New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-28
REAL ESTATE.
BUSINESS IN THE FIELD.

The real estate market during the last week In Its
results has been a Justification Of the views pre-
viously expressed In this column The improve
ments going on Ia downtown sections have caused
the owners of really desirable property to pause
before agreeing to contracts. II Is not right 10
say there is Imitation OF values This Is not
true The advancement In values has uuquesfion-
ably been moderate and In response to the natural
demand for properties for certain uses No one
will undertake 10 say that the Drexel Building.
which constructed nearly twenty years ago, or
the Mills Building. which completed in the
year 1851 in advance Of the times Archi-
tectural designs have altered somewhat since the
completion Of the Drexe Building. the Equitable
Building and other great downtown structures
which might be named but the demand for the
housing OF business has been so persistent that
capital has eagerly reached forth to supply year
by year. and with little regard to the valuation Of
ground areas nasmuch restrictions as to
height exist over and over again the view has
been presented in this column Of The Tribune that
the great profits IN realty derived from the
paid by tenants TO land owners for spaces
In the air The rehabilitation OF New-York City,
while In some respects wonderful considered from
architectural viewpoint. has proved vastly
profitable to those who had the money to invest 10
effect such prodgious results
And now we come to the question Of taxation.
and here we have some interesting figures: In
the year 1890 the ground on which the Ameri-
can Guaranty Surety Company has recently erected
it's great marble building. at the southeast corner
OF Broadway and Pine-st.. was assessed at s4s5"o,
and In 1895. the building partly completed. the
assessed valuation is $4,000. 1t is within the
recollection Of those familiar with the condition Of
things no further back than the year 1892 that the
present site Of the United Bank Building. at the
northeast corner OF Broadway and Wall-st., was
nothing more than white marble-faced rookery,
four stories high. The property was suddenly
transformed, both with respect appearance and
1yalr nd he CT
property at a valuation of s999650. Passing TO the
Manhattan Life Building. at Nos. 81 and Sc Broad
way. ind that the taxable value in 1899 was
$4,000. and in 1895 it is 100000 The Union Trust
Company Building. only partly completed in 1890
assessed at 100000 and in 1895 the value placed
upon II by the city experts is sl500O0. There has
not been much increase in the assessed value OF
the Equitable Life Assurance Company Building,
which in 1890 placed at $4,000 as against 3d.
$4,000 in 1895 The Consolidated Exchange Build
Ing. at the northeast corner of Exchange Place
and Broadway, was valued In 1890 at $4,000. and
in 1895 at ss5o.000 The Mutual Life Insurance Com
pany Building at No. 80 Nassau-st.. not including
the addition adjoining in Liberty-s. is valued
at s2.OOoOo0 When one looks backward TO the
changes which have taken place in downtown city
property through the risking of capital and conf
dence of investors engaged in its physical improve
ment. striking object lesson can be sup
piled than that which contrasts the old United
States Postoffice site and Dutch meeting house OF
generation and two generations ago with the hand
some structure now standing in the same spot and
contributing its modcum TO the city treasury.
Any one familiar with the lower section OF New
York City can in the changes that have taken
place in the last ten years indication OF what
must result further northward No one would
have prophesied ten years ago that the greatest
combination hotel on this continent would ever oc-
cupy the valuable space Of land In Fifth-ave, be-
tween Thirty third and Thirty-fourth SITS. And yet
the old Aston mansion has been torn down within
the last summer. and rea. estate men familiar
with the locality exeyt.ng their best endeavors
TO secure something in the nature OF options upon
every available piece of property In 1nrty-fourth-
OF business progress northward old-time homes.
well popular houses of worship. are giving way.
In this connection the statement which has fire.
Quently been made In this column that many
of property inclined 10 overstay the
market. thus ignoring opportunities which full
OF recompense foi long holdings. is worth repeat
ing. AS illustration OF this the statement may
be made that the owner Of lot OF 25x1OD feet on
the south side of the Harlem River. the
Third-ave bridge received offer Of 100000.
now about be condemned through process of
law. and the belief exists that the owner will take
his place those who have suffered from
neglecting opportunities
The private sales of last week resulted in fair
amount Of business: in fact the aggregated re-
suits were about $500 900 larger than the previous
week When compared however. with the
spending week o' 1894 they show a falling off OF
business aggregating the sum Of s7307'0 The total
sales at private contract realized last week the
0co For the corresponding week OF 1894 the sales
amounted 10 S.s3o.15
The auction sales in this city of last week were,
with few exceptions. Of the usual legal description
The results. when compared with the previous