The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-15
VIEW ronx REAnrr rs III nIoHr.
LylnsI Ruu,srs OF n COLLAPSE In Prices Founded
on n Bccent Sale.

There has been much comment among real
estate mon over tho price brought by tho Smith
property, which was sold Mt auction last We'd
nesday for $84o. 900. The property consisted OF
two lots and. an Office building in Cortlandt
street and three lots with three old stores in
Liberty street, the land extending through from
ono street TO tho other. The Liberty street
property was sold to Frederick q. Bourne of the
Singer MANUFACTURING Conpany for 1910 600.
The Cortlandt street property was sold to Hon
man Brothers for $4,000 Before the sale
II was freely prophesied that tho whole prop.
erty would bring not less than $500. 900
and possibly 81, DOC, 600. Since it has b,on rs
freely declared that real estate values in that
part Of the town have been greatly exaggerated;
thnt this sale would bring thcm down to their
proper point. There was also reported to be
much CONSERVATION among property holders who
have been intending to sell, but have hold on to
their property for higher prices: In addition to
all this, II has also been said that the heirs ~
the Smith estate were much dissatisfied with
tho price fetched.
Talks with some of the persons Interested do
not bear out these various rumors. In com
parison with the recent sales Of similar property.
tho thought to be- SeT " fair one on my Nor does there seem
TO be any great dissatisfaction on the part OF the
sbs ss sbo Mr; Of 9i ,Se g Smith II e SS , snid St yestsrS Tno
The talk about this property going fora song
10 largely confined to the newspapers. In the
~ ohhiti vi IL lChi NSthto h.o a
think the property went for a very fair price,
and, SO far as 1 know, the heirs are satisfied that
this Is the case. There nre several things to be
considered In a sale of this kind. In the first
place 1t was a partition sale. ordered by the court.
and such sales rarely bring as large prices as
might be got under other circumstances. Then
in this, particular sale. the buildings have
counted for little. With the increase OF
these new modern buildings tho old ones have
deprecated in value very much. On the Liberty
street property are old stores that are not much
good. and would add little. or nothing to the
value OF the property. Yet that the price.
$4,000. for the three lots WINS a very fair one
Is shown by the sale of another lot In. Liberty
street "A few weeks ago for $lO6. 600. You sec,
the average was maintained. The prices brought
by this property cannot justly be compared with
prices brought by Broadway property;
The Cortlandt street property brought a
better price, because the building on 1t is bettcr.
Yet this is an old building and IL has suffered
from tho competition with the newer Office
buildings. While we, Of course, should like to
have got more money, a natural desire. yet we
wero satisfied. The price came up, / think, to
the expectation of those best acquainted with
the property"
james A. Hartman. whose wife held an eighth
interest in the property, said that while he
thought the new owners bought 1t in at n cheap
price. neither he nor his wife was dissatisfied.
An evening paper on Monday said that one of
the women who held an interest in the estate
was so dissatisfied that she intended to appeal
to the courts to have the sale set aside. Mr..
Otis said that so far as he knew the o was no
truth in this statement.