New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-01
NETWORK REAL ESTATE.
NATHANIEL NILES ON VALUES IN THE
LOWER PART OF THE CITY.
THEY ARE BOUND TO INCREASE AS LONG AS THE
FINANCIAL POPULATION Is CONCENTRATED
IN THE DOWNTOWN DISTRICTS

IN THE DOWNTOWN DISTRICTS
GROWTH OF OTHER CENTRES.
Nathaniel Niles. whose office is at No l55 Broad
way. and who is the owner OF the Morse Building,
at Nassau and Beekman SITS. Is recognized as a
man OF good judgment real estate values In
NewYork city. Mr. Niles several years ago was
the Speaker OF the New-Jersey Legislature and was
later Government director OF the Union Pacific
Railway.
Speaking yesterday the subject OF NewYork
real estate. Mr.. Niles said:
There is reasonable limit TO the increase OF
value OF land south OF Cham5ers-st.. because it
has now become absolutely necessary for every
corporation in the United States TO have office.
II nothing more than desk room, In that locality,
where II can be represented. That is really the
secret OF the value OK the land the lower part
OF Manhattan Island. When you bring 10000
people together that they can come face to face
with one another within a period say OF fifteen or
twenty minutes property at the point where they
meet must necessarily be valuable. To-day there
is hardly a building in Wall-st. which stood there
in 1856. The buildings what you may call
second editions The new buildings that have been
constructed IN the last ten years have taken Gu
A character OF permanency which has never befor
existed in the progress Of the growth OF New-York
City There are costly blocks OF ground still avail
able that are now hardly known OF. All the prop
erty lying east and west OF Broadway below
Chambers st and especially between Broadway
and the East L or, has the greatest productive
value o. any porLon OF this city. one thing is 20
be remembered with respect to a great metropolis,
and that is The number OF centres which & en-
bodies London. for instance. has five or six great
centres in itself The city OF New-York VIII. IN
the course OF time. have It's great centres. and
no one of these Will compete with the others. In
the city OF New-York proper the really new centre
that has developed l. that portion OF the city en-
% nvs-i bun ffra.l affIi
twenty-hfih-st. II Is quite equal 70 Twenty third
st or Fourteenth-st. as "A business centre. In the
progress OF time there : III be a new centre be-
yOnd the Harlem River. The second great centre
that will not compete with the lower part Oi ths
city IN any respect Is tnat locality lying between
Broadway and Sixta-ave.. WIN Thirty -iourth-st as
its northern limit and extending over large area
contiguous. The interests Of that locality are
separate and detached and draw nothing Whatever
from the lower sections The growth or THESE
centres uptown vii be Just as ihdepehdeni as me
growth below Chambers-st. ana that OF the mar
lem section have been.
There was a time when property on tulton-st
was the best that could be secured IN the lower
portion OF the city. This is not to-day. because
the secret OF growth IS in the fact that the locality
Is one IN which the people walk. lhey 90 hot "alH
SO much IN Fulton-st now a. they formerly d1d;
and hence the detrimental effect upon the value o.
property. The old ihorouShiare 50 p9puidt a. an Az
enue before the construction Of the Brooklyn Bridge
does not exist the same sense to-day People
now walk along Broadway ana along NasSdu-st; on
their way the Bridge from the lower portions
OF the city. The sections along the south SIDE o.
Twenty -third-st.. between Broadway and SiXth-dV
and in Fourtecnth-st. from Broadway 10 University
Place and SiXth-ave., thrOnged with people
every day II only needs a glance at the sidewalks
there to reveal the fact that these are great and
important centres
''From the point OF land between the East and
North rivers, New-York, as the great seaport OF
United States. touches every other seaport In
the world. Consequently the land embraced within
the lower area OF New ork City must always main
tain a value which is reached In the natural prog
ress Of availability and demand and must continue
to Increase. as l said in the first instance, 70 an
unlimited degree. II Is the concentration Of bust
ness population which produces these results ! see
much criticism OF the high buildings in New-York.
out the fact Is not only that the high buildings
will continue TO be constructed. but that they are
an inevitable requirement In the further growth OF
Nex-York CITY. Re only seeing the beginning
of this reconstruction era New-York values will
be exceeded by those OF any other city in the
world"