New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-17
QJITCLIIM or W4RR1NTY DEEDSf
A QUESTION RAISED IN CONNECTION WITH THE
SALE OF REAL ESTATE OWNED BY THE
CITY or BROOKLYN

The city OF Brooklyn is OF the largest real
estate In Brooklyn. The property which
stands in It's name has come into the possession
OF the city through default In the payment Of
taxes For time Alderman Isaac II. Cary.
chairman OF the Law Committee OF the Common
Council. has been much Interested in this real
estate There about 800 pieces OF IT, and It's
value is anywhere from $4,000 TO 100000.
Recently Alderman Cary secured from the Con-
trollers office full list OF all this property. Most
OF II has been acquired under the Arrearages act
and much OF 1t has been held by the city for ten
years or more. separate account has been kept
OF each parcel and the amount OF the taxes has
been charged against each one every year. with
Interest at per cent. In consequence OF this. the
apparent value OF the property is considerably
greater than It's real value; 1t could not be
sold at prices that would correspond with the
figures shown on the Controllers books. The Con
troller has power to sell OF this property when
offer equal to or In excess OF the cltys claim Is
made; ir other cases the Board OF Aldermen
Ak price and sell any piece OF the citys real es-
tate
one obstacle in the way OF getting rid OF this
burden the city Is the fact tina; at present the
city give only a quit-claim deed by which
IL merely surrenders all right. title and Interest
which 1t has In the property but does not guarantee
perfect title. Hence a purchaser is unable 10
obtain mortgage loan On such property from
any Trustworthy financial institution. II this could
ne rtncdlcd anu a GEAR ute given IN every
II IS probable that there would be good demand
for this real estate. provided the Aldermen were
willing 10 dispose OF 1t at reasonable figures.
In pursuance OF this suggestion 1t was proposed
at the meeting o. the Aldermen or Monday that
hereafter The city should give warranty instead OF
quit-claim deeds, and although some opposition
was manifested IL Is believed that the reasonable
ness OF the position OF those who advocate this
course will cad to favorable action by the board
one member thought he scented real estate
speculation In the proposal. but there Is founda-
ton whatever for such superstition. In case this
action Is taken. The city viii merely put Itself
the same footing as the ordinary. owner OF real
estate. who. when he disposes Of any property.
gives full aId perfect title.
II Is possible OF course. that in
claims might arise that would cause the city Off
Gals trouble. but there IL TO believe that
many cases OF this sort would The city
has nothing to gain by holding this land Z
1t ought to be sold. improved and made productive.
In some cases Is probable that the figures
the Controllers books indicating its value in
GLIDING accrued taxes represent twice what the
property could be sold for to-day 1t would GER
tainly seem wise for the city to adopt a reasonable
policy as respects Its real estate holdings and get
them off Its Lands as cary as possible.
Said city Official familiar with The subject:
OF The city n the last ten years mostly. under