New-York tribune., 1895-08-10
NEW-YORK REAL ESTATE.
VALUES HAVE HELD STEADY ALONG THE
BOWERY.



sIpE-rHE MARKET IN HOPEFUL CONDITION
Much attention has been called Of late to real
estate in the lower part OF New-York City and the
opnions Of dealers the West Side nave pee"
given on values and profits Within few days
we,l-known downtown man. whose Judgment - AZ
ways respected. predicted that within 'ne "eN'
quarter OF century a transformation wouio occur
on the East Side. which very few persons couu
look forward to now with idea Of realizing the
outcome North Of the City Hall and extending
eastward to the East River. the entire 'errnoly IL
devoted almost exclusively TO factories anu '
ment houses. The tenement-rcc@ disu'e' "" ''e
East Side has long been regarded by peope VINO aie
interested in the welfare OF hun anity as an aoom
nation and blight There are real estate men VIM
believe that lust as the lower point Of Manhattan
Island has been transformed from the iow' squatty
buildings Of ten fifteen years ago 10 'he "a'e'ue
structures of to-day so the territory IN he vIe',s
OF the Five Points. Essex-st. Mott-sI' west pioau
wav and Baxter-st. will be similarly changed. Inc
commerce OF New-york and the internal "aue "e
cru,ne to the metropolis from II demand quarters
for offices and warehouses. The dealist' VINO mas
been looking forward TO the consummauon Vi "'e
Greater New-York. has contemplated the co'''-
,le,e exnurgation of the so-called tenement-house
district and the emigration OF the citizens Vi ''a'
locality other points And so the theory eHS's
among certain real estate men that ny sra"ua'
process the territory north Of Frankfor-st' even
TO nty-third-st and extending TO the Has'
River, will or later De given o'e' w WV
business interests OF the city.
In the olden times the Bowery, which II now rooieu
by the elevated railway structure and upon wh'cn
double and triple surface railway tracks are ope
ated. used TO be place for promenade ana "ne'e
fashionable gentlemen bought their ciothhs io'"
well-;o-do tailors and from which grocery supplies
were distributed to the rich people VINO resueu '
OF Canal-st even down far as Beekman-st' Al
though the Bowery has been busting centre Vi
trade many years the values OF real estate a'ons
that thoroughfare have not. until recently SHOWN
signs Of increase II is believed that within short
time speculation will turn into that channei anu
effect great changes. Hiram Merritt OF NO %
Third-ave.. has been for over forty years oeaiei
In real estate within that section He said yesterday
TO a Tribune reporter:
There is this much to be said about real estate
on the East Side. Peopif may have thought II neg
lected because of the kpid march northward on
the West Side But here values have held theif
own and the demand for real estate 10 always met
on the part OF the owner with nrm 'front.' as u
price. There is giving way. because the people
worth Of the ground between the East and the
North rivers. When come to the question o. o.
There are tenement houses. but these are only tenn
porary They must eventually give way me along
the west side Of Broadway. We are renting proper
ssr ss sTfsy S4 the sae o s Plots
that the ground is all occupied py nuu.nks anu anu
obtainable The prospect certainly is encouragng
for a first-cass season with the incoming OF sep
tember Prices for realty are holding their own 80
also the demands for rentals =,
The area Of Broadway from crand-s. al
most to. might say Eishty-sxth,st mas Dar arw
vacant lots which be offered for improvement.
There is however. considerable change gong on
in the shape OF tearing down old houses ana con,
structng All this adds 70 me & value s OF
real estate In contiguous TO the points wher
the improvements are going forward There are
many modern fathouses being constructed on pianss
which invite a desirable class OF tenants ana
with what promptness are rents paid? ! WI say
that during last our collections nave peen
unusually prompt. There has been concession hon on
the part of the owners in many cases ana an non
est purpose on the part OF the tenant to meet MS
obleations We have had no difficulty whatever IN
making our collections OF course. during the oe-
preston OF the last year and half our sales nave
not been numerous, but values have sustained tnem-
selves exceedingly we'll We have many INQUIRIES
now from capitalists for good property over @ hebe ere
for Investment On the whole, we look upon tne
real estate market it exists to-day as In very
hopefu condition Business is certainly improving
here on Thrd-ave. Probably you have noticed tnat
above Twenty -thrdst. some large dryeoods houses
such as Bloomngdales and others. have been en-
larged and provided with larger facilities oI neis
trade In word, the East Side is all right ana
able TO take care OF itself