New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-25
NETWORK REAL ESTATE.
JEFFERSON NJ LEVY COMPARES THE
SITUATIONS HERE AND IN LONDON.

TRANSACTIONS WITH CORPORATIONS IN THE
LATTER CITY-HoMEs IN THE NORTHERN
PART OF NEw-yoRK-oPPosED TO
THE UNDERGROUND RAILWAY
Jefferson NJ Levy. No. 80 Nassau-st.. who effected
the sale OF the ola Demonico property. In Broad-s
through to New-st. to the Commercial Gable Build
ing Company during the past week. Is one OF 'he
best known and most successful real estate opera
tors in this city Mr.. Levy practically closed the
sale before he left for London early in June. The
completion of the transaction was announced SUD-
seouently to his return August Is.
When asked by Tribune reporter yesterday his
views real estate matters in this city. he said:
MY theory has been for many years In relation TO
real estate that when it paid to 10 per cent II
would eventually have TO come down TO basis OF
per cent interest. Take Lordon for an example
In that city real estate sales at auction have been
on a basis of a net of from per cent TO Sia
per cent valuation In the neghborhood OF the
Bank Of England, Threadneede-st and the financial
centre generally. property valuations are almost UNI
approachable ii is not offered for sale. There are
instances where prices obtained sometimes
equalng $3.50 to $500 a square foot. Whenever
transaction is competed. it happens that an adj
vance is offered to the purchaser in case he may
desire 10 SCI.
TRANSACTIONS WITH CORPORATIONS IN
LONDON
"a great many Of the transactions there
Win corporations TOT instance, tne NOluVn
Hotel Company. This the Metropoe. the Grand,
the Victoria. the Metropole at Brighton. and two or
three others with large capitalization. This cor
poraton paid last year. result Of the operation
of its different establishments. dividend on the
preferred stock. 10 per dividend the COM
mon stock and $15000V was carried the
fund. and all this after the company had
pended $4,000 in Improvements. mention this 10
illustrate the advantages Of massing capital for in
vestments.
HEIGHT OF BUILDINGS.
Everything Is turned into corporations there
even the music halls and the restaurants are oper-
ated by corporations. and large profits accrue
Meanwhile. London has improved within years
just much New-York. l remember lands in
London that could have been bought for $1,000 an
ten years ago. which worth 5000. and
$500 acre now. And these all entirely
built 1t is necessary to bear in mind. how
ever. that London cannot derive large profits as
we do here. because of the laws which restrict
buildings in their construction certain lines cal
culated TO insure larger supply OF light and air.
There the highest buildings do exceed six
stories. They look massive. Of course. than
ours. because of the uniformity OF height along a
street front. When you come to the hotels. like
the Metropole. the Victoria and the Grand, they
eight stories in height.
THE SITUATION IN NETWORK
"Now. when you to New-Yors. you will
find situation altogether different but II only IL
illustrates that which is likely be realized here.
We will take. for instance a piece of property
formerly occupied a military barracks. where
soldiers of the War Of 1872 were accommoda. ed. l
could have bought that property in 1885 for $4,000.
being about $50 square foot But later the Mutual
Life Insurance Company paid for the same property,
under the impetus of downtown Improvements. the
of $4,000. Upon this they built structure
Of fifteen stories in height. and they derived a
profitable rental from these several floors ii is a
fact that the Mutual Life has not office va
cant in its buildings. and has a list Of 400 appli
cants now on its books The American Surety
Building is another instance that all this office
is in constant demand The applications numer
Gus. but tenant will be accepted who is not en-
tirely satisfactory to the president of the company
building than the company has for rent"
HOMES IN THE NORTHERN PART OF THE
CITY.
Referring to the available property in the north
part OF the city and the prospects In that To-
calty. well in Westminster County. Mr.. Levy
said:
Il have been largely interested for many years
in that section lying north of the Harlem River
braced in the Twenty-third and Twenty fourth
wards. and in Westchester County below the upper
line Of Yonkers believe this section is destined
10 London The population Of Network is grad
ually being forced out into these districts; people
and each one is not only an adornment Of the
landscape but is an invitation to other home seek
may be had sufficient to surround an entire house
and afford ample space for lawns dover gardens,
etc. This whole section has been retarded IN its
development by the lack OF transportation facils
ties, and especially by the od-ogy management OF
the New-York and Harlem Railroad. When the
transportation lines which that section demands
provided improvements VIII be RAPID enough 10
satisfy every one"
OPPOSED TO AN UNDERGROUND RAILWAY.
Mr. Levy was asked to express his views in re-
gard TO the desirabity of an underground railway
in New-York. He replied
IL am opposed TO this plan altogether pre- /
senteG the Mayor last spring my views of the i'm
practicabilty Of the tunnel scheme in New York.
have travelled in the tunnels of the underground
system in London. and am satisfied that the Amer
can people and the citizens OF Newly YORK Will never
utilize any such plan for travelling purposes. II
is only necessary for to pass through the tun
mel OF the Hudson River road TO appreciate now |
unpleasant IL is TO travel during this heated weather
through these underground channels. believe II |
is a great mistake for New York 10 go INTO sucn an
enterprise as that recommended by the Rapid Tran
eit Commission. In my judgment the true soiu- |
ton OF this problem exists In a pan Ior the con- |
struction OF a viaduct railroad on the extreme east
and west sides the city. to be laid out through
private property. The route OF such viaduct !
can be utilized underneath by creating out or me
made 10 return in the way OF rental fully nve per
cent on the expended Tor the lahd acquired
There should be. also. system OF grand terIlaIs
like that of Charing Cross ana others IN IonaoI
points In a short time after the competitor OF
such system of rapid transit there would De an
enormous Increase In the value OF taxable properly !
in New-York-
MAyHATTAN'S FEAST OF PLEASURE ..
The popularity of Manhattan Beach SHOWS no
abatement Thousands Of tired tollers from the city