New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-08
WHAT A NEW BRIDGE MEANS.
THE PROSPECT OF A REAL ESTATE BOOM
DISCUSSED.
SOME DEALERS LOOK FOR A SUBSTANTIAL IN
CREASE IN VALUES THE EASTERN DIS
TR1cT. WHILE OTHERS ARE LESS HOPE
FUI-THE OUTLOOK FAVORABLE
IN THE NEIGHBORHooD OF


FuI-THE OUTLOOK FAVORABLE
IN THE NEIGHBORHOoD OF
THE TERMINAL
Tbere has been considerable gossip about the
rrosnoct 81 an extensive real estate boom IN the
uas,ern District as a result Of the building OF the
ncw East River Bridge. From this gossip II
,,,oh, have been believed that the GOOD eastern
District neople were standing on the street cor
ners Swapping city lots. OF were pusy P"''i"h
down their houses or stores and building greater
ones in anticipation of q phenomenal increase III
real estate values as soon az WORK on the he"
bridge Is fairly begun. Yesterday AFTERNOON
number OF well-known real estate dealers j" 'Ne
Eastern District stated that real estate values
.,ore had lust about "held their own" during the
last two years: that. when new bridge was "lS'
nrotacted by Mr. Uhlmann and others there was
excitement and some stimulation on rear estate
,.olu.c hut that afterward there was a lapse OF
,r,eres, which probably will be revived, espe-
ciallv bevond the terminal OF the new bridge ana
IN the suburbs as soon as the plans for the loca-
tion of the terminal of the bridge are announced
definitely In fact pending that announcements
real estate values remain very quiet.
A number of dealers fear thst property values
between the bridge terminal and the East River
will be injured By the building OF the bridge as
real estate values in lower Fuiton-s'' IN 'he
Western District. were decreased by the present
Brooklyn Bridge. All OF the dealers believe thet
beyond the proposed terminal and in the suburbs
IN East Nev-York and as far as Jamaica, there
will be a great and steady development Of real
estate 10 accommodate home-seekers who Will
have easy access to New-York City
ONE HOPEFUL VIEW.
Augustus D. Kelsey. of Kelsey Suydam
IN broadway,
1--WE arc looking for boom. and hope 1t VIII
come but | am rather afraid il won't come
After the exact location of the terminal OF the
new bridge is made known believe there VIII
be a steady rise in real estate values IN the
Eastern District. The increase Will take place
beyond the new terminal, and along the hhes
of the elevated railroad. in East NeW-AorK ana
as far ont as jamaica. When the bridge plans
were first before the public there was some ac-
tiyity. but there Is little now. l hardly thihK
the new bridge will kill real estate values below
the bridge terminal. and in lower Broadway as
they were killed in lower Fuiton-st' oy 'he
present Bridge. because we have too many le!-
ries which take people to various parts ol Ne"
York City. Property has been somewhat stag
nant IN the Eastern District for some time
There are about fifteen hundred houses that
cannot be rented easily in Brooklyn. especially
in the suburbs This caused by oVerpro-
Iuction As between the bridge and consolida-
,ion If had 10 have one without the other,
think should prefer the bridge
member of the real estate firm Of Gritman
G. Graham No l03 Broadway. said: i believe
the result Of making known the location OF the
proposed terminal and the beginning or work
will be a steady advance in real estate values
beyond the terminal and as far out as Jamaica
There was increased activity when the bridge
vas first talked OF. None of US know exactly
where the proposed plaza and terminal are to
be but from present indications should judge
That there may be some stimulating of values
around briggs and Bedford ayes. in the imme-
diate neighborhood Of the terminal. and out
beyond that and in the outlying districts there
is sure to be advance. Values are pretty
stoenant now and have been for some time
Investors here want : or per cent returns IN
rents and g. or perhaps g. per cent on mort
cages Judging by the present Brooklyn
Bridge. ! fear that property IN lower broadway
and in other streets between the proposed ter
minal here and the East River will be lowered
nronortionatclv in value except for some fac
tory and business purposes just as Fulton-st'
below the New-York and Brooklyn Bridge anu
Heights property was deadened by the ioca-
ton of the terminal Of the present structure
Poople there in Fulton-st. want to sell their
property, and cannot get ilu vi ~ $500
strongly in favor of annexation.
STIMULATION IN VALUES EXPECTED.
Robert b. Dobie of No. 407 Bedford-aVe' said:
I'VE want the bridge here. We can 40 viii
an, - II will benefit real estate greatly. But
they have been talking about buidihg 'he ne"
bridge for years and the people have become
used TO hearing the talk. When building opera
lions are really begun and the situation OF the
I there %
stimulation in real estate values al over .nc
Eastern District The Thirteenth ana ,,e
Nineteenth wards should be bsneited esp ,.
Probably the greatest effect Will be Ielt sois
distance out in East New-York and around
there and beyond. Real estate has been very
quiet here for some time but 1t has held us
own. know of little property that was sofa
at a sacrifice during the last year or So Money
has been plentiful and Eastern District prop
erty-Owners have plenty Of II. No. l Know OF
few big building operations now planned. AL
though voted for consolidation should prefer
to have the Bridge If We had to have one OF the
two without the other. Mortgages are bringing
In about per cent investments; rents I or
s per cent We don't know where the
terminal is going to be, and that makes every
thing uncertain. The terminal might extend
10 Marcy-ave. only &c Driggs-ave. Wherever
II may be, the Immediate vicinity Of the ter
minal will probably feel beneficial effects Of
the new structure. and TO q greater extent
will undeveloped districts toward Jamaica and
Canarsie."
H. G. Taylor. Of the Taylor Fox Realty Com
pany No As Broadway. Of which Bridge Com
missioner Andrew d. Baird is member, spoke in
optimistic terms of the probable result real
estate Of the new bridge which will tap the
Eastern District THE effect of the bridge
will be to increase values all over the Eastern
District" said Mr. Taylor enthusiastically. Il
don't care to say that I'm not expecting a boom.
The beneficial effect values in the suburbs
in East New York and on the lines Of the surface
and elevated roads would be considerable. COM
prehensive and lasting. II Grand-st. were
changed so that from HoOper-st Il met Broadway
and made an angle with Il. or II the two thor
oughfares extended directly from the proposed
terminal there would be two great streets reach
ing away and tapping various parts OF the out
lying districts Toward Cypress Hills. Jamaica.
Canarsie and all over East New-York there Is