New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-30
REAL ESTATE.
BUSINESS IN THE FIELD.

BUSINESS IN THE FIELD.
While dulness has continued in the real estate
market It is probably due In large measure 10 t"e
scarcity OF sellers rather than TO an indispositoh
10 buy on the part Of would-be investors Inc
views OF real estate agents. published from day 10
d,v In The Tribune are almost unanimous IN the
exnression of their judgment that the strength OF
values at which desirable properties are main'aneu
,s in great part the cause of inactivity Inc owner
OF property knows that he has a good thing ana
the investor does conceal the fact that he wants
II for himself and in this condition of things con-
cess!ons are reached only after great cificuiy IN
negotiation. The person who wants to buy natural
" does not want to pay much: but with his
desire to possess the other property unconceaied'
the owner is the more determined not TO yield
The last week has been marked by an incident
which Is looked upon as Of increasing Importance
not only to real estate owners and purchasers Out
likewise TO the city treasury with reference ~
the subject Of taxation. The incident referred 10
was the chartering Of the Colonial Building Asso-
caton capitalized 100000 under the laws OF the
STATE Of New-York Samuel >. Babcock is presi-
dent and 1t is understood that the stockholders are
few The single purpose OF this reorganization is 10
acquire the property Of the old Scotch presbyterian
Church. In Fourteenth-st. and erect new buiung
on the site the property being already leased IN
advance for a long term OF years by R. H. Macy q
Co
About twenty-five years ago the New-York HOS
pital Association Incorporated In the same
manner in the of 100000. STOCK TOT this
amount Of the par value Of 500 was issued anu
dividends have been regularly paid upon that s'och
at the rate OF about per cent year. II Is sara
that during that period probably not more IMAM
s2s 900 worth of the stock has changed hands Inc
promoters OF this system OF handling real estate III
New-York argue that in the case OF large tract
OF land representing IN area or buildings number
Of interests a distribution OF shares by stock GER
tifcates based upon the value OF each integral part
Of the whole renders complications Impossible
Meanwhile, in Of the death OF an owner MS
shares may be distributed by will TO as many per-
sons as he may desire to beQueathe IT, or II the
owner of large block OF stock wants to dispose OF
II during his lifetime he do without disturb
ance to the general institution. II Is argued also
from a second viewpoint that In this manner the
assessments OF city property for purposes OF TAXA
ton will in the progress OF time. become much
more equitable and Just to the stockholders and the
city will be the gamer through the necessarily
farer method Of valuation, and that the owner
with a political pull" will not be enabled TO DO
Injustice TO his neighbor by being allowed TO pay
only a nominal tax while the man without the
pull pays his tax on what nearly approaches an
honest valuation.
From the third point OF view 1t is argued that
by the incorporation OF certain real estate incud-
ing within its number of valuable proper
ties an interest in the real estate market will be
quickened and that stocks OF these properties, as
they multiply will be dealt in on the Real Estate
Exchange Just as railway and other securities are
now operated in on the Stock Exchange This. II Is
held, will enlarge their scope Of usefulness as
commodity and extend the interest of all classes
of the community. inasmuch as in that way the
laborer who may have saved 800 may invest
1t in one share OF this stock and thus be-
come. in fact. land owner in the metropolis
There is doubt it is said that real estate cor
porat!ons in New-York City will always pay hand
some dividends. The only danger possible is that
found in the practice OF watering stock, but
II is reasoned that legislation can prevent the
employment OF this scheme and thus origi-
nal issues OF stock will. by the increased
value OF rentals derived from the property. be
constantly growing in intrinsic worth we'll
known capitalist and business man who also stands
in the relation Of a philanthropist to this com
munity when. a few days ago. his views on this
subject were asked expressed his surprise that
the plan had not become general. not only
because OF the with which great estates COM
bined in general interest could be distributed
but also because OF the advantage TO the city that
must necessarily accrue by the development OF
more just basis of taxation. He instanced in the
conversation two downtown properties in tne
same block upon which the tax had in the past
varied enormously because of the favored valua-
ton of the one and the fair and just valuation
contribute to the general and more Uniform i'm
Of the older fashion are constantly allowed to
stand between two massive structures ana are are
exodus OF tenants from the older to the newer
Pel-Rothschild sale and exchange OF Broadway
and Fifhave. properties (Which is said to repre-.
s2.3Oooo. as compared with $1,000 for the pre-
yous week. During the corresponding week of
The auction o.. sales for last week have s @ ted
the correspondents week of last year
In BROOKLYN the auction sales for last week real
the correspopdns week Of 1894 The total New-York
conveyances, exclusive Of the Twenty-third and
a nominal figure. were recorded expressed
consideration of n.75s150. For the corresPondins
nominal were filed. the amount involved being
Conveyances in the Twenty-third and Twenty
fourth, wards onitting the ne% Annexed District
act Of 1850 to the number OF S. Of which H. at
nominal figure. were recorded, involved the sum F
Of sOoSso against s525 for the same period Of last
The. mortgage figures show that there were re-
corded last week 226 involving 300 and Of these
ceeding per cent interest and los involving s249j
sls were made at per cent interest. and g. invov-
There We're filed in the Building Department G.
plans for new buildings at an estimated cost OF
S.l3s5o. while for the corresponding week Of last
year there were recorded i3 plans at an estimated
Frederick southack & Co have sold for Mayer
ana office Sudns o xs So S and Is So 9E Broad
way east side between Twelfth and Thirteenth SITS.
ao aRin no. Sc s1s a @ I by
Z. d. Livingston.
Norris Lpmsn has sold to Henry Lang for about
sterdam-ave % feet north OF Ninety nnth-st which
ne bought in 1890 for $500
Henry F. Cook has sold No. 80 West Seventy
second-st. a four-story dwelling. 25xloO to Peter
Mcdonald, for 5000
John r. Thomas will make plans for the big
Office buid.ng TO be erected the northwest cor
ner OF Pine and Nassau SITS. a plot g. 7xSo3 feet.
for Donald Mackay. The structure will be eighteen
stories high and hreproof throughout 1t Will be OF
steel skeleton construction with walls OF granite
or limestone TO the NTH story. and Iight-colored
brick and terra Gotta above The specifications Will
include steam eating and power plant. Isolated
electric plant. elevators hardwood trim, wood, tile
and mosaic floors and sanitary plumbing
Conntrn propsrln Wante6.