New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-26
VALUES ON THE EAST SIDE
rNcOrrRAGING OUTLOOK FOR REALTY IN
THAT DISTRICT.
EXPERTS BELIEVE THAT A GREAT AND SWEEP
ING CHANGE WILL BE MADE WITHIN
THE NEXT FEW YEARS.

ING CHANGE WILL BE MADE WITHIN
THE NEXT FEW YEARS
Much attention has been called OF late 70 real
osIa,e in the lower part OF NewYork City, or what
was formerly known as the central part OF the
o,,v and the oplnions Of dealers have been given
on values and profits. Within lie" Gays d "e's'
known downtown man whose Judgment - Always
resoecteJ predicted that within the next quarter OF
q century a transformation woud take pace on
the East Side which few persons cou'n 'oo" Io.-
ward to now with any idea Of realizing the out
CANA North of the City Hall and extending east
ward to the East River the territory Is devoted
almost exclusively to factories ana tenement
houses The tenement house district on the
East side has long been regarded by people VINO
are interested in the welfare OF hu"ia'''y do d"
nomination and blight There are real estate
mon who believe that just the lower point Of
Manhattan Island has been freed from the low.
sauatty buildings OF ten or hfteen years ago 10
make room for the majestic structures CT To-Day, so
the territory in the vicinity OF the flVe Ponts'
Essex-st Mott-st West Broadway ana baxter
s. viii be similarly changed. The commerce OF
New-York and the Internal trade accruing to the
ueronolis from IL demand quarters for offices and
warehouses; The man who mas been looking for
ward 10 the contamination OF the Ered'er New
York" has contemplated the complete expurgauon
of the so-called tenement-house district and the
emigration of the citizens OF that locality 10 other
points And SO the theory exists among certain
real estate men that By gradual process the ter
rtory north of Franklin-st. even to Twenty-third.
ST and extending 10 the East River VIII sooner
or later be given over TO the business interests Oh
the city.
In the olden times the Bowery. which is now
rooted by the elevated railway structure and upon
which double and triple surface railway tracks are
operated used to be place for promenade and
fashionable men bought their clothing there from
well-to-do taiiors From the Bowery grocery sup
plies were distributed to the rich people who lived
south of Canal-st., even down SO far as BeehInan
centre of trade for many years, the values OF real
estate along that thoroughfare nave not, until re-
within a short time speculation Will turn into that
channel and effect great changes.
identified with the real estate business in this city
for the last forty-three years and has been con,
as that of handling estates. and or the renting OK
property and the collection OF the revenue. Mr..
Falconer has also become personally large owner
of realty in various parts OF New-fork City: lie
SAID Yesterday 10 OF of p Ins s e
Gated in the centre of the city, especially property
along the Bowery, Fourth-ave. and streets contig.
uous thereto The class OF property within this
largely TO dwellings and moderate: priced stores.
Values in all these localities in the last two years
1uctuaton OF late in property values there, such
has been noticeable in many other sections OF
in that quarter OF the city is due to the fact that
owners are content, with the present income from
rents received and have no desire to improve their
property with Wow to enlarging their income.
The tenants are mostly thrifty German storekeep-
and householders. This is the beginning OF the
renting season for the year dating from February
1t is usual TO commence this rental bust
ness about two months in advance OF signing our
leases. Fol many years our tenants have always
been prompt In paying their rents This year, how
ever, has been an exception. Instead OF paying
their rents monthly in advance, according 10 the
usual custom. they have been compelled this year
to pay in instruments Notwithstanding the strin-
gency Of the times, tenants are renewing their
leases for another year at the old rates Our
clients have no idea OF advancing the rents for 1896
Property for rental in the section interested In
is in demand In fact We have large waiting list
of applicants for the rental of any well-located
property should 1t become vacant While realty
in the vicinity of the Bowery and nearby streets has
suffered greatly in values In the recent depressed
financial conditions of the country. still see
signs OF encouragement. and believe that values
going to Improve One reason Tor this conviction IS
due to the fact that there is now a gradual i'm
provemcnt going on in the class OF people patron
ling this part of the city. There is large popula
ton east of the Bowery, we'll between
Broadway and the Bowery, yhich is gradually
becoming more thrifty and prosperous. There are
fewer saloons on the Bowery than ever before and
commercial houses are taking their places"