New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-14
NETWORK REAL ESTATE.
DEVELOPMENT OF THE ANNEXED DIS
TRICT
JAMES I. WELLS TALKS OF THAT SECTION As

LANES l.. WELLS TALKS OF THAT SECTION AS A
FIELD FOR REALTY INVESTMENT
It's apparent from the spirit OF some OF the inter
c,ews with the representative real estate
,rd agents recently printed in Tho Tribune that n
vrcat investment and speculative field exists hevond
the Harlem River Tor the activity and enterprise of
.,.rretic WORKERS. The section known as tho
Annexed District was regarded when made a part
Of the city few years ago as a desirable acouis-
ton many points OF view. but rugged topog-
raphy and It's remoteness from the great centre
living between the North and East rlvers and IN.
Few opportunities afforded there for the DEVELOPMENT
# local trade OF any volume and value aid not
Immediately rerder II inviting ground either for In
yestment or business. But the rapidly changing
conditions which have always characterized the
growth and development of New-Yor have earlier
than was expected served also to bring this terri
tory under the money making influence
An interesting interview is given below with
lanes l.. Wells president OF the Real Estate Auc-
tioneers Association of the State Of New York No
III Broadway. and also Tax Commissioner OF the
city. He has been identified with the real estate
business In New-York for the last twenty-five wears
Nj Wells says:
Il have long been dealing in real estate in the
Twenty third and Twenty-fourt wards and in
parts OF Westchester County adjacent thereto
Naturally. the market is not now as active as il
was in 1893 but It is in much better condition than
the present year. While considerable apathy has
prevailed owing to the dulness of the times as re-
CARDS all kinds of business. there has been no de-
preciation In the value OF realty there. We have
had so many sales at auction in 1892 for the
reason named But notwithstanding this apathy
with respect 10 purchasing, there has been large
amount OF building constantly going forward in
both the wards within the last three years Strange
as may seem, in view OF the conditions then exist
ire there were more building plans filed with the
Building Department In 1894 from this section than
In any year since 1881. with the single exception of
the 1881 The record OF buildings actually con-
struced in 1894 is larger than in preceding
The fact that property in these wards has held its
own 50 well during all this period of depression is
in my judgment largely due 10 the enterprise OF the
people living there and owning real estate in that
locality
I'VE have had the benefit OF a five-cent fare from
the Battery TO fremont. distance OF about twelve
miles. The trolley lines have been extended into
different portions OF the district. thus rendering
families living there accessible TO another for
social advantage. An important factor in the main
ienance OF prices for realty consists of progress
made in the way Of public Improvements during the
last five years. and since the establishment OF the
Department OF Street Improv In the Twen-
ty-shird and Twenty-fourth wards. During 1894 the
outlet have either been constructed in
process OF construction. and lateral sewers have
beep built for the accommodation of occupants OF
the greater portion of the district The streets and
avenues are being improved constantly. and were
never in better condition than to-day The num-
OF widely paved is increasing and these
additions 10 street mileage naturally have the eff
feet OF adding 10 the value of lots. This rapid prog
ress in the opening grading and paving Of streets
and the construction Of sewers has given steadi-
ness to values for II indicated substantial prepara
ZION for an assured occupancy OF the territory when
times should become settled by the recovery of
general business activity. The opening of the Har-
lem Ship Canal is important feature bearing on
the development of the parts of the city con-
tcuous thereto and which are likely TO be immedi-
atey affected by resulting advantages. 1t is cal
culated add largely to the commercial importance
% both the West and East sides Then again, dur
work has been done in constructing the massive
and improvement was in CONFORMITY with an act
OF Congress and conducted under the requirements
OF the United States Government
proceedings are about 10 begin for the acquisi-
ton OF land necessary for the Grand Concourse and
Park connecting the parks in the older portions OF
the city with the and spacious parks In the
ana been
in The Tribune. When the plans formulated by the
missioner Hafen and the public-sprited citizens OF
the district shall have been carried out, TIE
cen is soon 70 be established in Bronx Park Pub
lie buildings are about to be erected at fremont
There is probability that the Aoo!oglcaI t,ai ies
be completed comprehensive map OF the entlfe
district locating every spot therein. ano anorIlhE
the public an opportunity for judging for themselves
OF the interesting features and Importance oil ths
yalua BILE addition TO the city .
This district can no longer be looked upon a. "a
suburb IL is an active enterprislng section OF me
great city itself The assessed valuation In 1914
was so ooOOcO while now II is s6s00cn There are
between 100000 and $4,000 900 invested in manu-,
factories alone. Ii is destined TO be one OF the
largest manufacturing districts IN point OF AREA
and production in the United States: ,.-. &
Much OF the credit for this vast deveiopneic. Is
due to the enterprise and labor OF the Norm aiq
everything contributing TO the welfare oil the o's-
trict'