New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-30
PART ii.
PAGES 10 TO "a.
THE YEAR IN REAL ESTATE
MORE BUSINESS THAN IN 1898 TRANS
ACTED.
bright HOPES FOR THE COMING sPRING-PRI
rArr SALES AND CONNEYANCES.


While the real estate auction market remains dull
The prvate dealings in realty show great activity
and despite the fact Of the holiday week there was
an unusual amount of business transacted The an
rouncement OF the sale Of two large downtown
ropertles at figures greatly In advance or the pres
yous selling prices the principal feature OF the
weeks trading: but the reported sale of the Metro
,olltan Hotel. at Broadway and Prince-st.. was an
item OF no less Importance. From the best sources
=, information Il has been learned that this Old
hotel will soon be taken down and huge business
b.ndiug will be erected on the site. The sale or
this hotel IS another step in the upward trend OF
business houses. and the locality which was once
the centre Of the hotel district is fast giving way to
the demands OF trade. The Old St. Nicholas Hotel
WIS the first Of the hotels TO go; then the New
York Hotel followed Now comes the Metropolitan
leaving only the Broadway Central which was
known for so many years as the Grand central
broadway. from the Battery 10 Fifty-nnth-st., Is
Incoming thoroughfare with lofty business struct-
ures and scarcely a week goes by in which the
sale of old property for Improvement is not made
The closing week Of 1894 has been one filled with
the brightest hopes and prospects for the real estate
business in the year and the great progress
which has beer made in selling properties al hgures
above former prices Is sufficient encouragement Tor
owners of and dealers in real estate. Last week
there were negotiations under way for the sale OF
other large properties in Broadway and adjacent
h,sness streets. and from present indications II
looks as though the new wear would not be OLD De-
for, these negotiations brought 10 a successful
close From reports IN the week there appears 20
no , good ground for the belief that the Broadway
Tabernacle at Thirty-four,h-s and Sixth-ave. will
be stld and that the congregation Will secure a
church site further up town. II the Tabernacle
should be sold It is more than probable that a
theatre will be built on the site.
MARKET FOR 1884,
The real estate market for 1891 has presented
many encouraging features over 1893. and from
close study of the figures showing the conveyances'
mortgages and projected buildings. 1t will be seen
mat the real estate business has been in good shape
and when compared with the results OF other busi-
moss Il shows a great Improvement Records from
brokers Offices prove that there has been large
amount OF money put into real estate which IN Tor
,ner years sought investment in stocks and bonds.
The depreciation in values or railway securities
and the enormous shrnkage in most forms OF in
yestments in the last two years caused by the In
famous tinkerlng of the Democratic Congress on
financial and economic questions has sent large
amount OF idle capital into real estate for invest
ment and speculation. and those who have had the
courage put their money into real estate nave
not had airy cause for disappointment
The sales OF realty in the auction rooms have
not developed any encouraging features, but that
has been from the unwillingness OF holders OF
realty to make voluntary offerings and from the
poor lot OF bargains that have been offered through
out the year the attendance at the auction rooms
has been small and professional traders almost
alone have made up the market Legal sales have
brought about what was expected. and the market
has remained about on par with the previous year.
IN BROKERS OFFICES.
SAFES Of real estate through brokers' offices and
building operations have been the encouraging feat
ures the real estate market for 1884 The amount
Of money involved in real estate deals has been
enormous, and the unwilngness of large corpora
tons to make loans on real estate on favorable
terms has made it possible for many large transac-
tons.
A noteworthy feature of the real estate business
In the last twelve months has been the large buy
ing movement among corporate concerns. 1t seems
that nearly every large life insurance company has
been investing in real estate and the amount of
property held in this city by such institutions
is surprising Their confidence in real estate is not
misplaced for they are constantly netting good ad-
vances their investments. All over the city there
has been a steady increase in building operations
Office buildings hotels. apartment houses and pri-
vate dwellings going up on all sides. In the
northern wards there has been an active interest
in real estate. 1t has been more pronounced since
the fall elections, when the chances or improved
rapd-trans facilities became certain.
The unfortunate feature of the market for 1884
has been the unwiingness OF landlords to make
reductions in their rents 1t has been pointed out
In this column more than once that there was no
necessity such exorbitant rentals In this city
and the landlords who are now thinking OF tenants
for the renting year beginning in the spring would
90 well also to think of concessions from the pre-
yailing rentals The year should see sweep
ing change In the rates In apartment and nat
houses designed for the accommodation OF people
OF moderate means The large number OF houses
ana apartment, houses that have mad no tenants rs
this year should be filled next spring Ihere are
enough desirable people to occupy them II they can
get them at moderate rent ana they are peopio
who will prove a blessing 10 the LANDLORDS
/.n>-yu-y.NC IOr2 THE WEAR
The conveyances for the year number 1900 In
volvng an aggregate amount in money OF si4s,sJo.
90 THE Record and Guide" sums up the business
o. the year as compared with last year. as fol-
lows:
The figures for 1893 were 1884 conveyances OF real
Il sll transfers involving total consideration OF
s22s eo5 ss OF which 80 $500 was TIE price pald
the various parcels transferred to II on the lorna
ton Of the company by ne three b arg sar OF raae
Recorded transactions in the Twenty-thrd ana
' Saasa ar n about about % m l
they numbered 2457 the aggregate value OF the
'e foT total Consideration of si5
The proportion of deeds filed with considerations
EXPRESSED AT nominal sums is over % per cent IN
Ia ne against less than 80 per cent In 1893, and
nea,lv 20 ner cent in 1892 These figures indicate
Sbrb a the deeds of 1885, viii doubtless equal Il
not surpass In number the Instruments II" WIN"
-" owners Of New-York real estate have borrowed
or their holdings this year about Seiy 30 $50
against slSiGSs3S last year. and N95o'ooiZ IN ~
The respective amounts are represented ny apou'
1880 separate mortgages given since January -
IL 3l in sgg and IA 40 in 1892 owing 10 the snihk
age OF values the loans placed this year nav
averaged less than In either OF the previous yeal
The statistics for 1894 include three CORPORATION
MORTGAGES for a total value OF 100000 at per
cent while those for 1893 include one similar 'o ~
ga9e for go 10000 at 8 per cent ana those .! tae
preceding year two cooperative mortgages 'hat az
gregated $4,000 . TO-. ,.h,ch MANS
have been submitted at the Department OF b hn
ipgs s nearly $500 and their estimated COST apon
M "a 06p There were 222 buildings projected 'ast
year TO cost 5ls2 3 but as they ,atu1 cost Of
,btnt ras z, oO0 coo this years record must De
awarded PRECEDENCE over 1885, In 1882 the pans
sIed rai,ed for 1881 buildings to be erected. at
cost OF $59,l07.68 49,, -.
The principal sales at private trahsaceo" '|