New-York tribune., 1900-03-04
TUNNEL AND REAL ESTATE
RAPID TRANSIT WILL RESULT IN A
GREAT ADVANTAGE TO REALTY
INTERESTS

INTERESTS.
In a consideration of the effects Of rapid transit
real estate inclined look upon a prob
able regeneration of Elr1-st one of the most
obvious and satisfactory results 1t is believed
that the Introduction of better transit facilities
and of more generally improved condition Of the
thoroughfare in question, will result in great ad-
vantage TO the realty interests centred there In
deed there are some men who are inclined to look
upon Elm-st. possible future rival of Broad
way, and predictions are being made that 1t will
become in time thOroughfare lined with tall
buildings and office structures of the highly de-
sirabe and modern kind While all real estate
men do not look for results quite colossal, and
are inclined 10 view with amusement the sugges-
tion that Elm-s is TO become like Broadway, even
the conservative assert that the introduction
of rapid transit and consequent improvement will
be powerful adjuncs in the upbuilding of the street
Property in that section has languished for many
years. and the fault traced directly to the fact
that a large part of the street is frequently torn
up and impossible. Improvement that has been
promised again and again has failed to materialize.
The Introduction of the transit road not only
promises relief from the evils of torn up streets but
II also provides for a number of stations along
that thoroughfare which cannot but result in a
interest being developed there.
In the plans for the road that have been made
public four stations projected In Elm-st BY
means of these the street will become more easily
accessible than before, and the result cannot be
other than beneficial to property along the line
Instances of the evil that has come to realty In
terests through the tearing up of Elm-st. COM
mon. AS in point. broker told of
building that had brought in $1,000 a year before
the street up. Later $4,000 was spent in
improvements the building. but, although every
effort has since been made, II has been impossible
to get a tenant for it. 1t is said that 1t is almost
impossible to get tenants for Elm-st. property
loans It.
EFFECT UPON THE CONGEsTED EAST SIDE.
be the means OF reducing to desirable point the
population in the congested wards of the far East
Side, where the tenement population is thickest.
but there IS reason to believe that an imme-
diate benefit may be derived there, and IL is
possible that the future solution OF the tenement
house problem will be greatly affected by the road.
With great tracts of highly desirable land made ac
cessible, it will be surprising If the time does not
come when large share OF the working people
who are now confined to these tenement districts
do find their way into the more healthful and
less crowded sections. 1t will take time of course,
for there is everything to contend against at pres
ent. In the first place, many OF the people of the
East Side tenements dependent for their living
the work In factories and shops that
located In the lower part of the city. Even If
rapid transit made It possible for them to TO
and from work with the least possible loss of time
the consideration of carfares. small 1t may
seem. would deter most OF them from availnG
themselves OF the advantages that will be found in
the parts of the city. Another factor that
will tend to reduce the exodus for some time to
come is the desire the part of these people to
concentrate in neghborhoods populated by their
own class II is the social instinct which mani
tests itself In the sweatshop worker unmistak-
ably in his more fortunate brothers elsewhere.
The immigrant from Russia and the land OF the
Polacks drifts naturally TO the East Side. where
he fnds a people who speak his language and
whose habits are the same his own. But there
Is to-day the East Side one OF the most re-
markable educational movements to be found any
where The sweatshop worker has had few ad-
vsntages himself. but he is unwilling that hts chill
dren shall grow up In ignorance and the children
themselves are prone to accept a heritage of
drudgery and misery such as their fathers and
mothers have endured AS result, thousands of
boys and girls OF the tenements working 10 up
lIft themselves. 1t would probably surprise most
people 10 see the surrounding squalor from which
come the neatly clad boys and girls who may be
in Grand-st. and the other thoroughfares that
form "a natural outlet for the tenement house popu
lation Sundays and holidays. AS these chill
dren grow up It is natural to suppose that they
will longer be content TO remain in the same
surroundings. They win not have the same in
centive 10 do so. for they will have become Amer
leans in true sense speaking the English Ian,
perhaps. than in the East Side, as is now the case
II does not seem improbable, either. that many OF
the TRACES ah are now capGon on m IN no 1e eS
TOO TOO Bile wiu eventually ma their way into
the newer parts OF the city. - With rapid transit
solution. Abundant ground in excellent localities
will be made accessible, and factories are likely TO
be built sites which to-day are too far away for
such
Rapid transit promises to be boon to the upper
part OF the Twelfth Ward. and lots in kings6Tidge
Road which real estate men have been unable to
market II Is believed. will advance from % TO 90
ner cent in value in general the real estate
brokers Inclined to the opinion that the compile
ton and operation of the road will benefit the city
in many ways and in so great measure that no
hopes are too sanguine. a conservative authority
predicts that property along the line of the tunnel
win increase 10 per cent in value, and in the out
lying sections there viii be an increase Of fully .
per cent the northern sections of the city prices
have been based more less upon the prospect or
ranid transit for some time and the various disap-
pointments have caused some fluctuations in values.
but IL is believed that from now on values In such
sections as The Bronx and EinGsbridge will be
firm 1t is by means unlikely that a marked
speculative movement in such property Will be de-
veloped before long. and the result is awaited with
interest by brokers.
ONLY ARGUMENT AGAINST THE TUNNEL.
The only argument that has been put forward
seriously against the transit scheme is that the
road will prove burden and detriment to cen
tral parts of the CITY where capital is already
heavily invested 1t has been argued that fiat
houses and dwelling houses will suffer a loss of
tenants who will be att ,ted other and newer
parts OF the city. An unanswerable argument 10
this proposition would he the fact that the
Jersey suburbs have been constantly drawing away
from New-York population that rightfully be-
longs here. This population has been lost mainly
because of the inaCcessbility of such sections
The Bronx 1t is hardly probable that persons who
the more central parts OF the city VIII be drawn
to take advantage of the newer sections.
true here. Such changes require time to be accom-
pshed. It viii be many years before people IN
abodes in the outlying sections. no matter what
the running time of the road is And when P,, the
be ready to occupy the LOCALITIES formerly given
and other favorite sections about which business
has centred without affecting those who still cling
to those places of residence are unmistakable
proofs that movement northward cannot quickly
depopulate favorite district.
upon real interests 1t Is easy 10 go back 10