New-York tribune., 1902-02-09

'"at most OF the properties are held BY prominent
estates and corporations. For many years these
states and corporations have held firmly TO their
Hoidlhss' probably not in expectation Of feeling
eieet OF some boom which might arise from
ss+5s4. INSIDE istOie cause. but for the that no
W-b W-bs-actLory offers we're made for their parcels.
To ~ IiiCs Ihey naturally kept what they owned.
iUa ijolu 10 J. old not cost them large yearly.
33a 3b @ ~ most cases they derived a fair
m me money invested in the property Nothing was
80 90 De gained apparently. by selling low prices.
ions ions disposed Of their holdings section.
agement OF property for which there was usually
,q no gqod market and which they might be com
upon 10 do so quickly.
Since the section began to lose its attractiveness
as home site and took on no new charms in
the place OF those It discarded investors with a
lew thousand dollars in most instances have
been the only persons who have acquired titles in
the district Why such investors have sought
these titles is easily seen. In only few other
districts Of the city has property been in such
poor demand and at such low prices in Green
wen village; Many streets in the Bowery dis
trct or: rather, in the lower East Side districts
OF the city. have the same unprepossessing arChi-
large numbers. or. least the majority Of
morn m re virs SIase; ppa me hand Of improy IS
lot I9T many years, than in any part OF Greenwich
village.
Many real estate operators have FOR years
lefred 10 Greenwich Village the deserted vii
lage.' which is a title that the district has well
earned. When the majority OF persons who had
built Colonial houses in the district moved further
uptown or died. and their houses came into the
possession Of heirs of their estates, concerted
effort was made by any real estate operators or
owners or property. far as be learned from
the real estate records OF the district make the
place good centre for certain kinds of industrial
houses Every change of season saw the district
becoming worse. from a real point of view.
Occasionally old buildings were replaced with
good business buildings, but vigorous demand for
such buildings not to be found In the section.
and when a builder sank large sum of money in
a mercantile building and then experienced great
difficulty in finding tenant. he sought other dis
trcts the next time he wanted build No real
estate owner neglect his property and expect
to derive as large income fron it those
who like to have their realty holdings in
ceilent marketable condition. And If there is any
section Of the city that has been badly neglected
by owners as Greenwich Village the cause Of such
neglect is similar that OF the village but
has arisen mainly fpOm conditions which the own
ers and operators could not really easily control
Undesirable tenants are in many cases responsible
for bad realty conditions.
Most persons holding property in Greenwich Vii
lage were considered, up 10 few days ago. less
fortunate than owners Of property in adjoining
tions. Now they said 10 be favored with good
fortune. And this sudden change for the better
has been wrought by the steps taken by the Jersey
City and New-y ork Railway Company TO build the
unfinished North River tunnel. The long deferred
ana HutH HetGed Doom Is sweeping over green
wich Village Some of the realty experts say it is
a boom which will pass quickly away and
leave few traces Of Improvement after it is gone.
They further say great business centre viii most
likely be built in Greenwich Village. and that many
large warehouse concerns viii probably be attracted
the district
The operations Of the tunnel companies have
given rise TO unusually interesting discussion
The question iry&S1ute is whether not the courts
will decide that aowner OF real estate whose prop
erfHr IL 9pHa ,F, J
company is entitled TO get the for his property
he could probably have obtained after the plans OF
the railroad company were revealed the he
could have received the day before the plans
were made public The general opinion is that he
is entitled to only the value OF his property
the day before the plans made public.
A number OF good sales in the old Greenwich