New-York tribune., 1896-03-30
REAL ESTATE.
BUSINESS IN THE FIELD.

One Of the well-known real estate brokers OF this
city was congratuatng himself one day last week
that he had secured the rental OF piece OF prop
erty which had been used liquor saloon some
10 per cent lower than the price at which the
property had been rented under the previous
lease He explained his sef-congratu.ation by say
ing: 1.-The operation of the Raines law Is going 10
the closing up Of large number OF liquor
saloons this city. and that means that these prop
critics to be thrown upon the market There Will
be heavy drop in prices. The first floors and
Easements in which the liquor places are located
are fitted only for that particular purpose Alera-
tions are expensive. and the expenses for such
changes must come out Of the rentals. Then, 100.
where property has been used for years Tor
liquor place it difficult matter to rent 1t within
reasonable length OF time for other purposes. even
after alterations in the arrangements have oeeh
made. There are many leases. probably hundreds
Of them, which will have to be thrown up In conse-
ouence of the inability of the lessees to pay the
$500 license fee"
Another class OF property to be affected by the
new conditions imposed by the Ranes bill Is that
used for the cheaper table dhotes. These have De-
come a feature OF life among thousands OF persons
who find that they can get an abundance OF c'e@u'
comfort out Of 50-cent table d'h0te NEAL WHICH
includes pint of claret or glass OF peer ihese
table dn0tes are feature In Sixth-ave' i'oiii
Tenth-st TO Thirtieth-st and in lower Secohu anu
Third The proprietors are in state Oh panic
for their Sunday trade affords them their margin
Of living in most instances
Outside these specific impending conditions. the
general conditions of the market do not YET sho"
the buoyancy which had been hoped for There are
many brokers who insist that change ior '"e
better has taken pace within week ana ye'
when II comes TO specific proofs It would seem tha
the wish alone has been father 10 the thouSh'' Even
on one of the most important sales OF the "eeh
that OF the Tradesmens National Bank property at
Reade-st and Broadway. the price obtained. sio2'~o
Dla
nv good Judges which about S50O.0O The dis
crepancy. however may largely be due 10 the iact
that the old sx-story and basement buliding cut
no Iature in the SALE the purchasers. OF course
having the intention of tearing down the puidihg
and erecting upon the pot and the one adjoining
n north a fine business and office building Both
properties now belong to the Hemenway estate.
The rumors that the ico-Havemeyer deai
will not go through have exerted another depressing
effect upon the market. Large owners. however,
st,l hold I'D prices stifly The executors Of the
Samuel Lord estate refuse to bulge an inch from
the s5OOO demanded for the property at the north
west corner of Broadway and Grand-st Inc time
would seem to be at hand when the strength OF 'he
attitude of the property-owners Is to receive
severe test There are many good judges who'
basing their calculations upon cheaper prices IN
food clothing and other necessaries OF fe pred,et
that the prices Of property and also rentals must
Additonai proofs Of the divergence in values as
placed by yers and sellers were seen ast Meef M
the auction sales at both headquarters. Bldders
were evidently In mood as rule. TO meet the
prices placed on the properties by the owners ..
Brokers are hopeful that the several negotiations
said to be pending with corporations , when wahs thi
property for specific purpose Will go through ths
week or within the near future . ~.
Rents in preferred districts remain about tne
same Elsewhere there will be an exodus on May
i unless conditions change. The number OF per per,
eons who have been paying medium rentals, Dut
who now feel the need Of economizng, has rapdiy
Architects report that from the plans they have
IN hand the number of fathouses In the upper part
~ the CITY will be largely increased this season
One of the largest auction sales OF the year ~ an
nounced to be held at the New-York Real Estate
saiesroom on Tuesday The property Of the Bruce
estate is to be sold then by S. De Walitearss Ihere
are nineteen pieces. The principal one is at sne
southeast corner OF Broadway and Houston-st,
where the old Revere House is -
On Wednesday, at the same rooms. Bryan L. KEN
eiiv will sell the fve-story and basement brick and
iron building at No. l2 Fulton-s He Will also seiI
several other pieces of property TO close the estate
Gold!ng & Whitehouse have sold Tor MIS-. u: w:
ctanton No "a West Fifty-second-st. four-story
and basement dwelling house