New-York tribune., 1895-08-01
NEW-YORK REAL ESTATE.
. BROKER TALKS OF THE CAUSES OF THE
ACTIVITY

DOWNTOWN CHANGES IN THE LAST FEW YEARS
POPULARITY OF THE TALL. BUILDINGS
Tho signs OF renewed activity in real estate are
. onparent that the fact has led to some question
~ 80 the basis therefor During all the period Of
S,.ssson employment has been constantly given
" tho building mechanics and laborers winter and
,rmer alike. The cause is explained in the fact
.ho, the rate of money being low. we'll the
-. Of labor, the possessors of capital have
.r.n advantage of the period and the situation to
nske large improvements in realty. The end OF
,a island therefore. has changed its aspect ma
r,.uv all the way up TO the Bridge since The
r.,hune Building as the pioneer OF lofty structures
.s the wonder of wonders In the eyes Of all those
ho visited the metropolis twenty odd years ago.
broadway in recent, years. from Chambers-st to
pnwing Green resembles great chasm In a
.sss Of stone and brick. rs one looks down the
.horoughfare and beholds the gigantic office build
,ngs on each side
An intelligent view OF the situation is given here
9TH BY A. NJ Arneberg, a member OF the we'll
snown real-estate brokerage firm of Z. II. Ludlow
& Co. at No. Ill Broadway.
There is no difficulty in finding investors for first
rouble in reaching people who are willing to
hs5rder to find sellers Of buildings and flats below
Chambers-st.. for instance. than in any other por
an Osmeipa thoroughfares in this lower section Of
H. city such as Broadway and Broad and cross
save undergone a wonderful transformation.
Ssought about through the suppantng OF the older
ana SnSerins many City lots Many people wonder
why all this change was continuously going for
,r,. stagnation in many Industries and unusual
dalness IN others The secret nso of it all Is that
10 enable borrowers on good real estate In the
negCiate i loans at II r0 some ex
sought for some uses for their money and being
in \aW York CITY real seCurfy
we're safer than anything else
, suppose / might say in passing that our firm
about thirteen years ago negotiated sale at fig
real estate II consisted of a tract OF land on the
southwest corner ot Wall and Broad SITS The tract
Sry S.y to round out plot We sold it to Matthew
wlks in April 1892 for sl6sooO at $3.50 70 square
seot But even this price may not look extravagant
Within a few years, Judging from the tremendous
Increase of values In the lower section OF the ISL
and You would be surprised at the frequency Of
transactions in some localities. No sooner would
the sale be negotiated than buyer would find some
ding would go on. each party disposng to the new
conner at profit in some instances small TO be
sure but in other instances considerable.
Asked In regard to the desirabty OF limiting
the height of buildings and to their effect upon
real estate generally in the downtown districts, Mr.
Arneberg said.
Personally look upon the high buildings in view
ment TO the owners of smaller ones. The cause OF
this is the defect in our laws. However / am frank
only to Increase the value of the grounds upon
which the less modern buildings stand but to add
10 the architectural magnihcence of the city when
the latter buildings shall have passed into other
hands and become transformed in the process OF
the general reconstruction that is going on That
these high buildings are popular and that the idea
has not yet been OverdOne, | might point TO the
latest product. namely the American Surety Build
hg. on the southeast corner of Broadway and Pine
st IL Is at present the highest building in the
city and yet the applications for rooms have been
50 numerous that very large number OF Offices
under its roof have been rented. although they are
not likely 10 be ready for occupancy for some time