indeed. you ma almost say that II Is mol 10
be had Real estate in this section has become 80
sure and safe an investment that owners are ioath
10 part with their property even AT cEormoS fgnr'S-
and when they do sell they find II hard 10 invest
their money again satisfactorily!
The change il rent, ihs spring jor Offices in NE
lower part OF the city j, found Il b. slight. Hhcrc
there Is II chang, at all it i goncrll' an increase
This is particularly be- noticed in Tie ncw style
irilcings Indeed TIE o"ly exception whore prices
have fallen /, in The old buildings. The old structures
and the new are further apart IN the matter oil the rent
Ing values OF their Offices this year then ever before
and deac.s say that the difference will grow more
apparrn. each year. Tha; oircc should nave
the modem convene and improvements rap"
elevators electric lights. etc. i looked upon
today as important matter rs that OF location
This marked difference Is found In all parts oil '"c
city where the old style and the now STYLE structures
are In competition.
In the dryeoods district. as elsewhere. the ne"
hn,ldinrs are gradually cmpyinG the old stores
Manufacturers have sorey felt the need Of modern
Improvements in their stores, and nave f"is'Ah ga
md stalls in one place that they might nave ei''4'o
light and rapiI elevators in another TWO DWiuih1'
scarcely ever the same rcrtai value' sun u j
not difficult make an average stores III bio'u"'H
q, the lime will average $1,000 to $4,000 rent
per year
Rent values and selling prices of property east ana
west OF Broadway and below Fourteentlis'. are ho'
changing noiiceably. improvements are being 'h"u
and Old buildings constantly giving pace 10 new jill
NJ which gives "a natural and healthy increase 10
values In general Values property in the vicinity
81 Fourteenth-st are not OF the fuctua'ing order.
Some saes made recently show an increase over 'he
prices received for neighboring property last Nay
The fine new block of stores, Offices and lofts shortly
IN he erected on the Roosevelt property occupying the
space from Fourteenth-st ana Broadway mo" uc
s,e ~ the Domestic Sewing Machine Company's build
,ncl south to Tlrteenth-st.. will undoubtedly bring
rents in advance Of what Is asked for spaces IN Inc
structures occupying the tlo-h EseWicre III
ttis neighborhooi rents have advanced sliglty. An
instance Of exceptionally rapid rise in rental value
is given by agent a small store In West twenty
thIrd-st between Fifth and sixth ayes. brought 49,
600 last year; recently $4,000 year was refused
nv the lessee This price is Of course due to the
great desrabity OF the location Buildings anywhere
I'm this section are always occupied.
Union and Madison squares from Broadway Third
ave. on the east side, and 10 sixtlave. on the west
side houses and rooms still continue 10 bling bish
rents though not generally higher than last wear.
From Twenty-ff,hst. to Fiftleh-st and from
Fourth TO sixtb.avc flats OF -ix eight rooms
rent or sell at about tie same figures as were Oh
,a,ued last wear. stores are bringing increased
rental store that brought 5000 last year
rented for 81. 100 yesterday. and one for which
90 500 was paid then brings $4,000 now west Oh
,4fnfl. tl-Sf
stores are being rented at an increase OIL ABOUT ~
per cent on last years prices
Between Fifty -nnth-st. and E&h'y-second ST.. ana
,,one Fifth and Madison aves.s real estate Is eX-
pcnencing a period of great activity. Broadway
real estate broker said TO a Tribune reporter
1.-The activity in that section OF the Island mas moi
been eoualled in many Values In dwelling
houses lave risen % so per cent and even at that
n-op.rty is hard TO get. &. T. ierkes. the Chicago
capitalist, who. 1t Is said. made tie statement mat
he would have the finest house IN Ne"-,ofN' has
Just purchased the property corner oil fiithave'
g., c,x,x e,gh,h.st The lot Is co feet the
avenue by lo5 on Sxty-eighth-s The price pain
was 100000 few blocks below tbs. Fiih-ave
and sixty.thirdst. William V. Brohaw OF t'is citv
has purchased a smaller lot at a hsure cohp'r"
lively as high And one block stu inrtner gov" '"'
avenue tic southeast corner OF sixtNsecohus'' H'o
tust been sold to Henry A. Cram Tor sloo'ooo~a"i
the lot Is only 2oXlOO feet' ihuee'' - ~
be had In Ffth-ave"
East of Madison-ave. rents for nats remain at
standstln. Only In the new buildings Is '"eie q"
advance. Fifth-avc. values from Washington square
10 the Park at Fifty ninhst are little cnangc'' 'n'
little showing property to be slowly Increasing III
va,uc The demand Is chiefly for stores ana. not
vtthstandng the fact that the rents which o">i"es'
places bring are higher than ever before inc
demand for them In fifhave. Is far greater man c
supply Residents loati to give up their homes
10 trade, and to move further out-aiways "i"r'"'r
out" . . -. 1, ,,ourn
rs the West SIDE" values In real estate continue
fhcr steady Increase Particularly Is this found 10 DC
true above Fifty-nnih-st.. from EiGhth-ave 10 inc
North River. . ..
In the Boulevard part OF the city the real estate
market IS even now beginning to feel relief from TIE
weight OF that municipal incubus-the rapid transit
nrobem. Dealers In property here say that llie
deinIie conclusion Of the Rapid Transit Commission