New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-22
NEW-YORK REAL ESTATE.
CAUSES OF THE GROWTH OF THE UPPER
WEST SIDE
Mr.. wINANs DESCRIBES THE CHANGES THAT
HAVE TAKEN PLACE SINCE 1s7o-THE. DE-
..4 MANp FOR MopERN HOUSES IN
. =


cREAsEs THE VALUE OF
AVAILABLE SITES.
The firm of Henry d. wnars & May. whose offices
are at No 655 Fifth-ave have occupied their pres
/ ent quarters, others contiguous thereto since
1871 In that year the home Of William H. Wander
bilt had not been erected. Its site was but snghuy
different from the ground covered by rustic shantles
still familiar to the eye at points In Harlem MI.
Winans. speaking for the firm yesterday, SAID:
"Our specially is buying. selling and renting pri-
-yate dwellings. OF course. we have seen many
changes In this locality and In nothing is the diner
cree more marked than In the educated require
ments Of the home-seekers Of the present compared
with the house hunters Of the early seventies. The
old rectangular four-story high-stoop brownstone
longer is popular. and houses OF that class add
little to the value of the land on which they stand.
We recognize to-day two classes of houses. the
modern and the antique. The latter are notable
principally as sites for new houses OF modern de-
sign.
This changing OF tastes caused the growth on the
West SIDE say from Seventeth-st. to- Ninetieth-
st. west Of Eighth-ave. That locality ike all
others. had It's pioneers now the friends or these
have come In, and under the influence OF improved
in architecture have rendered the whose region
beautiful. A few who their own homes have
modernized them. Much money Intelligence and
time have meanwhile been expended to secure ar
tistic results. The disposition TO utilize the more
n
toward the old Murray Hill district; that Is to say.
north OF Fiftieth-st. on the East Side. between
Fifth and Fourth ayes Much Of this district has
been absorbed. and the offerings at present are
limited than have ever before expert
cnccd. Any owner In this section can sell II he VIII
accept valuation based on the character OF the
building; II Old little more than It's land value; II
modern. something more liberal
but no one must think from this statement that
he procure an Old house for little money. The
demand for vacant lots where individual tastes can
be gratified has forced the value Of sites OF old
perfected homes. To emphasize this point let
me say that In Flfty-second-st between Fifth and
form old houses to modern demands. Furthermore,
there are to-day in Ffty-frst-st between Fifth
and Sixth ayes six houses now under process OF re-
This difference between the old and the new
prices Of dwellings OF similar external appearance:
FOR Instance. No IS West Flfty-second-st WAS sold
was resold for $1,000 Other Instances OF a ike
character might be given from our own books
loss in comfort The old houses were seldom more
than ffty-hye feet deep. with no extensions Now
block In his neighbor. This In house after
house until each occupant looks out upon blank
part of the adjoining extension few builders,
apprecatns this fact have recently constructs ,S,
air, thus securing for each house an open sunny
we no longer have extreme nuctuati in prices
During the entire existence Of the recent financial
depression real estate more thar held It's own IN
fact Increased In value while almost all classes
OF paper securities were declining In value TneIe
IL no Wild speculation In lots the ground II held
in such strong hands that nearly all sales for
purposes OF Immediate improvement Realty IN
New-York has immense borrowing capacity al
extremely low rates Of interest: yet 1t Is generally
admitted that our real estate property carries
lower percentage Of mortgages than ever before
Values are increasing, and sales are quickly made,
safe investments sure incomes and reasonable taxes
afforded. and these insure good BORROWING
capacity"