The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-06-03

IL.
| plot is 50 feet southerly from Monticello
| avenue, proposed. The area is 81 ,250
| square feet. The improvements on, this
piece of property are those of a florist
! doing a fair paying businss. The business
| situation is greatly improved by having
two street fronts. The owner is not over
| desirous of selling and breaking up his
| business. but still is willing to sell If he
can get fair price. He would have to
| locality if he desired to continue busi-
| ness. The improvements on this property
| consist of nearly $4,000 square feet of
I. superficial glass ltrade tern). These are
4 substantial greenhouses, old, but in good
| order and condition for his requirements.
! There are five hot water heating boilers
| of piping; potting houses. hot-beds.
! frames. etc, etc According to the esti-
mate of Mr.. Josephus Plenty. the expert
builder Of greenhouses. these are worth
| at least 81 900 as they stand He also states
that to remove this plant the. only thing
that. could be again reasonably utilized
cost to reproduce plant of equal size IN
as good working shape as al present.
built some years ago, probably cost 80
per cent. advance on these figures. I he
latter estimate of value does not allow
tated BY rebuilding, that could not be
| accounted for. This being a long es-
tablished plant. the item of damage is a
dwelling on the property which Mr.. Jos,
eph Jewkes, carpenter and builder, ana nd
| Olner experts, eStlmdIG WOuiu Cost p, fuo
to reproduce, making a. total for i'm.
provements at a conservative estimate of
s., 400. TIL lowest admitted value Of the
land seems to be s10,500; The, total ad-
i mitted value of the land and the experts
value of improvements would foot up
sls.soo. This site, as well, is In the loca--
tfon in which a school is required and
has two fronts, which makes it especially
desirable. 1t is central and accessible.
Storm avenue has all improvements: Fair
mount avenue is fully improved within 80
feet of the northerly line Of the property.
It has been stated that this land did not
cost the owner anything like what he is
getting for it, What matters it if a for
mer owner particularly friendly with the
present owner, did give him great barr
fortune Mr.. Spengeman also appraised
this site, and allowed 81 200 as a top price
per lot. He made the, statement that
the best lots never sold for more than
81, 100 on Storm avenue The records show
and many reputable citizens in the local
ity state (among them. NJ. D; E. Cleary)
had been paid for vacant lot on this
avenue The Fair1nount avenue lots Mr.
Spengeman puts at $3.50. He must have
intended this to apply to the lots further
to the south of this property, where the
street is narrow. That would be fair es-
Innate therefor. He allows nothing for
considered that his allowance Of 81. 200 per
lot covered that. Comment here is I'M
pert opinion. It has been said that plot
BOXES feet on Fairmount avenue sold for
slo9o ssef II IN lssl That "a t., was for plot $3.50
25x1o0 feet, based on this statement. would
be at least $700. But there have been
other sales made in 1888 and 1898 adjoining
at the rate of LOO per lot. This
was before the extension Of
Monticello avenue. It would be fair to
opening. Take also as a fair Comparison
Of prices the amount paid per square foot
taken M0nfiPQ1Io
tension and apply it to the school site.
offhiese Zines hsures can be obtained at the
mnents) Property referred to having
front on Storm avenue and Fairmount
ayess ayenue and being only 1ss feet on the
scnool site purchase. 1t seems to me
very very 1 fair r. comparison to make The
multiplied by the school site area. "a % % "a
square feet, and you have S1225 as The
value of the land without improvements
been published as a fair allowance to he
paid, as this was the amount allowed to
property owners on Storm avenue without
q q street in rear. This is true. but certain
~ the allowance of ten cents per square
Ioot extra is not an extensive one to al
tba low for, for the additional street front, and
per foot for two fronts is a very fair one
acquired by Mr.. Pierson, the florist, by
the the city. who received nearly $4,000 for g
rect front on the street, by 240 feet in
depth, with no additional street in rear
for 6r ~ b per front foot and you have sl050o
provements with but one street front. OF
course. in this particular case. the owner
y Was s satisfied as reported with the figure.
y opened up property, of which he owns
considerable. to the south, and gave hiro i'm
a. an additional front of 240 feet on the Mon
well as Storm avenue front. a AZ r.
comparison with what Mr. Pierson was
aiioWed py the same Commissioners for
avenue extension. About 1000 square feet
etc, or green houses were taken. and tbe
money mon. AL alloWance &C made for same (Which
was 81 4oo not 20 lees odd to the SOUTH
at all, for which he got extra cornaensse nTerage
bon: boses Mr Pisrson ts tells me that the green
exactly In the same condition as his
,v,e we're When taken<by the city Mr.. Ed
sn1,are Warus eaa greenhouses cover over 2i,OOo
OF Mr. Persons taken by the citv, Ger
1nalniy na on this basis a fair allowance 10
be be- 81 7ApWards eao as fqr his greenhouses would
moved th to advantage, and in the other,
Idey Iiy WIN nave to be taken down entirely
4 iaeing aao lo me ihouse at the low figure Of
% s. eno NJ ~ al, you have again a proof of
ss.OvV as fair allowance for improyements
tba WIN az this evidence at hand
tiie u improvements must be worth some,
thing My. conservative estimate Of tha
sfare, Salre OF this plot Is 81 200 each lot for
esSi4oC, oiiu 9iUe edch Tor the Fair
mount avenue lots, low estimafe for
the land S11.400. Adding a low estimafa ~
Ior improvements of 5000, you will have
Ia total of SIS, 400, which. in view Of oil
tne iue evidence, is over 81, 900 less than the
CITY ought to pay. The figure on this
properly also is certainly not absurd
Ihlfd, as to the Twelfth ward site on
tne nortnWesterly corner of the new Hud
son boulevard and Graham street over
ioss CITY lots in area, or 26, 1862 square feet
l50 feet on the Boulevard, and 2O8 feat
D CT H.
deep and 327 feet on the rear line M
Spengeman appraises this land also |
placing the Boulevard portion at "a Sno
ana the Graham street at $1,000 Exner+s
having a knowledge OF value in this -; - |
cinlty, place the inside Boulevard lots ~ |
$l,zo0 each, and Graham street lots ~ s5oo |
each, at least. l. conclude that the has;s
OF his estimate of value were about thasa
prices per lot, but that he did not make |
sufhclent allowance for the area nor 81
low addltlonal for the corner lot. NV es
tnaIe OF the value of this property |
pased on what was evidently his basis
aiso' also is TOT SIX Graham street inside lots
s.oo each, 1920, and for over Az lots on |
the Boulevard, at s1,2o9 each. inside III plt
values, S5.400, total S9,60o This plot beine |
a desirable corner, S400 addition would rof 1
De an excessive allowance to make far |
MS corner situation, making total yal11a
oil the entire plot as it stands s10 00n |
Considering the situation and other a = = |
tractive features, this, either. does not |
seem to be an absurd value This nlot
Ike the others mentioned, is Convenient |
ana deslraDly situated, and in the loca
ton III which a school rs required If has
been said that the forty lots of which 4
1fG <+f 70 SC