New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-06
REAL ESTATE.
BUSINESS IN THE FIELD.


spirit of activity which NAV he exnected n 70
assert ITSELF upon the settlement of the various
queSuohs by Congress, which have so suddenly
oce" thrust upon the attention of that body. Real
estate men are unit in declaring that the real
estate interests in New-York received a severe
shock by the presentation of President Clevelands
! twin messages to Congress. There were many I'M
portant transactions wherein brokers' after weeks
oi hesoua'hs' found themselves bafiled at the last
moment Contracts which were on the eve OF be-
ing cleared up and disposed of were Indefinitely
cancelled Against such an element of DISCOURAGE
ment it has seemed in vain TO struggle
Another issue has also arisen on the financial
SIDE, which Is likely to prove a hamper!ng cause
Until business men have brought about an adjust
ment o. Their money affairs to meet possible new
order Of things. This is in the attitude of money
! lenders toward rea-estate mortgages Lenders IN
many Instances are insisting that clause shall
be inserted IN al mortgages demanding that the
money be returned when due IN gold coin While
ms may or may not be the logical outcome OF
the existing situation IN currency matters, yet it is
undoubtedly having its effect upon the market in
realty. The majority Of investors will hesitate be-
fore buying property when they must assume the
ultimate discharge of mortgage in currency OF
an unknown quantity and quality, its value TO be
determined at some time in the future. These
actions or demands OF n similar character the
part OF lOaners OF money naturally are made dur
ing every violent disturbance OF the money market
are natural result OF crisis threatening the
currency fabric and recent experience has shown
that now as in the past the scare is only
mentary. and therefore cannot be considered as a
factor in long delaying a return OF confidence to
large and experienced loaners OF money. 1t is true
that the rule of late has been carefully to scruti-
nize loans offered on really. There also vas;
sums of new money in the shape of dividends and
interest that arc now being rapidly accumulated.
and this new money is seeking investment. the
holders, however. demand that it shall have
safe odging-place. and this problem il is which is
causing deal Of thinking the part OF
experts AS a part consequence OF this desire for
safe investment. men are beginning TO decry the
money-scare notion aud good borrowers are be
Ing urged increase rather than to decrease Their
borrowing accounts. That the market is in an IN
usually healthy condition Is fact II Is only
waiting for The clouds of uncertainty to pass, and
this is perhaps the reason why many investors
view the present situation with regard 10 money
with so high a degree OF complacency. They at
tribute also much OF the duiness 10 the holiday
just closing and placing their belief in
rapid development into activity as people recover
from the dissipation OF Christmas.
An illustrate ton of the fact that real-estate val
Hes are on the Increase was given to The Tribune
reporter by prominent business man. who said
inat only last week an offer 81 sl.6y0.o00 made
to the ~ r Stewart heirs for their property on
the northwest corner OF Thirty fourth-s; and Fifth
The property embraces the great white mar
bic mansion bull; by \. II. stewart. and an adj
joining lot. In 1891 the residence property was
leased to the Manhattan Club and that lease has
yet several years 20 run. Al Tho tine the lease
to the club drawn it was said that the prop
erty could have been purchased FOR $4,000. The
club, Il is said. has found the rental charges some
what bur easome. They may find a compromising
return in the future, however. for leading banker
said on SATURDAY The Tribune reporter that the
Manhattan club wonld discover that they have
In b.fr fls
property Is sold. as the lcasoholi Of the mansion
would realize for them large premium should
they desire 10 dispose OF IL 10 the purchaser. The
broker yho made the latest offer for the property
reported that rs proposition had been declined.
But the fact q the offer remains.
II IS reported that another piece OF property in
Thirty fourih-st. Fifth-ave.. Is beng nego-
iiated for The lot is 5Ox2DD feet In case this
last sale goes through 1t VIII resu, in improve
moni 10 the city N the way OF the mosi complete
Turkish bath establishment ever set up in this
country. The idea IS TO erect "A building solely
fc~ the purpose indicated. and the baths sx-
peciod to be regal in their appointments. In de-
failing the facts OF this prospective Improvement.
The Tribunc's informant said that there was no
better paying investment in New-York cay. one
establishment. OF small dimensions. last year alone
cleared $1,000
Another historic landmark Is about 10 give way
TO the march OF Improvement. In Fiith-ave., on
the side. opposite the reservoir. Was estah-
l!shed IN 1898 the Rutgers Female College. This
building was one OF the most attractive in .ts
day in F!fih-ave. on either side OF the college
building Which was removed some years ago were
TWO private residences. built IN the same style OF
architecture The one on the south side was owned
by Mrs Julia A. Chase who occupied II for nearly
thirty-nvc years. The size OF the lot IS lsXltD
feet. Mrs. Chase died in March Of last year and
her heirs now propose 10 remove the venerable
10 harmonic with the buildings adjoining The
first floors viii be arranged for business pur-
for The original price paid FOR the property
By Mrs. Chase was about $50" She received an
offer Of $4,000 within very few years, and de-
The METROPOLITAN Traction Company has recently
ninth-st crossown road thus transferring passcn-
csb,e Inc or the reverse as well as TO either Tor
minus OF the Fifty-nnth-st. line, on one-iare
as stated has met Win high APPRECIATION by resi-,
Dental property on both SIDES OF thg farh
20 learn that the auction business for the last
week has been exceedingly dull All me property
offered for pubic sale has been ortered by me
courts and although nearly all OF II has been sold
there was little about The sales 10 make them e.
peca.ly attractive The auction-rooms have been
nearly deserted. except by those especially inter
OF the faces seen regularly al sales were nlsslns
This has been CHARACTERISTIC OF the entire holiday
week. as there viii be found something to attract
them in the announcements already made by the
sor ihe last week aggregated the Of s257eS4
against sq for The 9 mex s OF ss
week realized the small sum OF $3.50. while for
the period OF last year the sum or SlW4'o was
secured
The sales at private contract in this c;iy for The
last week including he resale OF the old Clearing
House property. indicate total Investment OF
about 81 10000. These transactions. however must
nearly all be credited to the account OF the old
year. Several purchases. however. are reported TO
have been made since Wednesday in the uptown
districts but details lacking.
The conveyances reported last week were 2i6. OF
vh,,h lis were nominal the remainder being rep
resented by a total OF s2.3SS75. For the CORE
spending week OF last year the transfers mum
bored 272 OF which IA nominal the remainder
beng represented by total OF $3y3"b. In the
Twenty-third and Twenty fourth wards. emitting
the new Annexed District. there were forty-fon
transfers, Of which twenty-five were nominal. the
cons deration for the others amounting to En.4p
Ill -fnurlh Marls In